Research On IPO Information Disclosure System Of Sci-tech Innovation Board Under Registration System

The steady implementation of the registration system for public offering of securities is a major reform of China’s capital market and has been clearly defined in the newly revised Securities Law.In order to give experience to the comprehensive promotion of the securities public offering registration system,this system was first tested on the science and technology board.Science and Technology Innovation Board is the abbreviation of "Science and Technology Innovation Board".The successful establishment of the science and technology board can improve the construction of China’s multi-level capital market on the one hand,and can make many technological innovation companies fail to meet the requirements of initial public offerings in terms of financial indicators,but with a broad development background,it has new Financing channels to enhance corporate vitality and promote better development of technological innovation.On the other hand,it also provides a way for some companies listed on the Hong Kong Stock Exchange to return to China.The core of the registration system is "information disclosure".At present,the information disclosure of the stock issuance registration system piloted on the Science and Technology Innovation Board is of great significance for exploring the experience of the full implementation of the registration system and improving related systems.Under the registration system,the focus of the IPO information disclosure of the science and technology board is investor-oriented and the supervision is more efficient.Because China’s capital market has long adopted an approved information disclosure system,the focus of information disclosure is uneven,and the regulatory power is concentrated in the long run,which is not conducive to the healthy development of the capital market.The information disclosure system of the science and technology board under the current registration system is imperfect,there is no previous experience in the distribution of supervisory power,and there is relatively little existing research.This article studies the IPO information disclosure system of the science and technology board under the registration system.It mainly explores how the registration system effectively constructs the top-level design of the IPO information disclosure system in the pilot process of the science and technology board,and coordinates the allocation between the securities regulatory agency and the stock exchange.Regulatory authority,effective supervision of IPO information disclosure,protection of investors’ interests,convenience of corporate financing operations,and promotion of healthy development of the securities market.In addition to the introduction and conclusion,the article content is divided into four parts:The first part discusses the basic issues such as the concepts related to the IPO information disclosure system of the science and technology board.Based on the theory of the IPO information disclosure system,the meaning of the IPO information disclosure system,the history of the IPO information disclosure system in China,the characteristics and value of the IPO information disclosure system of the science and technology board under the registration system,etc.are pointed out.Construction is the key point of the reform of the registration system.The second part examines the legislative status of the IPO information disclosure system of the science and technology board,and discusses the status and problems of the IPO information disclosure system of the science and technology board under the registration system,from the quality of information disclosure,administrative supervision and management system,self-discipline supervision and management system,and punishment mechanism.Five aspects were investigated,focusing on the relevant provisions of the revised Securities Law on information disclosure.The third part is based on combing the information disclosure systems of IPOs in Hong Kong and the United States of China,and adopting a comparative analysis of the securities release information disclosure system with the characteristics of the registration system.It is concluded that the specific practices of implementing the registration system in different markets are not exactly the same.China’s science and technology board registration system reform should choose the relevant system in line with China’s national conditions.The fourth part discusses the issues such as how to improve the information disclosure system of the IPO under the registration system.From five aspects,including perfecting top-level legislative guarantees,promoting the company’s internal control construction,improving the IPO information disclosure supervision mechanism,improving the punishment mechanism for non-compliance information disclosure,and strengthening the basic market education for investors,five suggestions and suggestions are put forward.