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三只松鼠IPO“临停”,市场需“透明”发行人
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Topic: 三只松鼠IPO“临停”,市场需“透明”发行人 (Read 44 times)
mudsadji
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三只松鼠IPO“临停”,市场需“透明”发行人
December 28, 2017, 05:34:23 AM
#1
日前,证监会发布公告称,鉴于三只松鼠股份有限公司尚有相关事项需要进一步核查,决定取消对该公司发行申报文件的审核。而根据证监会安排,三只松鼠IPO申请应在12月13日上会接受审核。三只松鼠也是新一届发审委成立以来,首家IPO申请被取消审核的企业。
今年以来,已有9家企业IPO申请被取消审核。从以往案例看,被取消审核的企业中,或因媒体质疑,或遭遇竞争对手举报,或因发行人本身存在某些问题。三只松鼠需要进一步核查的“相关事项”到底是什么,是财务数据错误,还是存在应披露而未披露信息,目前并没有确切答案。但很显然,该“相关事项”关系其IPO能否成功过会,这才是关键。
三只松鼠作为发行人,履行必要的信息披露义务是其职责所在,客观上也是对发行人的基本要求。《上市公司信息披露管理办法》第二条明确规定,信息披露义务人应当真实、准确、完整、及时地披露信息,不得有虚假记载、误导性陈述或者重大遗漏。尽管三只松鼠还不是上市公司,但是作为发行人、信息披露义务人,同样应遵守上述规定。
事实上,发行人存在应披露而未披露的信息,已非个案。本月12日,上海悉地工程设计顾问股份有限公司未予过会,发审委提出五大问题,包括业绩下滑、盈利能力、应收账款的信用政策、周转率、坏账准备提计等问题。对于成功过会的河北养元智汇饮品股份有限公司,发审委也提出业绩、研发、募投项目、销售回款等问题。
其实,发行人本应在IPO申请文件中对上述问题予以披露,但最终却成为了“应披露而未披露的信息”。像业绩出现持续下滑的原因等问题,可在申请文件的“重大事项提示”或“特别提醒投资者注意的风险因素”中进行说明,根本无须上会时被发审委委员提出。
事实上,三只松鼠取消审核所反映出的发行信披不足,有其成因背景。
今年3月底,三只松鼠递交申请文件正式冲刺IPO,12月中旬安排上会,时间跨度八个半月。若非其间更换律师,所用时间或许更短。这说明,发行人冲刺IPO的排队时间,已从几年前的耗时两到三年缩短至数月,时间的缩短为公司制作申请文件带来了压力。
作为公众公司,倘若在IPO申请文件的制作、信息披露等方面存在较多“应披露而未披露的信息”,势必会增加其被否决的概率。拟IPO公司出现种种未及时披露信息有其客观环境。
不过,作为公众公司发行人,这却不能成为其信披不足的理由。笔者以为,相较于成交一份“完美”申请,不如呈现一个“透明”的发行人重要。如果申请文件不隐瞒任何问题,发行人将公司情况如实呈现,不仅履行其信披基本要求,也能增加其过会几率。
此次三只松鼠因相关事项需核查而被取消审核,作为一家“网红”企业,在赚足了市场眼球的同时,其待查的“相关事项”或将决定其IPO的成败。倘若三只松鼠的申请文件已向市场呈现了一个“透明”的发行人,又有何惧?答案,或许只有三只松鼠自己知道了。
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