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                                                                                                                                                                          扎金花技巧:重点更突出 科创板二轮问询回复出炉

                                                                                                                                                                          2019年05月15日 05:20 来源:吉普森168新闻网

                                                                                                                                                                          (原标题:重点更突出 科创板二轮问询回复出炉)

                                                                                                                                                                          月14日,科创板首个二轮问询回复“出炉”,受理企业微芯生物回复二轮问询。中国证券报记者发现,二轮问询更加精简、问询重点更加突出,体现了多轮问询相互衔接、层层递进的特点。上交所表示,希望发行申请人和中介机构高度重视问询回复,与交易所审核机构一起,推动以信息披露为中心的注册制审核落地生根。

                                                                                                                                                                          从41个问题到14个问题

                                                                                                                                                                          微芯生物的首轮问询,共涉及41个问题,总计回复内容超过180页,对公司实际控制人认定、股权变动、研发费用、经销模式等40多个问题进行补充回复。到了第二轮问询,变成只有14项大问题,涉及研发支出资本化、实控人认定与控制权稳定等,文件内容也缩减至130页左右。

                                                                                                                                                                          上交所表示,在首轮问询和回复的基础上,第二轮问询将更加突出重大性、更加聚焦关键问题、更加注重揭示风险。第二轮问询的提问方法与首轮问询也有所区别,更加精简扼要,更具整合性,已披露的第二轮问询,问题数量14个,较首轮问询显著减少。

                                                                                                                                                                          从内容上看,二轮问询的问题主要针对首轮问询回复就发行人科创属性和技术先进性、发行人是否符合发行条件和上市条件、信息披露中法律合规性及财务真实性、科创企业成长发展中特有的风险等重大事项,是否说明白、讲清楚,相关信息披露是否达到应有的充分、一致、可理解要求。如果仍然不到位,将刨根问底地追问下去,要求发行人进一步说明或者充分披露,要求中介机构进一步核实。

                                                                                                                                                                          按照《科创板股票发行上市审核规则》,审核问询可多轮次进行。第二轮问询回复后,上交所认为仍需继续问询的,将在规定时限内进行多轮问询; 不需要继续问询的,将按照规则和程序进入召开审核会议形成初步审核意见、上市委审议、证监会注册等后续环节。

                                                                                                                                                                          重点问题集中火力

                                                                                                                                                                          从微芯生物的回复中不难发现,虽然提问只有14个问题,但是对于重点问题的压迫性、穿透性更强。企业回答也更加具体,对投资者根据问询作出投资决策更加有利。

                                                                                                                                                                          比如,二轮问询的14个问题中,第一个问题是关于企业研发费用的提问。根据科创板上市规则,研发费用的确认对于了解企业“科创含量”,判断企业能否适合科创板起到至关重要的作用,企业也用了较大篇幅进行回复。

                                                                                                                                                                          业内人士认为,二轮问询更加聚焦关键问题、更加注重揭示风险意味着针对每家企业各不相同的问题所在,或者没有说清楚但对投资决策具有重要作用的焦点来问询。通过二轮问询给企业价值“称重”,为市场定价提供更准确的依据。