Following the CSRC, the Shanghai Stock Exchange also held a panel discussion.
From February 15th to 17th, Huang Hongyuan, the party secretary and chairman of the Shanghai Stock Exchange, and the members of the leading team successively went to Shanghai, Beijing, Shenzhen and Chengdu to hold 9 symposiums, and listened to various subjects in the market to set up the science and technology. Suggestions for the board and pilot registration system supporting rules. 113 major securities companies, 13 fund management companies, 24 representative venture capital institutions, 5 insurance asset management companies, 6 law firms and 4 accounting firms, and some individual investor representatives attended the event. The district talks. The CSRC, the local financial supervision bureau and the local science and technology enterprise management department also sent personnel to attend the meeting.
The China Securities Journal reporter was informed that the investment banks of various securities companies mainly made suggestions on the listing review criteria, working papers, issuance underwriting, and the appropriateness of investors. For the symposium, all brokers pay great attention, and some of them have the chairman and president of the broker. At the forum, the focus of brokerage investment banks is mainly:
"Double review" issue
Regarding the issuance and listing review, a participating brokerage investment banker told reporters that the science and technology board pilot registration system hopes not to become a “double review†during the listing review, that is, both the exchange and the CSRC will conduct substantive review, which will increase The audit cycle and cost of the company's listing. How the Exchange and the Securities Regulatory Commission divide their work, it is recommended that there is only one substantive review.
According to the "Shanghai Stock Exchange, the board of directors of the board of directors of the stock issuance and listing review rules (draft for comments)", the issuer applies for the initial issuance of shares, and should submit the listing application documents to the Shanghai Stock Exchange. The Shanghai Stock Exchange shall review the issuer's application documents for listing and listing (hereinafter referred to as the issuance and listing review). If the approval is passed, the review opinions and the application documents for issuance and listing shall be submitted to the China Securities Regulatory Commission for the registration process; if the approval is not passed, the approval of the issuance of the listing will be terminated. decision.
Whether the working paper is handed in
The reporter also learned that most of the participating sponsors believe that it is not appropriate to submit all the working papers. If it is necessary to submit, it is recommended to follow up the specific guidance list. You can consider limiting the scope of the submitted working papers to the verification prospectus, allowing for a certain period of time after the declaration. submit.
According to the "Shanghai Stock Exchange Science and Technology Board stocks listing and listing review rules (draft for comments)", the sponsor should submit the working papers and the verification version of the prospectus in the form of electronic documents for the purpose of supervision. for future reference.
The above-mentioned participating brokerage investment bankers said that the boundaries of the work papers that are easy to bring responsibility on the one hand are unclear; in addition, the working papers of the brokers may not be written in great detail. If the working papers are submitted, the working papers need to be improved. The workload will increase a lot.
Impairment, pricing, placement
At the symposiums held in succession, the contents of the investment bank's investment bank's attention and suggestions were as follows:
Whether the listing audit standard also applies to the current IPO 51, if applicable, it is recommended not to move.
In the stock reduction system, the market generally believes that the reduction of the holding system is more stringent, and full disclosure should be given to shareholders.
In terms of issuance of underwriting, in terms of pricing, the recommended maximum price is not excluded; attention is paid to how the valuation of the loss-making enterprise, how to stipulate the number of institutions, and whether the inquiry result deviates from the market price-earnings ratio, and the proportion of the placement to the pension institution is too high.
New stock subscription commissions are difficult to collect, suggestions are free to choose, or the commission has a commission ratio.
In terms of placing, the sponsor institution is forced to follow the investment. On the one hand, it is easy for the securities company to have a greater impact on the securities company; on the Other hand, the sponsor institution cannot bear the risk of investment. Therefore, the sponsor institution has a certain degree of flexibility with the investment proposal and reduces the proportion. If the brokerage is involved, it should also let go of the sponsor + direct investment.
In terms of investor suitability, some delegates suggested not setting a hard target of 500,000 and 2 years of experience, and flexible handling, such as the threshold of releasing professional knowledge (such as accountants and lawyers).
The Shanghai Stock Exchange stated that it will conscientiously study and demonstrate and fully absorb the reasonable suggestions put forward by various parties. Under the guidance of the CSRC, it will thoroughly implement the spirit of the Sixth Meeting of the Central Committee for Comprehensive Deepening Reform, pay close attention to improving relevant institutional rules, and steadily and orderly Work on release, staff preparation, technical transformation, and enterprise reserve, and fully implement the work of setting up a science and technology board and reforming the pilot registration system.
It is reported that the participants fully affirmed the comprehensiveness, systemicity and integrity of the 6 draft rules of the Science and Technology Board issued by the Shanghai Stock Exchange, and considered that they are in line with market expectations. Some of the market-based innovations even exceeded market expectations, reflecting the establishment. Kechuang board and pilot registration system support service national innovation-driven development strategy, enhance the inclusiveness of capital market for science and technology enterprises, and support the reform orientation of key core technology innovations, which is conducive to improving the economic ability of capital market services and promoting the health of capital markets. development of. Everyone unanimously expressed their confidence and good expectations for the success of the establishment of the science and technology board and the success of the pilot registration system reform.
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