Recently, with the guidance and support of the China Securities Regulatory Commission (CSRC), the Shanghai Stock Exchange (SSE) has started to set up the Stock Listing Committee for Sci-tech Innovation Board (the “Listing Committee” for short) and the Sci-tech Innovation Advisory Committee (the “Advisory Committee” for short) in accordance with the overall work arrangements for launching the sci-tech innovation board and piloting the registration-based IPO system.
The responsibilities, functions and establishment plans for the Listing Committee and the Advisory Committee have been determined on the basis of the systems such as the “Implementation Opinions on Launching the Sci-tech Innovation Board and Piloting the Registration-based IPO System on the Shanghai Stock Exchange”, the “Measures for Administration of the Registration-based Initial Public Offering of Stocks on the Sci-tech Innovation Board (for Trial Implementation)”, the “Rules of Shanghai Stock Exchange for Review of Issuing and Listing Stocks on the Sci-tech Innovation Board”, the “Measures of Shanghai Stock Exchange for Administration of the Committee for Listing Stocks on the Sci-tech Innovation Board” and the “Working Rules for the Sci-tech Innovation Advisory Committee of Shanghai Stock Exchange”.
The Listing Committee will participate in the review of issuing and listing stocks on the sci-tech innovation board, focusing on providing deliberation opinions on the review reports issued by the SSE’s review department and the application documents submitted by the issuers. The committee members mainly originate from accounting firms, law firms, universities, market institutions, and relevant institutions in the CSRC system, with their work mostly completed part-time. The procedures of forming the Listing Committee mainly include establishing the selection committee, relevant institutions recommending candidates, preliminarily verifying the qualifications, checking the practice integrity records of the recommending institutions and the recommended candidates, the deliberations of the selection committee, announcing the list of candidates, the selection committee conducting multi-candidate interviews and carrying out deliberations again, officially appointing the members, and announcing the list of members.
As an expert advisory body, the Advisory Committee will focus on providing professional suggestions and policy advice for the development of the sci-tech innovation board and the review for issuance and listing. The committee is mainly composed of leading experts such as those engaged in high-tech industries and strategic emerging industries, well-known entrepreneurs, senior investment experts, experts and scholars at research institutes. All the members perform their duties as individual experts, working part-time. The procedures of forming the Advisory Committee mainly include establishing the selection committee, inviting intended experts, checking the practice integrity records, the deliberations of the selection committee, announcing the list of candidates, the selection committee conducting deliberations again, the SSE appointing the members, and announcing the list of members.
According to the work plan, the SSE has tightened the qualifications and standardized the procedures. After the deliberations of the selection committees, the lists of the member candidates for the Listing Committee and the Advisory Committee have been formed, and are hereby announced for social supervision. There are a total of 48 member candidates for the Listing Committee announced this time, with 30 to 40 of them to be selected as members according to the standards and procedures; there are a total of 48 member candidates for the Advisory Committee announced, with the members to be determined through non-competitive selection according to the standards and procedures. The members of the Listing Committee and the Advisory Committee will be officially announced to the public after the final selection.
Going forward, the SSE will advance the formation of the Listing Committee and the Advisory Committee in accordance with established procedures. After the Listing Committee and the Advisory Committee are formed, training will be organized for the committee members to ensure that the two committees can perform their duties effectively.