IPO Spot Checks For At Least Two Months, A Structured Product Is Fixed Up To Be Stopped.

＜p＞　　近期，一則名為“＜a href="http://?www.91se91.com/news/index_c.asp"＞證監會＜/a＞定增新政”的消息在微信圈中散布開來，這則消息主要內容是：根據證監會發行部7處最新通知，定向定價增發鎖定期三年項目，需符合兩個條件，一是認購人凡是包含產品的，發行人應在T-1日公開非公開非公開發行事項，對認購人不包含產品的，則不需要公告;二是向證監會報送發行方案時同時報送的承諾函除原有條文外、發行人、券商、律師三方還需對資金來源、結構化情況作出承諾，承諾內容為，本次發行對象AB的資金來源為向XXX募集，最終出資不包含任何杠桿融資結構化設計產品，本次發行對象CD的資金來源為自有資金(或＜a href="http://?www.91se91.com/news/index_c.asp"＞借貸資金＜/a＞)，不存在向第三方募集的情況。

< /p >

< p > August 14th, the financial weekly reporter learned from a representative office of a large brokerage firm in Beijing that the above information is accurate.

"At present, it is still in the window guidance stage, and no official document has yet been issued."

In essence, it does not allow structured products to participate in fixed growth.

Now if there is such a structured product, we will not choose it when it comes out of the plan. "

< /p >

< p > Bao Bao told reporters that as early as a month ago, the window guidance for structured products was already there, but experienced repeated and adjusted.

< /p >

< p > "at the beginning, it was said that the Dong Jiangao and related parties of the listed companies were not allowed to release the private placement of the leveraged subscriptions through structured products. Later, it was expanded to explain that all people were not allowed to put leverage, because it was difficult to distinguish whether they were acting or not, so they were all cut across the board. But one or two days later, it was said that the directive was still < a href=" http:// www.91se91.com/news/index_c.asp > "Dong Gao Gao /a" and the related parties could not. Finally, it was confirmed that no one was allowed to lay any leverage at present.

Its expression.

< /p >

< p > Bao Bao explained that the increase of 3 year lock up projects need to be identified before the announcement of the board of directors to increase the target, this time the price will be relatively low, because at that time to find investors, is in accordance with the time of the first 20 trading days before the average price of 10 percent off hit as the base price, but until the real completion of the increase, the stock price may have risen, the price may be far higher than the base price, so the price difference is large, attractive.

But if it is not a 3 year lock project, when the time of inquiry is required to issue, there is no such big price difference, so there is no such impulse to leverage.

< /p >

< p > a general manager of a listed company in North China said that in fact, in the past 3 years of price fixing, the people who were willing to leverage were generally insiders or people who knew very well about the company's situation, such as the stakeholders of large shareholders and major shareholders, and Dong Jian Gao, because although there was a big price difference, after all, they had to lock for 3 years, and the risk was enormous.

Structured products can not participate in fixed growth, and the fixed increase in disguised equity incentive will be affected.

< /p >

< p > in the new deal, the broker must check all the investors of the product, but the insurance agent said that this would not increase the burden on the securities companies. "We expect that if we can not leverage, we will be willing to use the information management and trust schemes to make equity products to participate in the 3 year increase. There will be fewer products, and products may also be introduced to some strategic investors, so the products will not be so large that no product will be loaded with dozens of people."

< /p >