The Shanghai Stock Exchange issued a notice on June 8 that the Self-Discipline Committee for the Public Offering of Stocks on the Science and Technology Innovation Board (hereinafter referred to as the "Self-Discipline Committee") recently held a working meeting to put forward a number of initiatives and suggestions on the issuance and underwriting of stocks on the Science and Technology Innovation Board.

It includes suggestions to increase the market value threshold for six types of "medium and long-term capital" accounts to participate in offline inquiry and allotment to 60 million, and randomly select 10% of the "medium and long-term capital" accounts allocated offline to lock.

Exceptions include science and technology-themed closed-operation funds and closed-operation strategic placement funds.

At the same time, it is also recommended that companies that issue less than 80 million shares and are expected to raise less than 1.5 billion yuan in total funds should implement simplified issuance and not arrange strategic placements.

According to statistics, the number of declared entrepreneurs who plan to publicly issue more than 80 million shares or are expected to raise a total of 1.5 billion yuan currently accounts for about 16%.

Although it can still operate according to the original position market value threshold, the number of companies that can participate in strategic placements has been significantly reduced.

The relevant person in charge of E Fund said that companies with smaller issuance scale have fewer shares that can be used for strategic investment, resulting in a small number of public strategic placement funds; such companies do not introduce strategic investment in the early stage and will not invest in public offerings.

Strategic placement funds have had too great an impact.

As the Science and Technology Innovation Board operates stably, investor behavior becomes more rational, and pricing becomes more reasonable, relaxing the scale restrictions on the introduction of strategic investments will be more conducive to the participation of public strategic placement funds.

To ensure smooth operation in the early stage, the Self-Discipline Committee of the Science and Technology Innovation Board proposed three initiatives.

First, it is recommended that in addition to science and technology themed closed-operation funds and closed-operation strategic placement funds, other offline investors and the placement target accounts they manage must have a market capitalization threshold of no less than 60 million yuan, and the arrangements for issuance of stocks offline are no less than

70% of the amount will be allocated first to six types of medium and long-term capital objects, including public offerings, social security funds, pensions, insurance funds, corporate annuity funds and qualified foreign investor funds.

At the same time, it is recommended to select 10% of the accounts of six types of medium and long-term capital objects through lottery. The managers of the winning accounts promise to lock the shares allocated to the winning accounts, and the holding period is 6 months from the date of listing of the issuer's stocks.

Second, it is recommended that companies with an initial public offering of less than 80 million shares and expected total raised funds of less than 1.5 billion yuan directly determine the issuance price through preliminary inquiry, and do not exclude relevant subsidiaries of the sponsor institution from following the investment and senior managers and core employees.

Participate in other strategic placements other than strategic placements through special asset management plans, and do not use over-allotment options, etc.

Third, it is recommended that the brokerage commission rate charged to strategic investors and offline investors be independently determined by the underwriter within the range of 0.08% to 0.5%.

The above-mentioned person in charge of E Fund said that various measures such as introducing medium and long-term institutional investors and simplifying issuance and listing operations are aimed at guiding large-scale long-term institutional investors to exert their professional capabilities and promote reasonable valuation and protection from the perspective of maintaining market stability and protecting the interests of small and medium-sized investors.

Rationally set prices to ensure the smooth launch and robust operation of the Science and Technology Innovation Board and avoid the risk of severe price fluctuations in the early stages of the market.

Regarding the effectiveness of this initiative, the person in charge expected that during the implementation process, especially in the early stages of the launch of the Science and Technology Innovation Board, the person in charge will continue to dynamically monitor whether the issuance price is reasonable and whether the trading behavior is stable, and at the same time closely observe and evaluate the investor structure.

, adjust, revise and improve the phased measures in the initiative in light of the market environment, thereby promoting the gradual maturity, rationality and stability of the market ecology.

Limited impact on public strategic placement funds Currently, according to information statistics disclosed by 119 companies accepted by the Science and Technology Innovation Board, 100 are expected to issue less than 80 million shares and the expected amount of funds raised is less than 1.5 billion yuan.

If 80% to 90% of companies cannot enter strategic placement, how will the booming public strategic placement funds be affected?

In this regard, the above-mentioned person in charge of E Fund stated that companies with smaller issuance scales have fewer shares that can be used for strategic investment, and the number of shares allocated to public strategic placement funds is not large.

Therefore, this recommendation from the Self-Discipline Commission will not have much impact on public strategic placement funds.

It also pointed out that after a period of time after the launch of the Science and Technology Innovation Board, when operations become increasingly stable, investor behavior becomes more rational, and pricing becomes more reasonable, relaxing the scale restrictions on the introduction of strategic investment will be more conducive to better public placement strategic placement funds.

participate.

Regarding the proposal of this initiative, the person in charge believes that it is currently in the early stage of the implementation of the new science and technology innovation regulations, the industry standards have not yet been formed, and the issuance mechanism is still in the exploratory stage.

The placement may have a certain impact on the liquidity of the secondary market.

The initiative mentions that strategic investment cannot be introduced if the amount is less than 80 million yuan and the estimated amount of funds raised is less than 1.5 billion yuan. On the one hand, it can ensure the efficient and stable operation of the market, and on the other hand, it can also take into account market liquidity. In the future, it can be considered in the investor structure

Under the premise of gradually maturing and market pricing becoming more reasonable, the entry threshold will be further relaxed and a more market-oriented management model will be adopted.