How to carry out the offline placement of new shares and what conditions can I apply for?

According to the Measures for the Administration of Securities Issuance and Underwriting, the offline placing targets are mainly Public Offering of Fund, social security funds, enterprise annuity funds and insurance funds. The Regulations refer to the relevant provisions in Chapter II of the Administrative Measures as follows:

Article 7 If the initial public offering of shares adopts inquiry method, after the offline investors quote, the issuer and the lead underwriter shall exclude the part with the highest quotation from the total subscription amount, and the excluded part shall not be less than 65,438+00% of the total subscription amount of all offline investors, and then the issue price shall be determined through consultation according to the remaining quotation and the subscription amount. The excluded part shall not participate in offline subscription.

If the number of publicly issued shares is less than 400 million shares (inclusive), the number of investors with valid quotations shall not be less than 65,438+00; If the number of shares issued to the public is more than 400 million shares, the number of investors who offer valid quotations shall not be less than 20. If the number of investors with valid quotations after excluding the highest quotation is insufficient, the issuance will be suspended.

Article 9 If the total share capital of the shares after the initial public offering is less than 400 million shares (inclusive), the proportion of the initial offline offering shall not be less than 60% of the shares issued this time; If the total share capital exceeds 400 million shares after issuance, the proportion of initial offline issuance shall not be less than 70% of the number of shares publicly issued this time. Among them, no less than 40% of the shares issued offline should be given priority to the securities investment fund established through public offering (hereinafter referred to as Public Offering of Fund) and the social security fund managed by the social security fund investment manager (hereinafter referred to as social security fund), and a certain proportion of shares should be invested in the enterprise annuity fund established according to the Measures for the Administration of Enterprise Annuity Fund and the insurance fund (hereinafter referred to as insurance fund) in line with the Interim Measures for the Administration of the Use of Insurance Funds. If the effective subscription of public offering funds, social security funds, enterprise annuity funds and insurance funds is insufficient, the issuer and the lead underwriter may allocate the remaining part to other eligible offline investors.

Where offline investors are placed in a classified way, the proportion of similar investors who receive the placement shall be the same. The placement ratio of Public Offering of Fund, social security fund, enterprise annuity fund and insurance fund shall not be lower than that of other investors.

Where shares are allocated to strategic investors, the proportion of offline and online issuance shall be determined after deducting the part allocated to strategic investors.