Facebook prospectus affects a-share reform information disclosure model

Regulators start to revise the first and refinancing Options "2012, the first management approach will be revised, the content is mainly focused on continuing to dilute the substantive, increase information disclosure requirements." "A regulatory level told the reporter, in addition to the first financing documents, listed companies to refinance the changes have begun." "Since the end of last year, the issue of supervision has focused on strengthening information disclosure, dilution of profitability judgments." In practice, we will also focus on the audit from the issuer's continued profitability and investment project feasibility, to the integrity of the information and completeness of the tilt, strengthen the pertinence of information disclosure, emphasizing the authenticity of financial information, the completeness of disclosure, the value of judgment more to investors. The regulators said. Although in 2011 in a Security generation training conference, on the proposed listed companies related transactions, profitability, peer competition and other aspects of the audit, once put a tightening, with the end of October 2011, the new SFC leadership of the post, the wind direction transients. "The current prospectus guidelines focus on the disclosure of historical information, the dividend policy that investors care about, the pay system, the investment decision system, and the internal control disclosure," the person said. Last November, the regulator asked the IPO company to refine its dividend policy and dividend plan in the prospectus, and to raise the transparency of dividends as a matter of major concern. According to our correspondent, in the future, the issue of regulatory reform will focus on: continue to deepen the overall disclosure of information, increase financial information audit, Report disclosure authenticity, targeted measures, verification requirements, the effectiveness of corporate governance disclosure and audit, continue to strengthen the issuer dividend return letter cover content and so on. Under the new stock reform system, regulators have repeatedly referred to the book's IPO prospectus model, reflecting a huge change in the IPO review system in the future. The "Must-die" prospectus may be in the US for a roadshow. The Facebook IPO team would not have thought that a US company's IPO could have a profound impact on China's IPO review. 2 months after Facebook, the world's largest social networking company, submitted its IPO filings and started the IPO process, the prospectus, which appears to be no different from other filings in the US capital market, became a model for disclosure of information on the IPO reform of a-share. "Another night." "On the morning of May 8, a sponsor of a Shenzhen investment bank told reporters on the phone that his IPO project is being prepared to submit an application, in fact, the prospectus for the project was ready 2 months ago, but with the reform of the IPO system, regulators have made drastic changes to the prospectus disclosure requirements," almost to rewrite, A lot of content has to be cut sharply, and of course there are more details to be added, and the change is in line with Facebook's IPO prospectus. "In fact, in order to adapt to the regulatory layer of the latest new stock audit thinking, busy with their own responsibility for the IPO project to the preparation of the work of rectification, almost become the main sponsor of the recent period of work." "InclinationTo learn Facebook's prospectus, the focus of future audits will focus on the risk factors and the true and full disclosure of the issuer's basic situation. "A person close to the regulatory level told our correspondent that the disclosure pattern of Facebook's prospectus was constantly mentioned at the end of April at the first insurance generation training conference held in 2012. What's so extraordinary about it? "Facebook's prospectus model is a blunt one, mainly referring to the disclosure pattern of risk cues." The people familiar with the matter told reporters that Facebook's prospectus contains almost 30% of all content in relation to risk hints. According to the introduction, the emphasis on Facebook's prospectus model, is to require the future domestic prospectus will focus on information disclosure as the center, emphasizing the full truth of risk, for risk factors and significant content must be fully disclosed, not formatted, can consider disclosing the risk of performance decline, and demand in the prospectus as far as possible advertising, Regarding the relevant industry data, should take the independent data source, cannot employ the intermediary organization to issue the industry report, regarding the lawsuit arbitration question, proposed as far as possible to have the lawsuit and the arbitration to disclose, but the Facebook even has the latent lawsuit all to disclose publicly. "These requirements do overturn the habit," he said. "According to the existing characteristics of the domestic market, the compilation habits of previous prospectuses weaken the risk hints as far as possible, first of all, related to the requirements of the previous IPO review system," said a senior Beijing investment bank. Many companies will be in the IPO application, because it may affect their performance risk, or future profit is unclear, so if the prospectus revealed excessive risk factors, it is difficult to pass the audit review. Second, even through the issuance process, the domestic investors look at the company so many risk hints, it is difficult to interest, "the domestic IPO roadshow is called the launch promotion meeting, is recommending the bright spot, the dilution risk." "It seems that Facebook's prospectus, such as the industry, is a" must-die "prospectus under the country's original system of audit.