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Some Of The Declared Materials Were Patched Up, And The IPO Approval Was Sent Down To The Countdown.

2014/5/30 9:22:00 18

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the securities and Futures Commission has recently asked IPO to patch up its application materials, and now some brokerages have completed the adjustment of the issuance plan and the supplementary sealing work.

Insiders said that sealing the volume is one of the necessary conditions for issuing IPO approval.

With the continuous improvement of the supporting rules, IPO approval began to enter countdown.

IPO revealed that according to the latest policy and the experience of the last round of IPO startup, the issuers and investment banks have made adjustments to the issuance plan, and basically have not over raised them. The pfer ratio of the old shares is relatively low. If there is no PE to quit, there is no general pfer of the old shares, and the average issue price earnings ratio is lower than the average level of the industry.

market participants expect that as the market is fully protected by policies, the release of market pessimism may be coming to an end with the launch of IPO.

financing, hunger and thirst, containment

at a meeting held recently, regulatory personages suggested that the listed companies should be cautious about the issue of over raising.

Securities dealers said that the balance of investment and financing is an important starting point for the current IPO launch.

In addition to the pace of issuance can not be too fast, the intensity can not be too large, the fund-raising plan should match investment needs.

according to the relevant measures of the SFC to improve the IPO reform, appropriately relax the restrictions on the use of the funds raised, and strengthen the information disclosure of the rationality of the collection fund.

The amount of new stock raising is no longer mandatory with the capital demand of investment projects, but it is necessary to strictly examine the rationality and necessity of raising funds according to the industry characteristics, scale of operation and financial situation.

spokesman Zhang Xiaojun once said that the principle of starting a company based on financing should be clear. Meanwhile, restrictions on the use of funds raised should be appropriately relaxed, allowing the initial raised funds to be used for the general purpose of the company, such as replenishment of working capital and repayment of bank loans, etc., but it should be reasonable and detailed.

in the industry view, this is the right to raise investment project management initiative returned to the issuer and the market, "super raise" concept from now on can bid farewell to the market.

According to the concept of marketization, the supervision of investment should not be too careful.

As there is a certain amount of time to raise funds from the stock investment plan, as time changes, the profit expectation of the investment projects may have changed, so long as it is in line with the interests of shareholders, timely adjustment is desirable.

However, the problem is also following. Some issuers may raise too many funds on the grounds of "replenish liquidity, repay bank loans" and so on, while the actual "oversubscription" behavior is concealed.

the new rules clearly point out that the reasonableness and necessity of strictly examining and collecting the funds raised is actually to curb the thirst of the issuer and to eliminate the act of "once enough."

With the progress of the investment projects, new financing needs, refinancing or indirect financing, the growth of some GEM companies has been weakened. An important reason is that too many one-time funds are raised. The founders of the company lose the motivation to continue their business after listing.

the pfer ratio of old shares is low,

in the old stock < a href= "http://www.91se91.com/news/index_cj.asp" > pfer < /a >, although the latest rules do not clearly put forward the regulatory red line, but < a href= "http://www.91se91.com/news/index_cj.asp" > IPO < /a > in the trial business people revealed, in principle, no more than 50%.

In the adjusted issuance plan, the pfer ratio of the old shares is relatively low, and there is no general pfer of the old shares of the founders, mainly the PE exit, of which the ratio of 20% to 30% is relatively common, and 40% is relatively high.

According to the relevant measures of the SFC to improve the IPO reform, the number of shares pferred by the old stock shall not exceed the number of investors who have voluntarily set the sale period of 12 months or more.

There should not be any improper financial arrangements such as financial assistance between the issuer, the shareholders who pfer the old stock and the investors under the relevant network.

< the revised "IPO underwriting business norms" proposes that the pfer of the old shares should be disclosed in the final determination of the specific amount of the new issue stocks and the pfer of the old shares, the names and quantities of the shareholders of the public offering shares, and the disclosure costs of sponsorship fees, underwriting fees and other intermediary fees should be disclosed after the issuance of the shares.

in addition, the old stock pfer plan has been announced. It should also disclose the number of old shares pferred and new shares issued, the name of the old stock pfer and the number of old shares pferred, and investors should be reminded that the issuer will not get part of the proceeds from the pfer of the old shares.

industry insiders say that the pfer of old shares can increase the number of tradable shares of new listed companies, promote the game between buyers and sellers, restrain the buyers' high quotations, and alleviate the problem of over raising, which is also a common practice abroad.

Therefore, the China Securities Regulatory Commission's opinions on further promoting the IPO reform suggest that when issuers issue initial public offerings, the original shareholders who have held shares for three years will be encouraged to pfer some of their old shares to investors to increase the proportion of tradable shares of new listed companies.

After the pfer of the old shares, the actual controller of the company shall not be changed.

however, the pfer plan of "a href=" http://www.91se91.com/news/index_cj.asp "old stock" /a "was questioned by public opinion, and the company also announced the suspension of the issue.

This makes the market realize that without proper constraint mechanism, the large pfer of old stocks at the starting point will affect investors' confidence in the market, which is not conducive to the growth of listed companies and the long-term healthy development of the market.

issuance price earnings ratio is below average level

the issue price earnings ratio is also affected due to the limitation of over subscription and the low pfer ratio of old shares.

IPO has revealed that the adjusted P / E ratio is lower than the industry average.

At a recent meeting, regulators put forward that pricing should take into account the performance of the company in recent years.

The plan should include industry, financial data and so on.

in fact, the SFC's "measures to strengthen the supervision of IPO" previously published by the securities and Futures Commission put forward that if the proposed issue price (or the upper limit of the issuing price interval) corresponds to the P / E ratio, the average price earnings ratio of the two tier market of the same industry will be higher than that of the same industry. The issuer and the lead underwriter should issue a special announcement on the risk of investment continuously within three weeks before the online purchase, at least once a week.

the latest rules put forward that the Underwriters and issuers should be based on the exact facts. They should not exaggerate publicity or mislead investors by improper means such as false advertising. They should not publish quotations or pricing information in any way; they can not prevent qualified investors from making quotations or persuading investors to report high prices; they shall not disclose, in oral or written form, major business information, such as financial data, operating conditions, important contracts, etc., which are not publicly disclosed to investors or roadshow participants.

the industry believes that the IPO fall is actually a rational return of the IPO price. Previous high priced issuance has led many investors to be trapped for a long time. Only a relatively reasonable P / E ratio can enhance investor confidence and facilitate the smooth progress of IPO in the future.

It is expected that after the launch of IPO, the speculation on new shares will probably be more intense.

the release of market pessimism is coming to an end as IPO starts to approach.