The date for the implementation of the comprehensive registration system is as follows: On March 1, 2016, the State Council’s authorization for the registration system reform was officially implemented.

On October 9, 2020, the State Council issued the "Opinions on Further Improving the Quality of Listed Companies" proposing to "comprehensively implement and implement the securities issuance registration system step by step to support the listing of high-quality companies."

Under the registration system, the securities issuance review agency only conducts a formal review of registration documents and does not make substantive judgments, which means lowering the listing threshold; at the same time, it is supported by intermediaries, that is, securities firms, who inspect companies preparing to be listed, and strengthens penalties for cheating intermediaries; and supporting

There are rules to lower the delisting threshold.

The registration system emphasizes the establishment of a regulatory concept centered on market supervision.

Market supervision is not the management of a certain industry, a specific market, or a certain region, but a universal supervision and management. In the past, most industrial and commercial administrative departments only involved some tangible markets such as personal safety, counterfeiting, and markets.

management while ignoring some of the behavior and scope of the market itself (i.e., the management of the invisible market).

Not to mention the management of transaction behaviors such as e-commerce, online shopping, and mail order. In a word, it is limited to the management of specific transaction behaviors. It does not fully understand the market transaction relationship and regulates abstract behaviors. Therefore, market supervision must focus on supervision.

To develop with the development of economy.

The approval system has many procedures and many conditions for listing and delisting. For example, high-quality emerging companies such as Alibaba, JD.com, and Pinduoduo have difficulty listing domestically and can only go public overseas. The delisting process for some listed companies with poor performance is very difficult.

long.

The change from the approval system to the registration system will lead to major changes in the market ecology. High-quality companies will be easy to go public and low-quality companies will be easy to delist. When delisting, the funds locked up at a high level cannot be expected to be released in the next bull market. Therefore, the ability requirements of retail investors have increased.

, it will eliminate some retail investors and expand the scale of institutional funds and fund companies in the market.

After the implementation of the comprehensive registration system, it means that the era of making 99.99% profit from new stocks is over. In the future, it may gradually enter an era in which a small part of the new stocks do not make any money and the majority of them do not make any money.

After the implementation of the comprehensive registration system, a complete delisting system will follow. After all, the conditions and capacity for listing have been relaxed, and the conditions and capacity for delisting must be relaxed to match.

The organizational structure of a listed company is sound and well-run, and meets the following requirements: 1. The company's articles of association are legal and valid, and the systems of shareholders' meeting, board of directors, board of supervisors and independent directors are sound and can effectively perform their duties in accordance with the law; 2. The company's internal control system is sound and can effectively ensure

The efficiency, legality and compliance of the company's operations and the reliability of its financial reports; there are no major flaws in the integrity, rationality and effectiveness of the internal control system; 3. The current directors, supervisors and senior managers are qualified and can be loyal and

Perform your duties diligently.

To sum up, under the registration system, the securities issuance review agency only conducts formal review of registration documents and does not make substantive judgments, which lowers the listing threshold; at the same time, it is supported by intermediaries, namely securities firms, who examine pre-listed companies and crack down on cheating intermediaries.

Strengthen penalties; and provide supporting rules to lower the delisting threshold.

Legal basis: Article 6 of the "Measures for the Administration of Securities Issuance of Listed Companies": The organizational structure of a listed company is sound and well-functioning, and meets the following provisions: (1) The company's articles of association are legal and valid, and the systems of shareholders' meeting, board of directors, board of supervisors and independent directors are sound and able to comply with the law.

Effectively perform duties; (2) The company's internal control system is sound and can effectively ensure the efficiency, legality and compliance of the company's operations and the reliability of financial reports; there are no major flaws in the integrity, rationality and effectiveness of the internal control system; (

3) The current directors, supervisors and senior managers are qualified for office, can perform their duties faithfully and diligently, and have not violated the provisions of Articles 147 and 148 of the Company Law, and have been in the company for nearly 30 years

It has not been subject to administrative punishment by the China Securities Regulatory Commission within six months, and has not been publicly condemned by the stock exchange in the past twelve months; (4) The personnel, assets, and finance of the listed company are separated from the controlling shareholder or actual controller,

The institution and business are independent and capable of independent operation and management; (5) There has been no illegal provision of external guarantees in the past twelve months.