CSRC denies regular change of gem lock

Morning paper reporter Xin Sunland first gem original stock shareholders are about to be released in 14 trading days, overvalued valuation makes the gem was selling pressure huge.　　The securities regulator said yesterday that the current lock-up period for the gem has not changed.　　Yesterday, it was reported that the SFC in the new internal rules to extend the "surprise" lock-up period, the prospectus published in the first 1 years, the lock is regularly extended from the previous 1 years to 3 years. Several investment bankers said because of the vague definition of "surprise shares", the relevant people said in the recent training meeting held in Hangzhou that the "SME board and the motherboard in the 1 years after the publication of the prospectus, the surprise shares, from the date of the registration of industrial and commercial change to lock 36 months　　Gem Board in the 6 months before the application of the new shares, industrial and commercial change registration date of the lockout 3 years. The new rules have to evade the law one investment bankers said that because of the Community's views on the gem, "the SFC said in the training meeting, the actual operation of the ' surprise shares ' in the stock has tightened requirements." "The Gem stock listing rules stipulate that if a capital increase or expansion is made within 6 months prior to the issuance of the issuer's application to the CSRC (on the basis of the official date of the CSRC), the spontaneous pedestrian stock is not transferable within 12 months from the date of the listing,　　and committed to: spontaneous pedestrian shares on the date of the listing of 12 months to 24 months, the shares can not be sold more than the shares of 50% of their holdings, 24 months after the sale of the remaining shares.　　At the training session, the SFC said that the new shares in the 6 months before the application for registration will be locked for 3 years from the date the business change is registered. For example, the first listed pioneering Board company XI ' an PO Tak Automation Co., Ltd. (Pao shares, 300023), its actual control of the Zhao, Shang couple, on March 25, 2009, its part of the investment rights transferred to 5 natural persons, and on April 13 completed the corresponding business change registration, The 5 people officially became Pao shareholders. In accordance with the listing rules, the shares of these 5 natural persons will be partially released by November 1, 2010.　　According to the training session, the 5-person holdings must be released on April 14, 2012. "On the face of it is a lot of strict, but the regulation is the ' 6 months of new shares ', so the natural person is not actually new shares, but the transfer of equity, can also avoid the above provisions."　　"There is a lot of scope to operate because the current definition of" surprise stakes "is vague," said one investment banker, who believes the tightening is actually limited, if it could have been avoided until 6 months ahead of the transfer time. In addition, for the "lock regular" of the board, the regulator said that it will continue to use the relevant provisions before the publication of the prospectus within 1 years of the surprise shares, from the date of registration of industrial and commercial change for 36 months. However, for the mention of "There are also different interpretations of the "time limit" for surprise shares. The investment bankers said he thought it was less than a year from the date of the business change to the date of the prospectus, "but there are other interpretations that are the date of disclosure of the SFC's prospectus." "Will push the gem delisting system is worthy of concern, the industry has been concerned about" direct investment + sponsorship "model, at several training sessions this year, regulators have mentioned that the new norms are being negotiated. A broker in the direct investment department said the new rules may be in the sponsorship of direct project time, to join the "freezing period", "such as the securities companies have a stake in the company's IPO, and the broker will be the company's sponsor, then in the shares and the listing may be a year interval." "In addition, in view of the delisting system of GEM, the chairman of Shenzhen Stock Exchange, Chen, said yesterday at the sixth session of the local government enterprises to reform and IPO experience in the Shenzhen, Shenzhen City will promote the development of the market for the characteristics of the gem and other institutional innovation work, pay attention to the listed enterprises and the standard operation of