Adjustment of the pricing benchmark date for the issuance of additional shares, single major shareholder subscription project "cools down"

Since the beginning of June, after multiple listed companies collectively revised the base date for pricing their private placement shares, policy expectations quickly spread to the primary market. According to data from Wind as reported by Securities Times journalists, as of June 29th, excluding mergers and acquisitions, there were only 2 new private placement projects in June that raised funds through issuing shares to major shareholders or their related parties, and both were "auctioned". In comparison, from January to April, an average of about 7 private placement projects for major shareholders were added each month, all of which were "locked-price". After the phenomenon of major shareholders fully subscribing has cooled down, there has been an increase in cases where listed companies intend to introduce other institutional investors. Since June, there have been 4 new private placement proposals, with a common feature being "including no more than 35 institutional investors, including major shareholders". In the view of industry insiders, intensively adjusting the base date for pricing in locked-price private placement projects where major shareholders or their related parties fully subscribe can help restrain the urge of some controlling shareholders and actual controllers to profit through locked-priced arbitrage.