Financial Associated Press, July 6 (Reporter Wu Hao) Due to the fact that in the special inspection of the China Securities Association, it was found that there were violations of IPO offline inquiry. On July 5, two more private equity funds were included in the IPO offline investment. restricted list.
According to the announcement, the two institutions are Shanghai Dapu Asset Management Co., Ltd. (referred to as “Dapu Assets”), which is a 10-billion-level private equity firm, and Shanghai Ruitian Investment Management Co., Ltd. day investment”), will be included in the restricted list for a period of one month, from July 6 to August 5, 2022.
According to relevant regulations, during the period of being included in the restricted list, all placement objects managed by offline investors are not allowed to participate in offline inquiry and placement of related projects on the Science and Technology Innovation Board, GEM, Main Board and other sectors; the period of being included in the restricted list After the expiration of the period, if the offline investor intends to continue to carry out the inquiry business of new shares, it shall apply to the association for registration again.
This is the third time this year that the China Securities Association has announced the restricted list of IPO offline investors.On March 16, two batches of lists were announced, involving a total of 13 institutions.However, in contrast, the third batch of lists announced this time has decreased in terms of the number and length of restricted objects.
The reporter reviewed the previous two lists and found that as of now, there are still two institutions, Shenzhen Qianhai Bopu Asset Management Co., Ltd. and Shanghai Ruiyang Investment Management Co., Ltd., which have not lifted the participation restrictions on IPO offline inquiry and placement.The deadline for the two agencies' restricted lists is September 16.
According to the regulations of the China Securities Association, there are nine violations that will be included in the restricted list when offline investors participate in the offline inquiries of IPO stocks on the Science and Technology Innovation Board and ChiNext.According to the reporter's consultation with investment bankers, there are four more frequent areas of punishment:
The first is to disclose the quotation of the company before the end of the inquiry, inquire about, collect and disseminate the quotations of other investors, or negotiate quotations between investors, etc.;
The second is to prudently offer quotations without performing quotation evaluation and decision-making procedures;
Third, there is no basis for pricing, not rational quotation based on sufficient research, or deliberately lowering or raising the quotation;
Fourth, the amount to be subscribed for has not been reasonably determined, and the amount to be subscribed exceeds the total assets or capital scale of the allotment target and has not been excluded by the lead underwriter.
Two more institutions added to the list of offline investors
On July 5, in the latest "Announcement on the Restricted List of Offline Investors in Initial Public Offering of Stocks (No. 3 of 2022)" released by the China Securities Association, two more institutions were named, namely Dapu Assets and Ruitian. invest.
According to the announcement, during the special inspection conducted by the China Securities Association, it was found that the above-mentioned two institutions had violated the offline inquiry behavior of participating in the registration-based IPO project.According to the relevant provisions of the "Management Rules for Offline Investors in Initial Public Offerings under the Registration System" and "Guidelines for the Classification, Evaluation and Management of Offline Investors in Initial Public Offerings under the Registration System", the China Securities Association has included the two institutions on the restricted list.
According to the announcement, the two institutions will be included in the restricted list from July 6 to August 5, 2022, for a period of one month.
According to the "Guidelines for the Classification, Evaluation and Management of Offline Investors in Initial Public Offerings under the Registration System", during the period when they are listed on the restricted list, all placement objects managed by offline investors are not allowed to participate in the Science and Technology Innovation Board, Growth Enterprise Market, Main Board, etc. Offline price inquiry and placement of sector-related projects; after the expiration of the time limit for being included in the restricted list, offline investors who intend to continue to carry out new stock inquiry business should re-apply for registration with the Association.
This is the third restricted list of IPO offline investors released by the China Securities Association this year.The previous two lists were announced on March 16, of which there were 8 in the first batch and 5 in the second batch.Among the 13 institutions, there are many tens of billions of private equity, including Shanghai Ruiyang Investment Management Co., Ltd., Shanghai Shenyi Investment Co., Ltd., etc.
In addition, the reporter found that, including the two institutions this time, among the 15 institutions that have been included in the restricted list this year, Shenzhen Qianhai Bopu Asset Management Co., Ltd. and Shanghai Ruiyang Investment Management Co., Ltd. The longest period is half a year, from March 17 to September 16, 2022.This also means that, until now, the qualifications of these two institutions to participate in offline price inquiry and placement are still being "blocked".
Both are medium and large private equity firms in Shanghai
The two named institutions are all private equity fund companies in Shanghai, of which Dapu’s assets are still tens of billions of private equity, and the founders are from Industrial Securities.
The company's official website shows that Dapu Assets was established in January 2012 with a registered capital of 10 million yuan, and the actual controller is Yan Keyi.According to public information, Yan Keyi worked in Industrial Securities from 1998 to 2012, and successively served as department manager of the self-operated department, general manager of the asset management department, and director of the research institute.In February 2012, "Penzi" established Dapu Assets.
According to the introduction on the official website, the company's core investment and research teams are all from well-known domestic securities research and investment institutions, with a combined background in securities investment research and their respective research industries.
According to the website of the China Association for Fundamental Research, as of January 12, 2022, the last update time of institutional information, the company has a management scale of more than 10 billion yuan, and 54 products are officially in operation.
Ruitian Investment was established on November 26, 2013, with a registered capital of 10 million yuan, and the actual controller is Xu Xiaobo.According to public information, Xu Xiaobo worked for Citadel Investment LLC, an American hedge fund, engaged in the development and research of quantitative trading strategies, and then returned to China to found Rui Tian Investment.
According to the company's official website, in addition to founder Xu Xiaobo, the core members of Ruitian Investment also include CTO Huo Hongpeng and risk control director Liang Siyu, both of whom graduated from the Department of Computer Science of Fudan University and worked in Tencent Technology.
According to the website of China Foundation Association, as of April 6, 2022, the last update time of institutional information, the company's management scale is 5 billion to 10 billion yuan, and 139 products are officially in operation.Before that, Ruitian had a scale of over 10 billion.
Nine types of situations will be included in the list of price inquiry and placement restrictions
The reporter checked the "Administrative Rules for Offline Investors in Initial Public Offering of Stocks under the Registration System", which listed the relevant regulations for offline investors and relevant staff when participating in offline inquiries for IPO stocks on the Science and Technology Innovation Board and ChiNext. Nine violations:
One is to use other people's accounts, multiple accounts or entrust others to quote;
The second is to disclose the quotation of the company before the end of the inquiry, inquire about, collect and disseminate the quotations of other investors, or negotiate quotations between investors, etc.;
The third is to collude with the issuer or underwriter to quote;
The fourth is to use inside information and unpublished information to make quotations;
Fifth, prudent quotations without performing quotation evaluation and decision-making procedures;
Sixth, there is no basis for pricing, no rational quotation based on sufficient research, or deliberately lower or higher quotation;
Seventh, the amount to be subscribed for has not been reasonably determined, and the amount to be subscribed exceeds the total assets or capital scale of the allotment target and has not been excluded by the lead underwriter;
Eighth, accept financial assistance, compensation, rebates, etc. provided by issuers, lead underwriters and other stakeholders;
Ninth, other situations that are not independent, objective, dishonest, and incorrupt.
It is mentioned in the "Guidelines for the Classification, Evaluation and Management of Offline Investors in Initial Public Offerings of Stocks under the Registration System" that if any of the above-mentioned nine items are regulated by offline investors, they will be included in the restricted list.
The reporter learned from consulting a number of investment bankers that, compared with other situations, the second, fifth, sixth, and seventh items are the frequent occurrences of regulatory penalties.
A senior brokerage Baodai told reporters that according to past experience, the punishment for "deliberately lowering and raising the quotation" mentioned in the sixth case is relatively more common, "because there is always a difference between market gaming and lowering and raising the price. There are some vague designation issues that don't have clear behavioral requirements like other prohibited behaviors."
Oversubscription is also a penalty area closely watched by supervision.According to the "Administrative Rules for Offline Investors in Initial Public Offering of Stocks under the Registration System", when offline investors fill in the quantity to be subscribed for the placement target during the initial inquiry of IPO stocks on the Sci-Tech Innovation Board and ChiNext, they should The number of subscriptions should be reasonably determined based on circumstances such as strength and risk tolerance. The number of subscriptions to be subscribed shall not exceed the total offline initial issuance, nor shall it exceed the upper limit of the number of subscriptions for a single placement object determined by the lead underwriter, and the amount to be subscribed shall not exceed the total assets of the placement object. or the scale of funds, and ensure that the number of subscriptions and future shareholdings comply with relevant laws and regulations and the regulations of the regulatory authorities.
In addition, the quotation is valid but not subscribed, or the missing payment after the subscription may also be an important reason for being blocked.Previously, many assets were blacklisted, that is, because the quotation was valid but not subscribed.
Securities brokerage investment bankers said that oversubscription is unfair to other institutions participating in offline new sales.However, as the regulatory requirements are consolidated, and if the oversubscribed institution is successfully placed, the lead underwriter will also be punished. At present, this situation is significantly reduced compared with previous years.
