CSRC: Improve the lock-in price and fixed increase system, strengthen the supervision requirements for convertible bonds.

The China Securities Regulatory Commission (CSRC) has publicly solicited opinions on the decision to amend the "Administrative Measures for the Registration of Securities Issuance by Listed Companies (Draft for Solicitation of Opinions)" and related supporting rules. It is proposed to improve the lock-up price placement system. First, for lock-up price placements with all subscribers being controlling shareholders and three categories of investors, the pricing base date is limited to the "first day of the issuance period", and the lock-up period for shareholders participating in the lock-up price is extended from 18 months to 36 months, balancing financing efficiency and market fairness, and promoting the market to move from lock-up price placements to more open bidding placements. Second, lower the threshold for the issuance of securities supported by the actual controller and controlling shareholder to support the stable operation of listed companies, except for retaining the negative conditions of unauthorized change of the use of funds raised in the previous round without correction or approval of the shareholders' meeting, and significant violations by the controlling shareholder and actual controller in the past three years, all other conditions do not apply. Strengthen supervision requirements for convertible bonds. First, convertible bonds are subject to the same refinancing interval requirements as private placements, additional issuances, and rights issues. Second, strengthen the constraints on the debt repayment capacity of convertible bonds. Third, incorporate regulatory requirements for the disclosure of information on the face value and term of convertible bonds into the "Measures for Refinancing", returning to the institutional basis. The original text is as follows: This article is selected from the "CSRC official website"; GMTEight editor: Li Fo.