CSRC: Adjusting the proportion of high-priced new stock exclusions in the pilot of the Science and Technology Innovation Board

Golden Ten Data June 19, China Securities Regulatory Commission: Carry out the pilot of deepening the issuance underwriting system. Optimize the pricing mechanism for new stock issuance, and adjust the proportion of high price exclusion for new stock pricing on the Science and Technology Innovation Board on a pilot basis. Improve the market capitalization placement arrangements for new stocks on the Science and Technology Innovation Board, and increase the market capitalization requirements for offline investors to hold stocks on the Science and Technology Innovation Board. In the pilot of the Science and Technology Innovation Board, offline investment institutions with a higher lock-up ratio and a longer lock-up period for the public issuance of shares of unprofitable enterprises will be subject to a corresponding increase in their placement ratio. Strengthen the supervision of quotation inquiry, study the establishment of a “allowlist” system for offline professional investors, and strictly adopt measures such as qualification restrictions for institutions with frequent high quotations.