北交所知识一点通丨第三期：北交所新股发行相关安排

Core Viewpoint - The article emphasizes the importance of understanding the pricing mechanisms and issuance processes for new stocks on the Beijing Stock Exchange (北交所), aiming to enhance investor knowledge and participation in the market. Group 1: Pricing Mechanisms - There are three pricing methods for public offerings on the Beijing Stock Exchange: direct pricing negotiated by the issuer and lead underwriter, online bidding by qualified investors, and offline inquiry pricing [1][2] - In direct pricing, the issuer and lead underwriter determine the price based on industry conditions, market situation, and peer company valuations, which must be disclosed in the prospectus and issuance announcement [2] - Inquiry pricing involves the issuer soliciting bids from registered offline investors, with the final price determined through negotiation based on initial inquiries [2] Group 2: Issuance Proportions - For direct pricing or bidding methods, all shares must be issued to online investors without offline inquiries or allocations [3] - In inquiry-based public offerings, the initial offline issuance proportion must be between 60% and 80%, with adjustments made for strategic investor allocations [3] Group 3: Subscription and Allocation Rules - If the effective subscription amount from offline investors is below the initial offline issuance amount, the issuance must be halted; if online subscriptions are insufficient, the shortfall can be allocated to offline investors [4] - If the effective subscription multiple from online investors exceeds 15 but is below 50, 5% of the public offering quantity should be reallocated from offline to online; if it exceeds 50, the reallocation should be 10% [4]