"Equity raise" becomes the focus of recent media attention, one of the ten ministries for the promotion of joint central bank financial health guidance in the development of the Internet in the former, after SFC scrutiny, some media reported equity raise "Jingdong, ping and Ali" shelling outside death ... ... Suddenly, the industry, the public is scratching their heads. I ask, if even the SFC's "kiss the son"-"CSI raised platform" overnight was renamed "CSI" in the world anyone could say "equity raise" pilot did what? g strong Prime Ministers in the Executive meeting of the State Council's "equity raise" the pilot how to advance in the world?
Only the originals to us journalists hard trouble finding relevant people informed of the SFC, received a clear message there are two points: first, the basic version of all the raised management, standards and expectations vary greatly; second, only three or four got equity raising false rumors of a licence. By raising business management yet, so definitely not on licensing issues, are less likely to have received a licence in advance. Although rumors for a reason, but it is misleading. Before the CSRC regulations, everything is still unknown. Zhang quanling described why CCTV into purple
"Public" and "private" is there a road
Due to not get more support from official channels, journalists can only bypass verification. Most of the leading experts in the industry "partnership," Jia Kang, Chief Economist, well-known financial experts earlier said equity raising as a new thing, needs to reform intelligence treats, from a development perspective. First of all to try and break the development of flexible space, and to standardize the ban risk. Belong to the new supply Research Institute of the people's Bank of China, Director of the Institute of finance Yao Yudong you very bullish on equity raising in the future. In public occasions that ownership belongs to the extension of Chinese multi-level capital market raised, position equivalent to five or five plates, developed 10 million small startups, China will in the future.
According to the understanding, Yao transferred by the Central Bank's monetary policy Division financial Institute soon, one of its main tasks is the Internet financial regulatory research, recently issued by the Central Bank contributed much in the Internet financial guidance. Friends familiar with Yao, Director of the industry told reporters, in Yao's view, amending the securities law equity raise is vital to innovation. And his participation in the guidance is to leave room for amending the securities law.
Some Internet law experts pointed out to reporters, shortly before the notification of the SFC to be consistent with the current securities law. Because, according to the existing legal framework, only "private" and "public". Current and with the guidance of the Securities Act, "public" or is "public". But Yao Yudong, Director of vision, if amending the securities law by the end of the raised platform "open" release granted the exemption, conditions vary considerably, when "private small public offerings" will also be "open", it will be a historic innovation and breakthroughs.
Familiar Yao of one industry people revealed, Yao proposed so-called "big private" is consider to "private" threshold too high, "public raised" threshold too low, and risk high; therefore in qualified investors system of based Shang proposed "big private" encourages financial innovation, also completely meet Jia Kang, by said of "reform wisdom", solution of is mass venture peoples innovation "first a km" of problem.
Big debate
Compared with the people's Bank of "vision", the SFC's attitude was more direct. Another expert of the partnership platform, Chinese law school Yang Dong, Deputy Director in the interview made it clear that: "recently, the authorities will deal with the Internet in private equity finance operations related to management, then equity raising business related to management practices. Two separate operations management. Policy after the landing, then by the platform for the equity raising business licence application. Among them, the stock raising business considerations for risk control, set the maximum amount of individual project financing for 3 million Yuan. "
Simple survey found members to vote, and vote in State, East private equity all the channels in a single line of project financing financing raised tens of millions of 20 million or 30 million, there are also individual projects of up to 3 million lines clearly can't satisfy the appetite of the industry. In this regard, industry bosses, who asked not to be named told reporters, a bit lower limit is not a problem, it is entirely possible through micro-financing several times in the individual quota threshold is the key. When asked by reporters when this threshold is how many, will be significantly lower than the current standard only after each other just hung up the phone.
Reporters asked several people in the industry, are considered at least 100,000, that 20,000, more known as the upper limit is 2000, which version is closer to the Commission's management approach is unclear. However, if calculated according to the individual project ceiling of 3 million, based on 2000 Yuan as individual investment limits, one project required 1500 people to vote. From the perspective of reporter, now even veteran raised platforms registered actual people or thousands of people, single investment limit is clearly more affected raise the practical operation of the project.
"All raised business management approach yet released, the approach will how defined all raised also exists many variables," partnership circle Chief Internet financial counsel, and central financial University method College Professor Huang Zhen on this is expression has carefully of views, "some has is giant no PA of enterprise, also in online for so-called of equity financing and so on, these may will led to equity all raised meaning too broad of exists. "Prior to that, he said publicly before," currently there are two line cannot touch chips, one can not become illegal securities activities, the second is not beyond illegal fund-raising baseline of criminal law ". Correspondingly, on August 20, the industry known as "equity raise" first case "everyone voted" interoperability with Connaught meter case Court of Haidian District in Beijing. Platform against financiers to provide false information, affecting investors interest financing, "everyone voted" questioned the legality of the platform.
Measures for the administration of the fastest introduced in September
Equity raised roads is unclear, confusing regulation details, exposure in industry-related matters. Reporters consulted a number of peers in the media, they are all very concerned about equity raised the topic, and look forward to related regulation issued, especially ways to put specific time.
For a related regulation issued by the SFC, said the SFC only said "soon". Reporters take a comb and found, raised platform by the SFC for securities issued around the statistical questionnaire has been through, and recover next week, raised platform by the hundreds of statistics, total, can only be discussed after determining the relevant standard, time takes about one to two weeks at least, so in mid-September when speed is the fastest. If we follow the Central Bank's financial director Yao's opinion, for the revision of the securities law equity raise to find "third way", the time will be longer. In April this year, completed the revision of the securities law trial, currently in its second phase. According to new arrangements, the second earliest trial no earlier than September.
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