【英语中国】中国5家公司在证监会紧急公告后叫停上市 IPOs pulled after Chinese regulator clamps down

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2014-1-15 09:32

小艾摘要: China’s stock market regulator has clamped down on the newly reopened initial public offerings market, highlighting fears about fragile investor confidence and dealing a blow to hopes for a market-dr ...
IPOs pulled after Chinese regulator clamps down
China’s stock market regulator has clamped down on the newly reopened initial public offerings market, highlighting fears about fragile investor confidence and dealing a blow to hopes for a market-driven future.

Six groups have pulled listings days after the first new share sales in more than a year took place. Five of the companies, which pulled their deals yesterday, cited Sunday’s statement from the regulator that it would strengthen the supervision of IPOs.

The China Securities Regulatory Commission banned listings for more than a year in November 2012 and worked on redrawing the rules of the market after the Shanghai Composite had dropped almost 40 per cent in two years.

The CSRC announced the reopening of the market at the start of December, saying it would relinquish control of large parts of the process such as choosing which companies could list and demanding to know where their shares would price and who would buy them.

The Shanghai market has dropped 11 per cent since then.

Sunday’s “statement No.?4” from the regulator showed that it was still nervous that companies and their brokers would be too aggressive in pricing and selling their deals, bankers said.

“The CSRC is going to make absolutely sure that new IPOs are not going to hurt the market,” said one senior Hong Kong-based banker. “They will try and ensure that everyone proceeds extremely cautiously.”

The move is a setback for those who believed that the CSRC would keep its promise to let investors decide what companies were listed at what price.

However, the regulator was always going to retain some control by having a veto on proposed listings and setting rules to stop excessively high pricing of share issues.

The CSRC said it would pay particular attention to companies that were valued higher than their listed peers and would carry out spot checks on all company roadshows to make sure there was no extra or selective disclosure of information not in preliminary prospectuses.

If a company wanted to list new shares with a price-to-earnings ratio that was higher than those of their listed peers, that company and its underwriters would have to publish weekly announcements and warnings of investment risk for at least three weeks before opening online subscriptions, the CSRC said.

The regulator had given the go-ahead to 11 IPOs by January 2, including Shaanxi Coal and Chemical Industry Group, which is set to raise about $1.6bn, the largest of the bunch.

But Aosaikang Pharmaceutical postponed its Rmb4bn ($662m) IPO on Friday evening after pricing the shares significantly higher than the industry average.

The CSRC denied that it had a hand in the company’s decision, according to Shanghai Securities News, a state-run media outlet.

The five other companies that pulled their deals yesterday, citing the new rules, were NetPosa Technologies, Hebei Huijin Electro-mechanical, Nsfocus Information Technology, Beijing Forever Technology and Ciming Health Checkup.

Additional reporting by Julie Zhu

中国股市监管机构对刚刚重启的首次公开发行(IPO)市场采取加强监管的措施,突显出官方对投资者信心脆弱感到担心,同时也打击了外界对于未来这块业务将由市场驱动的期待。

一年多来首批新股上市仅几天后,已有6家公司宣布取消上市,其中昨日宣布取消的5家公司是以监管机构上周日发布的公告为由。监管机构称要对新股发行加强监管。

上证综指在两年里下跌近40%后,中国证监会于2012年11月叫停上市,着手重新制定市场规则。这项禁令实行了一年多。

中国证监会在去年12月初宣布重启IPO市场,并称其将放弃对上市过程很多环节的控制,比如遴选哪些公司可以上市,以及要求知道它们的股票将如何定价、谁将购买股票等。

自那以来,上海股市下跌了11%。

银行家们表示,监管机构上周日发布的2014年“4号公告”表明,它仍担心企业及其经纪人会过于激进地定价和推销自己的交易。

“中国证监会希望绝对确保新的IPO不会伤害市场,”一名常驻香港的资深银行家表示,“他们将试图确保大家都极度谨慎地推进。”

对于那些相信中国证监会将信守承诺、让投资者决定哪些公司以何种价格上市的人士来说,此举是一个挫折。

然而,监管机构一直就打算保留一些控制权——对拟议中的上市拥有否决权,并制定规则以阻止股票发行价定得过高。

中国证监会表示,将特别注意那些估值高于上市同行的企业,并将对上市公司的路演进行抽查,以确保其不使用招股意向书并未列出的信息,也不选择性地披露信息。

中国证监会表示,如果某家公司要以高于上市同行的市盈率发行新股,该公司及其承销商应在网上申购前三周内连续发布风险公告,每周至少发布一次。

中国证监会曾在1月2日批准11家公司进行IPO,其中上市规模最大的是陕西煤业化工集团(Shaanxi Coal and Chemical Industry Group),该公司有望筹资大约16亿美元。

但奥赛康药业(Aosaikang Pharmaceutical)上周五晚宣布推迟40亿元人民币(合6.62亿美元)的IPO,此前该公司将发行价定在显著高于行业均值的水平。

据官方报纸《上海证券报》报道,中国证监会否认介入该公司推迟上市的决定。

昨日以新规则为由取消上市的5家公司是:北京东方网力科技(NetPosa Technologies)、河北汇金机电(Hebei Huijin Electro-mechanical)、绿盟科技(Nsfocus Information Technology)、北京恒华伟业科技(Beijing Forever Technology)和慈铭健康体检(Ciming Health Checkup)。

朱莉(Julie Zhu)补充报道

译者/和风

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