At the same time, it is also suggested that enterprises that issue less than 80 million shares and expect to raise less than 654.38+0.5 billion yuan should simplify their issuance and not arrange strategic placement. According to statistics, the number of declared entrepreneurs who plan to publicly issue more than 80 million shares or expect to raise a total of 65.438+0.5 billion yuan currently accounts for about 65.438+0.6%.
Although it can still operate according to the original market value threshold of positions, the number of enterprises that can participate in strategic placement has decreased significantly. The relevant person in charge of the E Fund said that companies with small issuance scale can invest in war with fewer shares, resulting in a small number of public strategic placement funds; Such companies do not introduce war investment at the beginning, which will not have much impact on the public offering of strategic placement funds. With the stable operation of science and technology innovation board, more rational investor behavior and more reasonable pricing, relaxing the scale limit of introducing war investment is more conducive to the participation of publicly issued strategic placing funds.
Ensure the initial smooth operation.
The Self-discipline Committee of Science and Technology Innovation Board put forward three initiatives.
First, it is suggested that, except for closed-end operating funds with science and technology themes and closed-end operating strategic allotment funds, the market value threshold of other offline investors and allotment accounts managed by them should not be less than 60 million yuan, and the public offering, social security funds, pensions, insurance funds, enterprise annuity funds and qualified foreign investor funds should be given priority. At the same time, it is suggested to draw 65,438+00% accounts from six types of medium-and long-term capital objects by lottery, and the winning account manager promises that the winning account will lock the shares for a period of 6 months from the date of listing of spontaneous pedestrian shares.
Secondly, it is suggested that the initial public offering of shares is less than 80 million shares, and the total amount of funds raised is expected to be less than 654.38+0.5 billion yuan, and the issue price can be directly determined through preliminary inquiry. It is not excluded that the relevant subsidiaries of the sponsor institutions participate in strategic placements other than strategic placements through special asset management plans, and do not adopt the option of over-allotment.
Thirdly, it is suggested that the brokerage commission rate charged to strategic investors and offline investors should be determined by underwriters within the range of 0.08%-0.5%.
The above-mentioned person in charge of the E Fund said that a number of measures, such as introducing medium-and long-term institutional investors and simplifying the operation of issuance and listing, are aimed at guiding large-scale long-term institutional investors to exert their professional abilities and promote reasonable valuation and pricing from the perspective of maintaining market stability and protecting the interests of small and medium-sized investors, so as to ensure the smooth launch and steady operation of the science and technology innovation board and avoid the risk of large price fluctuations in the initial market.
Regarding the effectiveness of this initiative, the person in charge predicted that during the implementation process, especially in the initial stage of the opening of the science and technology innovation board, the above suggestions will continuously and dynamically monitor whether the issue price is reasonable and whether the trading behavior is stable, and at the same time closely observe and evaluate the investor structure, and combine the phased measures in the market environment adjustment, revision and improvement initiative to promote the gradual maturity, rationality and stability of the market ecology.
Limited impact on public offering of strategic placement funds
At present, according to the information statistics disclosed by 1 19 science and technology innovation board companies, 100 companies are expected to issue less than 80 million shares, and the amount of funds raised is expected to be less than 654,380.5 million yuan. If 80% or 90% of enterprises cannot enter the strategic placement, how will the public offering strategic placement foundation be affected?
In this regard, the above-mentioned person in charge of the E Fund said that companies with smaller issuance scale can invest in war with fewer shares, and the number of public offering strategic placement funds is also small. Therefore, the proposal of the self-discipline Committee will not have much impact on the public offering of strategic placement funds. It is also pointed out that after the launch of the science and technology innovation board for a period of time, when the operation tends to be stable, investors' behavior is more rational and pricing is more reasonable, relaxing the scale restrictions on the introduction of war investment will be more conducive to the better participation of publicly raised strategic placing funds.
Regarding the proposal of this initiative, the person in charge believes that at present, it is in the initial stage of the new regulations for scientific and technological innovation, the industry norms have not yet taken shape, and the distribution mechanism is still in the exploratory stage. If the new shares with small circulation are strategically placed, it may have a certain impact and impact on the liquidity of the secondary market. It is mentioned in the initiative that the raised funds are less than 80 million yuan, and it is estimated that the raised funds are less than 654.38+0.5 billion yuan, so it is unnecessary to introduce war investment measures. On the one hand, it can ensure the efficient and stable operation of the market, on the other hand, it can also take into account the liquidity of the market. In the future, we can consider further relaxing the entry threshold and adopting a more market-oriented management model on the premise that the investor structure is gradually mature and the market pricing is more reasonable.
Theway, assistant general manager of cathay pacific fund, also told CBN that reducing the proportion of strategic placement for projects with 80 million shares circulation and estimated fundraising amount below 654.38+0.5 billion yuan can increase the liquidity of the secondary market and facilitate the smooth operation of secondary market transactions.
"This kind of project is not to say that strategic investors cannot be introduced, but that other types of strategic investors will not be introduced in the early stage of the establishment of the Science and Technology Innovation Board, but sponsors, executives and core employees can still participate in the shareholding plan. According to the relevant regulations, the contribution ratio of promoters is between 2% and 5%, and the contribution ratio of senior management and core employee stock ownership plans does not exceed 65,438+00%. " Theway also said that the above measures have basically no impact on the reporting enterprises. The issuer's valuation pricing is decided by institutional investors who participate in offline inquiry, and strategic investors passively accept the price, so it has no influence on valuation pricing.