The agency was warned for leaking 3 IPO quotations.

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IPO quotation chaos still happens from time to time.

Recently,爆炸资讯 the Shanghai Stock Exchange issued a warning letter to an institutional investor. It is reported that in the process of IPO inquiry for three main boards such as Di Chin Stock Co., Ltd., the institutional investor did not properly manage the quotation-related staff, and some price-aware personnel leaked the quotation information to other offline investors before the issue price was determined, which led to a high degree of consistency between the parties and other investors in the above three single projects, which had a certain impact on the inquiry order.

China, a brokerage firm, noticed that in the process of IPO inquiry of six main boards such as CITIC Metal, some individual price-knowers of institutional investors also participated in offline inquiry through personal accounts, which led to the high consistency of quotations of the parties and the individual offline investors in the above six single projects, which had a certain impact on the inquiry order.

"It is necessary to effectively strengthen the management of quotation work, so that the quotation behavior is independent, the pricing basis is sufficient, and the decision-making process is complete, and the professional pricing ability of institutional investors can be truly brought into play." Exchange requirements.

Leak 3 IPO quotes

On December 1st, the Shanghai Stock Exchange issued the Decision on Supervising and Warning Wuhan Meiyang Investment Management Co., Ltd..

It was found that Wuhan Meiyang Investment Management Co., Ltd. had the following violations in the process of participating in the offline inquiry of initial public offering securities:

First, there is a lack of quotation management, and there is a behavior of leaking quotations. During the inquiry process of participating in the initial public offering of securities on three main boards, such as Di Chin Stock Co., Ltd., the management of quotation-related staff was not done well, and individual price-knowers leaked quotation information to other offline investors before the issue price was determined, which led to the high consistency of quotations between the parties and other investors in the above three single projects, which had a certain impact on the inquiry order.

Second, the pricing basis on file for future reference cannot fully support the quotation result. The internal research report lacks a reasonable valuation pricing model and a rigorous and complete logical derivation process, and the final quotation fails to perform the collective research decision-making procedure.

Third, the control system of communication tools has not been established. On the day of inquiry, the communication equipment of the quotation-related personnel was not strictly controlled, and there was a risk of disclosure of key information such as quotation.

The Shanghai Stock Exchange stated that the above acts violated the provisions of Articles 3, 6 and 7 of the Detailed Rules for the Issuance and Underwriting of Initial Public Offerings of Shanghai Stock Exchange (hereinafter referred to as the Detailed Rules). In view of the above-mentioned facts and circumstances of violation, according to Articles 73 and 74 of the Detailed Rules for Implementation, Measures for the Implementation of Disciplinary Measures and Supervision Measures of Shanghai Stock Exchange, Guidelines for the Application of Securities Issuance and Underwriting Rules of Shanghai Stock Exchange No.2-Supervision of Issuance and Underwriting Violations (for Trial Implementation) and other relevant provisions, the Firm decided to take the following supervision measures: Wuhan Meiyang Investment Management Co., Ltd. was given a supervision warning.

"Please clarify the specific improvement measures and responsible persons in combination with the violations pointed out in this decision, and refer to the relevant rules and work requirements of the initial stock inquiry in the registration system, actively implement the rectification work, and submit the rectification report to the Exchange within one month from the date of receiving this decision." The exchange said.

The Exchange also stated that the parties concerned should take a warning, do a good job in rectifying internal norms, strictly abide by laws and regulations, the business rules of the Exchange and relevant industry norms, establish a sound internal control system process, and earnestly strengthen the management of quotation work, so as to achieve independent quotation behavior, sufficient pricing basis and complete decision-making process, and truly give full play to the professional pricing ability of institutional investors.

Previously, 6 single IPO quotations were leaked.

China, a brokerage firm, noticed that a similar incident occurred in July this year, and two institutional investors were warned by the exchange.

On July 11th, the Exchange issued a warning letter. It was found that Shenzhen Qianhai Ganzhan Asset Management Co., Ltd. had the following violations in the process of participating in the offline inquiry of initial public offering securities:

First, there is a lack of quotation management, and there is a behavior of leaking quotations. In the process of participating in the inquiry for the initial public offering of securities on six main boards, such as CITIC Metal, the staff related to the quotation were not well managed, and some people who knew the price also participated in the off-line inquiry through their personal accounts, which led to a high degree of consistency between the parties and the individual off-line investors in the above-mentioned six single projects, which had a certain impact on the inquiry order.

Second, the construction and performance of internal control system and business operation flow related to inquiry are not in place. The relevant internal system lacks provisions on important mechanism processes such as pricing decision and quotation modification, and business processes such as asset scale verification and important operation review are missing.

Third, the pricing basis on file for future reference cannot fully support the quotation result. The internal research report lacks a rigorous and complete logical deduction process, and the final quotation fails to reflect the full and prudent research process, and the investment decision-making process is subjective and arbitrary.

On the same day, the exchange also warned another institutional investor. It was found that Shenzhen Pingshi Asset Management Co., Ltd. had the following violations in the process of participating in the offline inquiry of initial public offering securities:

First, there is a lack of quotation management, and there is a behavior of leaking quotations. During the inquiry process of six single-main-board initial public offering of securities, such as CITIC Metal, the management of quotation-related staff was not done well, and individual price-knowing personnel leaked quotation information to other offline investors before the issuance price was determined, which led to the high consistency of quotations between the parties and other investors in the above six single-main-board projects, which had a certain impact on the inquiry order.

Second, the pricing basis on file for future reference cannot fully support the quotation result. The internal research report lacks a reasonable valuation pricing model and a rigorous and complete logical derivation process. The report suggests that the price range lacks sufficient objective research support, and the decision-making basis supporting the final quotation is not archived.

Third, the perfect control system of communication tools was not established, and the communication equipment of quotation-related personnel was not strictly controlled on the day of inquiry, which led to the risk of disclosure of key information such as quotation.

It is reported that before participating in IPO quotation, investors must promise that "the offline investors and related staff who participate in this IPO subscription have followed the principles of independence, objectivity and integrity, strictly fulfilled the quotation evaluation and decision-making procedures, made a rational and prudent quotation on the basis of full research, and did not disclose this quotation, inquire about other people's quotations, deliberately depress or raise the price after the issuer started the issuance and before the inquiry ended. There are no other offline investors and related staff and issuers who participated in the inquiry.

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