Measures for Strengthening the Regulation of Offerings of New Shares
关于加强新股发行监管的措施
The CSRC will conduct random checks of the price inquiries and roadshows of IPO issuers.
(Issued by the China Securities Regulatory Commission on, and effective as of, January 12 2014.)
(中国证券监督管理委员会于二零一四年一月十二日公布施行。)
CSRC Announcement [2014] No.4
Pursuant to the China Securities Regulatory Commission, Opinions on Further Promoting the Reform of the System for Offering of New Shares (CSRC Announcement [2013] No.42) and the Measures for the Administration of the Offering and Underwriting of Securities (Order of the CSRC No.95), we hereby set forth the following measures in order to further strengthen regulation of the process of initial public offerings of shares:
1. The China Securities Regulatory Commission (CSRC) shall conduct random checks of the price inquiry and roadshow process of issuers, and if it discovers that an issuer or its lead underwriter uses information of the issuer other than disclosed information such as that of the prospectus in the course of the roadshow promotional process, it shall suspend the offering and take regulatory measures against the issuer or lead underwriter in accordance with relevant provisions. If a violation of laws or regulations is suspected, the matter shall be dealt with in accordance with the law.
证监会公告〔2014〕4号
2. If the price-to-earnings ratio corresponding to the proposed offer price (or the upper limit of the offer price range) is higher than the average price-to-earnings ratio of listed companies in the same industry on the secondary market, the issuer and lead underwriter shall, within the three weeks before the online purchase, successively issue a special investment risk announcement (a Risk Announcement), at least once per week. The Risk Announcement shall, at minimum, include the following:
(1) a comparative analysis of the difference between the issuer and listed companies in the same industry and the effect thereof on the valuation; and draw the attention of the investors to the difference existing between the offer price and the quotes of the offline investors; and
(2) draw the attention of investors to the investment risks and remind them to carefully consider the reasonableness of the offer price and make their investment decision on a rational basis.
根据《中国证监会关于进一步推进新股发行体制改革的意见》（证监会公告〔2013〕42号）和《证券发行与承销管理办法》（证监会令第95号），为进一步加强首次公开发行股票过程监管，现提出以下措施：
The issuer shall determine the industry to which it belongs based on the Guidelines on the Industrial Classification of Listed Companies and select the static average price-to-earnings ratio for the most recent month issued by the China Securities Index Co,. Ltd. as reference.
3. The CSRC and the Securities Association of China will conduct random checks of the quoting process by investors providing offline quotes. If it is discovered that such an investor does not have pricing capacity, or failed to strictly carry out the quote valuation and decision procedure, thus making it impossible for the investor to quote prudently, the Securities Association of China shall place it on the blacklist, which it shall publish regularly, and prohibit it from participating in offline inquiries for initial public offerings of shares. If the lead underwriter permits an offline investor that does not satisfy the conditions published by it in advance to participate in the price inquiry and private placement, the CSRC will deal severely with the matter in accordance with relevant provisions.
clp reference:3710/14.01.12 prc reference:证监会公告 [2014] 4号 issued:2014-01-12 effective:2014-01-12This premium content is reserved for
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