The Shanghai Stock Exchange (SSE) has established the 1st Sci-tech Innovation Advisory Committee (the Advisory Committee for short) after completing relevant procedures in accordance with the overall work arrangements for launching the Sci-tech Innovation Board and piloting the registration-based IPO system, the “Opinions on Launching the Sci-tech Innovation Board and Piloting the Registration-based IPO System at the Shanghai Stock Exchange”, the “Measures for Managing the IPO Registration for the Sci-tech Innovation Board (Trial)” and the “Working Rules for the Sci-tech Innovation Advisory Committee of the Shanghai Stock Exchange”. The Inaugural Meeting of the 1st Advisory Committee was held in the trading hall of the SSE on April 20. Attending the meeting were Fang Xinghai, Vice Chairman of the China Securities Regulatory Committee (CSRC), members of the Advisory Committee, chiefs of relevant departments of the CSRC and relevant officials of the SSE.
The SSE announced the decision on establishing the 1st Advisory Committee and issued the appointment letter to the members at the meeting. An SSE official stressed in the speech that launching the Sci-tech Innovation Board and piloting the registration-based IPO system is an important strategic arrangement made by General Secretary Xi Jinping and the Central Party Committee according to the current economic and financial situations in the world and the overall picture of the reform and opening-up in the China. It is a key measure to improve the multi-layered capital market system and the underlying system of the capital market in China, and to enhance the capital market’s capacity of serving the real economy, strengthen the capital market’s inclusiveness towards sci-tech innovation enterprises and support the innovation of key and core technologies. The Advisory Committee will give full play to its role in keeping the Sci-tech Innovation Board on the right track and providing professional support. All the members are expected to recognize the significance of launching the Sci-tech Innovation Board and piloting the registration-based IPO system, keep in mind the role and objectives of the Advisory Committee, give full play to their advisory role and perform their duties in a fair, diligent and honest manner, thus providing great support for the Sci-tech Innovation Board’s construction.
The members of the Advisory Committee were grouped according to the industry they are in and held industry-specific symposium after the meeting. They compared notes on how to properly understand the objectives of the Sci-tech Innovation Board and how to objectively appraise the technical advancement of sci-tech innovation enterprises.