日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

Rules tightened for IPO sponsors on new board

By Shi Jing in Shanghai | China Daily | Updated: 2019-04-18 11:02
Share
Share - WeChat
With the first batch of applications released in late March, a total of 79 companies have submitted their applications for the new tech board by Wednesday. [Photo/IC]

Sponsors and underwriters of initial public offerings on China's new science and technology board in Shanghai will need to invest their own money and hold the stocks for at least two years, according to guidelines unveiled by the Shanghai Stock Exchange on Tuesday.

The new regulations are also an attempt by the capital market regulator to impose stricter controls on brokerages, said market insiders.

According to the guidelines, sponsors will need to invest between 2 and 5 percent of their money on shares floated by their clients, depending on the various sizes of the IPOs, with the cap on such investments set at 1 billion yuan ($149.5 million). The sponsors are required to hold the equity stakes in these companies for a period of 24 months.

The bourse had earlier said that these requirements were necessary to restrict the number of sponsors with capital and stake limits. Such regulations will also prompt brokerages to choose the truly qualified companies for the new tech board, thereby bringing profits to investors and the market in general.

Yan Feng, chairman of Guotai Junan International, explained that such requirements also help to control risks at an early stage.

Under the newly released guidelines, the sponsors' legally established alternative investment companies are allowed to make the investment.

According to Sun Jinju, research director of New Times Securities, sponsors and their subsidiaries are banned from subscribing to new shares at the other boards in China's A-share market. Similar measures were earlier adopted by the growth enterprise board of the South Korean stock market, which required major underwriters to buy 1 percent of their clients' shares and hold them for at least 12 months.

"Sponsors will come up with a more reasonable pricing mechanism for their IPOs due to the new regulation," said Sun.

Jiang Qijia, a senior analyst at Shanghai-based financial service provider Noah Holdings Ltd, said that investors who hold 5 percent or more in a company listed on the main board of the A-share market are considered as major shareholders. Such investors are obliged to make information disclosures. Under the new guidelines for the tech board, the sponsors may not necessarily become the major shareholders but they will have a say in the companies' decisions to some extent, he said.

With the first batch of applications released in late March, a total of 79 companies have submitted their applications for the new tech board by Wednesday. China Securities, CITIC Securities and China International Capital Corp are among the major IPO sponsors, according to public information. As calculated by Guangzhou-based investment consultancy Guangzheng Hang Seng Advisory, the three companies will have to invest at least 502 million yuan, 362 million yuan and 481 million yuan respectively on their clients.

But this will also put more pressure on securities firms. Leading public brokerages have been busy issuing additional stocks tailored for their sponsor business. Public information showed that the financing plans released by listed brokerage firms have amounted to over 100 billion yuan since the beginning of this year.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 一本大道久久a久久精二百 日韩三级中文 | www.久久久 | 九九热视频在线观看 | 色综合久久综精品 | 亚洲免费在线视频 | 国产在线a视频 | 久久中文字幕网站篠田优 | 欧美在线另类 | 国产精品视频网站 | 国产三级在线观看视频 | 蜜桃日韩| 超级在线牛碰碰视频 | 一区二区三区日韩视频在线观看 | 亚洲国产日韩在线一区 | 国产午夜亚洲精品一区 | 国产精品久久久久久久久久久久冷 | 天天操天天射天天操 | 欧美三级 欧美一级 | 亚洲欧洲精品一区二区三区 | 久久日本精品国产精品白 | 二级黄的全免费视频 | 二级黄绝大片中国免费视频 | 亚洲福利片 | 天天爽天天干天天操 | 精品乱子伦一区二区三区 | 鲍莉| 天天干天操 | 女人被狂躁视频免费网站 | 国产色在线 | 一区二区久久 | 久久er精品视频 | 国产一区二区在线免费观看 | 国产精品视频999 | 激情 婷婷 | 91精品啪在线观看国产91九色 | 五月激情久久 | 欧美精品第三页 | 久久伊人中文字幕有码 | 日韩精品一区二区免费视频 | 麻豆专区一区二区三区四区五区 | 国产小视频福利 |