The First Batch Of Securities Regulatory System Staff Leaving The Stock Inquiry

Under the new regulation of the Securities Regulatory Commission (CSRC) on the stock taking behavior of the resigned employees, there are a number of potential listed companies being asked to check.

On May 28, China Securities Regulatory Commission (CSRC) issued the guidelines on the supervision of stock taking behavior of system leavers (hereinafter referred to as the guidelines), which was formally implemented on June 1. According to the relevant requirements, the staff leaving the CSRC system who seek investment opportunities by taking advantage of the influence of their original positions, transfer of interests in the process of entering shares, taking shares during the prohibition period of shares, taking shares as unqualified shareholders, illegal and illegal sources of funds, etc., are considered as improper shares. The intermediary institution shall conduct a comprehensive check on whether the shareholders of the enterprises to be listed have improper shares. If the shares are not properly invested, they shall be cleaned up in time.

According to the incomplete statistics of the reporter of the 21st century economic report, four IPO companies, namely, Huahai Qingke, Yayi metal, Yitong seal and flaunting auto, have received regulatory inquiries and asked to check the possible staff leaving the Securities Regulatory Commission system among the shareholders.

Under the new regulation of the Securities Regulatory Commission (CSRC) on the stock taking behavior of the resigned employees, there are a number of potential listed companies being asked to check. Visual China

Four companies have been asked

On June 9, Huahai Qingke, a company to be listed on the science and technology innovation board, issued a reply to the letter on the implementation of the audit center. The high-end semiconductor equipment manufacturer, with qingkong venture capital of Tsinghua University as the controlling shareholder and providing 12 inch CMP commercial models for IC manufacturers, received a letter from the listing audit center of the science and technology innovation board after two rounds of inquiries from the exchange.

From the content of the implementation letter, the science and technology innovation board listing Audit Center once again inquired about the statement of the important issues of huahaiqingke, the capitalization of R & D expenses, and business and technical details. In particular, the sponsor and the issuer's lawyers are required to check whether there is any stock taking situation of the resigned personnel of the CSRC system in Huahai Qingke and issue special explanations in accordance with the requirements of the guidelines.

After verification, there is indeed the situation that Xiao Hua and Hua Yizhen, two former employees of China Securities Regulatory Commission system, have access to shares among the shareholders of Huahai Qingke.

It is worth mentioning that there is indeed one person named Hua Yizhen who served as deputy inspector and deputy director of the International Cooperation Department of the CSRC from May 2008 to November 2011. This Hua Yizhen has rich working experience in Swiss bank, Guotai Junan Securities, Citigroup, Hongkong Bank and Merrill Lynch group. After leaving the CSRC, Hua Yizhen served as the deputy director of the Shanghai state owned assets supervision and Administration Commission, and is now the Secretary General of the Shanghai municipal Party committee of the national revolution.

However, in the view of the sponsors and lawyers, the above-mentioned two employees who have indirectly held shares in the CSRC system of huahaiqingke do not have any improper shares.

After verification, the indirect shareholding proportion of Xiao Hua and Hua Yiyi in Huahai Qingke is less than 0.07%. The reasons for the shares are that they hold the shares of indirect shareholders when they are working for the indirect shareholders of Huahai Qingke, so they also indirectly hold the shares of the company when the relevant shareholders participate in the shares of Huahai Qingke.

Specifically speaking, the two employees who left the CSRC system were not the introducers of the investment issuers. They both increased their capital and invested in Huahai Qingke through the public listing of Beijing Equity Exchange, and there was no investment opportunity to take advantage of the influence of their original positions. The two system leavers also did not enjoy the excess return or other special interest arrangement to Huahai Qingke investment, and there was no benefit transfer in the process of equity investment.

In addition, the two system leavers have left their posts for more than three years when they joined Huahai Qingke, and the equity funds are their own funds of legitimate income. Moreover, it has the qualification of shareholders stipulated by laws and regulations, which is not suitable for civil servants and leading cadres of the party and government.

At present, the Shanghai Stock Exchange also agrees with the sponsor's statement that Huahai Qingke passed the review of the municipal Party Committee on the science and technology innovation board on June 17 this year.

In addition to huahaiqingke, Yayi metal, Yitong seal and Biao auto are all planned to be listed on the gem. The three enterprises are also required to submit the special verification instructions for the quitters of the CSRC system to take shares in the inquiry link of the exchange. Although it is found that there are no shareholders who have resigned from the CSRC system in the three enterprises, the relevant inquiries did appear for the first time after the issuance of the guidelines.

"All the four companies inquired were listed in the second half of last year. At that time, the new rules had not been issued, so the exchange made up for the information of the staff leaving the securities regulatory system in the inquiry link." Some people from investment banks in Beijing believe that with the implementation of the guidelines, the penetration inspection of employees leaving the Securities Regulatory Commission system will become normal. The sponsor institutions will take the initiative to submit relevant special verification instructions, and the frequency of relevant inquiries may be gradually reduced.

The specific operation of the two new regulations seems to be in conflict

In fact, on the day of the implementation of the guidelines, on June 1, the CSRC also issued the notice on providing the information query and comparison service for the resigned personnel in the CSRC system, which was assisted by various CSRC bureaus.

According to the contents of the notice, the sponsor institution carrying out the guidance work may submit an inquiry application to the securities regulatory bureau of the place where the issuer is located before submitting the application for guidance and acceptance by the enterprises to be publicly offered and listed or listed on the new third board. When applying for inquiry, the recommendation institution shall provide the information of the issuer's shareholders to be inquired at one time. In principle, the recommendation institution can only submit one inquiry application to an issuer.

In the view of industry insiders, the launch of the relevant inquiry service is intended to help sponsor agencies distinguish the various and non transparent list of employees leaving the Securities Regulatory Commission system, so as to reduce the burden of listing enterprises.

"The actual operation process is relatively simple. The sponsor will submit the names and ID cards of all shareholders who have been through the verification to the local securities regulatory bureau. The securities regulatory bureau will check in the system and finally inform the investment bank of the results." Some senior investment banks in Beijing believe that the launch of inquiry services has indeed simplified the IPO work of investment banks.

However, while straightening out the behavior of the Securities Regulatory Commission (CSRC), the IPO shareholders' penetration of the newly issued rules and regulations has brought some confusion to the market.

According to the reporter of 21st century economic report, in June this year, the audit center of the Shanghai Stock Exchange's technology innovation board and the listing audit center of Shenzhen Stock Exchange issued the notice on further standardizing shareholder penetration verification. It is clear that if the number of shares directly or indirectly held by the issuer is less than 100000 shares or the shareholding ratio is less than 0.01%, it can be regarded as holding less shares, and the relevant shareholders may not conduct penetration verification.

Prior to that, the regulatory authorities did not explicitly stipulate that shareholders holding less than a certain proportion of shares could not conduct shareholder penetration verification by the sponsor and the issuer. Therefore, in the view of industry insiders, the release of relevant rules, that is, from the institutional level, clarifies the verification scale of IPO shareholders' penetration check on the proportion of shareholders' shareholding, which will further reduce the pressure on the companies to be listed and sponsor institutions“ Holding 100000 shares or holding less than 0.01% basically can't talk about benefit transmission. "

However, this new policy to reduce the pressure of IPO audit conflicts with the supervision of the Securities Regulatory Commission System on the behavior of the resigned personnel.

The above-mentioned senior investment banks pointed out that according to the guidelines issued by the CSRC, the investment bank sponsor institutions should conduct a comprehensive inspection on the situation of employees leaving the CSRC system. However, the notice issued by the Shanghai and Shenzhen Stock Exchange clearly states that shareholders holding 100000 shares or less than 0.01% can be exempted from penetrating verification. There is a certain contradiction.

"At present, we have not encountered such problems, but my understanding is that the staff leaving the CSRC may need to penetrate all, no matter how many shares they hold. This will lead to the invalidation of the 100 000 shares or 0.01% shareholding line limited by the Shanghai and Shenzhen stock exchanges. After all, the 0.01% may also be the staff leaving the securities regulatory system, which needs to be checked through. " There are domestic small and medium-sized securities investment bank related person in charge said that the previous supervision may not have noticed this special situation.

In the interview, including relevant directors of investment banking business of domestic leading securities companies, a number of investment bank sponsors told reporters of the 21st century economic report that they were not clear about the adaptation of the two rules in terms of shareholder penetration ratio.

"After all, the general situation of IPO company shareholders is not complex, and there are few shareholders holding less than 0.01%, so in the process of practice, we all choose to penetrate completely." The person in charge of the investment banking business of the above-mentioned small and medium-sized securities companies believes that the contradiction between the two new regulations has limited impact on IPO penetration audit, but it still needs further clarification of supervision.

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