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Decision of the China Securities Regulatory Commission on Amending the Measures for the Administration of the Offering and Underwriting of Securities (2014) [Effective]
中国证券监督管理委员会关于修改《证券发行与承销管理办法》的决定(2014) [现行有效]
【法宝引证码】

 

Order of the China Securities Regulatory Commission 

中国证券监督管理委员会令

(No. 98) (第98号)

The Decision on Amending the Measures for the Administration of the Offering and Underwriting of Securities, as deliberated and adopted at the 30th chairman's executive meeting of the China Securities Regulatory Commission on March 18, 2014, is hereby issued, and shall come into force on the date of issuance. 关于修改〈证券发行与承销管理办法〉的决定》已经2014年3月18日中国证券监督管理委员会第30次主席办公会议审议通过,现予公布,自公布之日起施行。
Chairman of the China Securities Regulatory Commission: Xiao Gang 中国证券监督管理委员会主席:肖钢
March 21, 2014 2014年3月21日
Decision on Amending the Measures for the Administration of the Offering and Underwriting of Securities 关于修改《证券发行与承销管理办法》的决定
I. One article is added as Article 5: “In an IPO of stock, investors under the placing tranche must have abundant investment experience and good pricing abilities, and shall accept the self-regulation by and comply with the self-regulatory rules of the Securities Association of China.   一、增加一条,作为第五条:“首次公开发行股票,网下投资者须具备丰富的投资经验和良好的定价能力,应当接受中国证券业协会的自律管理,遵守中国证券业协会的自律规则。
“When investors under the placing tranche participate in the bidding process, they shall hold certain amounts of shares without any trading restriction. The issuer and the lead underwriter may set specific conditions for investors under the placing tranche according to the self-regulatory rules, and make pre-disclosure of such conditions in the issue announcement. The lead underwriter shall check whether investors under the placing tranche satisfy the pre-disclosed conditions, and refuse or exclude bids from unqualified ones.” “网下投资者参与报价时,应当持有一定金额的非限售股份。发行人和主承销商可以根据自律规则,设置网下投资者的具体条件,并在发行公告中预先披露。主承销商应当对网下投资者是否符合预先披露的条件进行核查,对不符合条件的投资者,应当拒绝或剔除其报价。”
II. Article 5 is renumbered as Article 6, and paragraph 2 is amended to read: “The bids from investors under the placing tranche shall contain the price per share and the corresponding number of shares subscribed for, and each investor may submit one bid only. Bids from non-individual investors shall be submitted by institutions. After the issue price (or price range) of the stock in an IPO is determined, only investors that have submitted valid bids may participate in the subscription.”   二、第五条改为第六条,第二款修改为:“网下投资者报价应当包含每股价格和该价格对应的拟申购股数,且只能有一个报价。非个人投资者应当以机构为单位进行报价。首次公开发行股票价格(或发行价格区间)确定后,提供有效报价的投资者方可参与申购。
III. Article 6 is renumbered as Article 7, and paragraphs 2 and 3 are combined and amended to read: “If the number of publicly offered shares is 400 million or less, the number of investors with valid bids shall not be less than 10; or if the number of publicly offered shares is more than 400 million, the number of investors with valid bids shall not be less than 20. If the number of investors with valid bids is not sufficient after the portion with the highest bids is excluded, the stock issue shall be suspended.”   三、第六条改为第七条,第二款和第三款合并,修改为:“公开发行股票数量在4亿股(含)以下的,有效报价投资者的数量不少于10家;公开发行股票数量在4亿股以上的,有效报价投资者的数量不少于20家。剔除最高报价部分后有效报价投资者数量不足的,应当中止发行。”
IV. Article 8 is deleted.   四、删除第八条。
V. Paragraph 1 of Article 9 is divided into paragraphs 1 and 2 and amended to read: “If the total number of shares is 400 million or less after an IPO, the initial size of the placing tranche shall account for not less than 60% of shares in the public offering; or if the total number of shares exceeds 400 million, the initial size of the placing tranche shall account for not less than 70% of shares in the public offering. In particular, not less than 40% of shares offered under the placing tranche shall be placed with securities investment funds established by public offering (hereinafter referred to as “publicly offered funds”) and social security funds under the management of investment management institutions for social security funds (hereinafter referred to as “social security funds”), and a certain percentage of the stock shall be placed with enterprise annuity funds established in accordance with the Measures for the Administration of Enterprise Annuity Funds and insurance funds that satisfy the provisions of the Interim Measures for the Administration of the Application of Insurance Funds and other relevant provisions (hereinafter referred to as the “insurance funds”). If the amount of valid subscriptions from the publicly offered funds, social security funds, enterprise annuity funds, and insurance funds is less than the number of shares allocated, the issuer and the lead underwriter may place the remaining shares with other qualified investors under the placing tranche.
......
   五、第九条第一款改为第一款、第二款,修改为:“首次公开发行股票后总股本4亿股(含)以下的,网下初始发行比例不低于本次公开发行股票数量的60%;发行后总股本超过4亿股的,网下初始发行比例不低于本次公开发行股票数量的70%。其中,应安排不低于本次网下发行股票数量的40%向通过公开募集方式设立的证券投资基金(以下简称公募基金)和社保基金投资管理人管理的社会保障基金(以下简称社保基金)配售,安排一定比例的股票向根据《企业年金基金管理办法》设立的企业年金基金和符合《保险资金运用管理暂行办法》等相关规定的保险资金(以下简称保险资金)配售。公募基金、社保基金、企业年金基金和保险资金有效申购不足安排数量的,发行人和主承销商可以向其他符合条件的网下投资者配售剩余部分。
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