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Decision of the China Securities Regulatory Commission to Amend the Measures for the Administration of the Offering and Underwriting of Securities (2017) [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(2017) [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. 135) (第135号)

The Decision to Amend the Measures for the Administration of the Offering and Underwriting of Securities, as deliberated and adopted at the 5th chairman's executive meeting of the China Securities Regulatory Commission on August 28, 2017, 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2017年8月28日中国证券监督管理委员会2017年第5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: Liu Shiyu 中国证券监督管理委员会主席:刘士余
September 8, 2017 2017年9月8日
Decision to Amend 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. Paragraphs 2 and 3 of Article 9 are amended to read: “Where the manner of book building is adopted in an IPO of stock, if the total number of shares is 400 million or less after the public offering, 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 after the public offering 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 first placed with securities investment funds established by public offering (hereinafter referred to as “publicly offered funds”), the National Social Security Fund (hereinafter referred to as “social security fund”) and basic pension insurance funds (hereinafter referred to as “pensions”), 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 requirements 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 fund, pensions, 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.”
......
   一、第九条第二款、第三款修改为:“首次公开发行股票采用询价方式的,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,应当安排不低于本次网下发行股票数量的40%优先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)、全国社会保障基金(以下简称社保基金)和基本养老保险基金(以下简称养老金)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、养老金、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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