A few days ago, LAPLACE Renewable Energy Technology Co., Ltd. (LAPLACE) completed its initial public offering (IPO) under the new rules for market value-based allocation of new shares as the first STAR Market company. The reporter learned that for the IPO of LAPLACE, the number of investors participating in the placing tranche and allocation objects who meet the market value threshold requirements and are eligible to participate in the inquiry has decreased by about 30% following the market value exclusion according to the new rules. The overall placing tranche’s allocation ratio for LAPLACE's IPO was approximately 0.07% following the clawback, and the amount allocated to each object was RMB 152,000, about twice the amount before the adjustment.
Previously, to implement the deployment requirements of the "Eight STAR Market Measures" and improve the market value-based allocation arrangements for new shares on the STAR Market, the Shanghai Stock Exchange and China Securities Depository and Clearing Corporation Limited revised and issued the Detailed Implementation Rules for the Placing Tranche of Initial Public Offerings in Shanghai Stock Market (2024 Revision) on August 16, which took effect from October 1.
This revised version mainly adjusts Article VIII by adding the following content: When the investors of the placing tranche and their allocation objects participate in the placing tranche of the STAR Market, in addition to meeting the current market value threshold requirements, the lead underwriter shall also require them to have a daily average market value of not less than RMB 6 million (inclusive) for the total market value of non-restricted A-shares and non-restricted depositary receipts held on the STAR Market over the 20 trading days (including the base day) prior to the base day (two trading days before the start of the preliminary inquiry).
Market participants believe that this adjustment will help investors hold shares of high-quality STAR market companies for the long term, enhance the value discovery function of the STAR market, and attract long-term capital.
Excerpt from the October 29, 2024 issue of Shanghai Securities News·China Securities Network.
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