Interpretation Of June 30Th IPO Pre Disclosure Limit From Four Perspectives

< p > June 30th is the last day of pre disclosure time, and the last batch of pre disclosure list is released in the evening. 23 enterprises catch up with the last bus.

So far, about 640 enterprises have issued pre disclosure. It indicates that the number of enterprises waiting for trial and pre disclosure will be consistent after July, and will continue following the unified standard.

According to the regulations, about 60-70 enterprises that have not yet been released on schedule will terminate the IPO queue and review.

A spokesman for the securities and Futures Commission also said publicly that there would be a IPO suspension in many enterprises after July.

What happens to companies that fail to update their financial data on time? Can companies that have been pre disclosed can be listed immediately?

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< p > < strong > what will happen if we do not disclose the required time in advance? < /strong > < /p >

< p > > the SFC issued the "question and answer on Issuing Supervision in April 4th - the case concerning the suspension of the examination of initial public offerings". It was introduced that the financial information recorded in the issuer's application documents had expired and the review would be suspended. The financial information recorded in the issuer's application documents had expired and was not updated after 3 months overdue, which would terminate the examination.

Therefore, enterprises that have not completed pre disclosure before the end of June will terminate the examination because the financial information in their application documents has been valid and overdue for 3 months.

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< p > the "deadline" is coming. For those enterprises that have completed pre disclosure and have not yet met before the end of June, if the deadline for their financial information is at the end of 2013, their financial information has been valid and will be suspended for review. The enterprises should update their financial information before the end of September, otherwise they will terminate the examination.

For enterprises that have passed the meeting, the validity period of their financial information can be extended for one month according to the relevant regulations and previous practices of the first round method. If the prospectus is not published within the validity period mentioned above, the financial information should be updated in a timely manner, and the materials for the meeting will be submitted according to the regulations.

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< p > Zhang Xiaojun, a spokesman for the securities and Futures Commission, said in June 27th that the commission would no longer issue a single notice of discontinuation of the audit, because it was expected to suspend the review of the enterprises, and it would only conduct a unified announcement in July 1st.

In addition, we should suspend the review of enterprises' updating of financial information and submit applications for restoration review together.

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< p > < strong > does the pre disclosure mean that the trial will be issued immediately? < /strong > < /p >

The more than 600 enterprises that have been pre disclosed by P do not mean that they can be listed on trial immediately. According to the work process of the initial public offering of the securities issued by the SFC, the SFC will arrange pre disclosure according to the procedure after the formal acceptance, and it will also have feedback sessions, meeting sessions and preliminary examination sessions.

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< p > at the same time, the Securities Industry Association will also conduct spot checks on the quality of information disclosure in the process of trial business. Once it finds that the issuers and intermediaries will violate the law seriously, they will be dealt with severely according to law, and those who are serious will be pferred to judicial organs.

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< p > therefore, pre disclosure is not directly linked to the issuing time of new shares, nor does it mean that enterprises will immediately issue a trial meeting.

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< p > < strong > < a > href= > http:// > www.91se91.com/news/index_c.asp > > < /a > > in what order? < /strong > /p >

< p > for these companies that have been pre disclosed, investors are very concerned about the listing order of the company.

At present, there is a view in the market that the companies that are pre disclosure will accept the examination first and get the approval first, but this is not the case.

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< p > the SFC issued the audit department's initial public offering stock audit process. It clearly pointed out that the issuers and sponsors should issue the underwriting plan before the approval of the issue. After issuing the relevant documents and Issuing the relevant approval procedures, the issuer will be able to launch the issue if the issuer has no matter after the meeting or has completed the proceedings.

Therefore, when the issuer submitting the issuance and underwriting plan as required and completing the sealing up, the CSRC will issue the approval in accordance with the order of the issuer's time.

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< p > in summary, < a href= "http:// www.91se91.com/news/index_c.asp" > pre disclosure < /a > sequence has nothing to do with auditing and passing order, and the rhythm of pre disclosure is also not related to IPO rhythm. It is only a part of the new rules of IPO.

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What is the meaning of < p > < strong > June 30th < a href= "http:// www.91se91.com/news/index_c.asp" > > < /a > > < /strong > /p >

< p > the opinions on the reform of the IPO system stipulate that enterprises should be pre disclosed after the formal acceptance of the SFC.

If the IPO queuing enterprises are not disclosed before June 30th, they will be terminated. The June 30th deadline means that the number of enterprises waiting for trial and the number of pre disclosure enterprises will be consistent in July.

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< p > the SFC said that according to the current regulations, enterprises should be pre disclosed after the formal acceptance of the SFC.

The pre disclosure time is earlier than before. The purpose is to urge the issuers and intermediaries to conscientiously carry out the duty of information disclosure when reporting, and to strengthen social supervision.

After the prospectus is disclosed in advance, the relevant information and financial data of the issuer shall not be changed at will.

If the information recorded in the application materials of the issuer is self contradictory or has different statements and substantive differences before and after the same fact in the audit, the audit will be suspended and the application for approval of the sponsor representative will no longer be accepted within 12 months.

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