Securities and Futures Commission issued new rules on gem dividend

A week after the CSRC proposed an increase in dividends for IPOs (initial public offerings), a new rules for "GEM bonuses" (hereinafter referred to as the new rules), issued by the China Securities Regulatory Commission's pioneering board, were placed on the desk of various investment banks.

The newspaper reporter learned that the sfc of the new rules required the IPO company in the prospectus to add cash dividend policy, to write clearly after the listing of profit distribution period interval, such as whether the interim cash dividend, the establishment of the profit distribution policy must be stable and sustainable.

Sustained cash dividend capability

The new rules require that listed companies should add to the articles of incorporation a number of provisions on cash dividends. Including the board of Directors, the Board of Supervisors and the general meeting of shareholders of the profit distribution policy research and demonstration procedures and decision-making mechanisms; distribution of profits after the distribution of the policy, including the form of distribution of profits, cash dividends and the specific conditions and amount or proportion, the specific conditions for the issuance of stock dividends, profit distribution period interval (whether the interim The review procedure for the distribution of profits; How to establish the specific planning and planning arrangements for each period of profit distribution, as well as the conditions for adjusting the planning or planning and the decision-making procedures to be implemented. For example, because of the company's external operating environment or its own business situation changes in the need to adjust the profit distribution policy, should be based on shareholder rights and interests protection as the starting point, in the General Assembly proposal for detailed argumentation and explain the reasons, and strictly carry out the relevant decision-making procedures.

The "Financial accounting information and Management Analysis" section of the prospectus should specify or supplement the disclosure, the profit distribution policy of the listed company during the reporting period and the specific implementation of the previous profit distribution. If the listed company does not carry out the profit distribution during the reporting period, the reason and the specific use of the retained funds shall be disclosed.

"Further, if the profit of the listed company is mainly from the http://www.aliyun.com/zixun/aggregation/38249.html" > holding subsidiary, it should also be disclosed in accordance with the above requirements. "The financial management system of the holding subsidiaries, the terms of profit distribution and the ability to guarantee the issuer's future cash dividend will also be disclosed," said one investment banker. "It can be seen from the requirements set out in the new rules that the regulatory authorities have a very high mandatory requirement for the IPO company to share dividends." ”

As can be seen in the new rules, the SFC requires the company to formulate a dividend return plan, should be sustainable.

"The dividend policy for listed companies will be included as a ' major reminder ' in the future as part of the IPO's homepage," said investment bankers. "In addition to the sponsor organizations need to check the dividend policy of the listed companies, lawyers and accountants also bear the responsibility for the verification of dividend policy."

The pace or slowdown of new offerings

Wind statistics show that from 2009 Gem Open board so far, 276 listed companies accumulated cash dividends of 6.842 billion yuan, accounting for the total net profit of 22%. In the same period, the motherboard company accumulated cash dividends of 885,466,730,000 yuan, accounting for the total net profit of 33%;

Thus, although the gem company through the IPO way to obtain the highest proportion of funds, but is the most "stingy" a plate. Statistics can be seen, compared to cash dividends, gem companies to send shares are not stingy. Whenever the stock price rises to a certain height, it will introduce a high transfer distribution scheme to realize the willingness of the share price. From 2010 Annual report can be seen, every 10 shares to send 15 shares everywhere, such as national technology, dry photo photoelectric, Juloka, home Bao, Warburg shares, etc., have generously launched the "10 send 15" program.

Several investment bankers said the enforcement and implementation of the mandatory dividend rules began with the IPO company. "The main board and the details of the dividend will be coming out." "said a shanghai-based brokerage investment banking department. He expected the board and the operating details of the board will be slightly different from the gem, "because the motherboard (SME board) of the IPO profit index and GEM is not the same." ”

Although the current motherboard and board of the new rules of the dividend has not been issued, but the IPO materials have been sealed volume of the proposed listed companies have been in the original prospectus added to the proportion of dividend commitment. "Even so, we still feel that after the new SFC chairman comes to power, some adjustments will be made to the IPO rules." The investment bank said she disclosed that although the sponsorship project is still in normal, "but recently did see the Securities and Futures Commission disclosed the prospectus, but suddenly withdrew." The supervisor must fine-tune some of the issues. "She also predicts that the pace of new offerings will likely slow before and after the Spring Festival next year, as the IPO rules are gradually introduced."

November 16, the Securities and Futures Commission held a media ventilation meeting, in response to the market four hot issues promised to force listed companies to increase cash dividends return shareholders, strengthen the integrity of listed companies and so on.

From the recent release to the various market institutions of the implementation of the document, whether it is the integrity of the construction or increase the intensity of dividends, first from the gem companies start.

Last weekend, the regulator said that the gem of the delisting system will also be open to the community to solicit opinions. According to the initial opening of the gem Board of the "Shenzhen Stock Exchange gem Stock Listing rules" clear delisting standards are 11, including the last two consecutive losses, the latest fiscal year shows that the audit net assets for negative, the company's stock 120 consecutive trading days to achieve the cumulative turnover of less than 1 million shares. In July this year, Liping, general manager of Shenzhen Stock Exchange, announced that a further two standards would be added to the list--which was publicly denounced by the exchanges in the past 36 months--and that the shares traded for 20 consecutive trading days below par will terminate the listing of the gem stock.

2011 years ago listed, has never been cash dividends of the gem stock

Stock name time of market yesterday net profit (quarterly 2011)

December 9, 2010 19.26 Yuan 37.0239 million yuan

Heshun Electric November 12, 2010 29.23 yuan 26.0531 million yuan

Environmental protection November 5, 2010 18.76 yuan 28.7734 million yuan

Yanggu Huatai September 17, 2010 14.65 yuan 13.5803 million yuan

Chenrui Fire September 2, 2010 16.90 yuan 10.1293 million yuan

Huaren Pharmaceutical Industry August 25, 2010 13.35 yuan 59.4741 million yuan

Western animal Husbandry August 20, 2010 15.68 yuan 29.1598 million yuan

National Union Aquatic Product July 8, 2010 8.22 yuan 23.2517 million yuan

Branch of the new mechanical and electrical July 8, 2010 17.76 yuan 18.5003 million yuan

Shengyun shares June 25, 2010 10.90 yuan 47.8004 million yuan

Great Wall Group June 25, 2010 17.60 yuan 44.7179 million yuan

Heng Xin Mobile May 20, 2010 17.60 yuan 2.9937 million yuan

Kang-te March 19, 2010 16.14 Yuan 8.8172 million yuan