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Experts said they must play an active role in the post-meeting system to maintain the seriousness and fairness of the registration system.
China Securities News (Reporter Zan Xiuli) On November 4, the spokesperson for the China Securities Regulatory Commission said in response to a reporter’s question about the suspension of Ant Group’s listing that Ant Group’s suspension of listing in the Sci-tech Innovation Board was a decision made by the Shanghai Stock Exchange in accordance with the laws and regulations.
A spokesman for the China Securities Regulatory Commission stated that it is a responsible approach for investors and the market to prevent Ant Group from rushing to go public in the event of major changes in the regulatory policy environment, reflecting the spirit respect for the market and the rule of law. It is believed that this decision will benefit the long-term development of the capital market and help to strengthen the confidence of domestic and foreign investors.
Experts interviewed by a China Securities Journal reporter said that Ant Group’s suspension of listing was precisely due to a series of recent events that triggered the post-conference event system, which is also a manifestation of the response of the Ant Group system. record to the new situation and its smooth operation. After Ant Group’s listing is suspended, issuers and intermediaries will be required to conduct serious inspections of significant issues in accordance with the registration system requirements, conduct timely and rigorous evaluations of compliance with the listing and issuance conditions, and the disclosure requirements, and seriously maintain the seriousness and fairness of the registration system. , Create an investor-friendly green capital market environment.
On November 3, the Shanghai Stock Exchange issued a decision to suspend Ant Group’s listing on the Science and Technology Innovation Board of the Shanghai Stock Exchange. On the same day, Ant Group announced the suspension of listing on the Hong Kong Stock Exchange.
A spokesperson for the China Securities Regulatory Commission noted that Ant Group’s suspension of listing on the Sci-tech Innovation Board is a decision made by the Shanghai Stock Exchange in accordance with laws and regulations. Regulatory interviews by financial regulators and recent changes in the financial technology regulatory environment can have a significant impact on the Ant Group’s business structure and earnings model, and are significant events that occurred prior to listing. In accordance with the principles of protecting the legitimate rights and interests of investors, fully, transparently and accurately disclosing information, and seriously upholding fairness and fairness in the market, the Shanghai Stock Exchange made the decision to suspend Ant Group listing in accordance with the relevant regulations of the Sci-tech Innovation Board Registry Management Measures.
A spokesperson for the China Securities Regulatory Commission further noted that the China Securities Regulatory Commission supports the decisions made by the Shanghai Stock Exchange in accordance with laws and regulations. At the same time, it maintains communication and collaboration with the Hong Kong Securities Regulatory Commission and the securities regulators in some of the main foreign markets to jointly and constantly complete the follow-up work. It is a responsible approach for investors and the market to prevent Ant Group from rushing to public listing in the event of major changes in the regulatory policy environment, and reflects the spirit of respect for the market and the rule of law. It is believed that this decision will benefit the long-term development of the capital market and help strengthen the confidence of domestic and foreign investors.
“The suspension of Ant Group’s listing is due to the occurrence of major events that may affect the company, which falls within the scope of post-conference events. Depending on the registration method, the suspension should be suspended and the events post-conference must be implemented. Therefore, the suspension is reasonable, legal and well founded. ” Wang Jiyue, a former brokerage veteran Said.
Wang Jiyue further pointed out that the registry system should take the disclosure of information as the core and really realize the marketing and the rule of law. After such a significant event occurs, the issuer will need to fully disclose the impact of relevant policy changes on operations.
Zhang Zixue, a professor at the Faculty of Civil, Commercial and Economic Law of the China University of Political Science and Law, believes that, for the treatment of situations that may have a significant impact on issuance and listing, the “Management measures Registration of shares of initial public offering of the Board of scientific and technological innovation (for trial implementation) “and the” Issuance of shares of the Board of scientific and technological innovation of the Shanghai Stock Exchange “Arrangements have been made for the relevant system and Sci-tech Innovation Board registration system rules, such as Listing Review Rules. In accordance with these regulations, the exchange must make the decision to suspend the listing of Ant Group.
Liu Junhai, a professor at the Renmin University of China School of Law, noted that while the registration system enhances inclusion, it also emphasizes the use of market-based media and the rule of law to strengthen oversight. The chain of supervision of emissions must be complete, and there must be no vacancies or weakening of any link, otherwise the “barrel effect” will easily occur, which will bring unnecessary moral and legal risks to the legitimate rights and interests of investors. . Before a company goes public, both the institutional environment and the company itself are in a process of dynamic changes, and several important events may occur that affect the issue, with the post-conference event system being an established mechanism for these situations. . From the perspective of past regulatory practices, the post-conference event system has played a positive role in preventing financial fraud and improving information disclosure. In the future, it will also play a positive role in ensuring that companies continue to meet the requirements, preventing various risks and promoting the sustainability of publicly traded companies. Development and so on play an important role.
