In the stock market, the registration system means that the securities issuance applicant discloses all information and materials related to the securities issuance into legal documents in accordance with the law and submits them to the competent authority for review. The competent authority is only responsible for reviewing the information provided by the issuance applicant and

A system that determines whether information disclosure obligations have been fulfilled.

Under the registration system, securities issuance review agencies only conduct formal reviews of registration documents and do not make substantive judgments.

The purpose of securities issuance registration is to provide investors with formal information based on judging the substantive requirements of securities in order to make investment decisions. Securities registration cannot protect investors from losses.

If the disclosure method is appropriate, the securities regulatory agency shall not refuse registration on the grounds that the price or other conditions of the issuance of securities are unfair, or the company's prospects proposed by the issuer are not reasonable.

In other words, substantive conditions such as the business nature of the securities issuer, the issuer's financial resources, the issuer's quality, development prospects, issuance quantity and price are not used as issuance review conditions, and no value judgments are made.