From: China Financial Journal
Relevant responsible persons of Shanghai Stock Exchange answered reporters' questions about the high price elimination ratio of new stock pricing in the pilot adjustment of science and technology innovation board
Q: The Eight Measures on Deepening the Reform of the Science and Technology Innovation Board to Serve Scientific and Technological Innovation and the Development of New Quality Productivity put forward that "optimizing the pricing mechanism of new share issuance, and adjusting the proportion of excluding the high price of new share pricing in the pilot of the Science and Technology Innovation Board". How will it be adjusted?
Answer: In order to implement the relevant opinions of the "Eight Measures for Deepening the Reform of the Science and Technology Innovation Board to Serve the Development of Scientific and Technological Innovation and New Quality Productivity", further increase the restrictions on offline investors' quotation, guide rational quotation, and adjust the maximum quotation rejection ratio applicable to new stock pricing in the pilot of the Science and Technology Innovation Board. The current business rules and industry advocacy suggestions are clear, and the maximum quotation is excluded from 1% - 3% of the total amount of all offline investors' proposed subscriptions. In practice, 1% is generally selected as the exclusion ratio. In order to further increase offline quotation constraints, The Science and Technology Innovation Board will uniformly implement the maximum quotation rejection ratio of 3% for the pilot 。 Shanghai Stock Exchange will pay attention to the implementation of the above arrangements by the issuer and the lead underwriter in the follow-up work of the issuance and underwriting plan filing of new shares on the Science and Technology Innovation Board.
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