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案例背景2006年7月30日,中国国际航空公司(以下简称国航)发布招股说明书,预计发行27亿股A股,其中战略配售3．5亿股,其余部分的50％网下配售,50％网上发行。战略配售部分锁定期18个月,网下配售部分锁定期3个月。然而,国航网下配售却遭遇“闷棍”。仅有36家机构投资者向公司递交了申购表,其中有效的只有27张,申购总量4．695亿股,与原计划网下配售的11．75亿股相比,缩水率超过60％。
Case Background July 30, 2006, Air China (hereinafter referred to as Air China) issued a prospectus, is expected to issue 2.7 billion A shares, of which strategic placement of 350 million shares, the remaining 50% of the placement under the net, 50% Online distribution. Part of the strategic placement lock-up period of 18 months, part of the lock-up period of placement of 3 months. However, Air China net placement has suffered “sap”. Only 36 institutional investors to the company submitted a purchase form, of which only 27 valid, the total purchase of 469.5 million shares, compared with the original planned placement of 1.75 billion shares offline, the shrinkage of more than 60% .