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Another new regulation for securities firms has been launched.
On May 24, the China Securities Industry Association issuedBlackjackonlinefreeThe guidelines on the behavior of Securities companies in providing Investment value Research reports (hereinafter referred to as "guidelines") are designed to further standardize the formation process of bidding reports, prevent conflicts of interest, strengthen the professional independence of analysts, promote the improvement of the quality of bidding reports, and give full play to the important reference role of bidding reports in offering pricing.
The bidding report is an important reference material for offline investors to judge the investment value of issuers. "however, in the process of related business development, there are some problems, such as low quality of bidding reports, large deviation in the prediction of some bidding reports, insufficient independence of analysts and so on." The China Securities Association said.
The guidelines have a total of 23 articles, which mainly put forward normative requirements for the independence of bid report production, analyst cross-wall management, IPO roadshow and so on.
Specifically, securities companies are required to maintain the principle of independence when providing bidding reports, strengthen the compliance management of the communication between securities analysts and investment banks, issue underwriters and issuers, and prevent conflicts of interest.
Including requiring analysts who write bid reports to make independent judgments and not to be influenced or disturbed by stakeholders. In addition, analysts and stakeholders are prohibited from discussing investment analysis such as earnings forecasts and valuations before providing bid reports to offline investors.
Before the securities analyst participates in the writing of the bidding report, they must first go through the formalities of cross-wall examination and approval, and shall not adjust the cross-wall analyst at will. If there is a replacement, the original cross-wall securities analyst shall not disclose and use the sensitive information learned after the cross-wall.
Investment bankers are not allowed to be present when the analyst investigates the issuer during the writing process.BlackjackonlinefreeAnalysts can verify the authenticity and accuracy of the relevant factual information related to the issuer to the issuer and investment bankers, but the two sides cannot exchange the contents of investment analysis such as profit forecast and valuation of the bidding report, as well as the scope of the issue pricing; analysts should also make full reference to the issuer's prospectus and the opinions of the stock exchange, and make a good risk warning.
At the same time, the guidelines also put forward corresponding requirements for the IPO roadshow. Prior to the publication of the IPO prospectus, analysts are not allowed to conduct project roadshow promotions for investors who intend to participate in the strategic placement, but can attend roadshow promotions held by issuers and lead underwriters, but are not allowed to express their opinions and opinions.
After the publication of the IPO prospectus, until the issue price of the project is determined and announced or the issue is terminated, except for the lead underwriter to conduct a roadshow recommendation, no securities company shall directly or externally hire consultants to invite or arrange for the directors, supervisors, senior managers and other employees of the issuer to participate in various investor exchange activities. Including, but not limited to, roadshows in the name of expert exchanges, one-on-one exchanges, teleconference, etc.
In addition, the guidelines also put forward requirements for securities companies to entrust parent companies or subsidiaries and members of underwriting syndicates to write bidding reports, as well as relevant internal management systems and self-discipline management measures.