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

InMarketplaceMedium,RegistrationIt means that the applicant for the issuance of the first issuance of all information and materials related to the issuance of legal documents in accordance with the law, submitted to the competent authority for review, the competent authority is only responsible for reviewing whether the information and materials provided by the applicant for issuance have been performedDisclosure of InformationA system of obligations.

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.

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.

1. The registration system, the so-called principle of open management, is essentially a financial disclosure system of the issuing company, and the registration system also advocates post-event control.

2. Represented by the U.S. Federal Act, it requires the company issuing the company to provide all information about the issuance itself and all information related to the issuance, with the prospectus as the core.

3. The issuance registration system refers to a system in which the issuance applicant discloses all 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 information disclosure obligations. Its most important feature is that under the registration system, the issuance review agency only conducts formal examination of the registration documents, and does not make substantive judgments.

On March 1, 2016, the authorization for the reform of the registration system will be officially implemented.

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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 the first issuance registration system of the market, and it is the system of the company's issuance and listing, which is different from the approval system. The issuance registration system refers to a system in which the issuance applicant discloses all 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 information disclosure obligation. Its most important feature is that under the registration system, the issuance review agency only conducts 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.

Criminal Law of the People's Republic of China Article 213 Whoever, without the permission of the owner of the registered trademark, uses a trademark identical to the registered trademark on the same kind of goods or services, and the circumstances are serious, shall be sentenced to fixed-term imprisonment of not more than three years and/or a fine; where the circumstances are especially serious, a sentence of between 3 and 10 years imprisonment and a concurrent fine is to be given. Article 9 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 registered with the ***** supervision and administration agency or the department authorized by the People's Republic of China in accordance with the law. Without registration in accordance with the law, no unit or individual shall be publicly issued**.

**The specific scope and implementation steps of the issuance registration system shall be specified by ***. In any of the following circumstances, it is a public offering: (1) it is issued to an unspecified target**; (2) The number of employees who have issued ** to specific targets with a cumulative total of more than 200 people, but the number of employees who have implemented the employee stock ownership plan in accordance with the law is not counted; (3) Other issuance acts provided for by laws and administrative regulations.

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

What are the requirements for a registered listed company?

Registration-based listed companies need the following requirements: 1. It must be established in accordance with the law and have been in continuous operation for more than 3 years; 2. The operating income in the last year shall not be less than 50 million yuan, and the growth rate of business income in the last two years shall not be less than 30%; 3. The company has been profitable for two years, with a cumulative net profit of not less than 10 million yuan, or a net profit of not less than 5 million yuan in the last year; 4. The net assets before the issuance shall not be less than 20 million yuan, and at the end of the most recent period, there shall be no outstanding losses, and the total share capital after the issuance shall not be less than 30 million.

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.

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.

The core of the registration system is that the materials provided by the issuer are not false, misleading or omitted. Applying for an IPO is the process of an enterprise issuing additional shares to investors through the first public offering of the Exchange in order to raise funds for the development of the enterprise.

Thirty years to the registration system. It's not easy.

The so-called IPO registration system is relative to the approval system and the approval system. The issuance system in Chinese mainland has undergone an evolution from an approval system to an approval system, and although the name has changed, the essence of "approval" has not changed. That is to say, whether a company can be listed, whether it meets the listing conditions, how much to sell per share, how large the issuance scale, and when to issue it are basically determined by the regulatory authorities.

The regulatory authorities should not only look at whether the company to be listed on the stock market is in line with the industrial policy, but also look at the profitability and development prospects of the enterprise.

Generally speaking, under the IPO registration system, the regulatory authorities do not impose any restrictions on the issuance scale, issuance, and timing of the issuance of the company to be listed. Even if it is a bear market, there is no problem for companies to be willing to issue, as long as they can sell in the market.

What happens after the IPO registration system? Of course, the listing threshold and refinancing threshold have been greatly reduced, the **** volume has increased sharply, the market valuation has dropped sharply, and the phenomenon of vicious speculation in new stocks will be fundamentally curbed. From the perspective of enterprises, the situation of queuing for new shares will come to an end, and grassroots enterprises that have no relationship can easily obtain listing opportunities; For ordinary investors, if the amount of **** is large, most of them will be cheap, and there is no need to chase the price limit to buy new stocks.

The era of China's high price-earnings ratio will be completely over, and it will be difficult for the mad cow in 2007 to appear after that. But it also brings a new problem: due to the greatly reduced threshold for listing, companies may be mixed, and it is becoming more and more difficult to judge.

There will be a lot of companies delisting in the future, a bit like the United States**. In such a market, it will be difficult to survive. In the future, it is more suitable for **investment**, which is various**.