18 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 SEPTEMBER 2023 今年2月，股票发行注册制在A股市场全面实施，叠加中国放开疫情管控措施，市场原本对A股抱以充沛信心。 然而进入8月，市场信心可谓跌至冰点，虽然监管部门接连发布刺激政策，沪深两市成交额却逐渐下探，新股申请 量也接近为零。资本市场律师指出，注册制下，监管及市场主体仍处于磨合之中，中介机构面对更高的“看门人” 责任，也在加紧做好执业风险防控。 作者：胡阳潇潇 In February, the A-share market kicked off its registration-based IPO system. That, coupled with China’s relaxation of pandemic control measures, was meant to inspire full confidence in the market. However, well into the second half of the year, market confidence can be described as falling off a cliff. Capital markets lawyers point out that under the new IPO system, regulators and market players are still finding their way, while intermediaries, faced with higher “gatekeeper” responsibilities, are also intensifying their efforts to prevent and control practice risks. BY HU YANGXIAOXIAO CAPITAL MARKETS Shenzhen stock exchanges received zero IPO applications. “Although IPO applications will usually slow down in July, zero applications is extremely rare. Even more surprising is a complete halt of IPOs by unprofitable companies. Since the beginning of 2023, no IPO application from such an issuer has been accepted by Shanghai and Shenzhen stock exchanges,” the publication said. “However, IPOs already under review are progressing normally, and there has not been any across-the-board suspension.” Xu Jianjun, partner of DeHeng Law Offices and head of its securities practice committee, says market fundamentals continue to remain strong despite the low numbers. “The number of IPO applications and the number of accepted applications remain stable in the first half of this year, and overall response to the registration-based IPO system has been relatively positive. This is a basic judgment of the market.” In terms of quantity, “as of July, about 210 companies from the three major exchanges in Beijing, Shenzhen and Shanghai have completed IPOs, a year-on-year increase of seven. However, the amount of funds raised has dropped significantly, down approximately 30 percent compared to the same period of last year. This is mainly because the number of listings on the Beijing Stock Exchange has doubled compared to last year, the amount of funds raised there per IPO is rather low,” says Xu. As of the end of July, the Shenzhen Stock Exchange has had the highest number of approved A-share IPOs, with ChiNext being the most active board. During the same period, computer, communications and other electronic equipment manufacturers have seen the most approved IPOs, totaling 35. Xu also observes that ChiNext has a better record of successful listings thanks to its higher inclusiveness and market attractiveness. “In fact, the most active listing boards are still ChiNext and STAR Market. For example, in the first half of this year, the total amount raised Despite the expectation of a strong economic recovery in 2023, the A-share market is underperforming. In July, the Politburo meeting specifically mentioned the need “to revitalize the capital markets and boost investor confidence.” Regulators responded by introducing a series of stimulus measures in an attempt to salvage the sluggish performance of A-shares, but results have not been as good as hoped. In fact, some A-share IPO data in the first seven months of the year is even weaker than 2022, a year badly impacted by the pandemic. Zhang Liguo, chief partner of Grandway Law Offices, tells ALB that: “From January 1 to July 31, 2023, a total of 226 A-share IPO applications were reviewed, of which 197 were approved, a year-on-year decrease of 29.13 percent. The approval rate stands at 87.17 percent, down 3.38 percent compared to the same period of last year.” According to Caixin, between July and August 22 this year, Shanghai and A CRISIS OF CONFIDENCE 直面“信心危机”
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