China Securities Regulatory Commission, Guiding Opinion on Further Reform and Enhancement of the System for Offering of New Shares

中国证券监督管理委员会关于进一步改革和完善新股发行体制的指导意见

July 29, 2009 | BY

clpstaff &clp articles &

CSRC revises the pricing method for offering of new shares.

Clp Reference: 3710/09.06.10 Promulgated: 2009-06-10 Effective: 2009-06-11

Issued: June 10 2009
 Effective: June 11 2009

Main contents: For each stock offering, any one private placement target may opt to subscribe the new shares either offline or online, but not both. All private placement targets that participated in the offline offering of a quote, subscription and private placement of said stock may not participate in the online subscription thereof (Section Two (2)).

An offeror and its lead underwriter shall reasonably set the subscription ceiling on individual online subscription accounts based on the size of an offering and market conditions, which, in principle, shall not exceed one-thousandth of the number of shares to be offered online. A single investor may only use one qualified account to subscribe new shares (Section Two (3)).

clp reference:3710/09.06.10prc reference:证监会公告 [2009] 13号promulgated:2009-06-10effective:2009-06-11

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