Curb the IPO ratio is expected to set a limit of 25.1% of total equity

A listed investment bankers said: "In the recent operation, whether it is to prepare the motherboard, small and medium-sized board or the gem of small-scale projects, we will persuade small and medium-sized issuers in less than 25.1% of the initial proportion of the design of the distribution structure."　　"High-raise" phenomenon in the process of IPO is expected to be further curbed.　　According to a senior investment banker in Shenzhen, a recent report of the first-time new phenomenon, that is, most of the small and medium-sized issuers (the total capital of 400 million shares below or the total capital value of less than 400 million yuan) of the initial public offering shares of the total share capital after the issuance of less than 25.1%. The above phenomenon raises the discussion in the investment industry.　　A listed Securities investment banking department Personage said, the first ratio will be expected to set limits, 25.1% of the ceiling has been recognized by the industry, the essential significance is that the issuer to the minimum distribution ratio to finance, and thus curb the super raise.　　In favor of curbing the 50th article of the Securities law, the Company shall satisfy the "public offering of shares to reach more than 25% of the total number of shares of the company, and the proportion of public offering shares is more than 10%". In the past, some small and medium-sized issuers to obtain more funds, the first rate will often be far greater than 25%.　　Securities Times reporter random access to some of the listed company information, noted that dozens of small and medium sized issuers have taken more than 28% of the high starting ratio. "In a market where bubbles are more pronounced, the more they are released, the more they tend to be."　　"The phenomenon of super raise has become the norm of the first-tier market," said one of the investment bankers at a listed brokerage. In fact, even in the recent market environment of frequent break of new shares, the phenomenon of IPO is still serious.　　According to data statistics, the beginning of this year to March 14, 75 first companies to achieve a total of over 58.5 billion yuan, the proportion of the super raise is 4.68 times times. To curb the "high raise" phenomenon in the IPO process, the relevant regulatory authorities have taken some measures before.　　For example, in the second phase of the new issue reform, the introduction of the seventh category of inquiry agencies to curb IPO high pricing. "To curb the high level of super raise to grasp the two hands, the first-hand pricing, the first to catch the first ratio."　　"One of the listed securities investment bankers believes that the issuer's initial size should be matched with the investment project, and to determine the first ratio of the impact of the super raise." It is reported that 25.1% or the future for a period of time the number of small and medium-sized issuers of the cap.　　According to the reporter to the early March to 14th, the disclosure of the prospectus of the 18 IPO reporting enterprises statistics show that the majority of small and medium-scale prospective issuers of the first ratio between 25% to 25.1%, only in Chongqing region, a prospective issuer of the initial proportion reached 25.37%. "In the recent operation, whether it is to prepare the motherboard, small and medium-sized board or the gem of small-scale projects, we will persuade the issuer to not more than 25.1% of the initial proportion of the design of the distribution structure."　　"One of the listed investment bankers said. Defining criteria for listing of listed companies it is worth mentioning that the starting ratioThe setting limit also can play a more definite role on the classification standard of a share listing place. According to the standard of a share listed by the relevant departments, in addition to the financial enterprises, the first shares of other enterprises in the 80 million shares (including) above listed in Shanghai, the first shares in the scale of 50 million shares (including) listed in the Shenzhen Stock Exchange, the initial shares in the scale of 50 million shares,　　Below 80 million shares are free to choose the place of listing.　　In practice, the issuer often chooses the place of the listing by adjusting the initial ratio. "For example, a company that shares 150 million shares before the IPO, if it takes the first ratio of 25%, then the starting size will be 50 million shares, and the total share capital will be 200 million shares after issuance." But if a 26% or even higher first rate is adopted, the company can choose the place of listing at will, which is difficult for regulation.　　"A senior Shenzhen investment banker admits. The person further said that the initial proportion of the set limits to a certain extent, to curb the IPO declaration enterprises to choose the location of the speculative operation of the listing, which is conducive to enterprises to objectively raise the size of the fund-raising and the investment project to match rationally.