China: 最新科创板制度解读系列之(四)

Last Updated: 17 April 2019
Article by Xian'an Wang
Most Read Contributor in China, March 2019

最新科创板制度解读系列之(四)-《科创板股票发行与承销实施办法(征求意见稿)》

2019年1月30日,中国证监会发布了《关于在上海证券交易所设立科创板并试点注册制的实施意见》,并就《科创板首次公开发行股票注册管理办法(试行)》和《科创板上市公司持续监管办法(试行)》向公众征求意见。

与此同时,上交所发布了《上海证券交易所科创板股票发行上市审核规则》等配套规则并向社会公开征求意见,其中包括规范发行与承销环节的《上海证券交易所科创板股票发行与承销实施办法(征求意见稿)》(以下简称"《科创板发行与承销实施办法》")。

笔者拟就《科创板发行与承销实施办法》的核心内容与现行的《证券发行与承销管理办法》进行对比解读,并简要总结《科创板发行与承销实施办法》的相关创新内容。

一、网下询价确定发行价格

《科创板发行与承销实施办法》

《证券发行与承销管理办法》

1、首次公开发行股票应当向证券公司、基金管理公司、信托公司、财务公司、保险公司、合格境外投资者和私募基金管理人等专业机构投资者(即"网下投资者")以询价的方式确定股票发行价格。

2、同一网下投资者全部报价中的不同拟申购价格不超过3个。

3、首次公开发行股票价格(或发行价格区间)确定后,提供有效报价的投资者方可参与申购。

4、最终发行价格超过报价的中位数和平均数的,应当在申购前至少一周发布投资风险报告。

1、首次公开发行股票,可以通过向网下投资者询价的方式确定股票发行价格,也可以通过发行人与主承销商自主协商直接定价等其他合法可行的方式确定发行价格。

2、网下投资者报价应当包含每股价格和该价格对应的拟申购股数,且只能有1个报价。

解析:

1.考虑到科创板对投资者的投资经验、风险承受能力要求更高,科创板取消了发行人与主承销商自主协商直接定价的方式,全面采用市场化的询价定价方式。

2.科创板将首次公开发行询价对象限定在证券公司、基金管理公司等七类专业机构投资者。同时,相较于A股其他板块网下投资者只能有1个报价,科创板允许网下申报对象最多申报3个价格,使得网下投资者可在证券分析师撰写的科创板企业投资价值研究报告基础上申报多个报价,以更好地体现不同专业机构投资人对企业价值的判断。

3.如果发行人与主承销商确定的发行定价超过投资者报价的中位数、平均数,主承销商与发行人至少在申购前一周发布投资风险公告,旨在为投资者预留较为充分和理性的投资决策时间。


 

二、"中止发行"适用市值测试指标

《科创板发行与承销实施办法》

《证券发行与承销管理办法》

1.股票发行价格确定后,发行人预计发行后总市值不满足其在招股说明书中明确选择的市值与财务指标上市标准的,应当中止发行。

2.中止发行后,在中国证监会同意注册决定的有效期内,且满足会后事项监管要求的前提下,经向上交所备案,可重新启动发行。

1.剔除最高报价部分后有效报价投资者数量不足的,应当中止发行。

2.首次公开发行股票网下投资者申购数量低于网下初始发行量的,发行人和主承销商不得将网下发行部分向网上回拨,应当中止发行。

3.网下和网上投资者缴款认购的新股或可转换公司债券数量合计不足本次公开发行数量的70%时,可以中止发行。

4.除本办法规定的中止发行情形外,发行人和主承销商还可以约定中止发行的其他具体情形并事先披露。中止发行后,在核准文件有效期内,经向中国证监会备案,可重新启动发行。

解析:

1.参考境外成熟资本市场的做法,科创板对发行人中止发行适用市值测试指标,即发行人预计发行后总市值不满足其在招股书中所选市值与财务指标上市标准的,应当中止发行。

2.A股其他板块适用的中止发行的标准包括投资者数量、申购数量、认缴股份量是否达到要求三种,同时赋予发行人和主承销商约定中止发行的具体情形。

三、向战略投资者(基石投资者)配售的要求降低

《科创板发行与承销实施办法》

《证券发行与承销管理办法》

1.首次公开发行股票数量在1亿股以上的,可以向战略投资者配售。战略投资者配售股票的总量超过本次公开发行股票数量30%的,应当在发行方案中充分说明理由。

2.首次公开发行股票数量不足1亿股,战略投资者获得配售股票总量不超过本次公开发行股票数量20%的,可以向战略投资者配售。

3.战略投资者不参与网下询价,且应当承诺获得本次配售的股票持有期限不少于12个月,持有期自本次公开发行的股票上市之日起计算。

1.首次公开发行股票数量在4亿股以上的,可以向战略投资者配售。

2.战略投资者不参与网下询价,且应当承诺获得本次配售的股票持有期限不少于12个月,持有期自本次公开发行的股票上市之日起计算。

解析:

1.根据境内外实践经验,向战略投资者配售在引入市场稳定增量资金,帮助发行人成功发行等方面富有实效。科创板借鉴境外资本市场的经验,全面推行向战略投资者的配售,取消了A股其他板块要求首发4亿股以上的要求。

2.科创板明确首发股票数量为1亿股以上的,可以向战略投资者配售。战略投资者配售股票总量如超30%的,需具备充分理由。若首发股票数量不足1亿股的,向战略投资者配售股票总量不超过本次发行股票数量的20%。


 

四、提高网下发行配售数量占比

《科创板发行与承销实施办法》

《证券发行与承销管理办法》

1.公开发行后总股本不超过4亿股的,网下初始发行比例不低于本次公开发行股票数量的70%。

2.公开发行后总股本超过4亿股或者发行人尚未盈利的,网下初始发行比例不低于本次公开发行股票数量的80%。

1.公开发行后总股本在4亿股(含)以下的,网下初始发行比例不低于本次公开发行股票数量的60%。

2.公开发行后总股本超过4亿股的,网下初始发行比例不低于本次公开发行股票数量的70%。

首次公开发行股票,网上投资者有效申购倍数超过50倍且不超过100倍的,应当从网下向网上回拨,回拨比例为本次公开发行股票数量的5%;网上投资者有效申购倍数超过100倍的,回拨比例为本次公开发行股票数量的10%;回拨后无限售期的网下发行数量不超过本次公开发行股票数量的80%。

网上投资者有效申购倍数超过50倍、低于100倍(含)的,应当从网下向网上回拨,回拨比例为本次公开发行股票数量的20%;网上投资者有效申购倍数超过100倍的,回拨比例为本次公开发行股票数量的40%;网上投资者有效申购倍数超过150倍的,回拨后无锁定期网下发行比例不超过本次公开发行股票数量的10%。

解析:

科创板将网下初始发行比例调高了10%,并降低了网下初始发行量向网上回拨的力度,回拨后网下发行比例将不少于60%,有利于引导各类投资者理性参与,也对引导个人投资者通过公募基金参与科创板股票发行具有积极作用。同时,明确回拨后网下发行比例不超过80%,保障网上投资者的最低申购比例。

五、保荐机构可参与战略配售

《科创板发行与承销实施办法》

《证券发行与承销管理办法》

1.发行人的保荐机构依法设立的相关子公司或者实际控制该保荐机构的证券公司依法设立的其他相关子公司,可以参与本次发行战略配售,并对获配股份设定限售期,具体事宜由上海证券交易所另行规定。

2.首次公开发行股票数量不足1亿股的发行人,可以向前款规定的战略投资者(即保荐机构)配售股份。

1.首次公开发行股票网下配售时,不得向承销商及其主要关联方配售股票。

2.可以选择包销方式或者代销方式。

解析:

1.为增强保荐机构的资本约束,强化其履职担责,《科创板发行与承销实施办法》允许发行人的保荐机构依法设立的相关子公司或者实际控制该保荐机构的证券公司依法设立的其他相关子公司,参与战略配售,并设置一定的锁定期,鉴于具体规则仍需上交所另行规定,可能会参考一般战略投资者12个月的锁定期。

2.相比A股其他板块配售的规定,科创板保荐机构可视企业质地和未来发展前景等选择作为战略投资者获配一定比例的首发股票。


 

六、绿鞋机制(超额配售选择权)更为灵活

《科创板发行与承销实施办法》

《证券发行与承销管理办法》

1.发行人和主承销商可以在发行方案中采用超额配售选择权。采用超额配售选择权发行股票数量不得超过首次公开发行股票数量的15%。

2.发行人股票上市之日起30日内,主承销商有权使用超额配售股票募集的资金,从二级市场购买发行人股票。主承销商可以根据超额配售选择权行使情况,要求发行人按照超额配售选择权方案发行相应数量股票。

1.首次公开发行股票数量在4亿股以上的,发行人和主承销商可以在发行方案中采用超额配售选择权。

2.根据《关于开展创新企业境内发行股票或存托凭证试点的若干意见》认定的试点企业在境内发行股票或存托凭证的,根据需要采用超额配售选择权。

解析:

1.科创板发行人和主承销商可自主选择是否采用绿鞋机制,取消了A股其他板块首发股票数量在4亿股以上才能适用的限制,促进科创板新股上市后股价的稳定。

2.超额配售不超过首发股票数量15%也是国际上多数资本市场所通行的比例,主承销商在上市之日起30日内使用超额配售资金从二级市场按不高于发行价购买股票后分配给超额配售的投资者,有利于维护二级市场的稳定;主承销商可以根据超额配售选择权行使情况,要求发行人按照事先确定的方案向超额配售的投资者增发。

七、科创板股票发行与承销的其他创新点

1.强制主承销商向网下投资者出具证券分析师撰写的投资价值研究报告。

2.促进网下投资者审慎报价,在发行人与主承销商确定的发行定价超过投资者报价的中位数、平均数时,明确事先披露投资风险公告机制。

3.允许发行人高级管理人员和核心员工通过设立专项资产管理计划参与发行战略配售,获配的股票数量不得超过首次公开发行股票数量的10%。该举措有利于向市场投资者传递正面信号,有利于发行人的成功发行。

4.承销股票的证券公司应当向通过战略配售、网下配售获配股票的投资者收取经纪佣金,并为主承销商自主选择询价对象、培养长期优质客户留有制度空间。

5.为加强老股东的减持行为监管和避免违规减持风险,要求发行人股东持有的首发前股份集中托管于保荐机构处。

结语:

《科创板发行与承销实施办法》目前尚处于征求意见阶段,但其发行与承销中网下询价参与者条件和报价要求、网下初始配售比例、网下网上回拨机制、向基石投资者配售、绿鞋机制等事项的相关规定,能更好地满足科创企业发行上市的投融资需求。《科创板发行与承销实施办法》的内容无疑对推动科创板企业的股票成功发行、保护市场投资者以及完善我国资本市场股票发行与承销方式等方面具有积极作用。

德恒上海科创板法律工作组将持续关注科创板相关规则及其配套制度的正式稿进展,并在第一时间为大家带来解读。

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

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