IPO: "Balanced Monthly Distribution" Is About To Unveil The Veil.

After more than half a year's policy improvement and implementation, P is expected to reproduce new shares this month.

In May 19th, when the SFC learned to implement the new "nine national" meeting, Xiao Gang, chairman of the securities and Futures Commission, made clear the latest IPO plan, that is, "from June to the end of the year, it plans to issue about 100 new issues, and issue it on a monthly basis."

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< p > June < a href= "http://www.91se91.com/news/index_c.asp" > new shares < /a > how to issue, to a certain extent, will test the results of this round of IPO reform.

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< p > < strong > pre disclosure countdown > /strong > /p >

< p > in accordance with the opinions on further promoting the reform of IPO system and supporting documents, the SFC has reconstructed the initial application process.

One of the seemingly insignificant but far-reaching adjustments has become one of the core contents of the current a href= "http://www.91se91.com/news/index_c.asp" > reform < /a >, which will be announced ahead of schedule.

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< p > by early disclosure, let the financial data and business status of enterprises be exposed to the public as early as possible.

Zhang Xiaojun, a spokesman for the securities and Futures Commission, further explained on Friday that the purpose of pre disclosure is to urge the issuers and intermediaries to conscientiously carry out the duty of information disclosure and strengthen social supervision when reporting.

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The relevant information and financial data of the issuer will not be changed at will when the < p > a href= "http://www.91se91.com/news/index_c.asp" > prospectus < /a > is disclosed in advance.

Zhang Xiaojun said that in the course of the SFC, if the information recorded in the application materials of the issuer was found to be self contradictory, or there were different statements and substantive differences before and after the same fact, the SFC will suspend the audit and will not accept the application for approval issued by the sponsor representative within 12 months.

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< p > "as of May 29th, I will start formally accepting 666 enterprises, including 426 enterprises have been pre disclosed, including 42 enterprises that have passed through and 8 enterprises that have stopped auditing, and the remaining 240 enterprises have not yet been disclosed, including the suspension of 42 enterprises."

Zhang Xiaojun told the first financial daily that if these enterprises fail to complete pre disclosure before the end of June this year, the SFC will terminate its audit and stop queuing.

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< p > in April 18th this year, after the IPO was restarted, the first batch of enterprises made pre disclosure on the SFC website.

Since then, pre disclosure has been carried out at a rhythm of about 20~30 per day.

Then it slowed down, for example, in May 26th, there were 3 enterprises pre disclosure, 27 on 9, 28 on 14, 29 in 4.

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< p > at the CSRC, reiterated that in the end of June, 20 enterprises had pre disclosure in the afternoon when the trial enterprises, including the suspension of the audit enterprises, must complete the pre disclosure or cancel the queuing.

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< p > "this year, the motherboard, including the small and medium-sized panels, will be held once a week. Each meeting will arrange about 2 enterprises."

Zhang Xiaojun said that in the future, the newly accepted enterprises of the SFC will be pre disclosed once they are accepted.

Therefore, starting from July 1st, the number of enterprises waiting for trial and pre disclosure will be consistent.

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< p > < strong > a number of new policies in the examination < /strong > < /p >

< p > in the reform of the new round of IPO, the regulatory authorities only "conduct a step backward" on the issue of IPO audits. Only the compliance audit is conducted, and the value and risk of enterprises are judged independently by investors and the market.

We should adjust the new placement mechanism and introduce the old stock pfer system.

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< p >, at the same time, we hope to decide the timing and mode of issuing new shares in a market-oriented way, and gradually promote the pition from approval system to registration system.

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< p > however, many problems appeared in the IPO in January this year, indicating that there are deficiencies and loopholes in the new policy.

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In January 10th, P was postponed.

According to the release plan, ORSO Kang will issue 55 million 466 thousand shares at 72.99 yuan / share issue price and 67 times price earnings ratio, of which 43 million 603 thousand and 500 shares are old shares.

Through this issue, major shareholders will take away 3 billion 200 million yuan at a time.

After the communication between regulators and issuers and principal underwriters, ORC has postponed the issue.

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After the emergence of "P" and "orcon incident", there was a heated discussion in the industry.

Most of the view is that there is no violation of the rules in the form, but the violation of the IPO fund-raising fund should be mainly applied to the principle requirements of enterprise development.

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Second days after the release of the P, the SFC issued the "measures to strengthen the supervision of IPO", and launched the underwriting process for new inquiries and underwriters, and found many irregularities.

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< p > new stock issue "chaos" frequent, challenges to the new round of reform.

In March this year, the SFC carried out fine-tuning and improvement on the issue of underwriting, the pfer of old shares, and the disclosure of information on the use of funds.

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< p > one is to appropriately relax the restrictions on the use of raised funds and strengthen the information disclosure of the rationality of the collection funds.

The number of new IPO fundraising is no longer linked to the demand for capital investment projects.

At the same time, it is stipulated that the number of shares pferred by the old stock shall not exceed the number of shares allocated by investors who have voluntarily set the selling period of 12 months or more.

Further optimize the pfer system of old stock.

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< p > two is to stipulate that investors under the net must hold non restricted shares of not less than 10 million yuan of market value.

Those who do not have the pricing power, fail to make prudent quotations, and have any irregularities in the inquiry process will be listed on the "blacklist" to standardize the inquiry and pricing behavior under the network.

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< p > three is to increase the grade of the net back to the Internet, and the placing under the network further inclining to the public property institutions to further meet the subscription needs of small and medium-sized investors.

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< p > four is to increase the prohibition of placing related parties, prohibit the main underwriters from placing the institutions or individuals with their sponsorship and underwriting business cooperation, stipulate that the proportion of the public investment institutions such as public funds should not be lower than other investors, requiring that the proportion of the placing of the underwriters to the same investors should be the same, and the supervision of the placing behavior should be strengthened.

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< p > five is that after the issuance of the underwriting process has been found to be suspected of breaking the law or abnormal situation, it shall order the issuer and the underwriter to suspend or suspend the issue, investigate and deal with related matters, establish a regular spot check mechanism, intensify the crackdown on the collusion behavior, and further strengthen the supervision afterwards.

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So far, P has not resumed its circulation and has not cancelled its release.

The SFC's response in May 23rd was that "the situation is still in the process of handling".

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< p > according to the supervision plan, about 14 enterprises will get approval and issue listing in June.

Whether these enterprises can successfully complete the listing procedures in accordance with the above requirements will demonstrate the subsequent issuance of new shares.

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