The China Securities Regulatory Commission (CSRC) released on June 10, 2009 the Guiding Opinions on Further Reforming and Modifying the Initial Public Offering System (Opinions), which shall take effect as of June 11.
Under the Opinions, issuers and their main distributors shall rationally set the minimum purchase amount applied for each purchase in accordance with the issuing scale and the market conditions. If the collected funds exceed the funds required by the projects because the final pricing exceeds the expected one, the issuers must disclose use of the funds in the Listing Prospectus in advance.
Besides, the stock subscribers are eligible to purchase the initially offered stocks via offline or online platform. All subscribers who are engaged in the offline pricing, subscription, placement of a stock must not participate in the online subscription.(July.6th 2009)