2021年10月26日

Into the practical stage of the Shanghai Stock Exchange held infrastructure REITs offering and listing business training

On March 9, the Shanghai Stock Exchange held a market training on infrastructure REITs offering and listing business. It is reported that this training is mainly divided into business guide interpretation, registration and settlement points, inquiry platform introduction, market institutions actively participated, a total of more than 300 people participated.

China Securities Journal reporter learned that the Shanghai Stock Exchange has been steadily promoting the infrastructure REITs pilot business rules, business processes, technical systems and other preparatory work, all the work is now in place. Subsequently, SSE will further organize the market to conduct REITs Inquiring Platform Test, REITs All-weather Test, Network Test, and Customs Clearance Test, to test members’ REITs business readiness and technical system availability, and to make preparations for REITs in advance.

Since the release of the relevant supporting business rules of the exchange infrastructure REITs, the market has generally paid attention to the acceptance and information disclosure of the REITs offering and listing business, the inquiry platform and the registration and settlement matters.

To this end, this training introduced in detail the handling of infrastructure REITs’ offering and listing business, the registration and settlement matters in the offering stage, the audit points of offering and listing information disclosure materials, and the inquiry platform, etc., and answered the questions concerned by market institutions. It is reported that the training invited 20 fund companies and 4 financial advisers, participants have said that the training is conducive to the market institutions to accelerate the preparation of REITs offering and listing business.

Relevant personage told the reporter that this training means that public offering infrastructure REITs have entered the practical operation stage, which has fundamental guiding significance for the inquiry and sale of follow-up projects.

Reporters noted that as early as January, the SSE organized 19 fund companies to participate in a two-week trial of the inquiry platform, which covered all the inquiry platform operations, including inquiry, subscription, uploading of placement results, suspension of offering, data inquiry, parameter approval and so on. This trial on the one hand tested the Shanghai Stock Exchange REITs inquiry platform, further understanding of the market demand is conducive to continue to improve the function of the inquiry platform; On the other hand, a total of 71 issuer CA certificates were produced for 19 fund companies on trial. These certificates can be directly used in the production environment later, reducing the subsequent fund issuance cycle.

On January 29, the SSE issued three supporting business rules for public offering REITs, which marked that the SSE has made stage progress in promoting the pilot work of public offering REITs. It is reported that the SSE also plans to issue relevant guidelines after soliciting opinions from market institutions in order to facilitate the preparation and development of the offering and listing business.

Reporters learned that at present, the Shanghai Stock Exchange’s REITs declaration system, inquiry platform and information website have been basically ready, the transformation of the trading system is also in progress, is expected to be fully ready in March, the success of the first pilot projects to ensure the smooth declaration, issuance and listing trading.

In order to ensure the orderly development of the pilot work, on February 4, SSE has held online training on the business rules of infrastructure REITs (the first phase) to guide the market to fully understand and accurately apply the rules. Shanghai Stock Exchange Deputy General Manager Liu Shaotong said in the training activities, REITs is a new product, its development and growth is difficult to achieve overnight, need to explore and improve in the pilot. In this process, all parties need to work together. The sponsors should adhere to the idea of solving problems in the process of development and firmly promote the implementation of projects. Intermediaries should increase resource allocation, make every effort to improve the quality of application materials and do a good job in project reserve. SSE will, as always, do a good job in the service support work.

“The SSE will further strengthen overall planning and coordination to ensure the success of the first batch of public offering REITs, including the establishment of a special matching mechanism, the establishment of a daily service docking mechanism, and the development of a normal training mechanism.” Liu Shaotong further said.

The reporter is Huang Yiling

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