On March 31st, the China Securities Regulatory Commission issued the “Decision on Amending the Measures for the Administration of Securities Issuance and Underwriting” on March 28th, which will come into effect from the date of announcement. Subsequently, the Shanghai and Shenzhen stock exchanges released arrangements for optimizing the issuance and underwriting system, which were refined from the operational execution level. From the revised content, on the one hand, in accordance with the requirements of the Implementation Plan for Promoting the Entry of Medium – and Long Term Funds into the Market, bank wealth management and insurance asset management will be given the same policy treatment as public funds in participating in new stock subscriptions and private placements of listed companies; On the other hand, we will implement the “Eight Measures for Deepening the Reform of the Science and Technology Innovation Board to Serve Technological Innovation and the Development of New Quality Productivity” (hereinafter referred to as the “Eight Measures for the Science and Technology Innovation Board”), deepen the pilot of the issuance and underwriting system, and correspondingly increase the allocation ratio of offline investment institutions with higher lock up ratios and longer lock up periods for non-profit enterprises’ public offerings on the Science and Technology Innovation Board pilot. Industry insiders say that bank wealth management and insurance asset management are important components of medium – and long-term funds. This institutional reform is conducive to promoting more medium – and long-term funds to participate in stock issuance, bringing more incremental funds to the capital market, while encouraging more institutional investors to invest in the long term, optimizing the investment ecology of the capital market, and promoting the construction of a “long-term investment” institutional environment. (Securities Daily)
Scan code to share