The Role of the Shanghai Stock Exchange in IPO and Listing Review on the SSE STAR Market Board under the Registration System

The Shanghai Stock Exchange has recently launched a new board: STAR Market Board.It is expected to serve multiple purposes in the ongoing reform of China's capital markets.Whether these ambitious goals could be realized under a new set of regulatory and institutional designs that the STAR Market Board is experimenting with is the primary inquiry.Alibaba's IPO on the New York Stock Exchange is used as a case study to illustrate how the US-style registration system works,as well as its key characteristics and advantages on efficiency. It is meaningful to draw useful references from the US-style registration system for the STAR Market Board to incorporate, modify, and more importantly, cautiously study for compatibility with the domestic market.