On August 20, the China Securities Regulatory Commission issued the "Guiding Opinions on Deepening the Reform of the New Share Issuance System (Consultation Draft)" (hereinafter referred to as the "Guiding Opinions") and "Decisions on Amending the" Administrative Measures for Securities Issuance and Underwriting "(Consultation Draft) ) "(Hereinafter referred to as" Revision Decision "), announced that it will further deepen the reform of the new share system from the" offline inquiry and placement ".
Specifically, the core contents of this reform include: the introduction of the offline placement shaking number system; allowing lead underwriters to recommend high-quality institutional investors to participate in inquiry; the specific quotations of inquiry institutions must be disclosed; insufficient offline subscriptions must not be returned to the Internet .
According to the Guiding Opinions, lead underwriters will be able to recommend a certain number of high-quality, long-term institutional investors with high pricing power to participate in offline inquiry and placement to expand the scope of institutions involved in inquiry. At present, the object of the A-share market to participate in inquiry and placing is limited to six types of institutions such as fund companies, and the number is relatively limited and the main underwriters cannot choose.
The "Guidance" also stated that in the future, all effective subscriptions will no longer be placed in proportion, but the lead underwriters and issuers will determine the number of placements for offline placements in advance, and then determine a certain number of available allocations by random shaking Institutions, hope to significantly increase the number of shares and corresponding funds that a single inquiry agency needs to purchase, and promote the prudent and true quotation. In terms of improving the transparency of pricing information, lead underwriters will be required to disclose the key conclusions and main reference information of the investment value research report, and disclose the specific quotations of offline institutions.
In addition, the "Guidance Opinions" also determined that insufficient offline subscriptions should not be used for online callbacks and other callback mechanisms and suspension of the issuance mechanism. A reasonable balance between protecting the interests of investors and facilitating the management of underwriting risks by underwriters.
Regarding the hot issue of the lead underwriter's placing rights, the relevant person in charge of the China Securities Regulatory Commission said, "At this stage, it is not yet mature to fully liberalize the conditions. It is necessary to create conditions gradually." Similarly, the stock issue is also facing this problem. "Although stock issuance can reduce market expansion, it will also make it easier for major shareholders of listed companies to cash out." An investment banker said that this method needs to be carefully studied before it can be launched.
The Securities Regulatory Commission launched the first stage of new share issuance reform measures in June last year, mainly including: improving the quotation and subscription quotation constraint mechanism, setting a minimum subscription threshold; separating offline online subscription participants; setting up a single online subscription account Set an upper limit; strengthen the risk warning of IPO subscription.
As of the end of June this year, a total of 295 companies (22 Shanghai Main Board companies, 180 Shenzhen SME board companies, and 93 GEM companies) issued new shares in accordance with the new approach. The China Securities Regulatory Commission said that from the current situation, the first stage of reform has been achieved.
It is understood that the deadline for soliciting opinions for the above two documents is September 2 this year.
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