New shares of the second stage of reform to launch next month on 1 November the official purposes

New shares of the second stage of reform is about to start. Yesterday, the Commission published the amended the securities issuance and underwriting "(hereinafter referred to as the" rules "). The "rules" 1 November official purposes. This means that new shares of the second stage of reform.

Following the June 10, 2009 launch new stock issue system reform, the Commission will be officially launched the second phase of the new shares issue of institutional reform. Prior to this, the Commission on 20 August promulgated the new shares on deepening the reform guidance and on the modified page〈 issuing securities and underwriting > decision on the draft, opinions of the community.

The new shares institutional reform will further improve the offer to purchase and placing constraint mechanism. In small and medium-sized companies IPO, issuers and underwriters will issue size and market conditions, a reasonable set of each sum net amount for the placing under a placement to promote inquiry object conscientiously pricing.

At the same time, the IPO process, will further expand the scope of the inquiry, full mesh objects by institutional investors. Underwriters can independently recommended a number of higher pricing and long-term investment approach of institutional investors, to participate in the network by placing the inquiry.

In the course of the inquiry, according to the amount of each placement agencies to determine the number of allocated, then the issuing price above shortlisted for placing quotation, if nominated institutions more random shaking, should be carried out, according to shake, placing the result.

It is worth noting that enhanced pricing information transparency, improve the callback mechanism and the suspension of the release mechanism has also become the new stock issue system reform focus, issuers and underwriters should issue size and market conditions, rational design of underwriting process to effectively manage the underwriting risk.

SFC-related departments in charge indicated that the IPO restructuring needs market parties closely, market the Parties shall, in accordance with the new stock issue system reform spirit, unity of concept, awareness-raising, meticulous, careful arrangements, and the various reforms and measures are implemented. 【 】