Symposium for Sponsors on SSE STAR Market Held

On April 9, the Shanghai Stock Exchange (SSE) held a symposium for sponsors on the SSE STAR Market which was attended by, 23 sponsors. Themed on improving the quality of sponsoring business and building high-quality SSE STAR Market, the symposium aimed to pool wisdom by brainstorming on how to position the SSE STAR Market and further enhance business quality under the backdrop of the registration-based IPO system.

It is pointed out at the symposium that under the leadership of the China Securities Regulatory Commission (CSRC), the building of the SSE STAR Market has gained expected achievements thanks to the joint efforts by all sides and produced demonstration and agglomeration effects for hard-technology enterprises. Currently, the domestic economy is at the key stage of high-quality growth and transformation. Recently, the CPC Central Committee and the State Council have released a series of major strategic decisions and deployments. The central economic working meeting of 2020 attached high importance to strengthening the national strategic technological force and winning the battle of core technologies. Besides, the 14th five-year plan stipulated that we should adhere to the core role of innovation in China’s modern construction and cement the feature of hard technology of the SSE STAR Market. As mapped out in the “Action Scheme of Building High-standard Market System” released by the General Office of the CPC Central Committee and the General Office of the State Council this year, we should adhere to the position of the SSE STAR Market, stress the feature of hard technology and boost healthy growth of the capital market. We should further fuel the building of the SSE STAR Market for the implementation of the national decisions and deployment. All market participants including sponsors should build consensus, work together and propel steady and sound growth of the SSE STAR Market, so as to improve the board’s ability to serve the development strategy supported by technological innovation.

To boost the sponsoring quality and the quality development of the SSE STAR Market, it is required at the symposium: first, enhancing the ideology and administrative capacity of insisting on the positioning of the STAR Market. For its positioning, the hard-technology enterprises in the fields supported by the board should be culled and recommended, and the sponsors should diligently control the quality of hard technologies, overhaul the attribute of technological innovation, support and encourage the listing of hard-technology enterprises; second, as required by the registration-based IPO system, the business quality of the sponsors should be further improved. The sponsors should be responsible for investors, improve the initiative, pertinence and effectiveness of information disclosure, as well as the quality of application documents; third, both administration and capacity should be strengthened. Efforts should be made to strengthen the administration system of investment bank business and the internal system, cement the system of quality control and internal examination for project building, application and other procedures, in a bid to further balance the front-desk of investment bank business and give full play to the role of three defense lines.

Going forward, the SSE will earnestly implement the requirements of the CPC Central Committee and the State Council and the deployment of the CSRC, adhere to the guideline of “building institution, non-intervention and zero tolerance”, while following the three principles of the registration-based IPO system and serve as the gatekeeper of the issuance and listing review. In addition, the SSE will adhere to the positioning of SSE STAR Market, further support the listing of hard-technology enterprises, and take solid steps for supporting the innovation-driven development strategy and quality economic growth, so as to make a good start for the 14th five-year plan.

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