Shanghai Stock Exchange Supervision And Amendment Of New Shares Pactions

< p > June 13th, in view of the upcoming IPO season, the Shanghai Stock Exchange issued the notice on matters related to the supervision of initial trading of IPO (hereinafter referred to as the notice), and made some amendments to the notice on Further Strengthening the supervision of initial IPO pactions in December 13, 2013.

< /p >

< p > it is disclosed that there are 14 points in the notice, of which the declaration mechanism is "aggregate bidding stage, and the effective declaration price shall not be higher than the issuing price of 120% and not less than 80% of the issue price" and "continuous bidding stage". The effective declaration price shall not be higher than the 144% of the issue price and shall not be lower than 64% of the issuing price ". The above two points remain unchanged, and at the same time, the" valid declaration price of the "14:55 to 15" price shall not be higher than 120% of the opening price of the day and shall not be lower than the 80% of the opening price of the day.

< /p >

< p > in the continuous competitive bidding stage, it reserves the "temporary suspension of the trading price of the intraday paction price which is the first time to rise or fall by more than 10% compared with the opening price of the day". At the same time, "the trading price of the intraday paction is up or down by more than 20% compared with the opening price of the day," the company no longer temporarily suspended its application.

< /p >

< p > as for the abnormal trading behavior of key monitoring, < a href= "http://www.91se91.com/news/index_cj.asp > > Shanghai Stock Exchange < /a > is amended as" through the big declaration, high (low) Price Declaration, continuous declaration or false declaration, and other means, affecting the price of new shares trading "," through the reverse trading within the day or frequent reverse trading, and other means, affecting the price of new shares trading "," the use of market value entrusted to declare the large amount, affecting the price of new shares paction ", these 3 rigid standards, have been simplified before.

< /p >

At the same time, the Shanghai Stock Exchange also increased the definition of "big declaration, high (low) Price Declaration, continuous declaration, false declaration", including the following five situations: < /p > p

< p > 1, at the stage of collective bidding, the number of buying (selling) is higher than the closing price before the (lower) closing price (the first day is the issue price). The number of purchases (sold) exceeds the actual a href= "http://www.91se91.com/news/index_cj.asp" on the day of the new shares, and the 5% of the circulation amount is less than /a.

< /p >

< p > two, continuous < a href= "http://www.91se91.com/news/index_cj.asp" > bidding < /a > stage, with a price higher than (at less than) the latest paction price of 3%, declare that the number of buying (selling) exceeds 5% of the actual circulation of new shares on that day.

< /p >

< p > three, in the continuous auction stage, when the latest paction price is the highest paction price of the day, the number of purchases declared at or below the paction price will exceed 2% of the actual circulation of the new shares.

< /p >

< p > four, in the continuous auction stage, the number of unilateral declaration exceeds 3 times in 1 minutes, and the declared price is higher than (below) the optimal purchase price (selling price) at the declared time point.

< /p >

< p > five, in the continuous auction stage, the number of buying (selling) in real time at the 5 best price is more than that of the 5 best price list at that time, and the total number of purchases and sales is 30%, and there is a withdrawal behavior, and the situation is more than 3 times that day.

< /p >