SSE Releases Consultation and Communication Guide for Review Business of SSE STAR Market

The SSE No. 3 Guide for Review Business of Issuance and Listing on SSE STAR Market – Business Consultation and Communication (hereinafter referred to as "The Guide"), released by the Shanghai Stock Exchange (SSE) on July 16, aims to further improve the consultation and communication mechanism, improve review transparency , and serve the needs of market participants. It is an important measure for the SSE to do practical work for market participants and promote transparent review.

Established since the beginning of the SSE STAR Market, the consultation and communication system has been running smoothly in the past two years and played a positive role in improving the quality of review and inquiry as well as intermediaries' practice. The Guide, on the basis of SSE's accumulated experience, specified the scope of application, mechanism, process and basic requirements, expanded consultation according to the market demand, formed a series of institutionalized arrangements, and achieved law-based, open, transparent and predictable results. The Guide mainly covers the following four aspects:

First, to specify the scope of application of consultation and communication. The consultation and communication includes three links: the consultation and communication before the application, after the first round of inquiry letter, and after the review meeting of the Issuance and Listing Review Committee. The on-site consultation before the application is mainly aimed at major difficulties, unprecedented matters and other issues related to the understanding and application of the business rules of the SSE, and the sponsor should sign a counseling agreement with the issuer and complete due diligence. Courtesy visits and matters that should be checked by the sponsor themselves are not within the scope of consultation and communication before the application.

Second, to specify the way of consultation and communication and the requirements of sponsoring control. Generally speaking, written consultation should be selected for consultation and communication. On-site consultation can be reserved for any complex problem which needs face-to-face communication. The sponsor shall conduct in-depth verification and analysis of the consultation and communication problems, check the quality of the consultation and communication documents, and put forward all questions that need consultation and communication at one time after performing the internal quality control procedures.

Third, to specify the response requirements of communication and consultation. After receiving the consultation and communication documents, the review agency of the SSE STAR Market shall conduct analysis and research in time, reply within the specified time limit, and give clear opinions and suggestions.

Fourth, to clarify the requirements of discipline and supervision. The whole process of business consultation and communication shall be subject to discipline inspection and supervision. The personnel participating in the business consultation and communication should strictly abide by the discipline of integrity, work discipline and confidentiality. At least two people should participate in the on-site consultation, and the whole process should be recorded with an audio and video recorder.

Going forward, under the leadership of the China Securities Regulatory Commission, the SSE will work together to promote the construction of the SSE STAR Market and the reform of registration-based issuance system with strengthened communication with market participants and timely response to market concerns.
 

Attachment:

Notice on Releasing SSE No. 3 Guide for Review Business of Issuance and Listing on SSE STAR Market – Business Consultation and Communication

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