When the IPO resumes, new shares will be issued, and investors can start subscribing for new shares again.

The 50 companies in January are the first batch of new stocks issued and listed this year. The current IPO has not yet restarted is for the period from January to now. The management will summarize and fine-tune the problems that have arisen in the first batch of new stocks listed.

The subsequent issuance system.

The China Securities Regulatory Commission issued five measures to improve the reform of new share issuance on March 24, 2014: First, further optimize the old share transfer system.

Appropriately relax restrictions on the use of raised funds and strengthen information disclosure on the rationality of raised funds.

The amount of funds raised through the issuance of new shares is no longer compulsorily linked to the capital demand of the investment project, but the rationality and necessity of the funds raised must be strictly reviewed based on factors such as the industry characteristics, business scale, and financial status of the enterprise.

The number of old shares transferred shall not exceed the number of allotted shares obtained by investors who voluntarily set a lock-up period of 12 months or more.

There must be no improper interest arrangements such as financial assistance between the issuer, shareholders transferring old shares and relevant offline investors.

The second is to standardize offline inquiry and pricing behaviors.

It is stipulated that offline investors must hold non-restricted shares with a market value of no less than 10 million yuan.

The Securities Association has detailed in its self-regulatory rules that offline investors need to have rich investment experience and pricing capabilities, etc., and those who do not have pricing capabilities, fail to quote prudently, and have violated regulations during the inquiry process will be included in the "blacklist"

List" and published regularly to promote the formation of a team of investors with higher pricing power.

The third is to further meet the subscription needs of small and medium investors.

Increase the level of callback from offline to online. If the effective online subscription multiple exceeds 150 times, the amount reserved offline is required to not exceed 10% of the public issuance, and the rest will be callback online.

At the same time, offline allotments are further tilted towards public institutions. On the basis of the current priority allotment of 40% of stocks to public offerings and social security funds, issuers and underwriters are required to arrange for a certain proportion of stocks to be prioritized for insurance (Quotes Zone)

Funds and corporate annuities.

The fourth is to strengthen the supervision of allotment activities.

Strengthen normative requirements, prohibit placement of related parties, and prohibit lead underwriters from placing placements with institutions or individuals with which they have sponsorship or underwriting business cooperation relationships.

It is stipulated that the allotment ratio of public investment funds and other public investment institutions should not be lower than that of other investors.

When conducting independent placement offline, the underwriters should allocate the same proportion to similar investors.

The fifth is to further strengthen supervision during and after the event.

If suspected violations of laws and regulations or abnormal circumstances are discovered after the issuance and underwriting process is implemented, the issuer and underwriters shall be ordered to suspend or suspend the issuance, and relevant matters shall be investigated and dealt with.

Establish a regular spot inspection mechanism and intensify inspections during and after events.

In the underwriting methods, it is further clarified that issuers and lead underwriters are not allowed to leak inquiry and pricing information, and the crackdown on bid-rigging behavior will be intensified.

The Securities Association will also take relevant self-regulatory measures to strengthen supervision and inspection.

On April 10, Xiao Gang, chairman of the China Securities Regulatory Commission, responded to the issue of IPO suspension that has attracted media attention. He said that the issuance of new shares has not stopped, but it has stopped naturally because companies concentrated on issuing annual reports. "When the annual reports of listed companies come out one after another, (new share issuance

) will follow the procedures.” As for when the IPO will be restarted, the industry believes that the time is difficult to determine.

Previously, on April 4, some media reported that the Securities Association of China issued the "Details for the Registration and Management of Offline Investors in Initial Public Offerings of Stocks" and the "Details for the Independent Placement of Initial Public Offerings" to various securities companies. The above documents solicited opinions.

The deadline is April 14, and one of the necessary conditions for the restart of new share issuance is the release of new share supporting details.

Industry insiders said that recently, underwriters and inquiry agencies have submitted a lot of feedback to the association. The association needs to revise the relevant rules based on the feedback, and it is expected that the decision will not be finalized until late April at the earliest.

It is therefore expected that new share issuance will restart in May.