Witness the moment of history! The first batch of Science and Technology Innovation Board enterprises registered through IPO! The CSRC issued a document that was the first of the two to pass the customs.-Shanghai Metals Market

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Witness the moment of history! The first batch of Science and Technology Innovation Board enterprises registered through IPO! The CSRC issued a document that was the first of the two to pass the customs.

Translation 10:32:45AM Jun 15, 2019 Source:Brokerage China

SMM Network News: the CSRC agreed to the registration of 2 enterprises Science and Technology Innovation Board IPO, Huaxingyuan creation, Rui Chuang Weiner took the lead in customs clearance.

The Securities Regulatory Commission (CSRC) announced on the evening of the 14th that it agreed to the registration of Science and Technology Innovation Board IPO. In accordance with legal procedures, the CSRC has agreed to the registration of Science and Technology Innovation Board's initial public offering of the following enterprises: Suzhou Huaxing Yuan Chuang Technology Co., Ltd., Yantai Ruichuang Weinna Technology Co., Ltd. The above-mentioned enterprises and their underwriters will respectively negotiate with the Shanghai Stock Exchange to determine the issuance schedule and publish the offering documents one after another.

It is worth noting that Huaxingyuan belongs to the special equipment manufacturing industry, the sponsor is Huatai United Securities; Ruichuang Weiner belongs to the computer, communications and other electronic equipment manufacturing industry, the sponsor is CITIC Securities.

From the application for registration to the consent of the CSRC, the above two companies took one day, the high efficiency of the board creation speed, according to the institutional arrangements, after obtaining the registration consent, the reporting enterprise will enter the inquiry issue stage, the inquiry result meets the condition to be listed on the stock market, according to the Shanghai Stock Exchange chairman Huang Hongyuan's statement, "the first batch of branch board collective listed enterprises can be seen within 2 months."

As of June 14, the number of Science and Technology Innovation Board enterprises in the state of submitting registration had reached 6.

Speed up Science and Technology Innovation Board

221 days, from Science and Technology Innovation Board top-level design to obtain the CSRC registration consent, shouldering the task of major reform and innovation of the capital market, the speed is very fast.

On the evening of the 14th, the CSRC agreed to the registration applications of two Science and Technology Innovation Board enterprises, such as Huaxing Yuan Chuang and Rui Chuang Weiner. Recently, the Securities Regulatory Commission in accordance with legal procedures agreed to the following enterprises Science and Technology Innovation Board initial public offering registration: Suzhou Huaxing Yuan Chuang Technology Co., Ltd., Yantai Ruichang Weinna Technology Co., Ltd. The above-mentioned enterprises and their underwriters will respectively negotiate with the Shanghai Stock Exchange to determine the issuance schedule and publish the offering documents one after another.

It took only one day from submitting the registration application to the CSRC's consent, 19 days ahead of the maximum time limit of 20 working days, and only three days from the enterprise meeting to obtaining the CSRC's registration consent. It took Science and Technology Innovation Board one step closer to listing. In accordance with the regulations, after receiving the audit opinions submitted by the exchange, the issuer's registration application documents and the relevant audit materials, the CSRC shall perform the issuance registration procedure, and the CSRC shall, within 20 working days, make a decision on whether to agree to the registration or not to register the issuer's application for registration.

It is worth noting that the first two enterprises through registration are not the first batch of enterprises to submit applications for registration. Huaxingyuan Chuang and Ruichuang Weiner submitted an application for Science and Technology Innovation Board's listing registration on the evening of June 13. Together with these two enterprises, Fuguang shares have not yet been approved by the CSRC. The above three enterprises are Science and Technology Innovation Board's second batch of enterprises.

The first batch of enterprises that have passed the meeting and submitted applications for registration, Microcore Biology, Anji Technology and Tianzi Technology submitted their applications for listing registration as early as June 11, and have not yet obtained the consent of the CSRC to register. At present, the number of enterprises in the state of submitting registration has reached 6.

"these two enterprises take the lead in customs clearance should be related to the texture of the enterprise, inquiry situation." Investment bankers at one brokerage said the issuance registration focused on whether there were omissions in the audit of the listing issued by the exchange, whether the audit procedures were in compliance with the requirements, and whether issuers met the relevant requirements in significant aspects of the issuance conditions and disclosure requirements. If the CSRC considers that there is a need for further explanation or implementation, it may ask the exchange for further inquiry.

The CSRC agrees that the decision to register shall be valid within one year from the date on which it is made, and the issuer shall issue shares within the period of validity of the registration decision.

Collective listing or in July

After obtaining the registration consent, the subsequent branch creative board will also go through the road show, the issue underwriting, the registration can be listed on the market. Huang Hongyuan said in an interview with CCTV that the end of registration into the roadshow issuing stage, issuing enterprises have a certain number of collective listing transactions, listing time, about 2 months.

Wang Jiyue, a senior investment banker, believes that after the registration of the CSRC, the issuance link of the Ke Chuang enterprise will normally last 15 working days, and another 12 Science and Technology Innovation Board will accept that the enterprise will soon be on the board review meeting. If the first batch of Science and Technology Innovation Board enterprises are calculated on the basis of 30, Science and Technology Innovation Board enterprises may be listed collectively in mid-July.

At present, the attention of the market is focused on the issue pricing link, for the valuation and pricing of the first batch of companies to be listed, the market parties still have differences. Different from the issue pricing mode of the approval system, under the registration system, Science and Technology Innovation Board cancelled the original issue mode of A-share pricing and adopted a comprehensive market-oriented inquiry system for all new shares, which is similar to the current A-share inquiry process.

On the object of inquiry, the object of inquiry for A-share issue under the approval system includes individuals. However, Science and Technology Innovation Board has higher requirements for investors' investment experience and risk tolerance, so he will limit his inquiry to seven types of professional institutional investors, such as securities companies and fund companies, and allow these institutions to fill in no more than three proposed purchase prices for different placing objects under their management. In order to promote prudent pricing by offline investors, the policy also provides for the removal of the highest portion of the proposed total amount of bids, and requires the disclosure of the median and average of valid quotations after excluding the highest quotations before online requisition, as well as information such as the median and average quotations of major long-term investors in the three types of markets. In the placing link, Science and Technology Innovation Board increased the proportion of offline placement, increased the proportion of offline initial issuance by 10 per cent, and reduced the intensity of offline initial issuance to call back online, after which the proportion of offline issuance will be no less than 60 per cent.

In addition, Science and Technology Innovation Board adopted a strategic placement mechanism, which lowered the threshold of strategic placement, and the limit period was longer than that of US stocks and Hong Kong stocks. The introduction of green shoes mechanism to ensure the stability of the stock price. Science and Technology Innovation Board introduced the sponsor organization related subsidiary follow-up investment system also increased the restraint to the underwriter, urges the sponsor organization to price more reasonably and prudently.

The person in charge of the relevant departments of the CSRC said that with the new trading mechanism set up by the registration system, the market has a process of gradually adapting and running-in, which requires a full market game between buyers and sellers, so that the market mechanism can play a role.

The fluctuation of stock price in the early stage of opening board has been dealt with.

In the initial stage of Science and Technology Innovation Board's board opening, after market-oriented pricing, it is essentially different from the existing IPO pricing mechanism, and the phenomenon of high valuation issuance of enterprises may increase. At the same time, the initial opening of the market supply and demand imbalance, coupled with the need to adapt to the new trading mechanism, do not rule out the emergence of short-term speculation, rise and fall of the situation.

Qin Peijing, chief analyst of Citic Securities Strategy, believes that under the unbalanced relationship between supply and demand, Science and Technology Innovation Board is expected to be pushed up on the first day of the board, but it will fall back in five trading days.

According to historical data from a group of gem, the first batch of listed companies on the gem rose 106% on the first day, changed from rising to falling the next day, the average stock fell 8.15%, and only 2 of the 28 stocks rose. Until the fifth day, the average increase of the first batch of companies was 2.72%. The volatility of gem shares tends to normalize over time.

Qin Peijing pointed out that when investors generally believe that Science and Technology Innovation Board's new shares will be hyped by the secondary market because of the scarcity of initial supply, under Science and Technology Innovation Board's effective quotation determination rules, in order to improve the probability of allocation, the optimal strategy expected by the new participants under the net is to raise the quotation appropriately on the basis of a reasonable valuation, so it is expected to lead to a systematic upward shift in the quotation range and make the issue pricing on the high side.

However, some market participants believe that the issue price of the first batch of science and technology enterprises will be within a reasonable range. Ding Luming, chief analyst at Citic Construction Investment Financial Engineering, said that under the incentive to make new earnings that could be expected, the institutions involved in the inquiry had more incentive to lower their quotations and improve their own level of benefits. At the same time, issuers and lead underwriters have the actual pricing power, and regulators have been concerned about the overvaluation of the primary market.

In order to cope with the sharp fluctuations in the market stock price, the Shanghai Stock Exchange has recently issued and implemented the "rules for Real-time Monitoring of abnormal Stock Trading by Science and Technology Innovation Board (for trial implementation). Combined with the characteristics of Science and Technology Innovation Board enterprises and the types of investors, on the basis of the mature supervision experience of the main board, according to the principles of prudent trading and decentralized trading, the supervision standard of Science and Technology Innovation Board abnormal trading behavior has been formulated. It also makes clear the countermeasures to be taken in the case of abnormal stock fluctuations and serious abnormal fluctuations. At the same time, in order to avoid the impact of large orders on secondary market trading, the monitoring situation of abnormal reporting rate of stocks with serious abnormal fluctuations is added.

In addition, it also clarifies the trading mechanisms such as the effective declaration price range, the intraday temporary suspension mechanism and the market price protection limit mechanism, which reflects the innovation of the trading mechanism design, aiming at establishing a more market-oriented and price-finding stock market and guiding the rational investment concept of the market.

Point 1: provisions on the management of appropriateness

Different from the main board, small and medium-sized board, gem, trading section gem needs to open Science and Technology Innovation Board authority.

According to the Special provisions on Science and Technology Innovation Board Stock Exchange of the Shanghai Stock Exchange, the following conditions shall be met for individual investors to participate in the trading of stocks on the creative board of the Shanghai Stock Exchange:

First, the average daily assets in the securities account and capital account 20 trading days before the opening of the application authority shall not be less than RMB 500000 yuan (excluding the funds and securities integrated by the investor through margin trading);

Second, to participate in securities trading for more than 24 months;

Third, other conditions stipulated by the Shanghai Stock Exchange.

It should be noted that I have 250000 assets in A securities firm (stocks or bonds or other assets entrusted to the securities firm can have 250000 assets in), B securities firm, which does not meet the opening requirements.

Point 2: trading mechanism and mode of trading

Like the existing A-shares, Science and Technology Innovation Board also implements T-share 1. However, the specific trading methods are different, including competitive trading, bulk trading, after-market fixed price trading.

In the bidding transaction, Science and Technology Innovation Board's market price declaration types include the optimal five immediate transaction surplus cancellation declaration, the optimal fifth immediate transaction surplus transfer limit price declaration, the party's optimal price declaration, the counterparty's optimal price declaration. The latter two are not available on the motherboard.

After-market fixed price trading is Science and Technology Innovation Board's new trading mode, which refers to the way in which the closing price declaration is brokered by the Shanghai Stock Exchange trading system according to the time priority after the end of the closing bidding, and the trading mode is traded at the closing price of the day.

It is worth noting that when the conditions are ripe, Science and Technology Innovation Board will also introduce a market maker mechanism, market makers can provide bilateral quotation services for Science and Technology Innovation Board shares.

In addition, for Science and Technology Innovation Board depositary receipts, to share as a unit, to RMB as the valuation currency, the unit of valuation for each depositary receipt price.

Point 3: limit the rise and fall

The limit is ±20%. This is different from ±10% of the motherboard.

Among them, Science and Technology Innovation Board's initial public offering of shares listed on the stock market, the first five trading days after the listing, there is no price rise or fall limit.

Point 4: trading time

The opening bidding time is 9-15-9-25, and the continuous bidding time is 9-30-11-30 and 13-15. 00.

In terms of increased after-hours fixed price trading, the reporting time is 9 / 30 / 11 / 30 and 13 / 00 / 15 / 30.

Point 5: declared quantity

Limited price declaration, the number of individual declared shares is not less than 200 shares, and does not exceed 100000 shares;

Market price declaration, a single declaration quantity of not less than 200 shares, and not more than 50,000 shares. At the time of sale, the portion with a balance of less than 200 shares shall be declared for sale at one time.

Overall, Science and Technology Innovation Board each declaration at least 200 shares, and the motherboard each at least 100 shares. When Science and Technology Innovation Board declared to buy, the portion of more than 200 shares can be incremented by 1 share, such as 201 shares, 202 shares and so on.

When declaring a sale, the number of shares declared shall not be less than 200 shares, and the number of shares more than 200 shares may be increased by 1 share. If the balance is less than 200 shares, the shares shall be sold at one time, for example, 199 shares shall be sold at one time.

Point 6: margin trading and other regulations

Science and Technology Innovation Board shares can be used as the target of margin trading from the first day of listing.

In addition, with regard to Science and Technology Innovation Board's trading code and securities acronym, the China Securities Association organized securities firms to interpret and train on relevant rules such as Science and Technology Innovation Board's initial Public offering underwriting Business Standard and Science and Technology Innovation Board's online Investor Management rules for initial Public offering. During the training, it was mentioned that Science and Technology Innovation Board's stock code was "688xxx" and CDR depositary receipt code was "689xxx". At the same time, Science and Technology Innovation Board added an acronym for expanded securities, with a maximum of 8 Chinese characters (16 characters).

Key Words:  Economy  society  production capacity  output 

Witness the moment of history! The first batch of Science and Technology Innovation Board enterprises registered through IPO! The CSRC issued a document that was the first of the two to pass the customs.

Translation 10:32:45AM Jun 15, 2019 Source:Brokerage China

SMM Network News: the CSRC agreed to the registration of 2 enterprises Science and Technology Innovation Board IPO, Huaxingyuan creation, Rui Chuang Weiner took the lead in customs clearance.

The Securities Regulatory Commission (CSRC) announced on the evening of the 14th that it agreed to the registration of Science and Technology Innovation Board IPO. In accordance with legal procedures, the CSRC has agreed to the registration of Science and Technology Innovation Board's initial public offering of the following enterprises: Suzhou Huaxing Yuan Chuang Technology Co., Ltd., Yantai Ruichuang Weinna Technology Co., Ltd. The above-mentioned enterprises and their underwriters will respectively negotiate with the Shanghai Stock Exchange to determine the issuance schedule and publish the offering documents one after another.

It is worth noting that Huaxingyuan belongs to the special equipment manufacturing industry, the sponsor is Huatai United Securities; Ruichuang Weiner belongs to the computer, communications and other electronic equipment manufacturing industry, the sponsor is CITIC Securities.

From the application for registration to the consent of the CSRC, the above two companies took one day, the high efficiency of the board creation speed, according to the institutional arrangements, after obtaining the registration consent, the reporting enterprise will enter the inquiry issue stage, the inquiry result meets the condition to be listed on the stock market, according to the Shanghai Stock Exchange chairman Huang Hongyuan's statement, "the first batch of branch board collective listed enterprises can be seen within 2 months."

As of June 14, the number of Science and Technology Innovation Board enterprises in the state of submitting registration had reached 6.

Speed up Science and Technology Innovation Board

221 days, from Science and Technology Innovation Board top-level design to obtain the CSRC registration consent, shouldering the task of major reform and innovation of the capital market, the speed is very fast.

On the evening of the 14th, the CSRC agreed to the registration applications of two Science and Technology Innovation Board enterprises, such as Huaxing Yuan Chuang and Rui Chuang Weiner. Recently, the Securities Regulatory Commission in accordance with legal procedures agreed to the following enterprises Science and Technology Innovation Board initial public offering registration: Suzhou Huaxing Yuan Chuang Technology Co., Ltd., Yantai Ruichang Weinna Technology Co., Ltd. The above-mentioned enterprises and their underwriters will respectively negotiate with the Shanghai Stock Exchange to determine the issuance schedule and publish the offering documents one after another.

It took only one day from submitting the registration application to the CSRC's consent, 19 days ahead of the maximum time limit of 20 working days, and only three days from the enterprise meeting to obtaining the CSRC's registration consent. It took Science and Technology Innovation Board one step closer to listing. In accordance with the regulations, after receiving the audit opinions submitted by the exchange, the issuer's registration application documents and the relevant audit materials, the CSRC shall perform the issuance registration procedure, and the CSRC shall, within 20 working days, make a decision on whether to agree to the registration or not to register the issuer's application for registration.

It is worth noting that the first two enterprises through registration are not the first batch of enterprises to submit applications for registration. Huaxingyuan Chuang and Ruichuang Weiner submitted an application for Science and Technology Innovation Board's listing registration on the evening of June 13. Together with these two enterprises, Fuguang shares have not yet been approved by the CSRC. The above three enterprises are Science and Technology Innovation Board's second batch of enterprises.

The first batch of enterprises that have passed the meeting and submitted applications for registration, Microcore Biology, Anji Technology and Tianzi Technology submitted their applications for listing registration as early as June 11, and have not yet obtained the consent of the CSRC to register. At present, the number of enterprises in the state of submitting registration has reached 6.

"these two enterprises take the lead in customs clearance should be related to the texture of the enterprise, inquiry situation." Investment bankers at one brokerage said the issuance registration focused on whether there were omissions in the audit of the listing issued by the exchange, whether the audit procedures were in compliance with the requirements, and whether issuers met the relevant requirements in significant aspects of the issuance conditions and disclosure requirements. If the CSRC considers that there is a need for further explanation or implementation, it may ask the exchange for further inquiry.

The CSRC agrees that the decision to register shall be valid within one year from the date on which it is made, and the issuer shall issue shares within the period of validity of the registration decision.

Collective listing or in July

After obtaining the registration consent, the subsequent branch creative board will also go through the road show, the issue underwriting, the registration can be listed on the market. Huang Hongyuan said in an interview with CCTV that the end of registration into the roadshow issuing stage, issuing enterprises have a certain number of collective listing transactions, listing time, about 2 months.

Wang Jiyue, a senior investment banker, believes that after the registration of the CSRC, the issuance link of the Ke Chuang enterprise will normally last 15 working days, and another 12 Science and Technology Innovation Board will accept that the enterprise will soon be on the board review meeting. If the first batch of Science and Technology Innovation Board enterprises are calculated on the basis of 30, Science and Technology Innovation Board enterprises may be listed collectively in mid-July.

At present, the attention of the market is focused on the issue pricing link, for the valuation and pricing of the first batch of companies to be listed, the market parties still have differences. Different from the issue pricing mode of the approval system, under the registration system, Science and Technology Innovation Board cancelled the original issue mode of A-share pricing and adopted a comprehensive market-oriented inquiry system for all new shares, which is similar to the current A-share inquiry process.

On the object of inquiry, the object of inquiry for A-share issue under the approval system includes individuals. However, Science and Technology Innovation Board has higher requirements for investors' investment experience and risk tolerance, so he will limit his inquiry to seven types of professional institutional investors, such as securities companies and fund companies, and allow these institutions to fill in no more than three proposed purchase prices for different placing objects under their management. In order to promote prudent pricing by offline investors, the policy also provides for the removal of the highest portion of the proposed total amount of bids, and requires the disclosure of the median and average of valid quotations after excluding the highest quotations before online requisition, as well as information such as the median and average quotations of major long-term investors in the three types of markets. In the placing link, Science and Technology Innovation Board increased the proportion of offline placement, increased the proportion of offline initial issuance by 10 per cent, and reduced the intensity of offline initial issuance to call back online, after which the proportion of offline issuance will be no less than 60 per cent.

In addition, Science and Technology Innovation Board adopted a strategic placement mechanism, which lowered the threshold of strategic placement, and the limit period was longer than that of US stocks and Hong Kong stocks. The introduction of green shoes mechanism to ensure the stability of the stock price. Science and Technology Innovation Board introduced the sponsor organization related subsidiary follow-up investment system also increased the restraint to the underwriter, urges the sponsor organization to price more reasonably and prudently.

The person in charge of the relevant departments of the CSRC said that with the new trading mechanism set up by the registration system, the market has a process of gradually adapting and running-in, which requires a full market game between buyers and sellers, so that the market mechanism can play a role.

The fluctuation of stock price in the early stage of opening board has been dealt with.

In the initial stage of Science and Technology Innovation Board's board opening, after market-oriented pricing, it is essentially different from the existing IPO pricing mechanism, and the phenomenon of high valuation issuance of enterprises may increase. At the same time, the initial opening of the market supply and demand imbalance, coupled with the need to adapt to the new trading mechanism, do not rule out the emergence of short-term speculation, rise and fall of the situation.

Qin Peijing, chief analyst of Citic Securities Strategy, believes that under the unbalanced relationship between supply and demand, Science and Technology Innovation Board is expected to be pushed up on the first day of the board, but it will fall back in five trading days.

According to historical data from a group of gem, the first batch of listed companies on the gem rose 106% on the first day, changed from rising to falling the next day, the average stock fell 8.15%, and only 2 of the 28 stocks rose. Until the fifth day, the average increase of the first batch of companies was 2.72%. The volatility of gem shares tends to normalize over time.

Qin Peijing pointed out that when investors generally believe that Science and Technology Innovation Board's new shares will be hyped by the secondary market because of the scarcity of initial supply, under Science and Technology Innovation Board's effective quotation determination rules, in order to improve the probability of allocation, the optimal strategy expected by the new participants under the net is to raise the quotation appropriately on the basis of a reasonable valuation, so it is expected to lead to a systematic upward shift in the quotation range and make the issue pricing on the high side.

However, some market participants believe that the issue price of the first batch of science and technology enterprises will be within a reasonable range. Ding Luming, chief analyst at Citic Construction Investment Financial Engineering, said that under the incentive to make new earnings that could be expected, the institutions involved in the inquiry had more incentive to lower their quotations and improve their own level of benefits. At the same time, issuers and lead underwriters have the actual pricing power, and regulators have been concerned about the overvaluation of the primary market.

In order to cope with the sharp fluctuations in the market stock price, the Shanghai Stock Exchange has recently issued and implemented the "rules for Real-time Monitoring of abnormal Stock Trading by Science and Technology Innovation Board (for trial implementation). Combined with the characteristics of Science and Technology Innovation Board enterprises and the types of investors, on the basis of the mature supervision experience of the main board, according to the principles of prudent trading and decentralized trading, the supervision standard of Science and Technology Innovation Board abnormal trading behavior has been formulated. It also makes clear the countermeasures to be taken in the case of abnormal stock fluctuations and serious abnormal fluctuations. At the same time, in order to avoid the impact of large orders on secondary market trading, the monitoring situation of abnormal reporting rate of stocks with serious abnormal fluctuations is added.

In addition, it also clarifies the trading mechanisms such as the effective declaration price range, the intraday temporary suspension mechanism and the market price protection limit mechanism, which reflects the innovation of the trading mechanism design, aiming at establishing a more market-oriented and price-finding stock market and guiding the rational investment concept of the market.

Point 1: provisions on the management of appropriateness

Different from the main board, small and medium-sized board, gem, trading section gem needs to open Science and Technology Innovation Board authority.

According to the Special provisions on Science and Technology Innovation Board Stock Exchange of the Shanghai Stock Exchange, the following conditions shall be met for individual investors to participate in the trading of stocks on the creative board of the Shanghai Stock Exchange:

First, the average daily assets in the securities account and capital account 20 trading days before the opening of the application authority shall not be less than RMB 500000 yuan (excluding the funds and securities integrated by the investor through margin trading);

Second, to participate in securities trading for more than 24 months;

Third, other conditions stipulated by the Shanghai Stock Exchange.

It should be noted that I have 250000 assets in A securities firm (stocks or bonds or other assets entrusted to the securities firm can have 250000 assets in), B securities firm, which does not meet the opening requirements.

Point 2: trading mechanism and mode of trading

Like the existing A-shares, Science and Technology Innovation Board also implements T-share 1. However, the specific trading methods are different, including competitive trading, bulk trading, after-market fixed price trading.

In the bidding transaction, Science and Technology Innovation Board's market price declaration types include the optimal five immediate transaction surplus cancellation declaration, the optimal fifth immediate transaction surplus transfer limit price declaration, the party's optimal price declaration, the counterparty's optimal price declaration. The latter two are not available on the motherboard.

After-market fixed price trading is Science and Technology Innovation Board's new trading mode, which refers to the way in which the closing price declaration is brokered by the Shanghai Stock Exchange trading system according to the time priority after the end of the closing bidding, and the trading mode is traded at the closing price of the day.

It is worth noting that when the conditions are ripe, Science and Technology Innovation Board will also introduce a market maker mechanism, market makers can provide bilateral quotation services for Science and Technology Innovation Board shares.

In addition, for Science and Technology Innovation Board depositary receipts, to share as a unit, to RMB as the valuation currency, the unit of valuation for each depositary receipt price.

Point 3: limit the rise and fall

The limit is ±20%. This is different from ±10% of the motherboard.

Among them, Science and Technology Innovation Board's initial public offering of shares listed on the stock market, the first five trading days after the listing, there is no price rise or fall limit.

Point 4: trading time

The opening bidding time is 9-15-9-25, and the continuous bidding time is 9-30-11-30 and 13-15. 00.

In terms of increased after-hours fixed price trading, the reporting time is 9 / 30 / 11 / 30 and 13 / 00 / 15 / 30.

Point 5: declared quantity

Limited price declaration, the number of individual declared shares is not less than 200 shares, and does not exceed 100000 shares;

Market price declaration, a single declaration quantity of not less than 200 shares, and not more than 50,000 shares. At the time of sale, the portion with a balance of less than 200 shares shall be declared for sale at one time.

Overall, Science and Technology Innovation Board each declaration at least 200 shares, and the motherboard each at least 100 shares. When Science and Technology Innovation Board declared to buy, the portion of more than 200 shares can be incremented by 1 share, such as 201 shares, 202 shares and so on.

When declaring a sale, the number of shares declared shall not be less than 200 shares, and the number of shares more than 200 shares may be increased by 1 share. If the balance is less than 200 shares, the shares shall be sold at one time, for example, 199 shares shall be sold at one time.

Point 6: margin trading and other regulations

Science and Technology Innovation Board shares can be used as the target of margin trading from the first day of listing.

In addition, with regard to Science and Technology Innovation Board's trading code and securities acronym, the China Securities Association organized securities firms to interpret and train on relevant rules such as Science and Technology Innovation Board's initial Public offering underwriting Business Standard and Science and Technology Innovation Board's online Investor Management rules for initial Public offering. During the training, it was mentioned that Science and Technology Innovation Board's stock code was "688xxx" and CDR depositary receipt code was "689xxx". At the same time, Science and Technology Innovation Board added an acronym for expanded securities, with a maximum of 8 Chinese characters (16 characters).

Key Words:  Economy  society  production capacity  output