On March 30, the General Office of the State Council forwarded the "Several Opinions on Launching Pilot Project for Innovative Enterprises’ Issuance of Shares or Depositary Receipt in Domestic Market" to the China Securities Regulatory Commission (“CSRC”). On the same day, the CSRC put out a press release on launching pilot project for innovative enterprises’ issuance of shares or depositary receipt in domestic market, answered questions thereof from the press. Meanwhile, the CSRC released “Decision on Amending the Administrative Measures for Initial Public Offering of Stocks and Listings” and “Decision on Amending the Administrative Measures for Initial Public Offering of Stocks and Listings on the ChiNext Board”, and solicited public opinions. Launching pilot project for innovative enterprises’ issuance of shares or depositary receipt in domestic market is a major initiative to deeply implement the spirit of the 19th National Congress of CPC and relevant decision-making deployment of the Party Central Committee and the State Council, and a major groundbreaking measure that give full play to the role of capital market in serving innovation-driven development strategy. The measure is of historical significance in promoting in quality reform, efficiency reform and impetus reform in the economy development.
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