IPO normalization and examination will be strict in the market
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First, the CSRC reported the results of the on-site inspection of the first IPO enterprise in the fourth quarter of 2016. In addition, it also announced the issue of auditing integrity.
"Strict management and clean government, the policy of one internal and one external direction has given the confidence of the market IPO normalization, so that high-quality enterprises can successfully IPO in the A-share market." A large listed brokerage investment bank in Beijing area Analyzed.
Strictly put the IPO gate
In addition to the IPO normalization, market concerns will form a “pumping effect†of funds, and another question about the speed of IPO audit is whether the quality of the company can be guaranteed.
At the press conference on January 20th, the CSRC gave a strong response. The spokesperson Zhang Xiaojun reported the results of the first IPO enterprise on-site inspection work carried out in the fourth quarter of 2016.
The 21st Century Business Herald reporter learned that the on-site inspection involved a total of 12 companies. Among them, Shengyuan Environmental Protection Co., Ltd. and Shanghai Jimei Culture Media Co., Ltd. have confirmed and actualized sales revenues due to undisclosed related party funds, partial loans to actual controller personal accounts, large cash payments, etc. The situation was inconsistent, the financial staff of the financial staff part-time related party, the undisclosed part of the related party relationship, the actual situation of the sales commission and the disclosure information did not match the name of the CSRC.
The 21st Century Business Herald reporter learned from the China Securities Regulatory Commission that the problems found in this inspection also include differences in disclosures and actual conditions of some enterprises, accounting irregularities, and incomplete disclosure of related parties and related transactions.
In addition, the SFC has also imposed stricter requirements on intermediaries. In this inspection, the quality of the practice of the disclosure of the disclosure information of the prospectus, the lack of verification of important matters, and the imperfect work papers of some intermediaries or signatories have been transferred to the relevant departments of the CSRC in accordance with the procedures.
In fact, the on-site inspection was a continuation of the strict IPO policy.
At the end of June 2016, the China Securities Regulatory Commission stated that it has specifically deployed enforcement actions against IPO fraudulent issuance and information disclosure violations.
Not only that, since 2016, the SFC has also conducted at least two rounds of verification including self-inspection on the sponsor institution.
In fact, although the current scope will not only be limited to IPOs, backdoor listing companies, but even partial withdrawal of materials or applications for IPO projects may become the subject of verification.
"Now some projects are not only for enterprises that are queuing, but even for withdrawing materials. Even companies that have been rejected may become targets for the verification of the manuscript." A person from the investment banking department of a large listed brokerage in Beijing said.
The financial fraud during the Liaoning Zhenlong special product declaration period, despite the withdrawal of materials, is still being pursued, but it has also played a very large deterrent to the market.
It is not difficult to find that the 2017 SFC will continue the strict supervision of IPO.
According to the incomplete statistics of the 21st Century Business Herald reporters, as of the 21st Century Business Herald press release, in 2017 the CSRC rejected the initial applications of five companies including Hangzhou Huaguang Welding and Guangdong Rifeng Cable. The proportion of companies that were denied was as high as 17.2%, a sharp increase from previous years.
Zhang Xiaojun also said at the press conference: "In 2017, the CSRC will continue to carry out on-site inspections of IPO enterprises, urge issuers to improve the quality of information disclosure, urge intermediaries to diligently and conscientiously, prevent the declaration of disease, and strictly control the entry of capital markets. Illegal violations in the IPO have been found together."
Integrity and restraint
In addition to strictly controlling the IPO, the China Securities Regulatory Commission (CSRC) released the issue of auditing integrity today to optimize the IPO policy to some extent.
"These regulations issued by the China Securities Regulatory Commission and the policy of restricting the issuance of auditing rights can be regarded as the integrity of the IPO. Although there is no direct supervision and other direct means of supervision, it is also necessary to promote the IPO smoothly. Measures.†A large brokerage investment bank in Beijing said.
The 21st Century Business Herald reporter learned that the clean government issued this time is based on the framework of the “Opinions on Further Regulating the Power of Issuance Review†issued by the China Securities Regulatory Commission in November 2015 (hereinafter referred to as “Opinionsâ€).
First of all, the two responsibilities for the evasion of duties issued at the end of 2015 are one of the specific measures for the conflict of interest in the audit work and the risk of clean government risks arising from the auditors and the members of the IEC.
This revision has further refined the avoidance of matters involving relatives, so that there is no dead space in the system.
Zhang Xiaojun said: "In line with the relevance of the issue business and the importance principle of the issue business, the situation to be avoided is clearly defined and defined. From the actual situation, it may affect the independence of the issue audit work and the existence of conflicts of interest. The situation is complex and diverse. In order to achieve wide coverage of the system, enhance the effectiveness of the system, and further tighten the cage of the system, I will promptly amend the two regulations."
The 21st Century Business Herald reporter learned that this revision will first make the scope of avoidance more stringent. Involving spouses, parents, children and their spouses in the supervision of the object or related agencies, regardless of their level of responsibility, should be avoided. For other related relatives who are in the middle of the supervisory role or related intermediaries, regardless of whether their business is directly related to the issuance business, they should be avoided.
Secondly, if I increase the voluntary avoidance clause and think that there may be a conflict of interest situation, I can apply for it and evade it after approval by the organization.
In addition, the China Securities Regulatory Commission also issued and issued the "China Securities Regulatory Commission issued an audit work appointment reservation method." The policy is also based on the requirements of the "Opinions" to improve the issuance review and reception system, further strengthen and improve the level of regulatory services, and prevent the issue of auditing integrity risks through multiple channels.
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