Set the initial proportion of new shares limit 25.1%

Recent media reports, the issue of new shares in the process of "superb raise" phenomenon is expected to be further curbed. According to a senior Shenzhen investment banker, recently reported to the first-term projects appear new phenomenon, that is, most of the small and medium-sized issuers (total capital of 400 million shares below or total equity value of less than 400 million yuan) of the initial share of the total share capital after the issuance of less than 25.1%.　　It is worth mentioning that the set limit of the first rate can also be a share of the listing of the location of the standard play a further clear role.　　Some investment bankers said that the initial ratio of small and medium-sized issuers set limits may not have, but the initial share of the total equity ratio has been close to the 25% lower limit.　　In favor of curbing the IPO of the Securities Act 50th, 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 is often far greater than 25%.　　Random access to some of the listed company information, a number of 10 small and medium sized issuers have taken more than 28% of the high starting ratio. The more obvious the bubble characteristics of the first-tier market, the more the issuance of shares means that the more the more the super raise, the phenomenon has become the normal. Even in the market environment of frequent break of new shares, the phenomenon of IPO is still serious.　　According to wind data statistics, the beginning of this year to March 14, the first 75 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."　　"A listed securities investment bankers believe that the issuer's initial size should be matched with the investment project, and to determine the initial ratio of the impact of the super raise." 25.1% or become the upper limit for the number of small and medium sized issuers in the coming period.　　According to the statistics of 18 IPOs reported by the IPO in early March to 14th, the majority of small and medium sized prospective issuers had a starting ratio of 25% to 25.1%, and only the first rate of a prospective issuer in Chongqing area reached 25.37%. According to the relevant departments of the A-share listing location standards, enterprise first shares in the scale of 80 million shares (including) above the Shanghai Stock Exchange, the initial shares in the 50 million shares (including) listed in the Shenzhen Stock Exchange, the initial shares in the scale of 50 million shares, 80 million shares below the free choice of listing location.　　This makes it possible for issuers to randomly choose to go public by adjusting the starting ratio. The first ratio has been close to the 25% lower limit. The main purpose of the initial proportion of small and medium sized issuers is to curb the IPO phenomenon? Can also avoid the IPO enterprise to choose the place of listing freely? Reporters interviewed some brokerages yesterdayInvestment bankers. Shenzhen, a large brokerage senior investment bankers said, "securities law" to provide small and medium-sized companies starting ratio of more than 25%, more than 10% of the first 400 million shares above the project. Small and medium-sized enterprises are generally unwilling to send too many shares, 25.1% of the initial proportion of the CAP is currently the investment bank defaults. IPO is related to the initial ratio, but mainly depends on the issue price and the price/earnings ratio. The initial ratio of small and medium-sized plate is close to 25% issue, and the choice of listing location is not very relevant.　　The choice of listing is mainly decided by the size of the equity, and the initial proportion is very limited. The executive general manager of the investment banking Department of a large brokerage said that according to the provisions of the number of small and medium-sized issuers starting ratio of more than 25% on the line, the so-called first ratio set limit does not necessarily have, but the domestic small and medium-sized enterprises IPO, has been the first proportion close to 25% lower. The first ratio is close to the 25% lower limit, one is the scarcity of domestic listed resources, the second is the pursuit of a prudent and reasonable scale. For the initial scale of more than 50 million shares, 80 million shares of the following enterprises, although free to choose the place of listing, but each enterprise generally has its own considerations, such as near Shanghai Enterprises may choose to SSE, near the Shenzhen enterprises will generally choose SSE.　　Of course, in practice, the issuer will not be excluded by adjusting the first proportion of the way to choose the listing. "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. (Shenzhen commercial newspaper reporter Zhong)