China Securities Regulatory Commission, Measures for the Administration of the Offering and Underwriting of Securities (2nd Revision)
中国证券监督管理委员会证券发行与承销管理办法 (第二次修订)
July 12, 2012 | BY
clpstaff &clp articles &Share issuers and lead underwriters allowed to determine share pricing through negotiation between themselves.
Promulgated: May 18 2012
Effective: as of date of promulgation
Main contents: In an initial public offering of shares, the share offer price may be determined either by way of a price inquiry made with inquiry recipients or by another lawful and practicable method, such as the issuer and the lead underwriter directly setting the price through consultations between themselves (Article 5).
An individual investor serving as an inquiry recipient shall have at least five years of investment experience, and a relatively strong research capacity and risk-bearing capacity. A lead underwriter shall recommend such inquiry recipients in strict accordance with its pre-determined recommendation rules, criteria and procedure (Article 7).
Related legislation: Circular on Issues Relevant to the Pricing of New Share Offerings, May 23 2012, CLP2012 No.6 p.54; and Guiding Opinions on Further Intensifying the Reform of the System for Offering of New Shares, Apr 28 2012, CLP2012 No.6 p.26
clp reference:3700/12.05.18promulgated:2012-05-18effective:2012-05-18This premium content is reserved for
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