CSRC: Improve the lock price private placement system and strengthen the supervision requirements for convertible bonds.

According to the Wise Financial APP, the China Securities Regulatory Commission has publicly solicited opinions on the decision to amend the "Administrative Measures for the Registration of Securities Issuance by Listed Companies (Draft for Soliciting Opinions)" and related supporting rules. Among them, it is proposed to improve the lock-price placement system. First, for lock-price placements with all subscribing parties being controlling shareholders and three types of investors, the pricing reference date is limited to the "first day of the issuance period", and the lock-up period for investors participating in the lock-price placement is extended from 18 months to 36 months, balancing financing efficiency and market fairness, and promoting the market to shift from lock-price placements to more publicly-priced placements. Second, to lower the threshold for the issuance of shares by the actual controller and controlling shareholders to support the stable operation of listed companies, except for the conditions of making corrections without authorization of the previous use of the raised funds or without the approval of the shareholders' meeting and the existence of significant violations by the controlling shareholder and actual controller in the past three years, all other conditions do not apply.