China Securities Depository and Clearing Corporation Limited ("CSDC") has recently distributed the Circular on Revising and Issuing the Rules of China Securities Depository and Clearing Corporation Limited on the Registration of Securities (the "Circular") and the Detailed Business Rules of China Securities Depository and Clearing Corporation Limited on the Registration and Clearing of Stocks on the Science and Technology Innovation Board (for Trial Implementation) (the "Rules"), both of which have taken effect immediately from the date of issuance.
The Circular combines together Article 10 through Article 13 of the Rules of China Securities Depository and Clearing Corporation Limited on the Registration of Securities, into an article reading: "to apply for the initial registration of securities, a securities issuer shall, pursuant to relevant requirements of CSDC, submit relevant application documents, including an application for the registration of securities, securities data to be placed under registration, and relevant documents issued by the China Securities Regulatory Commission ("CSRC")". The Rules state that, in principle, current practices for A shares will be followed, without significant adjustments, and however, necessary detailed provisions in respect of the registration of special voting shares and others are introduced to adapt to the novel mechanism, new changes and new characteristics of the issuance, listing and trading of stocks on the science and technology innovation board.