为支持投资者参与和市场活力，同时维持相关保障措施，新加坡金融管理局（“金管局”）于2026年2月6日发布了一份关于 “股份融资要求拟议变更”的咨询文件，提议将首次公开募股（“IPO”）、员工持股计划及配股的股份融资门槛从认购或购买价格的80%提高至90%。本次咨询期将于2026年3月16日结束。
股份融资是指在股份分配前，为认购或购买IPO、员工持股计划或配股股份而向客户提供的信贷、预付款或贷款。股份融资可由银行、商业银行、金融公司、保险公司和资本市场服务牌照持有人（统称“金融机构”）提供。在此期间，融资为无担保融资，但股份分配后即成为有担保融资。
| 当前股份融资需求 | 股份融资要求的拟议变更 |
|---|---|
| 由于认购与配售之间存在短暂的无担保期，股份融资可豁免于金管局的无担保信贷规则（“豁免”）。 该豁免受制于以下保障措施：IPO、员工持股计划和配股的股份融资安排须符合以下要求：客户为认购或购买该等股份而获得的贷款总额（包括所有折扣、回扣和其他优惠）不得超过该等股份认购价格或购买价格的80%。 | 该豁免条款仍然有效，但金管局提议将IPO、员工持股计划和配股的融资门槛保障提高至认购或购买价格的90%。 根据修订后的规定，认购或购买的贷款总额（包括折扣、回扣和其他优惠）不得超过90%。 金管局将此举视为一种风险比例原则风险相称的方法，旨在促进市场参与和活力增强参与度与市场活力，同时保持有效的保障措施并与其他司法管辖区保持一致。 |
风险管理预期
除了确保遵守股份融资要求外，金管局强调，所有金融机构必须继续维持稳健的信用风险管理政策，包括对客户信用状况进行全面评估、实施适当的交易前信用控制以及设定与可用财务资源相称的限额。
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