In order to further regulate the underwriters' participation in the listing of companies on the New Third Board selection layer, the China Securities Association issued the "Specifications for the Public Offering of Non-listed Public Companies and Listing on the New Third Board Selection Underwriting Business" on the evening of May 19 (hereinafter referred to as "Underwriting Business Regulations"), effective from the date of promulgation, the China Securities Association’s self-regulatory requirements for the underwriting of new third board stocks by securities companies are generally consistent with the rules of the Science and Technology Board, and aim at the characteristics of enterprises that intend to enter the selected layer and The NEEQ is issued in different ways, and a differentiated underwriting code of conduct has been formulated.
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Specifically, one is to further strengthen the internal control of the issuance and underwriting business, supplementing and perfecting the prohibitive actions of the underwriters and related personnel in the issuance underwriting work, and clarifying the bidding price in accordance with the characteristics of the issuance mechanism such as inquiry issuance, direct pricing issuance, and auction issuance. Compliance review procedures for investment value research reports at the time of issuance.
The second is to clarify the roadshow promotion requirements for different issuance methods such as inquiry, direct pricing, and bidding. In addition to using the Internet and other methods to promote public roadshows to investors, the inquiry issuance can also be registered with the Economic Association by on-site, telephone, video conference, etc. 2. Off-line investors who meet the conditions stipulated by the Association and have opened the trading rights of the selected layer of the national stock transfer system for roadshow promotion.
The third is to consider that the New Third Board mainly serves the market positioning of innovation, entrepreneurship and growing small and medium-sized enterprises, further strengthen the specification of investment value research reports, and report content, industry classification, comparable companies, risk warnings and risk factor analysis, valuation Methods and conclusions put forward more clear requirements.
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In the "Underwriting Business Specification", Chapter 4 is the investment value research report, which contains 8 specific contents. It is understood that within 10 days from the date of public offering of shares and listing on the select layer, the lead underwriter shall submit an investment value research report to the China Securities Association. In addition, the China Securities Association pointed out that the underwriting business of stocks that are publicly issued and listed on the selected layer is subject to the "Underwriting Business Specification". If the "Underwriting Business Specification" does not provide for it, refer to the "Technology Board Initial Public Offering Underwriting Business Specification" Such rules shall be implemented unless otherwise specified by the National SME Share Transfer System Co., Ltd.
Investment and financing expert Xu Xiaoheng said in an interview with reporters that the selective landing of underwriting business norms can promote the implementation of underwriting responsibilities of securities companies, enhance the asset pricing and sales capabilities of the New Third Board market, and better serve the sustainable financing development of SMEs.
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