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CSRC, with Reference from Overseas 'Confidential Submission' System, Pilots IPO Pre-review Mechanism for Quality Tech Firms
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The China Securities Regulatory Commission (CSRC) released the "Opinions on Setting Up a Sci-Tech Growth Layer on the STAR Market to Enhance Institutional Inclusiveness and Adaptability". A spokesperson from CSRC stated that a pilot IPO pre-review mechanism for quality tech companies will be implemented to further improve the efficiency and quality of pre-communication services at the stock exchange. During research, some tech companies engaged in key core technology breakthroughs expressed a desire to reduce "exposure" time during the issuance and listing stage to better protect corporate information and technology security, the CSRC spokesperson pointed out. The authorities, with reference from the "confidential submission" system in mature overseas markets, incorporated it as part of the IPO pre-communication services. Eligible companies can apply for the exchange to conduct a pre-review of their submission documents before formally applying for an IPO. Information related to the pre-review stage will not be disclosed, and once the pre-review is completed, tech companies will formally submit their IPO applications and announcements. The CSRC and the exchange will expedite the review and registration process. When companies formally submit their IPO applications and announcements, they will also disclose the inquiry response documents from the pre-review stage, the spokesperson stated. Investors are assured of the content, quality, and timing of the information disclosed by the issuer. AASTOCKS Financial News Website: www.aastocks.com |
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