Not long ago, the inaugural meeting of the 1st Growth Enterprises Board (GEB) Public Offering Review Committee (Committee) was held in Beijing. Shang Fulin, Chairman of the China Securities Regulatory Commission (CSRC), said in his speech that the launch of the GEB is strategic plan of the CPC Central Committee and the State Council, and also a basic work for the capital market system construction and system innovation. The establishment of the Committee is an indication that the GEB offering is about to be launched. All the members of the Committee shall abide by the solemn commitment to effectively performing their mission, doing a good job as gatekeepers in the issuance and inspection, being diligent, pragmatic, professional and efficient in the completion of the current Committee’s tasks, in order to contribute to the promotion of a stable and healthy development of the capital market.

Shang Fulin said that this year, for implementation of important deployment by the CPC Central Committee and the State Council to cope with international financial crises and promote economic development, the CSRC accelerated the building of the GEB, orderly promoted market-oriented reforms on new issues, smoothly re-opened IPO work, continuously deepened products innovation on the futures market, made unremitting efforts to strengthen the market regulation, worked to push for regulated development of the listed companies, intermediaries and other market entities, further improved the law-abiding market environment, and laid a good foundation for market stability and healthy development. With the easing of the international economic and financial situation, and the gradual picking up of the domestic economy, the cumulative effect of the supervision of the capital market reforms gradually emerged, and there have been some positive changes in the overall development of the market: operation of the market reflects the expected macro-economic stabilizing and recovery; market-oriented operation mechanism gradually improves; the internal and external environment of the market further improves; capital market’s function serving the overall national economy is increasingly prominent. At present, favorable factors for the promotion of China's capital market stability and healthy development are cumulative. We should continue to deepen the capital market reforms, further strengthen and improve the regulation, steadily enhance the capital market functions in the concentration of various elements, and continuously improve the capacity of the capital market in serving the national economy.

Shang noted that the introduction of GEB, in light of changing market conditions and requirements of market development, gives full play to the function of the capital market as a "booster" and "incubator" of high-tech or high-growth start-ups, and is an important step for promoting steady and rapid economic development. First, it helps promote the adjustment and optimization of the industrial structure, guide the socio-economic resources toward competitive and innovative enterprises and new industries and promote the rapid development of high-growth, high-tech independent innovation enterprises. Second, it helps promote implementation of the national strategy of independent innovation, improve financing chain for technology-based Small and Medium Enterprises (SMEs), promote the industrialization of scientific and technological achievements and the formation of the pattern of good interaction among technology-based SMEs, venture capital and capital markets. Third, it is adapted to the needs of promoting entrepreneurship and improving the employment, helps create a good atmosphere for innovation and entrepreneurship in the whole society, and motivates and guides talented people to join the ranks of entrepreneurs to create more employment opportunities. Fourth, it improves the multi-level capital market system, expands the scope and coverage of capital market services, improves the market functions and improves the efficiency of resource allocation.

Shang stressed that since its inception in 1993, the Public Offering Review Committee has played an important role in deciding the market access, and improving the quality of the listed companies from the roots and enhancing their own credibility. With the establishment of the Committee, the role of the gatekeeper of the system of public offering review committee will further expand in deciding the access to the capital market. All the members of the Committee shall effectively perform their functions, and do a good job as gatekeepers in issuance. First, the Committee should look at the issuance review work from a high perspective of the promotion of market stability and healthy development. Second, the Committee must be responsible for the issuance review in an effort to protect the legitimate rights and interests of investors. Third, the Committee must do a good job in the issuance review on a stand of maintaining the market credibility. Fourth, the Committee should keep improving the issuance review in line with the principle of improving the review quality. Fifth, the Committee should position the issuance review based on individual long-term career development.

Liu Xinhua, Vice Chairman of the CSRC, read the "CSRC Announcement on Appointment of the Committee" at the conference. All the members of the Committee signed a letter of commitment On behalf of the CSRC, Zhu Congjiu, Assistant to Chairman of the CSRC, accepted the letter of commitment on behalf of the CSRC. The members of the Committee promised: in their tenure, they will consciously abide by the laws and regulations and the relevant provisions such as "Measures of the CSRC Public Offering Review Committee"; abide by social moral code, and conscientiously safeguard the Committee’s image through upright personal behavior; with their professional knowledge and experience as the basis, carry out obligations of honesty and trustworthiness and diligence, objectively and fairly conduct reviews, independently express personal review opinions, and bear the corresponding responsibility; and accept the CSRC’s administration, assessment and supervision.

CSRC Chairman Shang Fulin, Vice Chairmen Yao Gang and Liu Xinhua, and Assistant to Chairman Zhu Congjiu awarded a letter of appointment to the members of the Committee. The Committee consists of 35 members, including 3 CSRC part-time members, two full-time members from Shanghai and Shenzhen stock exchanges, 21 full-time members outside of the CSRC, and nine part-time members. The members are listed as follows: full-time members (23): Wang Jianping, Wang Yuehao, Mao Yuhui, Fu Yan, Shi Tiejun, Ji Zhengxiong, Lu Chao, Sun Xiaobo, Zhu Haiwu, Zhu Zengjin, Zhang Yunlong, Li Youju, Li Wenxiang, Li Wenzhi, Chen Xinghui, Chen Zhen, Xu Shouchun, Guo Ao, Ma Yunyan, Ge Qiquan, Jiang Xinhong, Xie Zhongping, Han Jianmin. Part-time members (12): Cheng Huiming, Wu Guofang, Wu Zhaohui, Li Xiaoqiang, Shen Xinliang, Chen Zhimin, Zheng Jian, Qin Wei, Gu Dawei, Lei Zhenlin, Dai Jingjiao, Dai Guoqiang.
 
It is reported that the selection of the members of the Committee is based on the conditions and criteria for selection of the public offering review committee and in accordance with strict procedures. In accordance with the Committee establishment program, candidates for the Committee outside of the CSRC were recommended by the China Institute of Certified Public
Accountants, the All China Lawyers Association, the China Appraisal Society and the relevant
Authorities and organizations. There are a total of 77 recommended candidates. Based on online publicity, verification of the practice of the candidates, with reference to the views of the relevant departments, upon the qualification appraisal by the CSRC Nominating Committee for the Committee, the CSRC Chairman office has decided to appoint the 35 candidates.

The conference is presided over by the CSRC Vice Chairman Yao Gang. All the members of the 11th Main Board Public Offering Review Committee and the relevant department chiefs of the CSRC attended the meeting