中國將在兩年內實行新股發行註冊制

China will eliminate approval requirements for initial public offerings within two years, as it seeks to ease the logjam that has led to multi-year equity fundraising queues.

中國將在兩年內取消首次公開發行(IPO)審批規定，希望緩解多年新股發行排隊的僵局。

Streamlining the IPO process is seen as crucial to improving capital allocation by allowing promising young companies to raise capital more easily. China’s bourses are still largely populated by state-owned companies whose political connections helped them to navigate the listing process.

簡化新股發行過程被視爲對於改善資金配置至關重要，這使得具備潛力的年輕企業得以更容易地融資。中國證交所仍基本上由國有企業主宰，它們的政治人脈幫助它們駕馭發行過程。

Some 674 companies were awaiting IPO approval as of earlier this month, according to a list published by the China Securities Regulatory Commission, which handles the process.

根據負責新股發行的中國證監會(CSRC)公佈的一份名單，本月早些時候，大約有674家公司等待IPO審批。

The agency’s approval authority has also created incentives for corruption, as the fate of stock sales worth billions rests with low-paid bureaucrats. At least three CSRC officials involved in IPO approvals have been arrested this year.

中國證監會的審批權力還構成了腐敗誘因，價值數十億美元的股票發行的命運掌握在薪資低廉的官員手中。今年至少有3名參與新股發行審批的證監會官員被捕。

“The flaws and shortcoming of the approval system have gradually revealed themselves,” the CSRC said late on Wednesday, adding that the move to a registration system would encourage the “formation of the market’s self-discipline mechanism”. But the agency also cautioned that the transition could not occur all at once and would proceed in steps.

週三晚，中國證監會表示：“覈准制的缺陷和不足逐步顯現，”證監會補充稱，推進註冊制將有利於“形成市場自我約束機制”。但證監會還警告稱，“註冊制改革是一個循序漸進的過程，不會一步到位。”

Under the registration system, the CSRC would devolve authority to the Shanghai and Shenzhen stock exchanges, which would focus on enforcing disclosure requirements but would not interfere with pricing and timing of IPOs.

根據註冊制度，證監會將把權力移交給滬深證交所，交易所將把主要精力放在執行披露要求上，不干預定價和上市時間。

Top Communist party leaders pledged to shift to approval registration as part of a landmark reform plan approved in November 2013, but progress has been slow.

作爲2013年11月批准的一項具有里程碑意義的改革計劃的一部分，中國共產黨最高領導層承諾將轉向審批註冊制，但進展緩慢。

The move would eliminate an important tool that regulators have used to influence market sentiment. A complete relinquishing of government control over the flow of listings could lead to a flood of new offerings.

此舉將取消監管機構用來影響市場人氣的一個重要工具。徹底放棄政府對上市節奏的控制可能會導致新股大規模擴容。

Chinese investors often complain that IPOs siphon demand away from existing shares.

中國投資者經常抱怨稱，新股發行會削弱對現有股票的需求。

The CSRC suspended IPOs entirely during the summer stock market rout before restarting approvals last month. A previous freeze beginning in late 2012 lasted more than a year.

在今年夏季股市暴跌期間，證監會完全叫停了新股發行，上月重啓了新股發行審批。上一次凍結新股發行是從2012年末開始的，持續了一年多。

Partial deregulation could come sooner than two years. The National People’s Congress, China’s legislature, must approve changes to the Securities Law submitted by the State Council, China’s cabinet. But the official Shanghai Securities News reported late on Wednesday that a version of the registration system could take effect before the legislative change is complete.

可能不用等到兩年以後，管制就將部分放鬆。中國國務院提交的《證券法》修訂案必須得到中國立法機構全國人大的批准。但官方的《上海證券報》週三晚報道稱，註冊制可能會在立法修訂完成前實施。

When the CSRC lifted the IPO suspension last month, the agency said 28 companies would be allowed to move ahead with their offerings before the end of 2015. Since then, 11 companies have raised Rmb4.2bn ($652m) in Shanghai and Shenzhen.

在證監會上月重啓IPO時，證監會表示，有28家公司將在今年年底前完成發行。此後，有11家公司在滬深兩市融資42億元人民幣(合6.52億美元)。