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1999年7月1日正式实施的《中华人民共和国证券法》第11条、第15条规定:“公开发行股票,必须依照公司法规定的条件,报经国务院证券监督管理机构核准”,“国务院证券监督管理机构依照法定条件负责核准股票发行申请。核准程序应当公开,依法接受监督。”这标志着我国股票发行审核制度有了较大突破,摒弃了以前股票发行上市须“审查批准”的做法。但是,今后为了避免ST红光这样过度包装上市的典型出现,为了避免“垃圾股”泛滥,为了拒绝股票发行中的暗箱操作,我国股票发行制度
Article 11 and Article 15 of the Securities Law of the People’s Republic of China, officially implemented on July 1, 1999, stipulate: “Publicly-issued stocks must be submitted to the securities regulatory authority under the State Council for approval in accordance with the conditions stipulated in the Company Law,” and the “State Council The securities regulatory authority shall be responsible for approving the application for the issuance of shares in accordance with the statutory conditions, and the approval procedure shall be openly and subject to supervision in accordance with the law. ”This marks a major breakthrough in the examination and approval system for the issuance of stock in our country and abandons the previous practice of“ review and approval ”of the stock issuance and listing . However, in order to avoid such a typical appearance of over-packaged ST such as ST Red, in order to avoid the “junk stocks” flooding, in order to reject the black-box operation in the stock issuance, our country’s stock issuance system