Abstract With the suspension of IPO, the A-share market has ushered in a strong rebound, and when the IPO is re-launched, it has naturally become a topic of concern. The reporter noticed that after issuing the "top ticket" to the relevant intermediary agencies in the green land fraudulent listing case...Along with the suspension of the IPO, the A-share market has ushered in a strong rebound, and when the IPO is re-launched, it has naturally become a topic of concern. The reporter noted that after issuing the â€œtop ticketâ€ to the relevant intermediary agencies in the Green Land fraudulent listing case, the CSRC once again stated that it must resolutely crack down on illegal and illegal activities in the process of issuing new shares, and at the same time explore the establishment of a financing system that is consistent with the characteristics of the GEM. In addition, it is also revealed that there is no clear timetable for IPO opening.
Will strengthen intermediary agency responsibility
At the media briefing held by the China Securities Regulatory Commission on the 28th, the person in charge of the relevant departments of the CSRC said that the reform of the new share issuance system could not be completed overnight. It should be a gradual process, and revealed that the next step would be to do five aspects of work.
Specifically, the first is to revise and improve the relevant rules and regulations, strengthen the responsibility for information disclosure, clarify the requirements for information disclosure, and gradually dilute the judgment on the profitability of the proposed IPO enterprises. Second, conduct in-depth IPO financial special verification work in the enterprise, and The relevant experience gained during the inspection is used in the daily supervision process; the third is to constantly improve the constraint mechanism of the new stock pricing and strengthen the intermediary agency responsibility; the fourth is to continue to curb the speculation; the fifth is to resolutely crack down on illegal and irregular behavior in the process of issuing new shares.
The "Daily Economic News" reporter noted that at the sponsor representative training class held at the end of last year, the CSRC proposed six ideas for the reform of the new share issuance, including the gradual dilution of the judgment on profitability, the improvement of the level of trust, and the suppression of " Fight new, "fresh new" and so on. In contrast, the CSRC has proposed to strengthen the responsibility of intermediaries and apply the IPO special verification experience to daily supervision.
Clarify IPO restart rumors
A broker sponsor representative said that the Securities and Futures Commission only severely punished the intermediaries involved in the Greenland case on Wednesday, and said that it is resolutely cracking down on illegal activities and strengthening the responsibilities of intermediaries, just to warn potential offenders. Judging from the example of Greenland, the SFC may impose penalties on the dereliction of duty of underwriters, lawyers and accounting firms in the IPO process in the future.
In fact, compared with the reform of new share issuance, ordinary investors may be more concerned about the IPO restart issue, because it is the A-share market that has ushered in a strong rebound after the suspension of new shares. It is precisely in the context of the market's apparent improvement. The rumors that the IPO will be restarted in April are widely circulated in the market. The relevant person in charge of the CSRC also clarified yesterday that there is no timetable for the IPO restart.
In fact, the issue of when the IPO is restarted has been widely debated. The previous forecast for the IPO's April restart is based on factors such as market recovery and financial verification progress. Therefore, some insiders said that when the final decision is restarted, it is still at the regulatory level. Restarting the statement without a clear timetable cannot be used as a basis for judging the restart time.
Exploring the innovation of the GEM system
The GEM has always been the focus of attention of all parties in the market. Yesterday, the relevant person in charge of the China Securities Regulatory Commission made it clear that it will study how to establish a financing system in line with the characteristics of the GEM according to the characteristics of the GEM, innovative distribution methods.
The person in charge said that at the beginning of the establishment of the GEM market, the GEM review system and related procedures basically followed the practice of the main board and the small and medium-sized board. As the market gradually formed, it is necessary to explore institutional innovations against the characteristics of the GEM. The goal of reform and innovation is to achieve the same scale of funds to support more SMEs to issue and market.
In response to the above-mentioned sponsor representative's analysis of the "Daily Economic News" reporter, the GEM company has the characteristics of small scale and large fluctuations in performance. Therefore, for information disclosure, risk warning and other aspects of higher requirements, the Shenzhen Stock Exchange has previously requested that GEM companies publish more information according to the industry. In addition, from the position of the CSRC, the financing amount of a single GEM company may decline in the future, and this adjustment requires a series of supporting policies.
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