Circular on Issues Relevant to the Pricing of New Share Offerings

关于新股发行定价相关问题的通知

An issuer needs to convene a board meeting if the price-earnings ratio of its proposed share price is higher than the industrial average by 25%.

(Issued by the Department of Public Offering Supervision and the Department of ChiNext Offering Supervision of the China Securities Regulatory Commission on May 23 2012.)

(中国证监会发行监管部、创业板发行监管部于二零一二年五月二十三日发布。)

Issuers and sponsors:

各发行人、保荐机构：

为落实《关于进一步深化新股发行体制改革的指导意见》的精神，加强对新股发行定价过程的监管，强化信息披露和风险揭示，促使市场参与各方切实履职尽责，合理定价，理性参与，现将新股发行定价的相关事项通知如下：

We hereby notify you as follows on matters relevant to the pricing of new share offerings in order to implement the spirit of the Guiding Opinions on Further Intensifying Reform of the New Share Offering System, strengthen oversight of the process of pricing new share offerings, strengthen information disclosure and risk disclosure and cause all market participants to duly perform their duties, reasonably set prices and participate rationally:

一、招股说明书（申报稿）预先披露后，发行人和主承销商可向特定询价对象以非公开方式进行初步沟通，征询价格意向，预估发行价格区间（价格区间上限、下限之差应在合理范围内），也可通过其他合理方式预估发行价格区间。

初步沟通不得采用公开或变相公开方式进行，不得向询价对象提供预先披露的招股说明书（申报稿）等公开信息以外的发行人其他信息。

1. Once

二、发行人预估发行价格区间的，应在发审委会议公告前向发行监管部门提交关于发行价格预估情况的书面报告。书面报告应包括初步沟通的具体情况、发行价格的确定方式，发行价格区间及其对应的市盈率（或其他估值指标，下同），与同行业上市公司平均市盈率比较分析情况，预估发行市盈率高于行业市盈率的理由及相关风险因素分析。发行人主承销商应同时提交对预估价格的专项意见并在初步询价时披露。