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SECP revamps IPO regime to attract new listings

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The Securities and Exchange Commission of Pakistan (SECP) has revamped initial public offering (IPO) regime to make the IPO process simple, cost effective and more efficient. The amendments in IPO Regulations 2017, have been made after thorough consultation with market participants with an objective to promote capital formation by facilitating issuers and safeguarding the interest of general public by enhancing disclosures. In the new set of regulations, the objective eligibility criteria for listing of companies have been simplified to promote capital formation through securities market.

Moreover, the issuers that have a track-record of less than three years and were not making profit from last two years are allowed to raise capital from securities market. However, such Issuers are required to submit a business plan and provide enhanced risk disclosures in the offering document for prospective investors. Further, with perspective of providing ease and reducing cost of IPOs, the requirement of submitting audited accounts has been reduced from 5 to 2 years. In addition, the time frame relating to submission of progress report by the Issuer has been increased from quarterly to half yearly basis. To safeguard the interest of the general public, certain parameters for green field projects (GFPs) have been introduced.

The said parameters include: (i) At least 51% equity contribution by the sponsors; (ii) successful business track record of the sponsors; (iii) experience and skills of the management to run GFP; (iv) mandatory financial close; (v)risk-based disclosure in the offering document etc. Further, an exit offer mechanism has been introduced to protect the investors in case of change in the principal purpose of the issue. In order to encourage foreign investment in the country, the Book Runner has been allowed to waive the margin requirement of the institutional investors including foreign investors.

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Moreover, related parties have been allowed to perform different roles in the same IPO Transaction. The new IPO regime is a shift towards disclosure-based regime. Disclosures pertaining to principal purpose of the issue, risk factors, share capital, financial information, management of the issuer, legal proceedings and overdue loans are made part of the prospectus. A new section Securities and Exchange Commission of Pakistan NICL Building, 63 Jinnah Avenue, Islamabad Tel: 051-9214005 titled summary of the Prospectus has been introduced to help investors better understand the offering document. Moreover, to facilitate small enterprises, startups and Greenfield companies that aspire to raise funds through capital markets, the SECP has already introduced an alternate board namely Growth Enterprise Market (GEM) at PSX. The GEM is in addition to PSX’s main board for listing and trading of equity securities.

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China

China’s Diplomatic Intervention in the Israel-Gaza War: A Call for Impartiality

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The recent Israel-Gaza war has caused widespread turmoil and devastation in the region. As the world struggles to come to terms with the aftermath of the conflict, China’s top diplomat, Wang Yi, has called on major countries to be fair and impartial in their approach to resolving the crisis.

Wang Yi’s comments come at a time when tensions between Israel and Palestine are at an all-time high, with both sides accusing the other of instigating the conflict. The situation has been further exacerbated by the involvement of other countries, including the US, which has been accused of taking sides in the dispute.

In his statement, Wang Yi called on major countries to “uphold justice and fairness, and push for an early end to the violence and conflict.” He also stressed the need for a “comprehensive, just, and lasting solution” to the crisis, which would involve addressing the underlying issues that have led to the conflict.

Wang Yi’s comments have been welcomed by many in the international community who see them as a positive step towards resolving the crisis. However, there are also those who remain sceptical about China’s role in the conflict, given its historical support for Palestine and criticism of Israel’s actions.

Despite these concerns, it is clear that Wang Yi’s call for fairness and impartiality is a crucial one, particularly in a conflict where emotions are running high and tensions are at their peak. If major countries can come together to support a peaceful resolution to the crisis, it could provide a much-needed ray of hope for the people of Israel and Palestine, and help to prevent further bloodshed and suffering.

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In conclusion, the Israel-Gaza war is a complex and difficult issue that requires a nuanced and comprehensive approach. China’s call for fairness and impartiality is an important step in the right direction, and it is now up to major countries to work together to find a solution that is just, lasting and ultimately serves the best interests of all those involved.

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Analysis

Survey Results Reveal: Young Right-Wing Women Demand Trump Debate

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Introduction

A recent survey conducted by Change Research has revealed that young women with right-wing political views are demanding a debate with former President Donald Trump. The survey was conducted in the United States and included participants from different age groups and political affiliations.

The purpose of this article is to provide an overview of the survey results and analyze the possible reasons for the demand.

Survey Results

The survey included 1,009 participants from across the United States. The participants were divided into different age groups and political affiliations. The survey found that 57% of young women with right-wing political views demanded a debate with Donald Trump. This is in contrast to other groups, where the demand was much lower.

Analysis

The survey results raise several questions about the possible reasons for the demand. One possible reason is that young women with right-wing political views see Donald Trump as a strong leader who can represent their interests. They may also see him as a symbol of the conservative movement and want to hear his views on various issues.

Another possible reason is that young women with right-wing political views are dissatisfied with the current political climate and want to hear from a leader who can bring about change. They may see Donald Trump as someone who can shake up the political establishment and bring about the changes they desire.

The demand for a debate with Donald Trump also has several implications. It shows that young women with right-wing political views are an important demographic that cannot be ignored. It also highlights the need for political leaders to engage with young people and understand their concerns.

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The demand for a debate with Donald Trump can also be compared to other political debates. For example, the demand for a debate with Bernie Sanders was much higher among young people with left-wing political views. This shows that young people across the political spectrum are interested in hearing from political leaders who represent their views.

Conclusion

The survey results show that young women with right-wing political views are demanding a debate with former President Donald Trump. The demand is much higher among this group compared to other groups. The demand raises several questions about the possible reasons and implications. It also highlights the need for political leaders to engage with young people and understand their concerns.

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China

Western Moves to Contain China’s Rise and The New Global Order!

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close up of globe

I. Introduction

Many Western countries are actively working to limit China’s rise to power on the global stage. Their approach involves utilizing international law and norms to create a narrative that portrays China as a potential threat to the current world order. This strategy aims to curb China’s influence and prevent it from becoming a dominant force in the international community. By constructing this narrative, Western countries hope to gain support from other nations and strengthen their positions in the global arena. However, this approach may also lead to increased tensions and conflict between China and the West.

II. Western Countries’ Efforts to Contain China’s Rise

A. Use of International Law and Norms

Western nations have strategically harnessed international law and norms to impede China’s rise. This involves leveraging their diplomatic and economic influence to mould a narrative that portrays China as a disruptor of the established global equilibrium.

B. Creation of a Narrative Portraying China as a Threat to the World Order

The West, through its geopolitical manoeuvring, has meticulously crafted a narrative painting China as a menace to the prevailing world order. This narrative, however, raises questions about its veracity, as it seems detached from objective facts and is utilized to rationalize Western aggression against China.

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C. Lack of Factual Basis for the Narrative

Scrutinizing the narrative reveals a notable absence of a factual foundation. The depiction of China as a global threat appears to be a strategic fabrication, a tool wielded to legitimize Western actions against China and rally international support.

D. Use of the Narrative to Justify Western Aggression Against China

The narrative portraying China as a threat serves as a pretext for Western aggression against the emerging global power. This aggressive stance, built on a shaky foundation, not only distorts the reality of China’s peaceful rise but also contributes to an increasingly precarious global situation.

III. China’s Response to These Challenges

A. Efforts to Create a New World Order

In response to the challenges posed by Western containment strategies, China is actively engaged in creating a new world order that prioritizes equity and inclusivity. This involves a departure from the traditional power dynamics and a quest for a more balanced and fair global system.

B. Focus on Equity and Inclusivity

China’s approach to reshaping the world order underscores a commitment to equity and inclusivity. By advocating for a fair and just global environment, China aims to foster cooperation, mutual respect, and understanding among nations.

IV. Conclusion

A. Recap of the Main Points

The central theme revolves around Western attempts to stifle China’s ascent, deploying international law and norms to construct a narrative that casts China as a global threat. tIt also analyses China’s response, emphasizing its pursuit of a new world order marked by equity and inclusivity.

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B. Final Thoughts

The Western endeavours to contain China’s rise carry significant implications for global stability. Recognizing China’s ascendancy and engaging in collaborative efforts to construct a more equitable and just world order is not only prudent but essential for fostering a harmonious and cooperative international community. As we navigate these complex geopolitical waters, the imperative is to move beyond adversarial narratives and embrace a shared vision for a better future.

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