Li Guochun, member of the China Securities Regulatory Commission's most stringent review committee, passed away suddenly: the cafeteria fainted, an average of 12 days to review a company, and participated in the review of IPO yesterday

On September 12, I asked a number of staff members to confirm that Li Guochun, a member of the China Securities Regulatory Commission, suddenly fainted in the cafeteria of the China Securities Regulatory Commission on the morning of the 12th, and died of cardiac arrest.According to brokerage China reports, Li Guochun was born in 1964 and is only 54 years old.

According to the personnel present, the incident happened suddenly, 120 went to the scene for first aid and performed cardiopulmonary resuscitation, and then sent to the hospital, but failed to rescue him.According to the staff of the China Securities Regulatory Commission, Li Guochun is from the Heilongjiang Branch. The term of the full-time member of the Issuance Examination Committee is about to end and he will return to Heilongjiang.

According to the announcement of the China Securities Regulatory Commission, Li Guochun participated in the 145th Issuance Review Committee Working Meeting of the China Securities Regulatory Commission in 2018 on September 11 to review the IPO application of Shenzhen Longli Technology Co., Ltd.According to the data, Li Guochun is currently the director of the company supervision department of the Heilongjiang Securities Regulatory Bureau, a senior accountant, and a full-time member of the 17th China Securities Regulatory Commission.

A person from an enterprise in Heilongjiang said that Li Guochun (received) was the one who submitted the materials.

Li Guochun is a member of the strictest review committee

In July 2017, the China Securities Regulatory Commission issued and implemented the new China Securities Regulatory Commission Issuance Review Committee Measures.According to the above-mentioned documents, the 17th Issuance Examination Committee carried out one increase, one reduction, and one merger on the basis of the existing system, namely: the number of IEC members was increased from 60 to 63, and the number of full-time members was appropriately increased;The term of office of the members, the consecutive term of the members is changed from no more than three terms to no more than two terms, and at least half of the members are replaced every year.

In addition, the Main Board Issuance Examination Committee and the Growth Enterprise Market Issuance Examination Committee merged, which is called the Dafa Examination Committee by the market.The newly formed 17th Issuance Examination Committee has obvious strict regulatory attributes.

According to information disclosed by the China Securities Regulatory Commission, among the 63 issuance review committee members, more than half are from the regulatory system.Of the 42 full-time committee members with heavier workloads, 33 are full-time committee members, of which 19 are from the China Securities Regulatory Commission, the Securities Industry Association and local securities regulatory bureaus, and 14 are from exchanges.

There are 7 members of the Issuance Examination Committee of financial institutions such as securities companies, funds, and insurance asset management, all of whom are part-time.The number of members from law firms and accounting firms has decreased, and there are only 9 full-time members of the Issuance Examination Committee.From the perspective of investment bankers, the increase in regulators has imposed stricter internal control and compliance requirements on listed companies.

In November last year, Liu Shiyu, chairman of the China Securities Regulatory Commission, participated in the collective performance ceremony of 63 members of the 17th Issuance Examination Committee.

In his speech, Liu Shiyu emphasized the need to strictly control information on the quality of listed companies, resolutely implement the concept of comprehensive and strict supervision according to law, strictly perform duties professionally, and review according to law, so as to prevent problematic companies from reporting with illnesses and passing the customs in a false manner.

The China Securities Regulatory Commission requires that the members of the Issuance Examination Committee should properly handle the relationship between the work responsibilities of the Issuance Examination Committee and themselves and their families, with the original unit, with the issuer and other market entities and other members, and resolutely do not collect money, do not speculate in stocks,Do not eat please, resolutely prohibit disguised corruption by purchasing original shares of listed companies, resolutely implement the avoidance system, and purify the circle of friends.

Judging from the data, after the 17th Issuance Examination Committee took office and performed its duties, the IPO approval rate dropped sharply, and the 17th Issuance Examination Committee was also regarded as the most stringent IPO examination committee by investment banks and other market institutions.

Taking the data in the first half of this year as an example, as of June 30, 2018, a total of 118 IPO companies have accepted the review of the IPO Examination Committee, of which 58 companies have successfully passed the meeting, with a pass rate of 49.15%.This meeting rate is far lower than the 81.45% in the first half of 2017 and 91.3% in the first half of 2016.

An average of one company is audited every 12 days

IPO approval rate 55.6%

Choice data shows that during Li Guochun’s tenure, a total of 27 IPO companies were reviewed, 15 were approved by the meeting, 10 were not passed, and 2 were cancelled.

As a member of the 17th Issuance Examination Committee, the first company reviewed was Shanxi Huhua Group Co., Ltd. on October 17, 2017.Yesterday, Li Guochun participated in the review of the first meeting of Shenzhen Longli Technology Co., Ltd., and this project became the last project he participated in the review.

According to the Measures of the China Securities Regulatory Commission's Issuance Review Committee (referred to as the Measures), if re-election is not considered, there are still 18 days before the end of Li Guochun's term of office.Article 7 of the Measures stipulates that the term of office of the members of the IEC is one year, and they may be re-elected, but the longest consecutive term shall not exceed 3 terms.

Author|Wang Quanhao