Shanghai Stock Exchange to Offer Online Services Amid City Lockdown
From 5:00 a.m. on Monday, mass testing for COVID-19 began to be conducted in batches in Shanghai, as a two-stage lockdown plan involving the two halves of the city commenced. On Sunday evening, the Shanghai Stock Exchange issued an urgent notice to make adjustments and convergence arrangements to cope with the snap lockdown.
The notice contains 30 specific measures, involving four major sectors: IPOs and listing examination and underwriting; information disclosures of listed companies; bond-related business; and other services.
In order to ensure normal progress for the audit business of the Shanghai Sci-Tech Innovation Board (STAR Market), the Exchange stated that during lockdown, it will continue to accept IPOs and listings, major asset restructuring and other related applications submitted through the STAR Market’s audit business system. Through video conferences and other means, the Exchange will also ensure normal progress for IPO approval meetings of the listing committee in accordance with established procedures.
In addition, the Exchange will provide “online listing” services, encourage issuers to arrange their IPOs and listing times reasonably, and offer free livestreaming listing ceremony services as well as support issuers in re-holding their listing ceremony after the Shanghai lockdown ends.
According to the notice, if it is impossible to make an appointment on site in the process of project declaration and reply due to lockdown, issuers and intermediaries can apply for online communication and consultation. Signing requirements for declarations and other related documents have also been relaxed.
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Previously, on the evening of March 16, the Exchange issued a notice regarding the waiving of relevant fees for listed companies in areas affected by the recent pandemic outbreak, deciding to waive the initial and annual listing fees for the affected companies in 2022.
