Registration-Based IPO System

注册制

In a registration-based (as opposed to regulator/approval-based) IPO system, companies are able to go public given that they fulfill the necessary disclosure requirements. This is the system in place in many countries and regions including the US, the UK, the European Union, Hong Kong and Singapore. China is trialling the use of the registration-based system with the launch of the STAR Market in mid-2019 and with ChiNext in 2020.