IPO Four Major Supporting Measures Have Been Introduced To Prohibit 11 Quotations.

IPO matching measures finally landed. In May 9th, the Securities Association of China issued the decision to amend the guidelines for the underwriting of initial public offerings (hereinafter referred to as the "business rules"), the detailed rules for the management of investors' records under the initial public offering (hereinafter referred to as the "rules for the administration of records"), and the rules for the first public offering of shares (hereinafter referred to as the "detailed rules for placement"). At the same time, the Shanghai and Shenzhen Stock Exchange also revised the market capitalization of investors. The supporting measures are standardized and limited from the underwriting business, the management of investors' record, the placing of the network and the placing of market capitalization, etc., for the second round of IPO.

Placement under 11 networks is prohibited.

The "business specification" is clear. Effective quotation investors refer to the investors providing effective quotations, including individual investors under the effective bidding network and institutional investors under the effective bidding network. The effective quotation is clearly defined as "the price declared by the investor under the net is not lower than the lower price limit issued by the main underwriter and the issuer or the price range of the offering price, and it meets the quotations of the main underwriter and other conditions specified by the issuer and announcement."

For offline investors, the "business code" is limited from the holding of the market value, that is, "when the investors are quoted below the net, they should hold a non restricted stock of not less than 10 million yuan of market value, and the market value held by institutional investors should be calculated separately according to the units in which they are managed".

The business code emphasizes that the underwriter should check whether the investors in the network meet the requirements of the pre announcement, and reject the offer or reject the investor who does not meet the requirements.

In view of the possible transfer of interests before the net sale, the business code has specifically limited the disclosure of investors' quotations before the disclosure of investors' quotations, manipulated the pricing of the issue, and persuaded the Internet. Investor Raise the quoted price or interfere with the normal quotation and purchase of the investors under the net; induce others to purchase the stock by providing overdraft, rebate or other improper means of the securities and Futures Commission; take advantage of holding or holding shares of trust or other means to gain illegitimate interests or provide benefits to other interested parties; provide financial support or compensation to investors who directly participate in the subscription through their interest related directions; participate in the offline distribution through their own funds or in disguised form through their own funds; collude with the investors below the net, negotiate the quotations and placements; accept the investors' entrustment for the investors; quote the investor's rebate or other related interests; and reject the quoted price and confirm the effective quotation according to the principle of prior disclosure. All of the above behaviors are prohibited in the process of self distribution.

　　 Under the net Apply for the purchase Investors need to record

Take part in the first round in accordance with the rules for the administration of records. shares The investors in the inquiry and online purchase business should record in the association, including: first, the investors participate in the initial stock inquiry and the online purchase business; second, the securities companies with the qualification of underwriting securities undertook the recommendation of the investors under the net; third, the securities companies that acted as the leading underwriters of the first stock project undertook the selection and management of the investors under the network. At the same time, the investors should meet the following basic conditions: having certain experience in stock investment, having good credit record, having the necessary pricing power, and other conditions required by regulatory authorities and associations. It is worth noting that the "record management rules" have set up an online investor evaluation mechanism, and the association has set up a tracking analysis and evaluation system for investors under the net to conduct a comprehensive evaluation of the pricing power of investors under the network. In the first quarter of this year, the association will conduct a comprehensive evaluation of the participation of the investors in the first year in the initial stock inquiry and the offline purchase business, and implement the classified management according to the evaluation results. The evaluation system includes the completeness of the system, the rationality of quotation, the compliance of the exhibition industry and the rationality of investment.

　　 Implementation of self regulatory management of main underwriter's placing behavior

According to the "placing rules", the main underwriter's placing behavior and the online investor's purchase behavior will be self disciplined. Among them, the leading underwriter will set up relevant committees specially responsible for placing decisions. The specific duties include formulating the rules of placing work, determining the principles and methods of placing sales, carrying out the decision making responsibilities of the placing results, strictly implementing the placing system and procedures, and ensuring the compliance of the rationing process and results in accordance with the law.

It is worth noting that the placing process under the network will take the third party witness mode. The underwriter will employ law firms to witness the issuing process, placing behavior, qualification of investors participating in the placement, their relationship with issuers and underwriters, and capital allocation, and issue special legal opinions.

In addition to the previous round of placing restrictions on the placing objects, the placing rules have also further restricted the existence of the company that has sponsored and underwritten business relations with the main underwriters in the past 6 months, and the shareholders, actual controllers, directors, supervisors and senior managers who hold more than 5% shares, or have signed a sponsor, underwriting business contract or related intention with the leading underwriter, and shareholders, actual controllers, directors, supervisors and senior management personnel who have reached 5% of the relevant interests. Other natural persons, legal persons and organizations that may lead to misconduct or illegitimate interests may be prohibited from participating in the placing.

　　 Investors will have more money to fight.

It is worth mentioning that there is also a new provision for the quota of investors to purchase the market value. The Shanghai and Shenzhen Stock Exchange issued the implementation measures of initial public offerings online purchase by market value. It revised the IPO's new market value placing rules, and the investors' market caliber was calculated according to the daily average market value of the 20 trading days before T-2.

It is estimated that according to the adjusted market size, the number of investors who have the eligibility of the Shanghai and Shenzhen two exchanges and the total purchase amount of investors can be increased a certain proportion before the adjustment, and the pressure of new shares will be greatly alleviated.

In addition, in view of the recent intensive IPO pre disclosure, Deng Ge, a spokesman for the securities and Futures Commission, said 9 days ago that after the advance disclosure work was carried out, it received wide attention from the market and the media, and achieved the desired effect of strengthening social supervision.

"By the end of June, most of the trial enterprises can complete the updating of financial information and related pre disclosure." Deng Ge emphasized that the overdue financial reporting and the corresponding pre disclosure materials will be terminated according to the regulations. Therefore, pre disclosure does not mean that enterprises will issue immediately.

In addition, according to the arrangement of the assets reorganization system of the delisting companies, Deng Ge pointed out that after the merger and reorganization of the delisting companies meet the requirements for the re listing of the stock exchanges, they may apply to the exchange. The stock transfer system will refine the relevant rules on the basis of the acquisition method and major asset reorganization measures. After the relevant assets reorganization system is promulgated, the exchange will also improve the relevant regulations of the listing of the delisting companies accordingly.