Chinanews.com client Beijing, June 13 (Xie Yiguan) The GEM registration system is under heavy attack! From June 15th, the Shenzhen Stock Exchange will start accepting applications for initial public offerings, refinancing and mergers and acquisitions of companies under review on the GEM.
On the evening of the 12th, the China Securities Regulatory Commission issued relevant rules and regulations on the GEM reform and pilot registration system; the Shenzhen Stock Exchange officially issued business rules and supporting arrangements on the GEM reform and pilot registration system. What adjustments have been made in auditing, issuance, underwriting and trading? Take a look.
The Shenzhen Stock Exchange GEM Board Listing and Listing Information Public Website has been launched.
Clarify relevant audit procedures and time
——Five major links for the first audit
In the initial review, there are five main steps: acceptance, inquiry and recovery, suspension and recovery review, listing committee review, and registration submission. Accept and review the whole process of electronic and open the whole process.
——The audit time limit is “three months”
Implement the relevant provisions of the new "Securities Law" and clarify the "three months" audit time limit; change the notice time of the listing committee meeting from 7 working days before the meeting to 5 natural days before the meeting to further improve the audit efficiency.
Improve the issuance and underwriting mechanism
——Inquiry for professional institutional investors
The enquiry targets of the initial public offering are 7 professional institutional investors including securities companies, fund management companies, trust companies, financial companies, insurance companies, qualified foreign investors and private equity fund managers.
——Keep direct pricing
For profitable enterprises that issue less than 20 million shares (shares) and have no shareholder public offering shares, they can directly determine the issue price.
——Improve the proportion of new shares issued offline
Increase the proportion of offline initial issuance by 10%; the proportion of five types of medium- and long-term funds under the offline optimization placement to 70%.
——Set a limited sales period
Set a sales restriction period to guide offline investors to make cautious quotations. Issuers and lead underwriters can use the number-sharing or proportional sales restriction method to set a sales restriction period of not less than 6 months for a certain percentage of securities issued offline.
Data Map: China Securities Regulatory Commission. China News Agency reporter Zhang Hao
Improve trading rules
——Rise and fall limits were relaxed from 10% to 20%
Increase the limit of stocks and related funds from 10% to 20%; there is no limit to the rise and fall of the 5 trading days before the listing of new stocks; optimize the intraday temporary suspension mechanism, and set up 30% and 60% suspensions Indicators, each suspended for 10 minutes.
——Improve the maximum number of single declarations
The maximum number of declarations for the limit price declaration is adjusted to 300,000 shares, and the market price declaration is adjusted to 150,000 shares; during the continuous auction period, the limit price declaration sets a limited bidding range of 2% up and down; stocks issued under the registration system are not temporarily pledged as stocks. Repurchase and agreed repurchase of the underlying securities.
——Optimize shareholding reduction system
Clarify the requirements for unprofitable companies to reduce their holdings, diversify their methods, appropriately extend the lock-up period for the holding shareholders, actual controllers, and directors and supervisors of unprofitable companies, and increase the number of listed companies involved in major illegal delistings. Supportive regulations.
Improve listing and delisting mechanisms
——In principle, do not support the listing of real estate etc. on GEM
Adhere to the positioning of the GEM, combine the characteristics of the sector with high-tech industrial enterprises and strategic emerging industry companies, set up an industry negative list, and in principle do not support real estate and other traditional industry companies to list on the GEM; clearly identify new technologies, new industries, Traditional enterprises in the negative list of industries with deep integration of new formats and new models can still be listed on GEM.
——Adjust market value delisting index
Adjusted the market value delisting indicator to a daily closing market value of less than 300 million yuan for 20 consecutive trading days; improved the financial delisting standard. After the company was implemented *ST due to the financial index, the next year's financial report was issued with a reservation , Will be terminated from listing.
——Improve the conditions for listing and delisting of red-chip companies
Adjust the total share capital of the red-chip enterprises and the listing conditions of the equity structure, clarify that the total share capital is calculated based on the total number of shares and the number of depositary receipts, and clarify the criteria for the "rapid increase in operating income" in the listing conditions;
Data map.
Strengthen real-time monitoring of abnormal stock trading
——Adjust the threshold value of the stock trading trust indicator with the limit of increase and decrease
The deviation of the closing price of the day from ±7% is adjusted to ±15%; the price amplitude of the day is adjusted from 15% to 30%; and the turnover rate of the day is adjusted from 20% to 30%.
——Adjust the abnormal volatility indicator of the transaction
Adjust the deviation of the closing price rise and fall within three consecutive trading days to ±20% to ±30%, etc.
——Increase the index of severe transaction fluctuations
The main reason is that there are abnormal fluctuations in the same direction three times within 10 consecutive trading days; the cumulative deviation of the closing price rise and fall within 10 consecutive trading days reaches +100% or -50%; the cumulative deviation of the closing price rise and fall within 30 consecutive trading days Achieve +200% or -70% etc.
Added special stock logo
Special logos "U", "W", and "V" are added to companies that have not yet made a profit, have differences in voting rights, and have an agreement control structure.
In the initial public offering of listed stocks and depositary receipts, the initial letter of securities on the first day of listing is "N"; the next day to the fifth day after listing, the initial letter of securities is "C". (Finish)