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The author:(作者)hpmailerpublished in(发表于) 2013/12/1 20:56:30 SFC views interpretation： the registration system is not
On November 30, the China Securities Regulatory Commission issued opinions on further advancing the reform of new shares issued by the CSRC. Relevant departments in charge of the CSRC, which is gradually advancing equity issuance approval system to a registration system is an important step in the transition.
Registration is not
Greater pace of new stock issue decided by the market
Heads of relevant departments of the Commission said that the stock issue registration system reform are far-reaching reform of capital markets, needs to be systematically pursued. Registration system is not simply the registration effect system, registration system cannot be interpreted anyway, is registered, take effect automatically, nor shares do not, more trash than can go, but the audit approach to reform. Believe that this reform would lay a good foundation for registration system reform.
According to reports, perfecting the marketization performing mechanism is the focus of this reform: one is to audit the idea market. After the reform, regulators, and the Committee issued only contents of application documents and information disclosure legal compliance audit, do not judge the continued profitability of the issuer and investment value, taken over by investors and market independent judgment. Second is the mode of financing marketization. Issuers may choose in the future, corporate bonds or shares of common stock combines a wide range of debt financing. Third release rhythm more market-driven. New listings, speed will determine to a large extent by market, IPO demand, demand for hair or no hair less lonely. Four is the issue price, the issue the market. No longer control inquiries, pricing, placing specific procedures issued by issuers and underwriters of discretion to determine the timing and release scheme, and according to the autonomous consultation IPO price inquiry. Five is the restriction mechanism of marketization. To disclose relevant information in advance, enhance social supervision; requirements subject to commitments linked to the reduction of price and the issue price within a specified period.
Information disclosure law required compensation for investor losses
Online issuing up to a maximum number of 80%
The responsible person said, protecting the legitimate rights and interests of investors, especially small investors is the aim of this reform. Views from five aspects of developing measures to strengthen investor protection: first, facilitating the issue of people using plain language, true, accurate and complete disclosure, strengthening risk disclosure, investors clearly investments. Second is the promotion of fair and reasonable pricing, and limit the issuer's high, which prevents investors from high prices, inhibit mindless hype after listing new shares. Three wishes is the placing of respect for small investors to purchase new shares, adjusting the call-back mechanism and the mechanism for placing online, if enthusiastic small investors to purchase online up to a maximum of the number of shares outstanding 80% of the total number of offer shares to the public. IV information disclosure is a liability for the violations. Losses due to violation of information disclosure to investors, issuers and their controlling shareholders, intermediaries and other responsible body must be lawful compensation for investor losses; serious breach of information disclosure, affecting judgment of the issuer listing requirements will require issuers to buy back shares already issued, require repurchase had been transferred, the controlling shareholder of restricted stock, and so on. Five is to enhance regulatory enforcement, resolutely crack down on illegal activities, the establishment of legal guarantees of investor protection.
Bound high price issue to prevent money
Will roll out the old unit transfer measures
Market concerns of "three-high" issue and the "money" issue, he said, from the three main aspects of this reform to take specific measures:
First, the balance between supply and demand, and high pricing. Greater market regulation, new listings, and much more determined by the market, making the offering price more truly reflect market supply and demand. Promote the old shareholders to transfer their shares, increase the supply of single IPO debut. Old shareholders to transfer their shares in itself also reflects their judgment of the value of the company, the old shareholders sell, buyer can't naturally at high prices.
Second, strengthening constraints and promote reasonable pricing. For the issuer, linked with the price reduction, limiting issuers at high prices. Priced listed shares fell below the offer price after a period of time, such as controlling shareholder of the issuer responsible subject need to be automatically renewed commitment to holding the lock. Take the measures net of placement for institutional investors at high prices. When determining the issue price, 10% wants to eliminate the highest purchase volume. Highest portion shall not affect pricing, quote the highest placing is not available to prevent the "favor quotes" or blind at high prices. In addition, increase the proportion of placements under the network, limit the number of network placements of investors, increase the number of placements of investors under a single network, increase the risk of quotation purchase. These measures will be conducive to the promotion of Web investors cautious quote.
Three is to strengthen the supervision to deter illegal pricing. Regulators and self-regulatory organizations collaborate to strengthen the supervision of quotations, pricing process to combat high high does not buy, buy less, collusive tendering and other acts.
IPO did not affect the stock market in the long-term trend
About 50 companies before the end of January next year to complete related procedures
The responsible person said, 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.
Opinions published, needs a month or so to prepare, will have completed the relevant procedures. By January 2014, approximately 50 companies to complete the program and listed one after another. Currently more than people lining up for the release of the enterprise has reached more than 760 new Trojan, is expected to complete their audit work, needs a year or so's time.
The official said the market view was also expressed that, after a long suspension of new shares and financial checks, leaving companies now is good business, a lot of money waiting to hype the new shares. Need to remind investors, according to the Centre by the information disclosure requirements, regulators in the future do not determine profitability and investment value of enterprises, speculation of this reform for the new targeted measures were also in place, investors look carefully into the investment risk, prudent in making investment decisions, not blindly participate in IPO hype.
(Original title: start new round of new share issuance system (policies))
11月30日，中国证监会发布《中国证监会关于进一步推进新股发行体制改革的意见》。中国证监会有关部门负责人介绍，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。
注册制不是不审
新股发行节奏更大程度由市场决定
证监会有关部门负责人说，股票发行注册制改革是资本市场牵一发而动全身的改革，需要有步骤地推进。注册制不是简单的登记生效制，不能将注册制理解为不管了，就是登记备案，自动生效，也不是股票发行不要审了，更不是垃圾股可以随便发了，而是审核方式要改革。相信本次改革将为注册制改革打下良好基础。
据介绍，完善市场化运行机制是本次改革的重点：一是审核理念市场化。改革后，监管部门和发审委只对发行申请文件和信息披露内容的合法合规性进行审核，不判断发行人的持续盈利能力和投资价值，改由投资者和市场自主判断。二是融资方式市场化。今后发行人可以选择普通股、公司债或者股债结合等多种融资方式。三是发行节奏更加市场化。新股发行的多少、快慢将更大程度由市场决定，新股需求旺盛则多发，需求冷清则少发或者不发。四是发行价格、发行方式市场化。不再管制询价、定价、配售的具体过程，由发行人与主承销商自主确定发行时机和发行方案，并根据询价情况自主协商确定新股发行价格。五是约束机制市场化。比如提前披露相关信息，加强社会监督；要求相关责任主体进行承诺，一定期限内减持价与发行价挂钩等。
信息披露违法需赔偿投资者损失
网上发行数量最高可达80％
这位负责人说，保护投资者尤其是中小投资者的合法权益是本次改革的宗旨。《意见》从五个方面制定措施，加强投资者保护：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。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，如果中小投资者申购踊跃，网上发行股票的数量最高可达公开发行股票总数的80％。四是强化信息披露违法行为的赔偿责任。因信息披露违法行为给投资者造成损失的，发行人及其控股股东、相关中介机构等责任主体必须依法赔偿投资者损失；信息披露严重违法，影响对发行人上市条件的判断的，将要求发行人回购已经发行的新股，要求控股股东购回已经转让的限售股等等。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。
约束高价发行防范圈钱
将推出老股转让措施
针对市场关注的“三高”发行和“圈钱”问题，这位负责人说，本次改革主要从以下三方面采取针对性措施：
一是平衡供需，抑制高定价。更大程度发挥市场调节作用，新股发行快慢、多少更多地由市场决定，使发行价格更加真实地反映市场供求关系。推动老股东转让股票，增加单只新股在上市首日的供应量。老股东转让股票的多少本身也反映其对公司价值的判断，老股东卖的多，买方自然不敢报高价。
二是强化约束，促进合理定价。针对发行人，把减持行为与发行价挂钩，限制发行人定高价。如果定价过高，上市后一段时间内股价跌破发行价，发行人控股股东等责任主体需要按承诺自动延长持股锁定期。采取措施约束网下配售的机构投资者报高价。确定发行价时，要求先剔除报价最高的10％的申购量。报价最高的部分将不得影响发行定价，报价最高者也不能获得配售，防止“人情报价”或盲目报高价。另外，提高网下配售的比例，限制网下配售的投资者家数，增加单个网下投资者的配售数量，加大报价申购的风险。这些措施都将有利于促进网下投资者审慎报价。
三是加强监管，威慑违规定价。监管部门将与自律组织开展协作，加强对报价、定价过程的监管，打击高报不买、高报少买、串通报价等行为。
新股发行不影响股市中长期走势
明年1月底前约50家企业完成相关程序
这位负责人说，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。
《意见》发布后，需要一个月左右时间进行相关准备工作，才会有公司完成相关程序。预计到2014年1月，约有50家企业能完成程序并陆续上市。目前排队申请发行的企业累计已达到760多家，预计完成这些企业的审核工作，需要一年左右的时间。
这位负责人说，市场也有观点认为，经过长期停发新股及财务专项检查，目前留下的在审企业都是好企业，大量资金等待炒作新股。需要提醒投资者，按照以信息披露为中心的要求，今后监管部门不对企业的盈利能力和投资价值作判断，本次改革针对新股炒作也制定了针对性措施，请广大投资者认真研判投资风险，审慎做出投资决策，不要盲目参与新股炒作。
（原标题：新一轮新股发行体制改革启动（政策解读））
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