Original title: The Shanghai and Shenzhen Stock Exchange intends to revise the quotation and issuance rules of the Sci-tech Innovation Board and Growth Enterprise Market
Our reporter Chang Xiaoyu
On August 20, the Shanghai and Shenzhen Stock Exchanges separately solicited opinions from the market on the proposed amendments to the rules of the science and technology innovation board stock issuance and underwriting business rules and the GEM IPO securities issuance and underwriting business implementation rules. The deadline is September 5. This is the quick response of the Shanghai and Shenzhen Stock Exchanges after the China Securities Regulatory Commission publicly solicited comments on the revisions to the GEM issuance and underwriting rules on August 6.
Among them, this revision of the Shanghai and Shenzhen Stock Exchange’s business rules mainly includes three aspects: First, adjust the highest quotation elimination ratio. The highest quotation removal ratio is adjusted from the current “not less than 10% of the total planned purchase of all offline investors” to “not more than 3% of the total planned purchase of all offline investors”. The second is to cancel the requirement to link the pricing of new shares to subscription arrangements and the frequency of investor risk special announcements. The CSRC also included the same arrangement in its public consultation on the revised content of the GEM issuance and underwriting rules. The third is to strengthen the supervision of quotation behavior. The business rules of the exchange further clarify the normative requirements of offline investors’ inquiry and quotation, and include possible violations into the scope of self-regulatory supervision. In the process of issuance and underwriting business or inquiry and quotation, the SSE will report relevant clues to the China Securities Regulatory Commission for investigation and punishment. If a crime is suspected of constituting a crime, the judicial authority shall pursue criminal responsibility in accordance with the law.
According to the information published by the China Securities Regulatory Commission and the Shanghai and Shenzhen Stock Exchanges, this revision of the system rules mainly addresses the current practice of some offline investors focusing on strategy rather than research, and the “group quotation” for the finalists, and the imbalance of the power of the game between buyers and sellers.
A leading public fund manager in Shenzhen told the “Securities Daily” reporter, “Now it is the main purpose to make new low-risk and high-yield, and the allocation is the main purpose. At present, 10% of the high prices are removed. Institutional investors are the same as other institutions in order to avoid quotations being removed. The price, or even a little bit lower, is the most cost-effective quotation strategy, otherwise it will be difficult to be shortlisted.”
“Under the pre-modified pricing rules, investors’ group quotations resulted in limited upward breakthroughs, and issuers had relatively little pricing autonomy under the constraints of multiple factors.” A senior investment banker told a reporter from Securities Daily Said that this revision of the rules shows that the regulatory authorities attach great importance to market conditions, and reducing the high price elimination ratio will alleviate the psychological concerns of investors being eliminated from independent quotations, encourage lead underwriters to give full play to their underwriting capabilities, and guide offline investors to conduct independent research and research. Independent quotation, actively expressing real investment wishes. Adjusting the pricing requirements of the “four values” in the sci-tech innovation board inquiry will effectively expand the pricing decision space of issuers and lead underwriters, especially in the case of relatively dispersed quotations, which will help improve sellers’ gaming capabilities and improve pricing efficiency.
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