Gaogong LED reporter learned from relevant channels that since February 1 this year, according to the arrangement of the CSRC, the IPO issuer will disclose the pre-disclosure time five days before the previous review meeting, one before the trial meeting. Around the month, the CSRC will announce the list of companies under review. This means that all parties in the market will have sufficient time to conduct analytical research and supervision of the proposed initial public offering (IPO) company.
On December 30 last year, the Issuance Department of the China Securities Regulatory Commission and the GEM Department jointly issued the "Notice on Adjusting the Advance Disclosure Time" and asked the issuer to advance the advance disclosure time before the feedback was implemented before the preliminary review meeting. The notice will be implemented as of February 1, 2012. At the same time as the implementation of the notice, the CSRC will announce the list of enterprises in the trial, and the list of newly accepted enterprises will be announced as soon as possible.
It is reported that a proposed IPO company will report from the submission of materials to the audit committee for a period of about 3 to 6 months. From the process point of view, the company will generally include five steps including application file acceptance, meeting, feedback, preliminary review meeting and audit meeting. Since the implementation of the pre-disclosure system in 2005, many companies were finally rejected by the IEC for being found by investors and the media before the meeting.
A relevant person from the Zheshang Securities Investment Bank said that the pre-disclosure time is about one month ahead of schedule, and the supervision of the media and investors will definitely be strengthened. Some of the proposed IPO companies will face more stringent supervision and the pressure on the sponsors will be greater and greater. This is conducive to the improvement of the quality of listed companies.
The person in charge of the relevant department of the CSRC also previously stated that the advance of the pre-disclosure time further strengthens the public's supervisory role in issuing applicants, and facilitates the public to more effectively supervise the issuance review. After the advance disclosure time is advanced, the issuer, the intermediary agency and the public can understand the situation of the enterprise in question earlier, and supervise whether the audit department conducts the audit according to procedures. The advance of the pre-disclosure time helps to strengthen the legal responsibility of the prospectus and the supervision of intermediaries.
In addition to the disclosure time, the notice also requires the application materials such as the prospectus. The notice clearly states that the sponsor institution shall perform the verification obligation according to the issuer's prospectus and other application documents, and urge the issuer to disclose the information in a true, accurate and complete manner, and avoid the advertising tendency of the contents of the prospectus. The above investment bank said that after the implementation of the notice, the investment bank will be more cautious about verifying the contents of the prospectus.
It is understood that while the SFC will implement the pre-disclosure new policy, it will also announce the list of enterprises under review, and the list of newly accepted enterprises will be announced as soon as possible. At the same time, the CSRC will continue to pay attention to the implementation of the Notice, timely evaluate and summarize, and gradually improve the pre-disclosure system and the open system of information related to the issuance of audit work, and continuously improve the transparency of the issuance review work.
The person in charge of the IPO business unit of the High-tech LED Industry Research Institute told reporters: "The CSRC's move puts forward higher requirements for the accuracy and authority of the prospectus of listed companies in the future. In the past, the market research report of traditional consulting organizations will be shoddy. Gradually eliminated from the market. The introduction of this new IPO regulation will undoubtedly provide greater market opportunities for professional consulting organizations that focus on several industry sectors."
On December 30 last year, the Issuance Department of the China Securities Regulatory Commission and the GEM Department jointly issued the "Notice on Adjusting the Advance Disclosure Time" and asked the issuer to advance the advance disclosure time before the feedback was implemented before the preliminary review meeting. The notice will be implemented as of February 1, 2012. At the same time as the implementation of the notice, the CSRC will announce the list of enterprises in the trial, and the list of newly accepted enterprises will be announced as soon as possible.
It is reported that a proposed IPO company will report from the submission of materials to the audit committee for a period of about 3 to 6 months. From the process point of view, the company will generally include five steps including application file acceptance, meeting, feedback, preliminary review meeting and audit meeting. Since the implementation of the pre-disclosure system in 2005, many companies were finally rejected by the IEC for being found by investors and the media before the meeting.
A relevant person from the Zheshang Securities Investment Bank said that the pre-disclosure time is about one month ahead of schedule, and the supervision of the media and investors will definitely be strengthened. Some of the proposed IPO companies will face more stringent supervision and the pressure on the sponsors will be greater and greater. This is conducive to the improvement of the quality of listed companies.
The person in charge of the relevant department of the CSRC also previously stated that the advance of the pre-disclosure time further strengthens the public's supervisory role in issuing applicants, and facilitates the public to more effectively supervise the issuance review. After the advance disclosure time is advanced, the issuer, the intermediary agency and the public can understand the situation of the enterprise in question earlier, and supervise whether the audit department conducts the audit according to procedures. The advance of the pre-disclosure time helps to strengthen the legal responsibility of the prospectus and the supervision of intermediaries.
In addition to the disclosure time, the notice also requires the application materials such as the prospectus. The notice clearly states that the sponsor institution shall perform the verification obligation according to the issuer's prospectus and other application documents, and urge the issuer to disclose the information in a true, accurate and complete manner, and avoid the advertising tendency of the contents of the prospectus. The above investment bank said that after the implementation of the notice, the investment bank will be more cautious about verifying the contents of the prospectus.
It is understood that while the SFC will implement the pre-disclosure new policy, it will also announce the list of enterprises under review, and the list of newly accepted enterprises will be announced as soon as possible. At the same time, the CSRC will continue to pay attention to the implementation of the Notice, timely evaluate and summarize, and gradually improve the pre-disclosure system and the open system of information related to the issuance of audit work, and continuously improve the transparency of the issuance review work.
The person in charge of the IPO business unit of the High-tech LED Industry Research Institute told reporters: "The CSRC's move puts forward higher requirements for the accuracy and authority of the prospectus of listed companies in the future. In the past, the market research report of traditional consulting organizations will be shoddy. Gradually eliminated from the market. The introduction of this new IPO regulation will undoubtedly provide greater market opportunities for professional consulting organizations that focus on several industry sectors."
Stainless Steel Thin Wall Tube
Stainless Steel Thin Wall Tube,Disposable SS Thin Wall Tube For Laboratory,Medical Stainless Steel Thin Wall Tube,High Precision Stainless Steel Thin Wall Tube
ShenZhen Haofa Metal Precision Parts Technology Co., Ltd. , https://www.haofametal.com