Recently, some friends have consulted the editor about how Shenwan Hongyuan Securities can open the Science and Technology Innovation Board. Here is the specific method of how Shenwan Hongyuan Securities can open the Science and Technology Innovation Board. Friends in need can come and learn more.

Just remember two numbers: 500,000 and 24 months. 500,000 means: the average daily assets in the securities account and capital account in the 20 trading days before applying for permission to open are not less than RMB 500,000; 24 months means participating in securities trading for more than 24 months. Science and Technology Innovation Board and the current GEM and small and medium-sized boards Differently, the price limit is relaxed. There is no price limit in the first 5 days of listing, and a 20% limit starts on the sixth day.

​ ​ 1. The Shanghai Stock Exchange is responsible for the review of the companies on the Science and Technology Innovation Board, and the China Securities Regulatory Commission is responsible for the registration. It focuses on the information disclosure review to be completed within 3 months, and the registration to be completed within 20 days. Unprofitable companies are allowed to go public, and red-chip companies with different rights for the same shares are allowed to go public. The standard is the CDR Opinion Draft.

​​ 2. For the trading link, the minimum capital requirement for investors to invest in the Science and Technology Innovation Board is RMB 500,000. There is no limit on the increase or decrease in the five trading days before the listing of the new shares. After the five trading days, the limit on the increase or decrease is ±20%. The Science and Technology Innovation Board allows Shanghai-Shenzhen-Hong Kong Stock Connect capital transactions. Ordinary investors can participate in the Science and Technology Innovation Board investment through public funds. The previously released CDR fund is a strategic placement fund. Related funds can also participate in the new shares issued by the Science and Technology Innovation Board.

3. Companies listed on the Science and Technology Innovation Board will delist directly if delisting is triggered.

4. Focus on supporting high-tech industries and strategic emerging industries such as new generation information technology, high-end equipment, new materials, new energy, energy conservation and environmental protection, and biomedicine, and promote the Internet , big data, cloud computing, artificial intelligence and manufacturing are deeply integrated.

5. The period for soliciting opinions on the document is 30 days. After the solicitation of opinions is over, the regulatory authorities will immediately revise and improve it. The specific date is to be determined. In principle, the exchange's review of an enterprise's issuance should not exceed three months. Special circumstances are not excluded. It needs to be combined with the response time of the underwriter and the company. In practice, it takes 6-9 months.

​​ 6. Listed companies that have reached a certain scale can spin off independent and qualified subsidiaries to be listed on the Science and Technology Innovation Board in accordance with laws and regulations, the relevant provisions of the China Securities Regulatory Commission and the exchange. The funds raised by science and technology innovation companies should be used for their main business, with emphasis on the field of scientific and technological innovation.

​ 7. There is no price limit for companies listed on the Science and Technology Innovation Board in the first 5 days of trading, and a 20% price limit begins on the 6th day.

​​ 8. The rules of the Science and Technology Innovation Board will be inappropriate and controversial in the short and medium term, and require the support and tolerance of all parties in the market. The market cannot mature overnight, and it will take a certain amount of time to fully unleash the effects of reform. We must seize the opportunity to promote the deepening of reform.

​ 9. Mergers, acquisitions and reorganizations of science and technology companies that involve the issuance of stocks shall be reviewed by the exchange and registered with the China Securities Regulatory Commission. Audit standards and other matters are stipulated by the exchange.

10. The China Securities Regulatory Commission and the exchange will also formulate a series of reform measures and clarify specific implementation details.

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