The Shenzhen Stock Exchange Has Officially Promulgated The Implementation Of The Public Offering Condemnation Standard Of GEM Companies.

Recently, the Shenzhen stock exchange officially launched the implementation of "

The responsible person of the Shenzhen Stock Exchange said that since the public condemnation standard was released to the public in March 22nd, it has been widely accepted.

The person in charge stressed that the public condemnation standard made a systematic innovation and construction for the characteristics of the listed companies on GEM, highlighting the principle of strict supervision.

First, according to the characteristics of GEM companies with high growth and high risk, based on the specific data of GEM companies, we set up more stringent trigger indicators than the main board and small and medium-sized boards. Two, aiming at the characteristics of the higher proportion of the fund-raising companies, we set up a clear violation standard from three aspects: capital occupation, violation guarantee and fund-raising management, so as to ensure the regulatory deterrent, strictly manage the gem to raise funds, especially the over raised funds. Three, we made detailed provisions for the key violations such as information disclosure violations, periodic report disclosure violations, capital occupation and violation guarantee, which were frequently listed by listed companies, and focused on regulation and attack to strengthen the supervision of GEM listed companies.

The person in charge said that in order to fully protect the legitimate rights and interests of the parties, the public condemnation standard has also increased the relevant public companies' refusing to accept the public condemnation made by the Shenzhen Stock Exchange, and can apply to the Shenzhen stock exchange for review within 15 working days from the date of receiving the decision.

At the same time, in order to ensure the effective exercise of the right of the listed company to apply for review and to enhance the fairness, scientificity, pparency and credibility of the appeal review work of the Shenzhen Stock Exchange, the Shenzhen Stock Exchange has revised the detailed rules of the appeal Review Committee, increasing the number of the appeals Review Committee from no more than 14 to 24, and has established a new (second) appeals Review Committee in accordance with the law.

In the composition of the new appeals Review Committee, 21 members, accounting for 87.5%, and 3 members, accounting for 12.5%, including 6 listed companies (main board, medium and small board, 2 companies listed on GEM), 2 securities companies, 2 fund management companies, 2 accounting firms, 2 law firms, 2 members of China International Economic and Trade Arbitration Commission, 2 members of the China Securities Regulatory Commission, 2 members of the Shanghai Stock Exchange, members of the board of directors, university scholars and scholars, and the Shenzhen Stock Exchange.

The official also pointed out that taking the lead in the gem as a pilot project to publicize the "public condemnation standard" to the public is a new starting point for the Shenzhen Stock Exchange to promote the basic system innovation of the gem, and it is also a new exploration to promote "supervision by law and sunshine supervision".

As an attempt and exploration, this public condemnation standard applies only to public condemnation of listed companies on GEM, excluding criticism of listed companies on GEM and disciplinary actions against shareholders, actual controllers, directors, supervisors and senior managers.

Next, the Shenzhen Stock Exchange will gradually expand the scope of the trial on the basis of summarizing relevant experience, broaden the scope of application of the public condemnation standard, and take the revised stock listing rules under the main board as an opportunity to publicize the public condemnation standards of the listed companies in the main board and small and medium-sized boards in a timely manner.