SFC calls 76 investment banks to open top-level meeting

November 18, the head of investment banks of 76 sponsoring agencies and the head of the business department all arrived in Beijing to participate in the CSRC's one-day sponsorship business communication meeting. At this point, the gem has just two anniversary and 18 days.　　It is the first time in two years that the SFC has made a summary and a reflection on the supervision of the sponsor of the gem. "This is the 2009 years since the start of the gem, the SFC on the gem opened the largest, the highest participation level of a meeting."　　Said one of the leaders at the investment bank. It is reported that the SFC in this meeting is mainly aimed at the development of the gem, sponsorship work and issue audit three major issues. "The request is similar to the previous, but stressed the need to strengthen the issue of audit." "The meeting also failed to discuss the market's concern about the growth of the gem, the speed of the IPO, the performance and break, and so on," said the investment bankers.　　"Summing up the" five major issues, strengthen the issue of audit this is the two anniversary of the Gem Open Board, the first time the supervision of the issue of audit to make an open review and summary.　　The meeting, the Securities and Futures Commission of the Board issued Supervision Department director Zhang Sining, deputy director Zeng Changhong, deputy director Li volume are present and do speech. Zhang Sining in the meeting mainly said three: "One is the development trend of the gem, the second is to emphasize the issue of the Board of Business supervision, three is the next step how to do the sponsorship work." "Zhang Sining to sponsor organization's next sponsor work to put forward a few requests." First, the sponsor and the sponsor organization do return to their due diligence.　　Second, the implementation of the responsibility of sponsorship. Deputy director Zeng Changhong pointed out that the sponsor organization and sponsor representatives in the process of sponsoring the five major problems and deficiencies: first, is not enough understanding of the positioning of the gem.　　Gem start-up, positioning emphasis on innovation and growth, to continue to learn. Second, the reporting project due diligence must be further deepened. Third, the establishment of the internal control system of the sponsor should be further strengthened. Four, the declaration document and other information disclosure quality should be further improved.　　The professional attitude and career promotion of the sponsor representative should be further.　　In the previous few days, Zeng Changhong in the 12th session of the high-tech fair venture investment and the long-term interactive mechanism of the Forum pointed out that 5 key issues will not be resolved, would seriously affect the enterprise listing financing process. One is the competition, the controlling shareholder and the actual controlling person still keep some similar business with the issuer. Second, related transactions. Third, whether or not to obtain administrative permission to raise capital investment projects, whether there is significant uncertainty. Four is information disclosure, authenticity, whether there is misleading. Five is the standard operation.　　In terms of subject qualification, whether the main executives were stable during the reporting period, whether major business changes occurred, and whether the solution was thorough. Li Shi, deputy director of the Enterprise Board audit process of professional issues put forward some requirements. Li said in the meeting: "will further strengthen the issue of audit, to do a good job of quality assurance and professional upgrading."　　"In the sponsorship of professional issues, Li's emphasis on the promotion of professional ability, improve the authenticity of information disclosure and independence of two" army regulation. In the afternoon of the group discussion, the SFC to the participants of the 76The head of investment Bank of the Organization and the head of the business department carry out "the question".　　The main focus of the discussion is two: first, the proposal in the process of issuing and approving, the second is the next construction of the gem market. The afternoon is mainly a casual talk. is mainly in the meeting requirements for the next step of the gem building, suggestions. said the investment bankers.　　[Page] Summing up the reflection behind: the Board of the failure of the supervision of the review and reflection behind, is the young gem can not bear the weight.　　Two years, has been dubbed the "high growth" of the gem to make investors quite disappointed, often break, performance, senior managers and even lie.　　Even the more patient investors will be questioning the fact that the high P/E gem, instead of bringing in huge returns, has a serious book loss, which makes the investors who love it so much better. The director of the British Securities Institute Li Dahuan a joke: "I said that the investment gem is inferior to invest in PetroChina, now I also think the investment gem need to be cautious and sensible, not that the gem no good company out, but need to select carefully." "Reviewing the performance of the gem over the past two years, some common problems surfaced."　　The first is the expansion of new shares, according to statistics, as of October 31, a total of 271 stocks in the gem issue listing, on average every 1.8 trading days there is a gem IPO. However, such a rapid release speed can not guarantee the good performance of the gem, high price caused frequent breaks.　　As of November 18, 271 gem stocks, as many as 111 are still in a break state, accounted for the ratio reached 40.96%. Gem "High growth" is not a misnomer. In the first three quarters of this year, 281 gem stocks, 81 performance, net profit fell, accounting for more than 28.4%.　　Among them, the most serious performance is the April 27, 2010 listed on the Rise of technology, the first three quarter net profit ratio fell 95.6%. Two years, the gem did not appear a retreat of the city's shares. After the new chairman, Mr Guo, the market has become increasingly vocal in the delisting system. And the Gem Open board two years, a total of more than 90 companies have been reduced by senior executives, the total number of executives to reduce more than 130 million shares.