What does the registration system mean What is the registration system?

In the market, the registration system refers to a system in which the applicant for issuance discloses all information and materials related to the issuance into legal documents in accordance with the law and submits them to the competent authority for review, and the competent authority is only responsible for reviewing whether the information and materials provided by the applicant have fulfilled the obligation of information disclosure.

Under the registration system, the issuance review agency only conducts a formal examination of the registration documents, and does not make substantive judgments.

The purpose of the issuance registration is to provide investors with formal information on which to judge the substantive elements in order to make investment decisions, and registration does not act as an umbrella for investors to protect against losses. If the disclosure method is appropriate, the management agency shall not refuse to register on the grounds that the issuance is unfair or other conditions, or that the prospects of the company proposed by the issuer are not reasonable. That is to say, the nature of the issuer's business, the issuer's financial resources, the issuer's quality, the development prospects, the number of issuances and the substantive conditions such as ** are not used as the conditions for the issuance review, nor do they make value judgments.

What does it mean to register for new shares.

1. What does the registration system mean?

1. The registration system is the first issuance registration system of the market. It is a system for the company to issue and go public, which is different from the approval system. Under the registration system, the conditions for listing have been relaxed, and loss-making enterprises can also be listed, but the value differentiation will be further expanded.

2. Article 10 of the ** Law of the People's Republic of China.

The public offering must meet the conditions stipulated by laws and administrative regulations, and be approved by the ***** supervision and administration agency or the department authorized by the public in accordance with the law; Without approval in accordance with the law, no unit or individual may publicly issue **.

In any of the following circumstances, it is a public offering:

1) Issuing ** to unspecified targets;

2) Issuing ** to a specific target with a cumulative total of more than 200 people;

3) Other issuance acts provided for by laws and administrative regulations.

Non-public offerings** shall not use advertising, public solicitation, or disguised disclosure.

2. What is the significance of the implementation of the registration system?

1. It can improve the efficiency of financing, under the registration system, the regulator only implements a formal review of the enterprise, and the value judgment is completely handed over to the market;

2. The financing threshold of enterprises can be lowered, because under the registration system, loss-making enterprises can also be listed;

3. Optimizing the supply structure of this market will improve the supply efficiency of this market. At the same time, it will also cultivate our correct investment philosophy;

4. Adjust the focus of our supervision. The focus of supervision will be on pre-supervision, instructions on whether you can be listed, to the transition to in-process and post-event supervision, and the most important thing is the supervision of information disclosure.

The registration system, also known as the "declaration system" or "registration system", refers to the restriction of the competent authority on the issuance of valuable issuers without making substantive conditions in advance, and the issuer only needs to fully and accurately disclose the important information and materials necessary for investors to judge the nature and investment value when issuing the issuance, and the information confirmed by the competent authority to be comprehensive, true and accurate can be allowed. The competent authority does not make a value judgment on the act of issuance and the act itself, and the review of public information only involves the form, and does not involve any substantive conditions for issuance. As long as the issuer fully discloses the relevant information in accordance with the regulations, the competent authority cannot reject the issuer's issuance if its financial position does not meet a certain standard.

The representative of the registration system is the United States, Hong Kong, China and other markets with relatively developed capital markets.

The registration system, the full name of which is the issuance registration system, specifically refers to a system in which the company that wants to be listed will disclose the information related to the issuance to the public, and form legal documents and submit them to the competent unit for review. For the relevant competent authority, under the registration system, the relevant competent authority only needs to be responsible for reviewing whether the information and materials submitted by the company that wants to be listed comply with the law and whether it complies with the information disclosure requirements.

1. Benefits: When the registration system is implemented, it avoids the cumbersome process of listing review for companies that want to be listed, thereby speeding up the company's listing to a certain extent. For related companies, the implementation of the registration system makes the threshold for listing relatively low, so as to facilitate the company's financing within the market.

For investors, it can prompt them to be more cautious when investing;

2. Disadvantages: When the registration system is implemented, it only restricts the disclosure of information by listed companies to a large extent. Therefore, it will also make some companies with insufficient qualifications successfully listed, and bring certain losses to the company.

The registration system is a system of issuance, which refers to the fact that a company or enterprise needs to report all kinds of information disclosed to the regulatory authorities completely and accurately in accordance with the law when carrying out the issuance. However, the regulator will conduct a formal review of the comprehensiveness, accuracy, authenticity and timeliness of the issuer's application documents, but will not conduct a substantive review. In the end, the value of the issuing company is left to the market to decide.

The registration system means that when the issuer is preparing to issue a good deal, it must submit all kinds of information disclosed in accordance with the law to the competent authority and apply for registration for formal review, as for the nature of the issuer's business, the issuer's financial resources, quality and development prospects, the number of issuances and other substantive conditions are not used as the issuance review requirements, and no value judgment is made. After the submission of the application documents, if there is no objection from the competent authority after the statutory period has passed, the application will automatically take effect. Wheelson.

1. The registration system is a system at the time of issuance, that is, the audit agency only reviews the information of the listed company to be issued, and is only responsible for the authenticity of the disclosed documents of the listed company, and does not evaluate its quality or badness. To put it simply, the registration system is to lower the threshold for listing, and the current market implements the registration system on the Science and Technology Innovation Board and the Growth Enterprise Market. That is, the science and technology innovation board and the gem are called the registration system.

The registration system has a low listing threshold, and it can also be listed without making a profit, and it can also be listed as depositary receipts, so the risk of this kind of ** is greater than that of the approval system**, so the relevant provisions are also different from the ** of the main board approval system: the maximum rise and fall of the main board approval system** on the first day of listing is 44%; However, there is no limit on the rise and fall of the first 5 trading days of the STAR Market and the GEM**, and a 20% limit on the 6th trading day will be implemented.

2. The so-called "registration system" is different from the previous "approval system". The "approval system" is an issuance system that is fully reviewed and approved by the China Securities Regulatory Commission (CSRC) on whether it can be issued and listed; The "registration system" is centered on information disclosure, the regulatory authorities no longer make value judgments on issuers, issuers and intermediaries are responsible for the authenticity and accuracy of information disclosure, and the timing and timing of issuance are determined by issuers and intermediaries according to market conditions.

3. What are the characteristics of the registration system?

At present, the registration-based sector includes the Growth Enterprise Market and the Science and Technology Innovation Board, with the beginning of the Growth Enterprise Market (GEM) being 300 and the number at the beginning of the Science and Technology Innovation Board (STAR Market) being 688.

1. Limit on the rise and fall: The two major sectors of the Science and Technology Innovation Board and the Growth Enterprise Market implement a 20% rise and fall system; There is no limit on the price increase from the first to the fifth trading day of listing.

3. Investment threshold: The capital requirements for opening an account on the Growth Enterprise Market and the Science and Technology Innovation Board are 100,000 yuan and 500,000 yuan respectively, and investors need to have two years of investment experience.

4. Listing threshold: The listing standards of the registration-based sector are abundant, and profits are no longer mandatory, and the restrictions on issuance have been relaxed.

The registration system, that is, the registration system of the market, is the system of company issuance and listing, which is different from the approval system.

The feature is fast in and fast out: under the registration system, the issuance review agency only conducts formal examination of the registration documents, and does not make substantive judgments, that is, lowers the listing threshold; At the same time, there are intermediaries, i.e., brokers, to examine the prospective listed companies, and strengthen the punishment of cheating intermediaries; And there are rules to lower the threshold for delisting.

For example, it is difficult for high-quality emerging companies such as Alibaba, JD.com, and Pinduoduo to be listed in China and can only be listed overseas, and some listed companies with poor performance have a long delisting process. The change from the approval system to the registration system will lead to major changes in the market ecology.

High-quality enterprises are easy to go public and inferior enterprises are easy to delist, and the delisting is a high-level trapped capital can not be expected to be unbundled in the next bull market, so the ability requirements for the best will be improved, and some of the best will be eliminated and the scale of institutional funds and the first company in the market will be expanded.

The registration system is a system of listing, under the registration system, the conditions for listing have been relaxed, and loss-making enterprises can also be listed, but the value differentiation will be further expanded.

Under the registration system, the supervision has also been relaxed, and the regulators only do formal review of listed companies, which improves the efficiency of listing, and the value judgment of the first will be completely handed over to the market.

Most of the mature capital markets are implementing the registration system, China's registration system reform has been rolled out on the GEM, the Science and Technology Innovation Board, the registration system under the direct financing of enterprises will be more convenient, from the perspective of investment, the registration system can also reduce speculation, funds will be more inclined to valuable enterprises, low value ** will have a great risk of delisting.

Hello, the issuance registration system refers to a system in which the issuance applicant discloses all the information and materials related to the issuance in accordance with the law, makes legal documents and sends them to the competent authority for review, and the competent authority is only responsible for reviewing whether the information and materials provided by the issuance applicant have fulfilled the obligation of information disclosure.

The most important feature of the issuance registration system is that under the registration system, the issuance review agency only conducts a formal examination of the registration documents, and does not make substantive judgments.

The purpose of the issuance registration is to provide investors with formal information on which to judge the substantive elements in order to make investment decisions, and registration does not act as an umbrella for investors to protect against losses. If the disclosure method is appropriate, the management agency shall not refuse to register on the grounds that the issuance is unfair or other conditions, or that the prospects of the company proposed by the issuer are not reasonable.

The registration system, the so-called principle of open management, is essentially a financial disclosure system for issuing companies, represented by the U.S. Federal Law. It requires the issuing company to provide all information about the offering itself and in connection with the offering, with the prospectus at its core.

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