90 Shares Entered The SFC IPO Blacklist &Nbsp; Spot Checks Will Be Listed Sponsor Projects.

In the process of issuing new shares, they are constantly exposed.

According to the participants, the SFC officials also revealed at the training meeting that the SFC had already listed 90 listed companies on the blacklist, 50 of which were forced to withdraw their applications due to IPO material fraud, and the other 40 enterprises were not allowed to declare fraud when IPO was over.

Sponsor's credit

Hook up with IPO approval

According to investment bank sources, Liu Chunxu, deputy director of the Ministry of supervision and regulation, issued the sponsor's training meeting, said that this year, the SFC will further strengthen its assessment of sponsoring agencies and sponsors.

The IPO material of the listed company will be handed over to the audited Department of the issuance supervision department for examination after being handed over to the audited officer and grading, and five of the five audits will be examined.

The China Securities Regulatory Commission (CSRC) has examined and examined the five departments issued by the issuance examination committee, which is responsible for the assessment of sponsors and sponsors.

This also means that in the future, if a listed company has problems, the SFC will be accountable to the sponsors.

At the same time, the SFC will evaluate the results of the IPO based on the assessment of the nuclear issue of the IPO, and on this basis, it will "grade" the sponsors and sponsor representatives.

"This year, the SFC will conduct IPO audit, and it will conduct differentiated auditing in accordance with the credit rating of intermediary institutions."

One investment bank told the Morning Post reporter that the progress of the review of the project and the reporting of the project will slow down.

The "new spell" issued by the SFC may give a headache to those who are not diligent in their duties.

Because in the future, the SFC will ask sponsors to answer questions in the process of holding IPO audit meeting.

Before that, there was a widespread "sponsors' signature" in the industry.

"Generally, a company's listed information is seldom intervened by sponsors.

They are all done by other working group members in the company.

An ordinary employee of a large investment bank in China said, "sponsors often do not understand the basic financial data of the signed IPO company and the restructuring of the company."

In April 6th this year, the securities and Futures Commission issued a "questionnaire on the importance of due diligence in sponsorship projects".

"The SFC has made it clear that not only the new reporting project should be added to the nuclear process, but also the program that has been audited."

Supervision will spot check

Listed sponsor projects

The securities industry still has doubts about the "nuclear process" initiated by the SFC. The market participants are worried that the tightening of front-end procedures is not enough for the sponsors to fulfill their duties.

A GEM listed company executives directly stated that after the completion of the listing, basically no sponsor.

"At the beginning of this year, we will convene a shareholders' meeting to examine a matter of merger and acquisition, but basically we can not get in touch with sponsors. They are all other investment bankers of their company."

Because of this, the current A share market generally sponsors "only recommend no guarantee" situation.

After the completion of the listing, there are problems such as rapid change of performance, violation of the letter, and so on.

"But a few days ago, the securities and Futures Commission made it clear that if a listed company violating the letter, the sponsor should be held responsible."

The investment bankers said.

It is reported that after the issuance of IPO audit is completed, the SFC will also conduct spot checks on the project manuscript without prior notice.

"That is to say, if a sponsor wants to make up a missed lesson before the meeting, he must continue the tutorial after the company has gone public."

A South securities brokerage investment bank official said, from the current regulatory situation, the scope of the manuscript spot checks is not only a new project, "the IPO project that will be in the previous two years may also carry out" mopping up ".

He predicts that gem will be the focus of spot checks.

It is reported that the SFC will deal with the sponsors in a serious manner in the light of the three category of the situation, not taking part in due diligence, failing to place the letter and holding the issuer's stock.

"If strictly implemented, the accountability of sponsors is indeed more severe."

The head of the investment bank said, "our industry generally admits that this" strike hard "fuse is the Shengjing mountain river incident.

Shengjing mountain river is a Hunan rice wine enterprise. It was reported by the media on the eve of the listing that it was suspected of inflated sales revenue.

In April this year, the SFC conducted an audit of the company after its first meeting. Although it denied public opinion, it rejected its second meeting.

On the same day, the SFC also said it would further investigate the due diligence of sponsor agencies and other intermediaries, and deal with them according to the survey results.

It is noteworthy that Zhu Congjiu, assistant chairman of the China Securities Regulatory Commission, said on the 15 th of this month that the problems existing in Shengjing mountain river IPO were exactly omissions, and that subsequent investigations would further decide whether to take further measures.