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ssociation has the following for information disclosure requirements : ( a ) public offering price and the issue price is not the same securities on the application must be clearly stated its way also need to mention the " issue price " records . ( 2 ) and compared with the previous public offering , due to reduced underwriting fees will increase the Company's interest -related information , so the issuing company must be stated in the financial statements .

IPO , the company in the first board of directors of the public offering and sale of shares and the number provided in the tender resolved ( at this time to raise the price has not yet decided ) . The second meeting of the Board shall decide the lower bid price . Tender , the price of a similar 85% of the company as a benchmark minimum bid price exceeds the bid price as the declared value .

The stock was originally issued on the stock market in general, pricing is not static , especially in the face of emerging stock markets have matured opening or when significant changes are likely to occur . Real development of Hong Kong securities market actually began in the early 1980s to 20 mid-1990s Hong Kong stock market is basically still an emerging stock market , one of its manifestations is the structure of investors in a larger proportion of retail investors . 1980-1994 Hong Kong securities underwriting pricing basically using a fixed-price public underwriting , but with the rapid development of the securities market , the Hong Kong market increasingly high degree of internationalization , international capital mobility is also growing fast . Hong Kong's securities authorities in accordance with the structure of investors, individual investors are still a large proportion of the characteristics , as well as to meet the foreign institutions and other international investors strong investment requirement , in November 1994 the Hong Kong SFC and the Hong Kong Stock Exchange issued a " About the IPO mechanism joint policy statement , " since a large IPO in Hong Kong basically using inquiry -based subscription and underwriting public subscription mixing mechanism .

From Hong Kong to implement a mixed mechanism of distribution methods underwriting execution since the situation has basically reached the intended purpose of regulatory agencies , but also in the implementation process of continuous improvement. Its distribution system in there some minimum percentage of public subscription requirements and implement the clawback mechanism , callback mechanism refers to the share issue , the institutional investors and the public distribution of the number issued to investors flexible mechanisms established by institutional investors decides to issue price, retail investors ( retail ) decided to stock investors, institutional investors and the general distribution ratio between the stock . If institutional investors to determine the price is low, investors can generally enthusiastic way of purchase of over-subscription rate increase , making the pre-established " clawback mechanism " under the rules of institutional investors reduce the amount of placement until zero ; if institutional investors to determine the price too high , the general investors to purchase over- subscription rate is bound to reduce , at this time , there will be a large number of placement agencies .

In short, the clawback mechanism i