On May 19, the China Securities Industry Association (hereinafter referred to as the “Association”) issued the “Specifications for the Public Offering of Unlisted Public Company Stocks and Listing on the New Third Board Select Underwriting Business” (hereinafter referred to as the “Regulations”) In order to regulate the underwriting of stocks of the national small and medium-sized enterprise share transfer system by securities companies to be publicly issued to unqualified investors and list them at the selected level, at the same time strengthen industry self-discipline and protect the legitimate rights and interests of investors.
The “Specifications” have 25 chapters in five chapters, which have made clear in the aspects of roadshow promotion, issue pricing, placement, roadshow promotion, investment value research report, etc. Careful regulations. On the whole, the Association’s self-regulation requirements for securities companies to conduct the underwriting of the New Third Board stocks are consistent with the rules of the Science and Technology Board. In accordance with the characteristics of enterprises intending to enter the select layer and the different ways of issuing the New Third Board, the Association has formulated differentiated underwriting behaviors specification.
Specifically, first of all, further strengthen the internal control of the issue underwriting business. In view of the characteristics of the issuance mechanism such as inquiry issuance, direct pricing issuance, and auction issuance, it supplements and improves the prohibited behavior of underwriters and related personnel in the issuance underwriting work, and clarifies the compliance review procedures for investment value research reports during auction issuance.
Secondly, it is a roadshow promotion requirement that clarifies the different issuance methods such as inquiry, direct pricing, and auction. In addition to conducting public roadshow promotion to investors through the Internet and other means, inquiry and issuance can also be registered on the site, by telephone, video conferencing, etc. to the network that has registered with the Association, meets the conditions specified by the Association, and has opened the selected layer trading authority of the national stock transfer system. Investors are recommended for roadshows.
Finally, considering that the New Third Board mainly serves the market positioning of innovation, entrepreneurship and growing small and medium-sized enterprises, it further strengthens the specification of investment value research reports. Industry classification, comparable companies, risk warnings and risk factor analysis, valuation methods and conclusions, etc., put forward more clear requirements.
The association said that the next step will be to actively cooperate with the implementation of the reform of the New Third Board, and to coordinate with the national stock transfer company to strengthen the training and inspection to continue to promote securities companies to implement underwriting responsibilities, Improve the asset pricing and sales capabilities of the New Third Board market to better serve the sustainable financing development of SMEs and promote the growth of SMEs.