Saturday, December 18, 2010
Placement mechanism of the introduction of Inquiry.
<P>: Http:// News, China Securities Regulatory Commission yesterday issued a "non-public issuance of shares of listed companies the implementation details." .Senior members of the investment bank, yesterday said the details of the operating rules to implement significant changes, the introduction of the first inquiry in the private placement and one issue, approved two such systems, the implementation of the future through the private placement will be more clearly a major asset restructuring, specifications. .</ P> <P> pricing benchmark at three time points </ P> <P> order to prevent the transfer of interest, insider trading and other issues, "Rules" for the first time provides private placement of listed companies, the introduction of public .inquiry mechanism. .Currently, the issue price of basic private placement is determined by the board of directors, the lack of fairness and transparency, the Commission once, because the recent private placement price is too low and other reasons, rejected the U.S. electrical appliances (36.38,0.00,0.00%) (000,527) .private placement program. .</ P> <P> "Rules" provides that "before the release of the starting 1, the sponsor shall meet the conditions of a specific object to provide subscription invitation" from them to purchase, purchase, except those sent objects include .After the announcement of board resolution letter of intent has been submitted to the subscription of investors, the top 20 shareholders, but also should include the required inquiry at least 35 objects. .</ P> <P> after purchase offer, the listed companies and sponsors should be quoted on the effective level of subscription in accordance with the cumulative statistics, in accordance with the principle of price priority reasonably determine the issue of objects, the issue price and the number of issued shares. .</ P> <P> In addition, the pricing benchmark is different from the previous private placement announcement date of board resolution is only yesterday's "Rules" base date on the choice of pricing has also been significant changes in pricing benchmark at the first clear .There are three time points: Bulletin board resolution, the shareholders with the announcement date of the General Assembly resolution on the first day of issue. .</ P> <P> an investment bank, who told reporters yesterday at the pricing benchmark for the listed companies and sponsor their own choice, this pricing method for determining the base date will be more scientific. .</ P> <P> strategic investors to subscribe for 36 months locked </ P> <P> "Rules" the definite: "China Securities Regulatory Commission issued the program involves a major reorganization of assets, significant asset restructuring and the issue should be .separately for the stock to raise capital. "investment bank, a senior official said, indicating that the listed companies to private placement for asset restructuring, and will implement a" one-issue, twice approved. " .</ P> <P> In addition, the rule also provides that the Board intends to introduce the foreign and domestic investors to subscribe for shares in closed end from the date of issue within 36 months is not transferable. .</ P> <P> Commission has been encouraging listed companies to achieve significant way of private placement assets. .The release of "Rules" at the same time, the Commission yesterday issued a series of major asset restructuring of listed companies file, including information disclosure norms of "public offering of securities of the company and Formats of Information Disclosure of the contents of No. 25 - .- non-public issuance of shares of listed companies plan and issuing situation. " .</ P>.
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