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The author:(作者)hpmailerpublished in(发表于) 2013/12/1 20:51:58 IPO restart 50 listed companies next month
The Beijing News is released after the a-share IPO moratorium more than a year. The afternoon of November 30, the China Securities Regulatory Commission issued views on further advancing the reform of new shares. SFC spokesman said Deng Ge, expected to be completed one month after the company related preparatory procedure, until next January, some 50 companies listed one after another.
Enterprise value and risk by investors and the marketplace,
After November 2012, listed a-share IPO moratorium, followed by the China Securities Regulatory Commission in June this year, presented the draft IPO reform, to seek the views of the community.
This final version of the document released yesterday, market-oriented reform concept is reflected.
For the current programme, Deng Ge said that "it is gradually advancing equity issuance approval system to a registration system is an important step in the transition. ”
The China Securities Regulatory Commission said regulators on IPO audits compliance audits, enterprise value and the investor's risk and market independent judgment.
Earlier, the SFC audit is in process of obtaining approvals for the listing of new stocks, corporate sustainability indicators of profitability, earnings risks, related party transactions, which was conducted focus, texture of the SFC to determine which companies can be listed.
But in the a-share market, under such audits, fraud company performance of listed companies, whitewash is not uncommon. Scholar Liu Sheng Jun had previously told the Beijing news that the SFC should not, nor the capacity to review corporations listed and the invisible endorsement.
Violation of information disclosure will investigate
In the Securities and Futures Commission in the reform of the stock issuance examination and verification will Center on information disclosure, and stock issuance examination Committee of China Securities Regulatory Commission issued regulatory authorities in accordance with law on issuance application files and content of information disclosure legal compliance audit, not the issuer's profitability and value judgement. Found illegal files and content of information disclosure exists strictly hold the relevant parties accountable.
As a result, the new shares when to send, how to send, self-restraint and discretion by the market. The SFC believes that offering price will more truly reflect supply and demand.
Deng Ge said after the release of this opinion, the SFC and the SEHK to modify part ways and rules, listed companies but also revision of filing, in accordance with the programme, expected to be about 1 month to complete related procedures. By January 2014, approximately 50 companies to complete the program and listed one after another.
Current a-share have 761 companies wait-listed, the SFC is expected, so many companies to complete the review takes about a year's time.
Interpretation
IPO resumption of impact on the market?
SFC spokesman Deng Ge: since the establishment of the stock market has been 8 times pause 7 times resume issuing of new stock issue. 7 times before recovered on the first trading day after the release, the Shanghai composite index falling 5 times, 2 times higher. From the perspective of reality, resumption of IPOs do not decide long-term trends in the stock market, the stock market run mainly by economic fundamentals and macro policy decisions.
Release rhythm of the market, does not mean that so far through the Commission issued more than 80 companies all at once is complete, these companies still need to implement the various programs, modify the file.
Measures to protect investors?
SFC spokesman Deng Ge: there are five measures. Is the promotion of issuers to use plain language, true, accurate and complete disclosure, strengthening risk disclosure, investors plainly investment; the second is the promotion of fair and reasonable pricing, limit the issuer's high, which prevents investors from high prices, inhibit mindless hype after listing new shares. For example, linked with the price reduction; third, placing of respect for small investors to purchase new shares will, adjusting the call-back mechanism and the mechanism for placing online, and the enhanced disclosure liability for violations; five are strengthening the supervision of law enforcement, resolutely crack down on illegal activities, the establishment of legal guarantees of investor protection.
Large gem impact
SFC express IPO restart time in January 2014, arranging company listing, which is expected bad news in the market, was not hit on the main Board and gem impact is large.
Current line up listed companies dominated by small and gem, main Board, rarely, in the secondary market have little money to divert, mainly psychological impact. Since the IPO suspension has for more than a year, may attract a lot of money to get open. New implementation of batch release may inhibit sensation on the first day. IPO approval system has turned to the registration system may be increasing stock supply, cut their offer price, increasing the number of delisting, shares can have far-reaching effects.
--The South, Chief Strategist Yang Delong
Related news
Preferred stock pilot
Beijing News published yesterday by the State Council on carrying out pilot guidance of preferred stock, which provides that the preferred stock issue number cannot exceed the total number of ordinary shares of 50%, the SFC will develop a preferred stock follow-up to the pilot specific provisions.
Guidance from the State Department noted that the preferred stock financing cannot exceed net worth prior to release of the company 50%, common stock number 50%, preferred shares can be used as a merger of the means of payment.
Preferred stock refers to the agreed face value dividend yield, take precedence over ordinary shareholders distribution of company profits, but in terms of voting rights inferior to shares of common stock.
SFC spokesman said Deng Ge, the current preferred shares carried out pilot will help accelerate the development of direct financing to supplement the corporate capital; in favour of providing diversified investment channels for investors, increase new fixed income products.
Deng Ge also said that investing in preferred shares also have risks. That is doing well does not enjoy more revenue, operating risks of deterioration has likewise failed to receive a dividend, following the bankruptcy liquidation of bonds in line. Investors should be fully assessed risks.
Differentiation of cash dividends
Beijing News the China Securities Regulatory Commission released yesterday documents require clear dividend policy of listed companies, with conditions, should pay cash dividends cash dividends.
SFC will listed company dividends policy for has must degree of clear, which listed company is growth period, and has major funds expenditures arrangements of, cash dividends in profit distribution in the of proportion not below 20%; mature stage and has major funds expenditures arrangements of, cash dividends accounted for than not below 40%, mature stage no major funds expenditures arrangements of, cash dividends accounted for profit distribution of proportion not below 80%.
From 2010 to 2012, cash dividends of listed companies within the number accounting for respectively, 50%, 68%, cash dividends, 18%, 24%, respectively.
Gem prohibitions "backdoor" listing
Beijing News the China Securities Regulatory Commission released yesterday clearly, backdoor listing of auditing standards will be strictly consistent with the IPO standards. Also do not allow backdoor listing on the gem.
The SFC said yesterday that backdoor listing conditions equivalent to the standard IPO, curbing market speculation about poor-performance unit, radically reduce the insider's motive, to form an effective delisting regime.
The SFC believes that because the market there is "three-high" issue, if allowed back-door listing on the gem will heighten speculation of secondary market listed companies on the gem, and also easily lead to insider trading, market manipulation and other illegal activities.
This version of writing/Beijing News reporter Wu
(Original title: 50 companies IPO restart next month listings)
新京报讯 A股IPO暂停一年多之后即将开闸。11月30日下午，中国证监会发布《关于进一步推进新股发行体制改革的意见》。证监会新闻发言人邓舸表示，预计一个月之后将有公司完成相关准备程序，到明年1月，约有50家企业能陆续上市。
企业价值和风险由投资者和市场判断
2012年11月份之后，A股的新股发行上市暂停，随后中国证监会在今年6月提出了新股发行改革的草案，向社会征求意见。
昨日这一最终版的文件发布，市场化的改革理念得到体现。
对于目前的方案，邓舸说，“这是逐步推进股票发行从核准制向注册制过渡的重要步骤。”
中国证监会表示，监管部门对新股发行的审核重在合规性审查，企业价值和风险由投资者和市场自主判断。
而在此前，证监会在审核新股是否可以获得上市批文的过程中，企业的盈利指标、盈利可持续性、关联交易风险等都是审核重点，即证监会决定何种质地的公司可以上市。
但在A股市场中，这样的审核下，造假上市的公司、粉饰业绩的公司仍屡见不鲜。学者刘胜军此前对新京报表示，证监会不应该，也没有能力对企业能否上市进行审核和隐形背书。
信息披露违法违规将严查
在证监会此次的改革意见中，股票发行审核将以信息披露为中心，中国证监会发行监管部门和股票发行审核委员会依法对发行申请文件和信息披露内容的合法合规性进行审核，不对发行人的盈利能力和投资价值作出判断。发现申请文件和信息披露内容存在违法违规情形的，严格追究相关当事人的责任。
而经审核后，新股何时发、怎么发，将由市场自我约束、自主决定。证监会认为，发行价格将更加真实地反映供求关系。
邓舸说，此次《意见》发布后，证监会和交易所还要修改部分办法和细则，上市公司还要按照方案对申报文件作出修改，完成相关程序预计要1个月左右。预计到2014年1月，约有50家企业能完成程序并陆续上市。
目前A股仍有761家企业排队等待上市，证监会预计，这么多公司要完成审核，需要一年左右的时间。
■ 解读
IPO重启对市场有何影响？
证监会新闻发言人邓舸：股市设立以来，已经历8次新股发行暂停、7次恢复发行。前7次恢复发行后的首个交易日，上证综指5次下跌、2次上涨。从实际情况看，恢复新股发行并不决定股市中长期走势，股市运行主要由当时经济基本面和宏观政策所决定。
发行节奏的市场化，并不意味着目前已通过发审会的80余家企业马上就全部发行完毕，这些公司还需要履行各种程序、修改相关文件。
保护投资者方面有何措施？
证监会新闻发言人邓舸：有五个方面的措施。一是促进发行人使用浅白语言，真实、准确、完整地披露公司情况，加强风险揭示，让投资者明明白白投资；二是促进公平合理定价，限制发行人定高价，防止投资者报高价，抑制上市后盲目炒作新股。比如把减持与发行价挂钩等；三是新股配售尊重中小投资者申购意愿，调整回拨机制和网上配售机制；四是强化信息披露违法行为的赔偿责任；五是加强监管执法，坚决打击违法违规行为，建立投资者保护的法律保障。
对创业板冲击较大
证监会明确IPO重启时间，在2014年1月陆续安排公司上市，这也是市场预期中的利空消息，对主板市场冲击不大，对创业板冲击较大。
目前排队上市的公司以中小板和创业板为主，主板公司很少，因此对二级市场资金分流作用不大，主要是心理层面的影响。由于IPO暂停已经一年有余，开闸后可能会吸引大量资金打新股。如果新股实行批量发行，可能会抑制首日爆炒。新股发行由审批制逐渐转向注册制，可能会增加股票供给，降低发行价，增加退市数量，对A股影响深远。
——南方基金首席策略分析师杨德龙
■ 相关新闻
我国将开展优先股试点
新京报讯 国务院昨日发布关于开展优先股试点的指导意见，其中规定优先股发行数量不能超过普通股总数的50%，证监会将制定优先股试点的后续具体规定。
国务院的指导意见指出，优先股筹资不能超过公司发行前净资产的50%，数量不能超过普通股的50%，优先股可以作为并购重组的支付手段。
优先股是指约定票面股息率，优先于普通股股东分配公司利润，但在表决权方面逊于普通股的股票。
证监会新闻发言人邓舸称，目前开展优先股试点，有利于加快发展直接融资，补充企业资本金；有利于为投资者提供多元化投资渠道，增加新型的固定收益产品。
邓舸同时表示，投资优先股也是有风险的。即公司经营良好时无法享受更多收益，经营恶化时同样有无法获得股息的风险，破产时清偿排在债券之后。投资者应充分评估风险。
现金分红提差异化比例
新京报讯 中国证监会昨日发布文件，要求上市公司明确分红政策，具备现金分红条件时应当现金分红。
证监会将上市公司分红政策进行了一定程度的明确，其中上市公司处于成长期，且有重大资金支出安排的，现金分红在利润分配中的比例不低于20%；成熟阶段且有重大资金支出安排的，现金分红占比不低于40%，成熟阶段无重大资金支出安排的，现金分红占利润分配的比例不低于80%。
2010年至2012年，境内实施现金分红的上市公司家数占比分别为50%、58%、68%，现金分红比例分别为18%、20%、24%。
创业板严禁“借壳”上市
新京报讯 中国证监会昨日发布文件明确，借壳上市的审核标准，将严格与IPO标准一致。同时不允许在创业板借壳上市。
证监会昨日称，借壳上市条件与IPO标准等同，有利于遏制市场对绩差股的投机炒作，从根本上减少内幕交易的动机，形成有效的退市制度。
证监会认为，由于创业板目前存在“三高”问题，如果允许在创业板借壳上市，将加剧对创业板上市公司二级市场炒作，还易引发内幕交易、市场操纵等违法违规行为。
本版采写/新京报记者 吴敏
（原标题：IPO重启50家企业下月上市）
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