SFC Strictly Scrutinized The Necessity Of IPO Financing

< p > "the SFC recommends that the issuer determine the total amount of the funds raised according to the actual situation and needs."

A sponsor who passed the meeting said recently they had been communicating with the Issuer on the issue materials and the issuing department of the securities and Futures Commission, mainly focusing on the amount of money raised, the sale of the old shares and the issue price.

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< p > this has also been confirmed by many investment bankers.

Securities Times reporter learned that, following the previous more than 10 enterprises will follow the regulatory requirements of the supplementary seal, the SFC issued a notice again last week to other enterprises that have already passed the trial, and stressed that one of the contents is that the issuer needs to reconfirm that "quantity and items in the issue documents are really needed."

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< p > < < a href= > //www.sjfzxm.com/news/index_c.asp > > < < /a > > perfecting the relevant measures of the IPO reform, appropriately relaxing the restrictions on the use of the raised funds and strengthening the information disclosure of the rationality of the collection fund.

The amount of new stock raising is no longer mandatory with the capital demand of investment projects, but it is necessary to strictly examine the rationality and necessity of raising funds according to the industry characteristics, scale of operation and financial situation.

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P sponsors pointed out that the regulatory authorities did not expressly prohibit the oversubscription or the sale of < a href= "//www.sjfzxm.com/news/index_c.asp" > the old stock < /a >. However, judging from the situation of many communication, the regulators were very concerned about the issue price, the amount of fund-raising and the proportion of the pfer of the old shares, and suggested that the issuer should determine the amount of fund-raising from the actual demand, not to set up the proportion of the pfer of the old shares substantially, and that the P / E ratio should not deviate too much from the average level of the industry.

In view of this, there will be a big difference between the final approval scheme and the pre disclosure information of the enterprise.

Some investment bankers have told reporters that some sponsors have submitted the issuance plan according to the new requirements.

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< p > the sponsor expects that the high issue price and high P / E ratio of "a href=" //www.sjfzxm.com/news/index_c.asp "market concern /a" may be improved in the current round of IPO.

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< p > at present, there are 43 enterprises that have passed the trial conference, many of which have supplemented the seals according to the requirements of the SFC. With the issuance of supporting measures for the IPO, the issuance of the approval is only a matter of time.

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< p > there is a lot of uncertainty factors including stock index performance, such as a sponsor representative who has already announced the renewal of the project. The regulators may choose the right time to issue the approval according to the preparation of the issuer.

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< p > at the same time, 455 enterprises have made pre disclosure or pre disclosure updates, accounting for more than 70% of the total number of queuing enterprises.

As of June 5th, the number of queuing enterprises in the trial was 619, with 249 main board queuing enterprises, 153 small and medium-sized board queuing enterprises, and 217 enterprise queuing enterprises.

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< p > in addition, the termination of censorship is also increasing. Only last week, 3 companies left the first line of queues. They were Limited by Share Ltd of Qingdao Wu Xiao group, Guangxi Nancheng department store Limited by Share Ltd and tulip advertising communication (Shanghai) Limited by Share Ltd.

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