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Press Conference on January 30, 2015
30-01-2015

On the press conference on January 30, CSRC spokesperson Zhang Xiaojun announced the administrative regulatory measures adopted against some fund companies involved in cases where undisclosed information was used for trading (see News), and answered some questions from the press.

  

Q: According to the IPO list announced by the CSRC, between the beginning of the year and January 22, the Commission has already terminated IPO review of three companies including Hangzhou Keli Chemical, Huilv Landscape, and Fujian Haixia Technology. Could the CSRC provide an explanation for such decision?

  

A: Due to various reasons including strategic adjustments, business integration and performance decline in the cases of Hangzhou Keli Chemical, Huilv Landscape and Fujian Haixia Technology, both the respective issuer and sponsor have voluntarily applied to withdraw application materials for IPO. In accordance with the Administrative Permission Law and the CSRC Provisions for the Implementation Procedures of Administrative Permission, the CSRC, upon completing relevant procedures in compliance with the law, terminated the IPO applications of the three companies above.

  

Q: Could the CSRC provide an update on the amendment to the Securities Law?

  

A: As a project in the legislative plan by the Standing Committee of the 12th National People’s Congress, the amendment to the Securities Law had already been included into the legislative work of the Standing Committee in 2014. In December 2013, the Financial and Economic Affairs Committee of the National People’s Congress officially set up a drafting group to facilitate the amendment to the Securities Law. As a functional body in charge of implementing the Securities Law, the CSRC will continue to stick to the planning and requirements of the National People’s Congress, effectively cooperate with all efforts in amending the Securities Law, in order to ensure the early submission of the amended draft for the review by the Standing Committee of the National People’s Congress.

  

Q: The CSRC has completed the solicitation of feedbacks and comments for the Measures for the Administration of Crowd Financing of Private Equity. When will the finalized version be released and promulgated? Meanwhile, it has been reported that the amended Measures lowered the minimum threshold for the funds invested by investors in any single financing project. Can the CSRC confirm on that?

  

A: Starting from December 18, 2014, the Securities Association of China has started soliciting public feedbacks on the Measures for the Administration of Crowd Funding of Private Equity (Trial) (Consultation Draft) (hereinafter referred to as the Measures) and is currently making amendments to the Measures on the basis of all comments collected. As rules for self-regulatory administration dedicated to private equity crowd funding platform, the Measures set certain requirements for investor access and suitability. The standard mentioned in such reports is one of the opinions being discussed. The Association is currently studying all feedbacks before finalizing the amendment.



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