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Notice of the General Office of Shanghai Municipal People’s Government on Transmitting the Implementation Opinions on Promoting the IPO of Small- and Medium-size Enterprises in This Municipality Formulated by Sixteen Departments Including the Municipal Office of Finance Service

   
 

 

(September 13, 2010)

SMPG GO G [2010] No. 36

Attention: all District and County People’s Governments, and all relevant Commissions, Offices and Bureaus (Administrations) of the Municipal People’s Government:

The Implementation Opinions on Promoting the IPO of Small- and Medium-size Enterprises in This Municipality jointly formulated by the Municipal Office of Finance Service, the Municipal Commission of Economy and Informatization, the Municipal Science and Technology Commission, China Securities Regulatory Commission Shanghai Bureau, the Municipal Development & Reform Commission, the Municipal Commission of Commerce, the Municipal Finance Bureau, the Municipal Human Resources and Social Security Bureau, the Municipal Urban Construction and Communications Commission, the Municipal Environmental Protection Bureau, the Municipal Urban Planning, Land and Resources Administration, the Municipal State-owned Assets Supervision and Administration Commission, the Municipal Administration of Local Taxation, the Municipal Administration of Industry and Commerce, the Municipal Housing Support and Building Administration Bureau, the Legislative Affairs Office of the Municipal People’s Government, have been approved by the Municipal People’s Government. We hereby transmit them to you, and request you to implement them conscientiously.

Implementation Opinions on Promoting the IPO of Small- and Medium-size Enterprises in This Municipality

Small- and medium-size enterprises are the major forces for economic development and social stability. Promoting direct financing for such enterprises through the capital market to expedite their development is of great importance for Shanghai to take the lead in transforming the economic development mode, and is also the main content of the construction of the Shanghai international finance center. With a view to implementing the Opinions of the State Council on Expediting Shanghai’s Development of Modern Service Industry and Advanced Manufacturing Industry as well as its Construction of an International Finance Center and an International Shipping Center (SC GO [2009] No. 19), the Opinions of the State Council on Further Promoting the Development of Small- and Medium-size Enterprises (SC GO [2009] No.36), and the Suggestions on Implementing the Opinions of the State Council on Further Promoting the Development of Small- and Medium-size Enterprises formulated by the Municipal People’s Government, we hereby put forward the following implementation opinions on promoting the IPO of small-and medium-size enterprises:

I. To establish a joint meeting for promoting the IPO of small- and medium-size enterprises in Shanghai

The leader of the Municipal People’s Government specially in charge of this work shall act as the convener for the joint meeting for promoting the IPO of small- and medium-size enterprises in Shanghai (hereinafter referred to as the Joint Meeting) with such members as the Municipal Office of Finance Service , the Municipal Commission of Economy and Informatization, the Municipal Science and Technology Commission, China Securities Regulatory Commission Shanghai Bureau, the Municipal Development & Reform Commission, the Municipal Commission of Commerce, the Municipal Finance Bureau, the Municipal Human Resources and Social Security Bureau, the Municipal Urban Construction and Communications Commission, the Municipal Environmental Protection Bureau, the Municipal Urban Planning and Land Resources Administration, the Municipal State-owned Assets Supervision and Administration Commission, the Municipal Administration of Local Taxation, the Municipal Administration of Industry and Commerce, the Municipal Housing Support and Building Administration Bureau, the Legislative Affairs Office of the Municipal People’s Government, the Administrative Committee of Zhangjiang High-tech Park, and all district/county people’s governments as well as with Shanghai Stock Exchange and Shenzhen Stock Exchange as special units. The main functions of the Joint Meeting are to coordinate major issues such as direct financing for this Municipality’s small- and medium-size enterprises through the multi-level capital markets and their going public; formulate relevant supporting policies; promote the implementation of relevant work; and enhance the communication and coordination with relevant departments of the central government. The Municipal Office of Finance Service, the Municipal Commission of Economy and Informatization, the Municipal Science and Technology Commission, and China Securities Regulatory Commission Shanghai Bureau shall jointly compose the office of the Joint Meeting to handle the related routine work.

II. To do well the training and joint-stock reform of enterprises planning an IPO

It is necessary to actively cultivate resources for the stock markets and establish a resource pool of IPO-planning small-and medium-size enterprises at the municipal and district/county levels. The relevant municipal departments and all districts/county shall select a batch of enterprises that conform to the industrial development policies of the State and this Municipality and have good growth potentials, especially enterprises of new and high technology, modern services and advanced manufacturing. Such enterprises shall be classified as reserve IPO-planning enterprises for the main board (including medium- and small board) and the growth enterprise board of the stock market, thus forming the resource pool. Shanghai Zhangjiang High-tech Park shall select a batch of science and technology enterprises as the reserve enterprises in the system of share transfer agency. It is necessary to organize trainings of various kinds to enable the reserve enterprises to acquire more practical knowledge about the joint-stock reform for going public, and actively promote this Municipality’s small- and medium-size enterprises to carry out the joint-stock reform. (The responsible units: the Municipal Commission of Economy and Informatization, the Municipal Science and Technology Commission, China Securities Regulatory Commission Shanghai Bureau, the Administrative Committee of Zhangjiang High-tech Park, and the district/county people’s governments)

III. To urge intermediaries to improve their IPO service

It is necessary to improve intermediaries’ capabilities and levels of serving enterprises in their joint-stock IPO reform. It is essential to enhance the guidance for IPO-service intermediaries such as law offices of securities firms, accounting firms, asset evaluation companies, real estate evaluation agencies, and urge them to perform well various services for IPO-planning enterprises, and improve their service. We must encourage intermediaries in this Municipality to actively participate in serving enterprises engaged in a joint-stock IPO reform. We shall establish a service quality evaluation mechanism for intermediaries according to their counseling for the enterprises, the assessment and acceptance of the enterprise, the success rate of enterprise IPOs, and so on, and allow enterprises to select those intermediaries with satisfactory results, great strength and good reputation. (The responsible units: China Securities Regulatory Commission Shanghai Bureau, the Municipal Finance Bureau, the Municipal Housing Support and Building Administration Bureau, the Municipal Office of Finance Service)

IV. To improve the tracking mechanism and strengthen the comprehensive coordination

The relevant municipal departments and all districts/county shall voluntarily do well the coordination and service in the process of small- and medium-size enterprises’ joint-stock IPO reform. In the IPO process, if such enterprises need the departments to issue relevant certificates or submit documents to higher authorities, the departments shall simplify the internal process, create a green channel, and assign special personnel to handle the matter within the specified time limits. In the process of enterprises’ joint-stock IPO reform, the relevant municipal departments and the district/county people’s governments shall, in the light of the actual circumstances, actively study and coordinate to resolve the problems left over by history. It is necessary to explore how to establish an expert tank to provide consultation for IPO-planning enterprises. It is necessary to improve the tracking mechanism for IPO-planning small- and medium-size enterprises, make a timely summary, and enhance the communication with the relevant departments of the central government. (The responsible units: the Municipal Office of Finance Service, the Municipal Development & Reform Commission, the Municipal Commission of Commerce, the Municipal Science and Technology Commission, the Municipal Finance Bureau, the Municipal Human Resources and Social Security Bureau, the Municipal Urban Construction and Communications Commission, the Municipal Environmental Protection Bureau, the Municipal Urban Planning and Land Resources Administration, the Municipal State-owned Assets Supervision and Administration Commission, the Municipal Administration of Local Taxation, the Municipal Administration of Industry and Commerce, the Municipal Housing Support and Building Administration Bureau, the Legislative Affairs Office of the Municipal People’s Government, the Administrative Committee of Zhangjiang High-tech Park, and all district/county people’s governments)

V. To enhance the support for the IPO of small- and medium-size enterprises

1. The relevant municipal departments shall further make good use of the special funds to support this Municipality’s small- and medium-size enterprises in direct financing through the joint-stock reform and the capital markets at all levels. It is necessary to encourage district/county people’s governments to support finically small- and medium-size enterprises’ joint-stock IPO reform. (The responsible units: the Municipal Commission of Economy and Informatization, the Municipal Science and Technology Commission, the Municipal Finance Bureau, and all district/county people’s governments)

2. All district/county people’s governments shall, in the light of the actual circumstances, further perfect the supportive policies for IPO-planning small- and medium-size enterprises, and support them in their joint-stock IPO reform for further development. (The responsible units: all district/county people’s governments)

 

Shanghai Municipal Office of Finance Service

Shanghai Municipal Commission of Economy and Informatization

Shanghai Municipal Science and Technology Commission

China Securities Regulatory Commission Shanghai Bureau

Shanghai Municipal Development & Reform Commission

Shanghai Municipal Commission of Commerce

Shanghai Municipal Finance Bureau

Shanghai Municipal Human Resources and Social Security Bureau

Shanghai Urban Construction and Communications Commission

Shanghai Environmental Protection Bureau

Shanghai Municipal Urban Planning, Land and Resources Administration

Shanghai State-owned Assets Supervision and Administration Commission

Shanghai Municipal Administration of Local Taxation

Shanghai Administration of Industry and Commerce

Shanghai Municipal Housing Support and Building Administration Bureau

Legislative Affairs Office of Shanghai Municipal People’s Government

August 26, 2010