< p > Zhang Xiaojun, a spokesman for the securities and Futures Commission, said on the 21 day that the SFC adopted a number of reform measures to establish a refinancing system in line with the characteristics of the gem, reasonably set the issuing conditions, and launch a "small, fast and flexible" private placement mechanism to meet the financing needs of the listed companies' development of < a href= "http:// m.pmae.cn/news/index_cj.asp > gem" /a ".

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< p style= "text-align: center" > img align= "center" border= "0" alt= "src=" /uploadimages/201403/22/20140322094114_sj.JPG "/" < < >.

< p > Zhang Xiaojun said that the refinancing system is an important part of the system of the growth enterprise market.

The formulation of Interim Measures for the management of securities issuance of listed companies on GEM (Draft) is aimed at improving the allocation function of market resources, emphasizing balanced coordination of investment and financing functions, preventing excessive financing of listed companies, and issuing conditions for issuing reasonable financing varieties, and encouraging mergers and acquisitions of listed companies on gem.

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< p > it is learnt that the gem is no longer a href= "//m.pmae.cn/news/index_s.asp" > financing < /a > system, set up a "small, fast, flexible" private placement mechanism.

Specific contents include: the amount of "small quick" private placement is limited to 12 of the total net assets of a company within 10% months, not exceeding 50 million yuan per time, and no more than 10% of the company's net assets. A simple audit procedure is applied, and the decision of the regulatory department is made within 15 working days from the date of acceptance. The annual general meeting of shareholders is set up to make a decision and the sub implementation system of the board of directors is adopted to improve the efficiency of decision-making.

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< p > in addition, on the issue price, the gem follows the principle of "follow the market" and refinancing pricing is linked to the two level market price, and the price fixing period is adopted to restrain the pricing behavior.

The pricing and locking requirements for differentiated private placement are as follows: < /p >

< p > one is non-public offering < a href= "//m.pmae.cn" > stock < /a > the price is not lower than the first day before the first day of issue, the stock price of the company is not locked.

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< p > two, the price of non-public offering is lower than the 20 trading days before the first day of issue, or the average price of the company's stock on the previous trading day, but not less than 90%, which is locked for 12 months.

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< p > three is to support strategic investors in directional shares.

The holding of listed companies is less than a href= "//m.pmae.cn/news/index_cj.asp" > shareholders < /a >, the actual controller or its associated party, and the domestic and foreign strategic investors introduced by the board of directors shall be locked up for 36 months at no less than 90% of the 20 trading days before the announcement of the private placement issue or the 90% of the company's stock price on the previous trading day.

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