Summary
[Shanghai Stock Exchange further regulates the issuance and underwriting of science and technology innovation board stocks]The Shanghai Stock Exchange issued a notice: The offline issuance ratio shall comply with the following regulations: (1) If the total share capital after the public issuance does not exceed 400 million shares, the offline initial issuance ratio shall not be lower than the original 70% of the number of public offerings. (2) If the total share capital after the public issuance exceeds 400 million shares or the issuer has not yet made a profit, the initial offline issuance ratio shall not be less than 80% of the number of shares in the public issuance. (3) Arrangements should be made to give priority to public offering products (including public offering products established to meet the investment needs of investors who do not meet the investor’s suitability requirements of the Sci-tech Innovation Board), social security funds, and 50% of the number of shares issued offline. , Pension funds, enterprise annuity funds established in accordance with the “Administrative Measures for Enterprise Annuity Funds” and insurance funds allotment in compliance with the “Administrative Measures for the Use of Insurance Funds” and other relevant regulations. (Interface News)
The Shanghai Stock Exchange issued a notice on the “Implementation Measures for the Issuance and Underwriting of Stocks on the Sci-tech Innovation Board of the Shanghai Stock Exchange (revised in 2021)”. It mentioned that the offline issuance ratio shall comply with the following regulations: (1) If the total share capital after the public issuance does not exceed 400 million shares, the offline initial issuance ratio shall not be less than 70% of the number of shares issued this time. (2) If the total share capital exceeds 400 million shares after the public issuance or the issuer has not yet made a profit, the initial offline issuance ratio shall not be less than 80% of the number of shares in the public issuance. (3) Arrangements should be made to give priority to public offering products (including public offering products established to meet the investment needs of investors who do not meet the investor’s appropriateness requirements of the science and technology innovation board) of not less than 50% of the number of shares issued offline.Social securityfund, Pensions, enterprise annuity funds established in accordance with the “Administrative Measures for Enterprise Annuity Funds” andinsurance“Fund Use Management Measures” and other relevant regulationsinsurancePlacement of funds.
(Article Source: Interface News)
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