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Millet CDR application for the first single issue documents accepted

via:CnBeta     time:2018/6/8 19:44:41     readed:380

Specific arrangements have been made for the issuance, listing, trading, information disclosure and investors' rights and interests of depository receipts. From June 7th, eligible enterprises can submit relevant materials for issuing CDR applications.

In May 3rd, the Hong Kong Stock Exchange's official website revealed that the official application document submitted by IPO was expected to become the first company to be listed on the same stock and different rights. Xiaomi achieved operating income of 114 billion 625 million yuan in 2017, an increase of 67.5% over the same period, and a gross profit of 12 billion 215 million yuan, an increase of 222.7% over the same period last year.

Sun Jinju, an analyst at the new era Securities Research Institute, said that millet is not satisfied with the distribution of common shares directly in the A shares because of the VIE structure and the same shares, and the issue of CDR is an effective way to quickly realize the A stock listing. Millet is valued at $46 billion before listing, with its expected net profit in 2019 as the base of calculation and 35 times P / E. The estimated market value of millet after listing is about $80 billion, exceeding the market value threshold of 200 billion RMB in the form of CDR return by innovative enterprises to meet the CDR return to A shares.

The relevant director of the SFC expresses that it is an important measure to support the structural reform of the supply side of the service, promote the transformation and upgrade of the economic structure and improve the quality of the listed companies by supporting the innovative enterprises which are in line with the national strategy, grasping the core technology and the high degree of market recognition. At the same time, in order to prevent risks and protect investors' legitimate rights and interests, the SFC set up strict selection criteria and selection mechanism for pilot enterprises. The innovative enterprises to participate in the pilot project, after a comprehensive and careful inspection, are fully and prudently verified by the experienced sponsor organizations, and they believe that they are fully in conformity with the pilot standards, the conditions of issuance and the requirements of information disclosure.DevelopmentApplication of stock or depository receipt. In accordance with the requirements of legal, comprehensive and strict supervision, I will urge enterprises and intermediaries to be responsible for investors, and strictly follow the laws and regulations to strengthen the continuous supervision of the pilot enterprises after their listing.

The responsible person said that the need to emphasize that the SFC will strictly grasp the number of pilot entrepreneurs and the number of funds raised, and arrange the timing and rhythm of distribution rationally. At the same time, the issuer and its main underwriter are required to design the distribution scheme scientifically according to the circumstances of the enterprises, to establish a reasonable and effective incentive and restraint mechanism for the institutional investors to participate in the inquiry, and to promote the active participation and prudent quotation of the professional institutional investors. It is hoped that all parties in the market will invest rationally, do not follow the trend of speculation, and jointly promote the smooth development of the pilot work.

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