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8月7日,河北太行水泥股份有限公司发行新股,其主承销商为中国华融资产管理公司(以下简称为华融)。这是国内第一次由金融资产管理公司而非证券公司担任主承销商。更引人注目的是,主承销商同时是发行人的大股东——2000年底,华融以债转股的方式对该企业增资后,已是太行股份的第一大股东。 股票发行关涉不同当事人的利益,必须经由独立的中介机构运作,否则很可能导致各方当事人利益失衡;企业上市意味着成为公众公司,为了保护处于弱势的公众投资者,必须限制发行人与中介机构之间的关联关系。在我国股票发行实践中,主承销商并非仅仅从事单纯的股票承销业务,它还往往承担上市辅导、上市推荐的任务,负责企业改制策划与发行
On August 7, Hebei Taihang Cement Co., Ltd. issued new shares. Its lead underwriter is China Huarong Asset Management Company (hereinafter referred to as Huarong). This is the first time that a domestic financial asset management company, rather than a securities company, has been the lead underwriter. Even more striking is that the lead underwriter is also the issuer's major shareholders - the end of 2000, Huarong debt to equity after the way the company's capital increase is already the largest shareholder of Taihang shares. Stock issuance involves the interests of different parties and must be operated through an independent intermediary. Otherwise, the interests of all parties may be unbalanced. The listing of enterprises means becoming a public company. In order to protect the public investors who are in a weak position, the restrictions on the issuer and intermediaries The relationship between. In the practice of stock issuance in our country, the lead underwriter is not only engaged in pure stock underwriting business, but also often undertakes the task of listing counseling and listing and is responsible for the planning and distribution of enterprise restructuring