Year-ender: major financial events of 2020

chinadaily.com.cn | Updated: 2020-12-29 06:40
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Registration-based Reform for ChiNext – China's Nasdaq-style board of growth enterprise

Li Xi (center left), Party secretary of Guangdong province, and Yi Huiman (center right), chairman of the China Securities Regulatory Commission, strike a bell as the first registration-based initial public offerings debut at the Shenzhen Stock Exchange on Aug 24, 2020. [Photo by Shi Li/for China Daily]

China launched its market-based IPO reform on the ChiNext board of the Shenzhen Stock Exchange this year, to better serve growth for innovative firms and give the market a greater say in new share sales.

On June 12, China introduced a series of measures to replace the approval-based IPO system with a registration-based one. Several improvements in the trading rules of ChiNext include stricter requirements for information disclosure at its core, while intensifying responsibilities of issuers and intermediary agencies as well as simplifying delisting procedures, according to the China Securities Regulatory Commission.

Daily price fluctuation limits for all ChiNext shares have been doubled to 20 percent, excluding new listings in five days of debut, and the average time between IPO application and debut has been shortened to at least 71 days.

On Aug 24, the first batch of registration-based IPOs of 18 enterprises made debuts on the ChiNext board.

With easier listing standards and a shorter and more transparent IPO process, the reform facilitates the development of innovative startups and injects new momentum into the Chinese capital market.

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