China News Service, Beijing, February 5 (Reporter Xia Bin) On the 5th, the China Securities Regulatory Commission issued the "Guidelines for the Application of Supervisory Rules—Regarding the Disclosure of Information Disclosure of Shareholders of Listed Companies Applying for Initial Listing" (hereinafter referred to as the "Guidelines"). An important measure for the deployment of "disorderly expansion of capital" is to strengthen the supervision of shareholder information disclosure of companies to be listed and to further improve the quality of listed companies from the source.
The relevant person in charge of the Securities Regulatory Commission said that the "Guidelines" mainly involve five aspects.
The first is to reiterate the principle requirements of the issuer’s shareholder eligibility.
The issuer’s shareholders are required to clean up their equity holdings in accordance with the law before submitting an application, and it is clear that the issuer should disclose that its shareholder qualifications meet the relevant national regulations and there is no illegal shareholding.
The second is to strengthen the supervision of equity participation before listing.
New shareholders who have invested within 12 months before submitting an application are required to lock up their shares for 36 months, and intermediaries are required to fully disclose and verify the relevant information of new shareholders.
The third is to strengthen the information penetration verification of natural person shareholders and multi-level nested institutional shareholders whose share transaction prices are obviously abnormal.
Intermediary agencies are required to thoroughly check the basic information of the above two types of shareholders, the background of the shareholding, and the source of funds, and explain whether there are any violations of the eligibility requirements of shareholders, equity holdings, etc.
The issuer is required to explain the basic information of relevant natural person shareholders and multi-level nested final natural person shareholders.
The fourth is to further compact the responsibilities of intermediary agencies.
Intermediaries are required to not simply rely on institutional or individual commitments, and focus on checking shareholders with abnormal share prices and shareholders who have taken shares before listing.
Fifth, focus on the formation of regulatory synergy.
If the issuer’s shareholders are suspected of illegal share purchases or obvious abnormalities in the transaction price of the shares, they may solicit opinions from relevant departments on anti-money laundering management and anti-corruption requirements to jointly strengthen supervision.
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