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According to the CSRC's work plan for comprehensively deepening the implementation of the reform of the NEEQ, the NEEQ today announced the third batch of three business rules, including Rules for Stock Public Offerings to Unspecified Qualified Investors and Listing on the NEEQ Select (Trial) (hereinafter referred to as Rules for Stock Public Offerings), NEEQ Rules for Managing the Sponsorship Business for the Stock Public Offerings to Unspecified Qualified Investors (Trial) (hereinafter referred to as " Rules for Sponsorship Businesses") and NEEQ Rules for Management of Stock Public Offering and Underwriting to Unspecified Investors (Trial) (hereinafter referred to as Rules for Offering and Underwriting Management ). So far, the seven basic business rules for the comprehensive and deepening reform have been issued and implemented.
Rules for Stock Public Offerings have been publicly solicited for comments, and Rules for Sponsorship Businesses and Rules for Offering and Underwriting Management have solicited industry opinions. The NEEQ has carefully studied the opinions and suggestions put forward by various parties in the market, and revised and improved the relevant rules in line with the Measures on the Supervision and Management of Non-listed Public Companies and the Measures on the Information Disclosure of Non-listed Public Companies.
Rules for Stock Public Offerings draw on the concept of IPO registration system. Systematic regulations have been made aiming at the issuers, offering conditions, review procedures, application acceptance, offering review, offering and underwriting, entry into the NEE Select and related information disclosure in the public offering and listing business, the management of raised funds and the responsibilities of all parties. Compared with the draft, Rules for Stock Public Offerings have been adjusted and improved in the following three aspects: adjusting the scope of strategic allotment by disqualifying subsidiaries of sponsor institutions to participating in the strategic allotment; setting up differentiated restricted sales arrangements for strategic investors, the lock-up period is 12 months for issuer's executives and core employees, and 6 months for other investors in the strategic allotment; reserving space for margin purchase and purchase in other ways in the rules.
Rules for Sponsorship Businesses is based on the reality of the NEEQ, implements and refines all the sponsorship responsibilities and principle requirements stipulated by the CSRC. First, in accordance with the principle of due diligence of sponsors, issuers and other market entities, the method and content of the sponsor’s performance of duties were clarified, and the relevant violations of the sponsors, issuers, securities service agencies and other market entities and the types of applicable regulatory measures were specified. The second is to give full play to the role of sponsors as a “gatekeeper” in the capital market, and require sponsors to keep investors informed of major changes in the issuer’s operations by reviewing information disclosure document, issuing risk disclosure announcements, opinions, and disclosing special on-site verification reports. The third is to achieve an effective connection between the sponsorship system and the recognized securities company system to reduce market costs. The securities company to provide sponsorship services for the issuer and to provide the continuous supervision and guidance service shall be the same institution, or there is a controlling relationship among them; at the same time, it is clearly ensured that during the continuous supervision and guidance service, the sponsoring institution shall bear all the continuous supervision and guidance service responsibilities.
Rules for Offering and Underwriting Management fully draws on the experience of the domestic and foreign capital market stock offering and underwriting system, aligned with the characteristics of SMEs, and makes specific arrangements in pricing, subscription, allocation of shares, information disclosure; establishes market-oriented stock offering pricing mechanisms and standardized risk prevention and control mechanisms; strengthens the entire process supervision of the offering and underwriting, and strengthen investor protection by setting up red lines to suspend offering, optimizing information disclosure and investment risk disclosure.
The issuance and implementation of the business rules signifies that “stock public offerings to unspecified qualified investors and listing on the NEEQ Select” has been officially launched. All parties in the market can proceed to carry out related business accordingly. At present, in accordance with the requirements of the Central Economic Work Conference and the CSRC's 2020 Annual Work Conference, the NEEQ is making every effort to promote the smooth implementation and success of the comprehensive reform.