The hottest IPO registration system will be offici

The IPO registration system will be officially implemented before the end of next year

the IPO registration system will be officially implemented before the end of next year

December 15, 2014

[China paint information] at present, there are about 670 companies that have submitted materials, and there is too much backlog of materials. It is expected that new application materials will not be approved within one and a half to two years. If the submission materials have not been submitted, it is recommended to list abroad or on the new third board

it was learned from informed sources close to the management department, The new rules of IPO reform have been basically settled, and the IPO registration system will be finally realized through three steps. The first step is to launch the registration system reform plan in 2014; The second step is to publish the revised new securities law in 2015; The third hp-rtm process is through a first step of mixing, 20 as an upgraded and improved product of the vertical experimental machine, and the registration system will be officially implemented before the end of 15 years. At present, there are about 670 companies that have submitted materials. It is expected that the new application materials will not be approved within one and a half to two years. If the submission materials have not been submitted, it is suggested to list overseas or on the new third board

the main contents of the new reform regulations include: the development and Examination Commission will no longer judge the company's sustainable profitability, and cancel the restriction that the original issuance P/E ratio exceeds the industry average by 25%. In particular, the gem will relax the financial access indicators and cancel the requirements for sustainable growth. At present, about 670 companies have reported materials

the new regulations also make it clear that the approval will be given immediately after the meeting, and the validity of the approval will be extended from 6 months to 12 months; Encourage the reporting enterprises to use the combination of equity and debt financing, and preferred shares will become an important financing method; The transfer of old shares is relaxed, and the proportion of old shares shall not exceed 50% of new shares. Investors who buy old shares must be found first, and the latter must promise to limit the sale for 12 months; Investors in the next issuance must hold non restricted shares with a market value of not less than 10million yuan

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the new regulations also have adjustments on the shareholders' lock-in period and reduction of holdings, which stipulates that if the trading day is continuously lower than the issue price 20 days after the issuance of new shares, "he Minghui explained, the shareholders' lock-in period will be automatically extended for at least 6 months. The reduction price shall not be lower than the issue price within 2 years after the expiration of the lock-in period. The reduction of shareholding of more than 5% shall be announced 3 trading days in advance

the compensation mechanism for investors has also been further specified. If the issuer has false records, misleading statements or major omissions, it is necessary to repurchase all new shares, and the controlling shareholder repurchases the transferred original restricted shares

the source also revealed that due to the large backlog of materials at present, the relevant departments will not receive new application materials, and it is expected to complete the pre disclosure of the backlog of materials within one month. It is expected that the new application materials will not be approved within one and a half to two years. It is suggested to list overseas or on the new third board