On February 1st, the China Securities Regulatory Commission (CSRC) issued a notice on the transition period arrangement of relevant administrative licensing matters before and after the comprehensive implementation of the stock issuance registration system, to ensure a smooth and orderly transition of enterprises under review before and after the comprehensive implementation of the registration system.

According to the notice, starting from the date of its release, the China Securities Regulatory Commission will continue to receive applications for initial public offerings, refinancing, and mergers and acquisitions on the main board. Before fully implementing the registration system, the China Securities Regulatory Commission will proceed with the above-mentioned administrative licensing work in accordance with current regulations.

Starting from the date of the release of the main rules for the comprehensive implementation of the registration system, the China Securities Regulatory Commission will terminate the review of the initial public offering, refinancing, mergers and acquisitions of enterprises under review on the main board, and transfer the review order and review materials of the relevant enterprises under review to the exchange. Applications for refinancing, mergers and acquisitions of listed companies on the main board that have been accepted but not yet completed will no longer be accepted.

After 10 working days from the date of the release of the main rules for the comprehensive implementation of the registration system, the exchange will begin to accept applications for initial public offerings, refinancing, mergers and acquisitions of other enterprises on the main board.

From the date of issuance of the notice, the China Securities Regulatory Commission will continue to receive administrative license applications related to non listed public companies. Before fully implementing the registration system, the China Securities Regulatory Commission will proceed with the above-mentioned administrative licensing work in accordance with current regulations. Companies that have obtained approval or exemption from approval can continue to promote listing and issuance work.

On the date of the release of the main rules for the comprehensive implementation of the registration system, the pilot registration system may temporarily not update the application documents of the enterprises and their intermediary institutions under review. However, after the comprehensive implementation of the registration system, special explanations and verification opinions that comply with the relevant provisions of the comprehensive implementation of the registration system must be submitted in a timely manner. In the most recent submission of inquiry replies or financial reports, the application documents must be updated in accordance with the relevant provisions of the comprehensive implementation of the registration system.