The first batch of business rules of Beijing stock exchange are released, and six key points are understood in one article!

The first batch of business rules of the Beijing stock exchange have been released in full swing! The first batch of business rules of Beijing stock exchange (hereinafter referred to as Beijing stock exchange) are open for comments!

The first batch of business rules are the Listing Rules of Beijing stock exchange (for Trial Implementation) (hereinafter referred to as the Listing Rules), the trading rules of Beijing stock exchange (for Trial Implementation) (hereinafter referred to as the trading rules) and the member management rules of Beijing stock exchange (for Trial Implementation) (hereinafter referred to as the member management rules). The drafting of business rules not only follows the general law of the system construction of the stock exchange, but also fully considers the market position of the service innovative small and medium-sized enterprises of the Beijing stock exchange.

After the public consultation on the listing rules, trading rules and member management rules, the Beijing stock exchange will further improve it according to the opinions, and issue it for implementation after performing relevant procedures. Recently, the Beijing stock exchange will also publicly solicit market opinions on the implementation of self-discipline rules related to audit responsibilities under the public offering registration system.

Main contents:

Four sets of "financial + market value" conditions of the listing standard layer of the Beijing stock exchange

No longer implement the continuous supervision system of the host securities firm

Reserve Institutional space for the introduction of market making mechanism and the implementation of mixed trading

Explore the membership management system consistent with the corporate exchange

There are no rigid requirements for the proportion of cash dividends

It is allowed to reasonably set the option exercise price lower than the stock market price on the premise of full disclosure and performance of corresponding procedures, so as to enhance the incentive effect

Those who meet the basic listing conditions or innovation level conditions of the new third board are encouraged to enter the corresponding level for listing and trading

Listing standard of translation layer

Structurally, the listing rules are composed of four parts: issuance and listing, continuous supervision, delisting mechanism and regulatory treatment.

The listing standards of the Beijing stock exchange include four sets of access standards for the selected layer. This institutional arrangement is more suitable for growth enterprises with relatively stable profitability and certain operating leverage.

At present, among the existing 66 companies in the selection layer, the above four sets of standards are covered. Among them, most companies enter the selection layer with the first set of standards.

According to the listing rules, innovative listed companies that have been listed in the national share transfer system for 12 months can apply for listing on the Beijing stock exchange. At present, the number of listed companies that meet the financial conditions in the above four sets of standards is sufficient, both at the innovation level and at the basic level.

More strict management of suspension and resumption

Compared with the companies listed at the selected level, Beijing Jiaotong stock exchange has made four adjustments in terms of continuous supervision.

First, corporate governance is more optimized. The situation that independent directors should express their opinions is added, and the scope of capital occupation subjects is expanded to the controlling shareholders, actual controllers and their related parties, focusing on the "key minority"; It is clear that no new horizontal competition affecting the ability of sustainable operation shall be added to ensure the independence of listed companies.

Second, the information disclosure requirements are more specific. For example, the Listing Rules specify specific requirements for voluntary disclosure, exemption from disclosure, suspension of disclosure, industry and risk information disclosure, so as to improve the pertinence and effectiveness of disclosure.

Third, the management of suspension and resumption of trading is more strict. The Listing Rules implement the regulatory principle of "less suspension, short suspension and phased suspension", requiring listed companies not to abuse the suspension and resumption mechanism, and not to use suspension to replace information confidentiality, so as to ensure the continuity of market transactions and protect the trading rights of investors. In case of planning major asset restructuring or issuing shares to purchase assets, the suspension time shall be reduced to no more than 10 trading days, and in case of planning other major events, the suspension time shall not exceed 5 trading days. If the resumption of trading is postponed due to special circumstances, the total continuous suspension time shall not exceed 25 trading days.

Fourth, the main responsibility is clearer. The Beijing stock exchange will no longer implement the "lifelong" continuous supervision of the host securities companies, and the recommendation institutions will perform the continuous supervision responsibilities within the specified time limit. It should be emphasized that in order to ensure a smooth transition, in the early stage of the opening of the Beijing stock exchange, the continuous supervision agreement signed between the listed company and the host securities firm shall continue to be implemented, the information disclosure and daily business shall still be handled according to the current mode, and the Beijing stock exchange will clarify the subsequent system switching arrangements as soon as possible.

Reserve space for hybrid transactions

In terms of content, the trading rules as a whole continue the trading system of the selection layer with continuous bidding as the core, and other main provisions such as price limit remain unchanged.

In terms of main contents, first, implement a 30% price rise and fall limit, give the market sufficient price game space, and ensure the efficiency of price discovery.

Second, there are no price limits on the first day of listing and a temporary suspension mechanism is implemented. That is, when the intraday transaction price rises or falls by 30% or more than 60% compared with the opening price for the first time, the intraday trading shall be temporarily suspended for 10 minutes, and the call auction shall be conducted when the trading is resumed. It is understood that the supporting temporary suspension mechanism of individual stocks is mainly to avoid market panic and blind trading caused by rapid and irrational fluctuations of stock prices, and give the market a certain cooling off period.

Third, during the continuous bidding period, the effective price range of 5% above and below the benchmark price shall be set for the price limit declaration, and the price limit protection measures shall be taken for the market price declaration.

Fourth, the minimum number of trading orders is 100 shares, and each order can be increased by 1 share.

Fifth, if the number of single declaration is not less than 100000 shares or the transaction amount is not less than 1 million yuan, block transactions can be carried out.

Market participants believe that the above trading arrangements do not change the trading habits of investors, do not increase the market burden, reflect the characteristics of stock trading of small and medium-sized enterprises, and ensure the stability and continuity of market trading.

It is worth mentioning that the Beijing stock exchange has also reserved institutional space for the introduction of market making mechanism and the implementation of mixed trading.

Explore ways to fit with corporate exchanges

Member management system

According to the member management rules, the Beijing stock exchange explores a member management system consistent with the corporate exchange.

As a corporate exchange, the Beijing stock exchange implements member management, and members are the qualification carrier for securities companies to carry out business. Different from the membership exchange, members do not enjoy property ownership in the company exchange. The implementation of member management is to implement the explicit requirements of the upper law for stock exchanges. There are many mature practices in corporate trading at home and abroad. The member management rules are absorbed and used for reference, focusing on the requirements for member trading risk control, customer management, use of trading information and technical system management, and strengthening the supervision mechanism, Urge members to return to their positions and fulfill their responsibilities in various business activities.

There are no rigid requirements for the proportion of cash dividends

On the premise of following the basic requirements of the supervision of listed companies, the supervision system of listed companies of Beijing stock exchange fully considers the market positioning of serving innovative small and medium-sized enterprises of Beijing stock exchange, and summarizes and absorbs the supervision practice since the operation of the selected layer.

In terms of characteristics, the Listing Rules fully absorbed the early practical experience of the selection layer, inherited the regulatory system in line with the characteristics of innovative small and medium-sized enterprises, formed a differentiated institutional arrangement reflecting the market positioning and characteristics of the Beijing stock exchange, and effectively balanced the regulatory costs and benefits of small and medium-sized enterprises in the capital market.

For example, there is no rigid requirement on the proportion of cash dividends, and the company is encouraged to "act according to its ability" according to its actual situation; For equity incentive, it is allowed to reasonably set the option exercise price lower than the stock market price on the premise of full disclosure and performance of corresponding procedures, so as to enhance the incentive effect.

Clarify the arrangements for active delisting and compulsory delisting

The delisting system mainly includes the following three aspects.

First, the delisting standard, that is, "who should withdraw". The Listing Rules specify the arrangements for active delisting and compulsory delisting. Compulsory delisting is divided into four categories: transaction, finance, regulation and major violations, and constructs a diversified and rich index combination. Among them, the investigation period of financial compulsory delisting is two years, and the indicators are not cross applicable.

The second is the delisting procedure, that is, "how to withdraw". The Listing Rules stipulates the delisting risk warning, as the pilot system of compulsory delisting, which not only fully reveals the risks to the market, but also protects the trading rights of investors; It is clear that compulsory delisting shall be deliberated by the listing committee to ensure the seriousness and prudence of delisting decisions.

The third is the delisting destination, that is, "where to withdraw". Beijing stock exchange gives full play to the institutional advantages of integrated development with the new third board market. For delisted companies that meet the basic listing conditions or innovation level conditions of the new third board, they are encouraged to enter the corresponding level for listing and trading and continue to develop; If there are major violations and other situations and do not meet the listing conditions, they will be transferred to the delisting company plate, reflecting the innovative exploration of "classified mitigation and full mitigation" of delisting risk. In addition, delisted companies from the Beijing stock exchange may apply for re listing if they meet the conditions for re listing. Understand the six key points!