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Circular of the China Securities Regulatory Commission on Several Issues concerning the Trial Implementation of the Price Inquiry System for Initial Public Offerings
(No. 162 [2004] of the China Securities Regulatory Commission)
All companies of IPO, securities investment fund management companies, securities companies, trust and investment companies, finance corporations, insurance institutional investors and QFIIs:
With a view to protecting the legitimate rights and interests of investors, strengthening restrictions on the market and improving the mechanism for forming the issuing price of shares, the notice on several issues concerning the trial implementation of price inquiry system for initial public offerings is hereby given as follows:
| | 中国证券监督管理委员会关于首次公开发行股票试行询价制度若干问题的通知
证监发行字［2004］162号
各首次公开发行股票的公司、证券投资基金管理公司、证券公司、信托投资公司、财务公司、保险机构投资者及合格境外机构投资者（QFII）：
为保护投资者合法权益，加强市场约束，完善股票发行价格形成机制，现将首次公开发行股票试行询价制度的若干问题通知如下：
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I. A company of IPO (hereinafter referred to as "issuer") and its recommendation institutions shall determine the issuing price of shares by inquiring of the investors about the price.
The inquired investors as mentioned in this Circular refer to the securities investment fund management companies, securities companies, trust and investment companies, finance corporations, insurance institutional investors and QFIIs that meet the conditions as provided for by the China Securities Regulatory Commission (hereinafter referred to as "CSRC"), and other institutional investors authorized by the CSRC.
| | 一、首次公开发行股票的公司（以下简称发行人）及其保荐机构应通过向询价对象询价的方式确定股票发行价格。
本通知所称询价对象是指符合中国证券监督管理委员会（以下简称中国证监会）规定条件的证券投资基金管理公司、证券公司、信托投资公司、财务公司、保险机构投资者和合格境外机构投资者（QFII），以及其他经中国证监会认可的机构投资者。
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II. When the issuer and its recommendation institutions announce the issuing price and price/earning ratio, the earnings per share shall be calculated by basing on the comparatively low net profits divided by the total stocks after the issuing, and the former shall be audited by an accounting firm in the year prior to the issuing and with the deduction of non-routine profits/losses.
The issuer that offers anticipation on profits shall still complement the disclosure of the issuing price/earning ratio based thereon. The earnings per share shall be calculated by basing on the comparatively low net profits divided by the total stocks after the issuing, and the former shall be audited by an accounting firm in the present issuing year and with the deduction of non-routine profits/losses.
The issuer may also disclose such issuing price index as the price/book ratio, which can reflect the features of the industry where the issuer belongs.
| | 二、发行人及其保荐机构公告发行价格和发行市盈率时，每股收益应按发行前一年经会计师事务所审计的、扣除非经常性损益前后孰低的净利润除以发行后总股本计算。
提供盈利预测的发行人还应补充披露基于盈利预测的发行市盈率。每股收益按发行当年经会计师事务所审核的、扣除非经常性损益前后孰低的净利润预测数除以发行后总股本计算。
发行人还可同时披露市净率等反映发行人所在行业特点的发行价格指标。
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III. After the application for issuing is approved by the CSRC, the issuer shall make public its letter of intent and initiate its recommendation, introduction and inquiry. The inquiry shall be divided into such two phases as the initial inquiry and the accumulated bidding inquiry. The issuer and its recommendation institutions shall determine the issue price range through the initial inquiry, and the issuing price through the accumulated bidding inquiry.
The said letter of intent shall have the same contents, form and legal effect with the prospectus except the issuing price and the capital amount to be raised. The issuer and its recommendation institutions shall undertake corresponding legal liabilities for the authenticity, veracity and integrity of the letter of intent.
The recommendation institutions shall provide a research report regarding investment values for the inquired investors at the time of initial inquiry, and the said research report shall be worked out according to this Circular.
| | 三、发行申请经中国证监会核准后，发行人应公告招股意向书，开始进行推介和询价。询价分为初步询价和累计投标询价两个阶段。发行人及其保荐机构应通过初步询价确定发行价格区间，通过累计投标询价确定发行价格。
前述招股意向书除不含发行价格、筹资金额以外，其内容与格式应与招股说明书一致，并与招股说明书具有同等法律效力。发行人及其保荐机构应对招股意向书的真实性、准确性及完整性承担相应的法律责任。
保荐机构应在初步询价时向询价对象提供投资价值研究报告，研究报告应按本通知的规定制作。
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IV. The issuer and its recommendation institutions shall conduct their initial inquiries to at least 20 investors, and determine the issue price range and corresponding price/earning ratio range on the strength of the quotation results.
An inquired investor shall separately make his quotation on the basis of a comprehensive study of the issuer's inherent investment values and market status, and simultaneously submit the basis for and results of the quotation to the recommendation institutions. Both the initial inquiry and quotation shall be carried out in written form.
If 400 million or more shares are offered publicly, the number of inquired investors taking part in the initial inquiry shall be no less than 50.
| | 四、发行人及其保荐机构应向不少于20家询价对象进行初步询价，并根据询价对象的报价结果确定发行价格区间及相应的市盈率区间。
询价对象应在综合研究发行人内在投资价值和市场状况的基础上独立报价，并将报价依据和报价结果同时提交给保荐机构。初步询价和报价均应以书面形式进行。
公开发行股数在4亿股（含4亿股）以上的，参与初步询价的询价对象应不少于50家。
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V. The issuer and its recommendation institutions shall, after setting the issue price range, carry out the accumulated bidding inquiry to the investors within the said range, and determine the issuing price according to the results of accumulated bidding inquiry. All investors in line with this Circular can participate in the accumulated bidding inquiry.
．．．．．． | | 五、发行价格区间确定后，发行人及其保荐机构应在发行价格区间内向询价对象进行累计投标询价，并应根据累计投标询价结果确定发行价格。符合本通知规定的所有询价对象均可参与累计投标询价。
发行价格区间、发行价格及相应的发行市盈率确定后，发行人及其保荐机构应将其分别报中国证监会备案并公告；发行价格确定依据应同时备案及公告。
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