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A reporter from China Securities News learned today from a number of securities firms that the Securities Association of China has recently issued “Regulations for the Public Offering of Stocks to Unspecified Qualified Investors and Listed on the Beijing Stock Exchange for Offline Investors (Trial) (Draft for Solicitation of Comments)” Solicit opinions from securities companies to regulate offline investors’ participation in the offline inquiry and allotment of stocks that are publicly issued to unspecified qualified investors and listed on the Beijing Stock Exchange.

The “Rules” require that in addition to the six types of institutional investors including securities companies, fund management companies, trust companies, finance companies, insurance companies, and qualified foreign investors The securities account assets of other institutional investors or the net assets of the products under their management should be no less than 10 million yuan; the securities account assets of individual investors should be no less than 10 million yuan.

Source: Brokerage

Clarify the registration requirements and types of offline investors

The reporter learned that the “Rules” are based on investment experience, credit status, pricing power, and investment funds. The strength and other aspects stipulate the specific conditions for the registration of offline investors, and the offline investors who can participate in the public offering and listed stocks of the Beijing Stock Exchange are divided into three categories: professional institutional investors and general investors. Institutional investors and individual investors.

Among them, professional institutional investors refer to six types of institutional investors, including securities companies, fund management companies, trust companies, finance companies, insurance companies, and qualified foreign investors, and Private equity fund managers, futures companies and their asset management subsidiaries that comply with the rules and are registered with the association. Institutional offline investors other than professional institutional investors are collectively referred to as general institutional offline investors.

The above-mentioned six types of institutional investors can directly participate in the public offering and listing of stocks offline after they are registered as offline investors. Private equity fund managers, futures companies and their asset management subsidiaries, general institutional investors, and individual investors can participate in the offline public offering and placement of listed stocks only after they meet certain conditions and are recommended and registered by recommended brokers.

The “Rules” require that the securities account assets of individual investors should not be less than 10 million yuan; in addition to the above six types of institutional investorsThe securities account assets of other institutional investors or the net assets of the products managed by them should not be less than 10 million yuan.

Requirements for quotation subscription behavior

The “Rules” put forward general and quotation subscription behaviors for offline investors participating in public offerings and listing projects. Prohibition requirements, and put forward different requirements for professional institutions, general institutions and individual investors in terms of pricing basis, and put forward specific requirements for the establishment of institutional investors’ internal control system and appropriateness self-examination.

In the offline inquiry session, professional institutional investors participating in the inquiry can fill in a quote for each of the different allotment target accounts under their management, and each quote should include allotment Object information, price per share and the number of shares to be purchased corresponding to the price. There are no more than 3 different proposed purchase prices in all quotations of the same professional institutional investor, and the difference between the highest price and the lowest price must not exceed 20% of the lowest price.

When offline investors and related staff participate in public offerings and listed stocks offline inquiries, the following behaviors must not occur:

(1) Using other people’s accounts, multiple accounts or entrusting others to quote;

(2) Disclosing the institution’s or my own information before the end of the inquiry Quotation, inquiring, collecting, and disseminating quotations from other investors, or negotiating quotations among investors, etc.;

(3) Colluding quotations with issuers or underwriters;

(4) Use inside information and undisclosed information to make a quotation;

(5) Failure to perform quotation evaluation and decision-making procedures Prudent quotation;

(6) No pricing basis, rational quotation not based on sufficient research, or deliberately lowering or raising the quotation;

(7) The proposed purchase quantity has not been reasonably determined, and the proposed purchase amount exceeds the total assets or capital scale of the allotment target;

(8) Accept the issuance Financial assistance, compensation, rebates, etc. provided by the person, lead underwriter and other stakeholders;

(9) Other circumstances that are not independent, objective, dishonest, and dishonest.

Establishing a classified evaluation and management system for offline investors

The “Rules” show that the association has established The classified evaluation and management system for offline investors of listed companies adopts a differentiated self-discipline management method through the release of a watch list, an exception list, and a restricted list.

Offline investors who have one of the following circumstances are included in the watch list:

(1) Among the projects that participated in the inquiry during the monitoring period, the final quotation exceeded the recommended price range given by the internal research report or valuation pricing model, and the number of projects reached more than three (inclusive);