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Thursday, 11 June 2009
CSRC Final IPO Reform Rules To Take Effect June 11
The final rules will also seek to reduce the number of shares that carry a lock-up period, increasing the number of securities available for trading on the secondary market. It did not elaborate.
CSRC Final IPO Reform Rules To Take Effect June 11
The final rules will also seek to reduce the number of shares that carry a lock-up period, increasing the number of securities available for trading on the secondary market. It did not elaborate.
Caijing staff 11 June 2009
(Caijing.com.cn) The China Securities Regulatory Commission said its revised rules for reforming the country’s initial public offering system will take effect on June 11.
As previously reported, the new rules feature auction-based share issues intended to give small investors a better chance of acquiring shares and reducing the disparity between share offer prices and the prices achieved on the first day of trading.
The CSRC said on May 22 that the draft rules were open to public comment until June 5. The regulator said earlier it will lift the suspension of IPO approvals, in force since September 2008, soon after it finalizes the rules.
In a statement on its website on June 10, the regulator said it received 1,687 items of feedback on the draft rules. Changes made following the public comments include introducing a subscription quota of one block of shares for each investor on debut. The draft regulations limit share subscriptions based on investor accounts, but the rules were revised as a single investor may hold several accounts under his or her name.
The final rules will also seek to reduce the number of shares that carry a lock-up period, increasing the number of securities available for trading on the secondary market. It did not elaborate.
The CSRC confirmed that online share subscriptions will be limited to a maximum 0.1 percent of the total share issue. The move is an attempt to limit the size of subscriptions by institutional investors and open up the IPO process to smaller investors, since institutional investors are able to bid for shares either on the internet or offline, while retail investors must bid online.
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CSRC Final IPO Reform Rules To Take Effect June 11
The final rules will also seek to reduce the number of shares that carry a lock-up period, increasing the number of securities available for trading on the secondary market. It did not elaborate.
Caijing staff
11 June 2009
(Caijing.com.cn) The China Securities Regulatory Commission said its revised rules for reforming the country’s initial public offering system will take effect on June 11.
As previously reported, the new rules feature auction-based share issues intended to give small investors a better chance of acquiring shares and reducing the disparity between share offer prices and the prices achieved on the first day of trading.
The CSRC said on May 22 that the draft rules were open to public comment until June 5. The regulator said earlier it will lift the suspension of IPO approvals, in force since September 2008, soon after it finalizes the rules.
In a statement on its website on June 10, the regulator said it received 1,687 items of feedback on the draft rules. Changes made following the public comments include introducing a subscription quota of one block of shares for each investor on debut. The draft regulations limit share subscriptions based on investor accounts, but the rules were revised as a single investor may hold several accounts under his or her name.
The final rules will also seek to reduce the number of shares that carry a lock-up period, increasing the number of securities available for trading on the secondary market. It did not elaborate.
The CSRC confirmed that online share subscriptions will be limited to a maximum 0.1 percent of the total share issue. The move is an attempt to limit the size of subscriptions by institutional investors and open up the IPO process to smaller investors, since institutional investors are able to bid for shares either on the internet or offline, while retail investors must bid online.
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