Regulators and Stock Exchanges Release Regulatory Documents about Issuance and Underwriting of New Shares under Registration System

On September 18, 2021, in response to new problems like some offline investors are "colluding to bid IPO prices", China Securities Regulatory Commission (“CSRC”) revised the Special Provisions on Offering and Underwriting in the Initial Public Offerings of Securities on the ChiNext, to be implemented from September 18, 2021.

The revised regulation has scrapped the link between IPO pricing and subscription arrangement and the number of special announcements on investment risks, and deleted a provision about the quoted issuance price range. At the same time, Shenzhen Stock Exchange has released the Implementation Rules on Offering and Underwriting in the Initial Public Offerings of Securities on the ChiNext (2021 Amendment). Shanghai Stock Exchange revised and released on September 18, 2021 the Implementation Measures for the Issuance and Underwriting of Stocks on the Sci-tech Innovation Board, Applicable Guidelines No.1 for Issuance and Underwriting Rules on the Sci-tech Innovation Board - Initial Public Offering of Stocks.