Great Wall Motors single-handedly went to the meeting to slow down the IPO audit

The IPO audit rhythm that has been in full swing has suddenly slowed down. According to the announcement of the China Securities Regulatory Commission, only one company of Great Wall Motor Co., Ltd. will attend the meeting this week, but before that, the issuing and reviewing committee generally followed the “four-week meeting” review rule.

On Friday, the China Securities Regulatory Commission announced that it was scheduled to hold the 2011 169 nd SSE working meeting on August 3 to review the application for the A shares of Great Wall Motor. However, on Monday, the China Securities Regulatory Commission did not routinely announce the arrangement of the IEC committee on Friday, and did not pre-announce the audit schedule for this Monday. From the audit forecast, it is speculated that only one company will attend this week.

Since the A-share IPO review was restarted in July 2009, the IPO of the main board has generally maintained the “third-weekly” review rhythm, that is, the issuing department of the Securities and Exchange Commission announces on Friday, next Monday and next Wednesday on Mondays, Thursdays and Fridays respectively. Issuing committee meeting.

After the GEM issuance has entered the normal state, the GEM issuance committee generally maintains the “two sessions a week” review rhythm, that is, on Mondays, Fridays and Fridays. Therefore, the requisition and appraisal committee (including the Main Board and the Growth Enterprise Board) will hold the issuing committee meeting 4 working days per week. Except for special circumstances such as holidays, the review and appraisal committee's review rhythm has been relatively stable.

Statistics show that since the IPO review was restarted, the number of companies that will meet each week is generally more than 8 and there are more than 10 companies. Last week, the China Securities Regulatory Commission reviewed a total of 17 companies' IPO applications. In comparison, only one company will attend this week and it can be called "the amount of land."

A sponsor of Guosen Securities told reporters that by August, IPO projects need to supplement semi-annual report data, which may be an important reason for the slowdown in the pace of audits. According to the Measures for the Administration of Initial Public Offering of Shares and Listing, the financial statements cited in the prospectus should be closed at the end of the year, the end of the semi-annual or the end of the quarter, and valid within six months.

“This means that the financial data used in the original report was only available to companies in 2010. If it fails to meet in July, it must supplement the latest financial data,” said one sponsor of Ping An Securities.

In addition, he believes that the change of the board of directors of the GEM issuance committee in August may also be one of the factors affecting the pace of IPO audits of GEM.

Although there are objective reasons mentioned above, the number will still be low this week compared to the same period last year. In the first week of August last year, there were two GEM boards and four main boards, and a total of six companies attended the meeting. Therefore, there are also market analysts believe that does not rule out the recent market factors have also affected the IPO's audit rhythm.