How long does it usually take to approve the increase after acceptance?

It is necessary to submit an application to the CSRC to increase its shareholding. The CSRC shall make a decision on whether to accept the application within 5 working days after receiving it, and reply within 3 months after accepting it. After passing, the listed company is required to complete the issuance within 6 months. If the issuance is not completed within 6 months, the application is invalid.

Approval time of China Securities Regulatory Commission: +30 days after approval by IEC. During this period, approval can be given within any 1 day, but not more than 30 days.

Completion time of fixed increase: +2 1 day on the approval date of CSRC, which can be completed within any 1 day, but not more than 2 1 day.

The completion time of the fixed increase is still 48 days from today, and 48 days is the longest time. During this period, it can be completed in any 1 day.

It will take six months for China Securities Regulatory Commission to accept and approve the increase.

Decide whether to accept the application within five working days after receiving the application documents. It takes about two to three months to get the approval, and the final implementation of the fixed increase needs to be completed within half a year.

The process of private placement:

1. The company draws up a preliminary plan, conducts pre-communication with the China Securities Regulatory Commission, and obtains consent;

2. The company convened the board of directors, announced the private placement plan, and proposed to convene a general meeting of shareholders;

3. The company convened a general meeting of shareholders to announce the private placement plan; Submit the formal application materials to the China Securities Regulatory Commission;

4. The application is approved by the China Securities Regulatory Commission, and the company announces the approval documents;

5. The company held a meeting of the board of directors to review and approve the specific contents of private placement and make an announcement;

6. Implement the private placement plan;

7. The company's announcement of issuance and share change report.

The role of private placement:

1. Use the market-oriented valuation premium of listed companies (relative to the book value of the assets of the parent company) to enlarge the assets of the parent company through the capital market, thus enhancing the asset value of the parent company;

2. It meets the regulatory requirements of the CSRC for listed companies, fundamentally avoids related transactions and horizontal competition between the parent company and listed companies, and realizes the complete autonomy of listed companies in finance and operation;

3. For group companies with low holding ratio, the control of listed companies can be further strengthened through private placement;

4. For listed companies and groups of state-owned enterprises, the management level is reduced, a large number of external problems are internalized, and transaction costs are reduced. The market value-oriented mechanism can be strengthened more effectively through equity incentives;

5. The importance of timing. At present, the valuation of listed companies is still at a low level. At this time, it is more beneficial for the group to obtain more shares by means of private placement, and it is more beneficial from the perspective of future reduction.

6. Private placement can be used as a new M&A means to promote the growth of high-quality leading companies through M&A;

7. Non-public shareholders and powerful investors with strong risk tolerance can transfer funds to listed companies at prices close to or even exceeding the market price, so as to minimize the investment risks of minority shareholders.

legal ground

Measures for the administration of securities issuance of listed companies

Article 39 A listed company may not make a non-public offering of shares under any of the following circumstances:

(1) There are false records, misleading statements or major omissions in the application documents for this issuance;

(2) The rights and interests of the listed company have been seriously damaged by the controlling shareholder or actual controller and have not been eliminated;

(3) The listed company and its subsidiaries provide external guarantees in violation of regulations and have not been lifted;

(4) The current directors and senior managers have been punished by the China Securities Regulatory Commission in the last 36 months, or have been publicly condemned by the stock exchange in the last 12 months;

(5) The listed company or its current directors and senior managers are placed on file for investigation by the judicial organs for suspected crimes, or are placed on file for investigation by the China Securities Regulatory Commission for suspected violations of laws and regulations;

(six) the audit report issued by the certified public accountant on the financial statements of the latest year and the first period. However, unless the major impact of the matters involved in the reservation, negative opinion or inability to express opinions has been eliminated or the issuance involves major restructuring;

(seven) other circumstances that seriously damage the legitimate rights and interests of investors and social and public interests.

Regulations on the administration of futures trading

Article 4 Futures trading shall be conducted in the futures exchange established in accordance with the provisions of the first paragraph of Article 6 of these Regulations and other futures trading places approved by the futures regulatory authority in the State Council or the State Council.

It is forbidden to conduct futures trading outside the futures trading places specified in the preceding paragraph.