Circular on Issues Relevant to the Pricing of New Share Offerings
关于新股发行定价相关问题的通知
An issuer needs to convene a board meeting if the price-earnings ratio of its proposed share price is higher than the industrial average by 25%.
(Issued by the Department of Public Offering Supervision and the Department of ChiNext Offering Supervision of the China Securities Regulatory Commission on May 23 2012.)
(中国证监会发行监管部、创业板发行监管部于二零一二年五月二十三日发布。)
Issuers and sponsors:
各发行人、保荐机构：
We hereby notify you as follows on matters relevant to the pricing of new share offerings in order to implement the spirit of the Guiding Opinions on Further Intensifying Reform of the New Share Offering System, strengthen oversight of the process of pricing new share offerings, strengthen information disclosure and risk disclosure and cause all market participants to duly perform their duties, reasonably set prices and participate rationally:
为落实《关于进一步深化新股发行体制改革的指导意见》的精神，加强对新股发行定价过程的监管，强化信息披露和风险揭示，促使市场参与各方切实履职尽责，合理定价，理性参与，现将新股发行定价的相关事项通知如下：
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