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The IPO has been checked back for ten years!

The IPO has been checked back for ten years!

The following article comes from the 21st Century Business Herald, the author is 21 reporters

The IPO has been checked back for ten years!

Some people in the industry believe that one of the purposes of this backcheck of IPO financial data is to clear out inferior enterprises.

Text丨21st Century Business Herald ID

:jjbd21

Author丨Cui Wenjing Editor丨Bao Fangming

Since Wu Qing assumed the post of chairman of the CSRC on February 7, the CSRC has made frequent policy moves to maintain market stability.

From February 18th to 19th, in just two days, the China Securities Regulatory Commission has held more than 10 symposiums, which were full of dry goods and the confidence of the participants has greatly increased. Taking the symposium of experts and scholars held on the morning of February 18 as an example, due to the enthusiasm of the participating experts, the meeting was postponed to about 12:30 o'clock. On February 20, Wu Qing led a team to the business department of Galaxy Securities Financial Street to start research.

Through more than 10 forums and the intensive voices of the China Securities Regulatory Commission before and after the Spring Festival, the direction of capital market supervision has become increasingly clear.

In terms of enterprises, the whole process of IPO is strictly supervised, and the delisting system is improved to achieve a dynamic balance of "entry and exit" in the capital market.

In terms of listed companies, we will severely punish all kinds of violations of laws and regulations, including financial fraud and illegal shareholding reduction, and solve problems for enterprises in a timely manner through visits to listed companies.

In terms of financial institutions, it has not only severely punished IPOs for acting as tigers and forced intermediaries to assume the responsibility of consolidating the "gatekeepers" of the capital market, but also improved the supervision model of industry institutions to enhance the comprehensive strength of securities companies and public funds, and at the same time adopted various measures to guide medium and long-term funds to enter the market.

Strictly control the "entrance" and smooth the "exit"

According to the experts participating in the CSRC symposium on February 18, the biggest difference of views in the current capital market development proposals is whether to suspend IPOs. However, regardless of whether it is suspended or not, it is the consensus of all parties to strictly control IPO access and strengthen strict supervision of the whole IPO process.

Judging from the recent actions of supervision, the state of strict supervision of IPOs is becoming clearer.

First of all, check the financial data of the IPO company for ten years. According to a person familiar with the matter, "demon stocks," listed companies whose performance has changed their faces, and whose stock prices have fallen sharply from their issue prices are the focus of inspection; enterprises that are in the stage of queuing for IPO or even that have withdrawn their materials are also included in the scope of the investigation.

"Under the investigation, it is expected that some enterprises with large 'water injection' components and long-term inflated operating income and net profit will be found out and heavily fined, and the corresponding intermediaries are estimated to be unable to escape punishment," a head brokerage investment banker told the 21st Century Business Herald reporter.

In the face of the IPO investigation, the person said that on the one hand, it gradually carried out self-inspection, and prepared explanations in advance for the points that may be questioned; on the other hand, it will be cautious in doing projects in the future, focusing on stability, giving up aggressive play, and reducing beautification and packaging.

Second, if the company's IPO withdrawal materials are correct, the failure of the listing can still be judged as a fraudulent issuance and a large fine.

A few days ago, Sierxin, which submitted an IPO listing application on the Science and Technology Innovation Board in August 2021, was selected for on-site inspection four months later, and withdrew its application for issuance and listing in July 2022, was convicted of fraudulent issuance due to fabricating false content in securities issuance documents, and the company and its main management personnel were fined a total of 16.5 million yuan. Since the implementation of the new Securities Law, the Silxin case is the first case of fraudulent issuance investigated by the CSRC after submitting the application materials but before being registered.

In the view of Tian Xuan, deputy dean of Tsinghua University's PBC School of Finance, this case means that serious violations such as fraudulent issuance are no longer only aimed at listed companies, and that enterprises have fraudulent behaviors, and are likely to be heavily fined if they fail to go public. From the time an enterprise submits the listing materials, every link in the IPO stage should be legal and compliant, and be implemented in accordance with the regulatory requirements of the listed company, and the punishment shall be the same as that of the listed company for violating laws and regulations.

Strict control of IPO access aims to improve the quality of listed companies from the entry end. In contrast, improving the delisting system, smoothing IPO exports, and resolutely clearing out unqualified listed companies are also regarded as powerful measures to fundamentally improve the quality of listed companies and increase investment returns.

At present, the China Securities Regulatory Commission (CSRC) is studying and optimizing the delisting indicators, setting more accurate and matching delisting standards, increasing the liquidation of financial fraud companies, and improving multiple exit policies and regulations such as mergers and acquisitions to support enterprises to voluntarily delist.

Some people in the industry believe that one of the purposes of this backcheck of IPO financial data is to clear out inferior enterprises.

"It hurts so much that I dare not do it anymore"

Strictly control the entrance of IPOs and smooth the channels for delisting, so as to build a foundation for improving the quality of listed companies. Comprehensively enhancing the investment value of listed companies is also the focus of the CSRC.

First of all, the regulator will severely punish fraudulent issuance, financial fraud, divorce, securities lending and selling, refinancing and other disguised and detour shareholding reductions.

Judging from the relevant statements of the symposium on February 18-19, the China Securities Regulatory Commission said that for key areas such as fraudulent issuance, systematic fraud and cooperation with fraud, and financial "bathing", it will strengthen cross-departmental joint prevention and control and joint law enforcement, and better give full play to the advantages of the Supreme People's Procuratorate in the procuratorial office of the China Securities Regulatory Commission and the Securities Crime Investigation Bureau of the Ministry of Public Security, improve the efficiency of administrative and criminal convergence, and enhance the efficiency of "zero tolerance" law enforcement, so that counterfeiters and their "accomplices" are really painful and dare not do it again.

Among them, for financial fraud and other issues. The China Securities Regulatory Commission will strengthen the construction of mechanisms from the three lines of defense of the company's internal governance, intermediary institutions, and supervision of the securities department, strive to achieve the authenticity of performance penetration data, strengthen all-round three-dimensional accountability, and impose heavy penalties on audit and evaluation violations and apply "hard measures" such as business bans.

For illegal shareholding reductions, the China Securities Regulatory Commission will study and enhance the timeliness and effectiveness of regulatory measures, such as ordering the violating entities to repurchase shares, handing over the price difference income to the company, etc., and will increase the punishment in accordance with the law for behaviors that have a bad impact and refuse to correct them in time.

At the same time, the China Securities Regulatory Commission will also crack down on "pseudo market value management" that implements illegal acts such as false information disclosure, insider trading and market manipulation in the name of market value management.

Second, while severely punishing violations of laws and regulations, regulators also take the initiative to solve problems for listed companies. At present, all localities are increasing the intensity of visits to listed companies to effectively solve problems for listed companies.

In addition, the regulator encourages listed companies to increase their dividends. Let companies that have not paid dividends for many years or have a low dividend rate feel strong constraints, further urge high-performing listed companies to improve the level of dividends, and promote multiple dividends in combination with semi-annual reports and third quarterly reports.

Research and improve the institutional supervision model

While comprehensively strengthening corporate supervision, financial institutions such as securities firms and public funds, which are important service subjects in the capital market, are also the focus of the CSRC's next step.

In this regard, on the one hand, the China Securities Regulatory Commission has strengthened severe punishment and imposed heavy penalties on violations of laws and regulations, forcing intermediaries to perform their duties and responsibilities.

For example, the China Securities Regulatory Commission said on February 4 that it would adhere to the principle of "multiple investigations in one case", comprehensively investigate the relevant intermediaries involved in the case, increase the punishment of intermediaries with vile violations and serious circumstances, and urge them to perform their duties as "gatekeepers".

Taking brokerages as an example, from February 7 to February 19, according to incomplete statistics from reporters, at least five brokerages including Shenwan Hongyuan, Ping An Securities, China Merchants Securities, Zhongshan Securities, and Huaan Securities received fines. If we go back to the beginning of the year, there are more than 13 brokerages named.

On February 20, Lingjun Investment, a quantitative trading institution, was restricted from trading by the Shanghai Stock Exchange and the Shenzhen Stock Exchange and initiated a public censure procedure. The two major exchanges in Shanghai and Shenzhen said that they will further consolidate the customer management responsibilities of securities companies, improve the self-discipline management and cooperation mechanism with the Securities Industry Association and the Asset Management Association, and strengthen the transaction supervision of quantitative private equity and other institutions.

On the other hand, the China Securities Regulatory Commission (CSRC) is studying and improving the regulatory model of industry institutions, improving the institutional system of institutions, personnel and businesses, and strengthening the compliance and risk control requirements of institutions. At the same time, we will improve the regulatory incentive and restraint mechanism, give more prominence to rewarding the good and punishing the bad, and promote the improvement of the capacity of securities companies and public funds.

At the same time, the information of the recent symposium of the China Securities Regulatory Commission also shows that the China Securities Regulatory Commission is studying to optimize the product registration mechanism, speed up the pace of product approval, relax the registration conditions of index funds, increase the supply of broad-based index varieties and corresponding option products, and strengthen coordination with relevant departments to promote the introduction of more medium and long-term funds into the market.

(First picture source: Picture Worm)

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