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through a question-and-answer format, investors will be introduced to the knowledge and information they need to master to participate in the beijing stock exchange market from multiple aspects such as investor suitability management, trading rules, issuance and listing, and corporate supervision, helping investors to better understand the beijing stock exchange market.

which investors can participate in the strategic placement of shares issued by the beijing stock exchange?

investors who participate in the strategic placement of the public offering of shares of the beijing stock exchange should have a good market reputation and influence, strong financial strength, recognize the long-term investment value of the issuer, and subscribe to the issuer's shares they have committed to subscribe at the final issuance price. in addition, with the approval of the issuer's board of directors, the issuer's senior management and core employees can participate in the strategic placement through special asset management plans, employee stock ownership plans, etc.; market makers can use special securities accounts for market making to participate in the strategic placement.

how is the allocation ratio to strategic investors determined?

the number of strategic investors participating in the public offering of shares of the beijing stock exchange shall not exceed 10. if the number of publicly issued shares is more than 50 million shares, the total number of shares allocated to strategic investors shall not exceed 30% of the number of shares publicly issued in principle. if it exceeds, the reasons shall be fully explained in the issuance plan. if the number of publicly issued shares is less than 50 million shares, the total number of shares allocated to strategic investors shall not exceed 20% of the number of shares publicly issued. the number of shares allocated to special asset management plans, employee stock ownership plans, etc. shall not exceed 10% of the number of shares publicly issued.

how long is the holding period for participating in the strategic placement?