Sfc：

Our news Ding Yanfang last June 10, the Securities and Futures Commission, after the reform of the IPO, last night, the SFC announced the implementation of the second phase of the reform measures since November 1, of which the retail investors participate in the online purchase rules unchanged, the reform is mainly aimed at pricing and placement of the network institutions. First of all, in the SME IPO, underwriters should reasonably set the amount of placements per net, in order to promote the price of inquiry agencies seriously. If there are more institutions in the shortlisted offer, the placement of the lottery should be carried out.　　This means that the next institutional net placement is no longer a dip in the average placement point.　　At the same time, the expansion of inquiry, private equity and other institutions with higher pricing capacity and long-term investment orientation will also be eligible to participate in the network under the request for placement, but need to report to the Securities Industry Association for registration.　　Pricing is the key to reform, and the new regulation strengthens the transparency of pricing information, and underwriters are required to disclose the valuation conclusions that are provided to the RFQ in the roadshow stage, the price-to-earnings ratios or other indicators of the same industry shares. Finally, improve the callback mechanism and suspend the distribution mechanism, online purchase is insufficient, you can dial to the net, still not enough, by the underwriting group recommend other investors participate in the network under the purchase. And the network under the placing of the purchase of insufficient, not to the Internet callback, you can suspend the issue.　　After the suspension, during the validity period of the issue approval, after filing with the SFC, can also restart the issue. In addition, the SFC also said that the stock exchange and securities registration and clearing institutions should create conditions to shorten the issuance of new shares from the end to the time of listing. At present, the new shares from the online purchase to formal listing transactions generally need to three weeks, and in Hong Kong from the purchase to the listing is obviously much faster.