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科创板 science and technology innovation board

language.chinadaily.com.cn| Updated: 2019-02-02
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An investor walks past an electronic board showing stock information at a brokerage house, Dec 25, 2018. [Photo/IC]

The science and technology innovation board will focus on companies in high-tech and strategically emerging sectors such as new generation information technology, advanced equipment, new materials, new energy, energy conservation and environmental protection and biomedicine, the China Securities Regulatory Commission (CSRC) said in a statement.

证监会表示,科创板将重点支持新一代信息技术、高端装备、新材料、新能源、节能环保以及生物医药等高新技术产业和战略性新兴产业。

《实施意见》明确,在科创板试点注册制(registration-based IPO mechanism),合理制定科创板股票发行条件(IPO qualifications)和更加全面深入精准的信息披露规则体系(comprehensive and specific framework of rules for information disclosure)。上交所负责科创板发行上市审核(IPO screening),证监会负责科创板股票发行注册(IPO registration)。证监会将加强对上交所审核工作的监督,并强化新股发行上市事前事中事后全过程监管(end-to-end supervision)。

多元包容的上市条件

《实施意见》指出,科创板根据板块定位和科创企业特点,设置多元包容的上市条件,允许符合科创板定位、尚未盈利(pre-revenue companies)或存在累计未弥补亏损的企业(companies with uncovered deficit)在科创板上市,允许符合相关要求的特殊股权结构企业(companies of special shareholding structure)和红筹企业(red chip enterprises)在科创板上市。

涨跌幅限制

适当放宽涨跌幅限制。将科创板股票的涨跌幅限制放宽至20%(allow shares to rise or fall by a maximum of 20% on any single trading day),新股上市后的前5个交易日不设涨跌幅限制(no cap for rising and falling in the first 5 trading days after IPO)。

个人投资者参与门槛

申请权限开通前20个交易日证券账户及资金账户内的资产日均不低于人民币50万元(at least 500,000 yuan in investment capital for 20 trading days before the investment)(不包括该投资者通过融资融券融入的资金和证券);

参与证券交易24个月以上(24 months of equity trading experience)。

终止上市规定

科创公司触及终止上市(termination of listing)标准的,股票直接终止上市,不再适用暂停上市(suspend listing)、恢复上市(resume listing)、重新上市(relisting)程序,上市公司股票被终止上市的,不得申请重新上市。 

【相关词汇】

沪港通 Shanghai-Hong Kong Stock Connect

跨境资金流动 cross-border capital flow

绩优股 blue chip

成长股 growth stock

交易所交易基金 Exchange Traded Fund, ETF

期货 futures

退市 delisting

上市公司 listed companies

外资 foreign capital