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Watson & Band Successfully Hosts China Law Salon Series – Institutional Innovation and Declaration Practice of the Science and Technology Innovation Board
Mon Jun 03 17:14:00 CST 2019 Published by:Editor

On the afternoon of May 31st, the latest session of the China Law Salon was successfully held in a conference room at the Watson & Band headquarters. The session was titled “Institutional Innovation and Declaration Practice of the Science and Technology Innovation Board.” Watson & Band Partner, Mr. Zhiyuan Wang, served as the main speaker.

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Regarding the Science and Technology Innovation Board’s rules and regulations system, Mr. Wang primarily introduced the existing regulations promulgated by the CSRC and the Shanghai Stock Exchange, within the categories of top-level design, listing audit and issue underwriting, etc. He also shared information regarding the Board’s purpose and positioning, listing requirements, reform of the pilot registration system, and improvement of the foundational system, from the relevant documents.


Regarding highlights of the Board’s core institutions, Mr. Wang compared listing requirements of the Main Board, the SME Board, and the GEM Board with those of the Science and Technology Innovation Board. He placed emphasis on the Science and Technology Innovation Board’s inclusive requirements, implementation of different rights for the same share, permission to Red Chip companies, permission to  VIEs, and permission to companies that have not yet made a profit or those that have accumulated unrecovered losses in the latest quarter, splitting domestic subsidiaries, and the strictest delisting system in history as some of its greatest institutional highlights.


Regarding the Board’s major legal issues, Mr. Wang listed several issues associated with declarations made by companies on the Board, including issues related to: scientific and technological innovative ability, core technology, personnel changes, horizontal competition, and compliance with laws and regulations. Concrete examples were included to aid the participants’ understanding of these highly technical matters.


Regarding the current state of the declared companies on the Board, Mr. Wang used big data to illustrate these companies’quantity, geographical distribution, scope of funding value, industry distribution, financial indices, percentage of R&D expenses, enquiry situation, and other noteworthy aspects. In addition, Mr. Wang used the first batch of declared companies (Chipscreen Biosciences, Anji Microelectronics, and TZTEK) as well as other carefully selected companies as examples, introduced their situations, and gave an analysis of their common traits.


Finally, Mr. Wang summed up a list of problems that have yet to be addressed, such as: pass rate control, boundary of inclusiveness toward companies, companies that satisfy listing requirements of both the Science and Technology Innovation Board and other boards, market value estimation methods, etc.


The salon was well received by all participants due to its rich information, broad scope, and strong instructiveness. Both during the salon and after, participants were able to engage in active communication with the lawyer.


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