According to the Measures for the Administration of Securities Issuance and Underwriting recently revised by the CSRC, if the number of initial public offerings is more than 400 million shares, strategic investors can be placed with shares, and it is stipulated that strategic investors will not participate in offline inquiry and promise to hold shares for no less than 12 months.
Extended data:
Reorganize state-owned enterprises through strategic layout;
1, the core of the reform is restructuring, the premise of restructuring is to introduce strategic investors, and the purpose of attracting investment is to become bigger and stronger. It is said that the premise of reorganization is to attract investment and introduce strategic investors. Through state analysis, it is found that this is because: firstly, it is determined by the purpose of restructuring local state-owned enterprises. The purpose of reorganization is not to sell at once, nor to simply unload the burden.
2, fundamentally speaking, it is to focus on becoming bigger and stronger. After several years of reform, most small and medium-sized state-owned enterprises have been restructured, and now there are more than 400 large and medium-sized enterprises left. Its assets account for about 79.3% of the total industrial assets above designated size in the province.
3. For these large and medium-sized state-owned enterprises with huge assets and extremely important strategic position in the province's economy, there are different disadvantages in realizing diversification of property rights, relying on internal employees to buy shares or management to buy out, or selling part of their net assets, or even engaging in step-by-step restructuring.
4. Compared with the huge stock assets of the enterprise, a small number of insiders invest in shares, and the increment is limited. Its property right structure, governance structure and insider control mode remain unchanged. In particular, this fund is really a drop in the bucket for the huge capital demand of enterprises to expand their scale, improve their operating conditions and enhance their market competitiveness.
Baidu Encyclopedia-Strategic Investor