Shanghai and Shenzhen exchanges "Gallop"

Both exchanges are making final preparations for the IPO. June 17, the two major Shanghai and Shenzhen exchanges at the same time the original "funds purchase online pricing public Offering stock method" (hereinafter referred to as "capital purchase Method") and "initial public offering of shares under the network under the implementation of Electronic Regulations" (hereinafter referred to as "the electronic release of the Rules") for revision and　　Both provisions shall be implemented on the date of promulgation.　　The highlight of the two new rules is that the timing of the release is more compact, and the new rules set aside space for individual investors to open multiple securities accounts.　　It is also an important part of the new regulation that the institution may have strict restrictions on the purchase of the IPO, and the new regulation also makes clear and relatively strict regulations on how to punish the illegal behavior.　　Release schedule more compact the original "electronic release of the" January 2008 before the enactment and implementation, the main reason for this change is that the issuance of new shares more compact, "the release of the electronic rules" the original distribution process has not met the requirements.　　In accordance with the provisions of the new "funds purchase Method", the purchase funds freeze, verification of capital and the number are in the purchase of the first trading day (t+1 days), lottery in the future of the second trading day (t+2 days), the results will be in the lottery after the first trading day (buy-in days), in the designated media announced. The new and old two "funds purchase Method" contrast, it can be seen that from the purchase to the announcement of the results, the new rules than the old rule to save a day, which for investors, is undoubtedly to speed up the speed of capital turnover, improve the efficiency of the use of funds, and because of these amendments, "the release of electronic details"　　The release process is also redeployed accordingly.　　In addition to more compact time, the new rules set aside space for individual investors to open multiple securities accounts.　　There have been reports that the SFC will next reform the current one-person securities account system, the main idea is to open up the same name to the conditional investors to increase the number of accounts to improve the use of convenience of investors.　　As can be seen from the new rules of the exchange, the Exchange has reserved room for this reform. For example, Shanghai and Shenzhen Two exchanges in the new "fund purchase Method" in detail stipulates: "Investors participate in the online public offering shares of the purchase, can only use a securities account." Each new issue, each securities account can only purchase once. The IPO entrustment is confirmed by Shenzhen trading system and shall not be revoked. The ' account holder ' name in the Securities Account registration information is the same and ' Valid identity document Number ' the same multiple securities accounts (with T-1st account registration data, T-day for the purchase date to participate in the same new share purchase, and the same securities account to participate in the same new shares to purchase, to Shenzhen trading system confirmed that the investor's first purchase for the effective purchase, the rest of the purchase is invalid purchase 。　　In the original provision, there was no mention of the existence of multiple accounts for the same investor. For penalties for violating this provision, Shenzhen in the new "release of the Electronic fineThen "There is also a new provision, that is," investors use multiple securities accounts to purchase the same new shares, or the same securities account to participate in the purchase of the relevant responsibility. Investors shall manage their securities accounts in accordance with the relevant provisions of China securities registration and clearing limited liability company. "Severe penalties for illegal purchase of new shares," the "funds" for each of the provisions are focused on the conduct of the agency norms, for example Shenzhen old "funds purchase method" only stipulates the purchase limit "must not exceed this time the Internet price issue quantity, and does not exceed 999,999,500 shares", but Shenzhen new "the Fund purchase Method" In detail, if such a situation occurs, how to deal with: "For the purchase of more than the maximum amount of purchase of new shares subscription, Shenzhen Stock Exchange trading system will be deemed invalid commissioned by the Commission automatically revoked, not confirmed."　　"The new" fund purchase method for the management of the agency more stringent, which is also reflected in the new "funds purchase method" deliberately added a "purchase restrictions" content. shenzhen The purchase restrictions stipulated in the Shenzhen Stock Agreement expressly stipulates that "for each new issue, the placing object that has participated in the initial inquiry under the net shall not participate in the online purchase."　　China Securities Registration and Clearing limited liability company Shenzhen Branch (hereinafter referred to as "China settlement Shenzhen Branch") according to the main underwriter has been involved in the network under the initial inquiry of the placing of the list of objects and the object of the sale of the placing Object securities account information on the allocation of the object of the illegal purchase. Penalties for violations of this provision are also clearly listed in the new "funds purchase Method", the new "fund Purchase Method" 27th stipulates that "participate in each IPO under the network price, purchase, placing the placing of the object shall not participate in the IPO online purchase." For those who violate the rules, the Shenzhen stock department will give warning to the severity of the case, limit the purchase and other disciplinary measures, the serious circumstances of the reporting authority to investigate. "The shares issued in the Shenzhen Stock Exchange, if the placing of the object of irregularities, the need to assume responsibility is not only the allocation of objects, Shenzhen in the new" electronic release of the rules "also added a penalty:" Participate in the distribution of quotations under the network to participate in the same securities online IPO, The relevant responsibility shall be borne by the placing object and the relevant institution managing the placing object. Shenzhen shall have the right to prohibit the purchase of new shares in securities accounts opened by such placing objects and to refer the competent authorities for investigation and disposal.　　"In order not to provide an excuse for the placing object to evade supervision, Shenzhen in the new" fund purchase Method "also stipulates that" the inquiry object should be submitted and updated in accordance with the designated way of the affiliated Shenzhen A-share securities account information, and timely report and correction of relevant information. If there is no inquiry object in accordance with the above requirements, there will be a corresponding punishment, that is, "for not submitted to the placing of the securities account data and not timely according to the requirements of report and correction of relevant information, Shenzhen Stock Exchange and China clearing branch can restrict its relevant placing objects to participate in the net placing"