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%.

By clpstaff | clp articles |

(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：

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