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author: motian jushi

i have previously written the article "re-discussing the lock-up period requirements for ipo sudden equity investments under the comprehensive registration system". as the beijing stock exchange recently released guidance no. 1/2/3, this article has been updated and simplified and republished.

i. relevant policies on the issue of surprise shareholding

(i) "opinions on the application of securities and futures laws no. 17 - opinions on the application of articles 12, 13, 31, 44 and 45 of the regulations on the administration of registration of initial public offerings of stocks and article 7 of the guidelines on the content and format of information disclosure by companies offering securities to the public no. 57 - prospectus"

if the issuer increases capital and expands shares within six months before the application, the holders of the newly added shares shall promise to lock up the newly added shares for thirty-six months from the date the issuer completes the industrial and commercial registration procedures for the capital increase and expansion. the shares transferred from the controlling shareholder or actual controller within six months before the application shall be locked up in the same manner as the shares held by the controlling shareholder or actual controller. if the relevant shareholders deliberately circumvent the share lock-up period requirements, they shall lock up the shares in accordance with relevant regulations.