根据本周发布的一份声明，沙特阿拉伯的市场监管机构提议对首次公开募股（IPO）活动实施更严格的监管规定，旨在提振因上市公司数量急剧减少而受到冲击的资本市场。
Saudi Arabia’s market regulator has proposed tighter rules for initial public offerings, as it seeks to strengthen a market hit by a sharp slowdown in listings, according to a statement released this week.
由于中东地区冲突的加剧，沙特阿拉伯的IPO市场在2026年出现了显著放缓。新制定的规则将加强对投资者的保护，并提高市场的透明度；同时，将与IPO相关的执行和融资风险更多地转移给机构投资者和承销商。
Saudi Arabia’s IPO market has slowed significantly in 2026 due to an escalating Middle East conflict and the proposed rules would strengthen investor protections and market transparency, while shifting more of the execution and funding risk associated with IPOs onto institutional investors and underwriters.
沙特资本市场管理局（CapitalMarket Authority, CMA）表示，这些规则的目的是通过提高市场透明度和完善IPO机制来增强投资者对沙特资本市场的信心。
The rules are aimed at boosting confidence in Saudi capital markets by increasing transparency and strengthening the IPO framework, the CapitalMarket Authority said. Saudi Arabia’s IPO market has struggled to bounce back after a post-pandemic rush, with Mutlaq Al-Ghowairi Contracting Company calling off plans to list in what would have been one of the region’s largest flotations this year.
疫情过后，沙特阿拉伯的IPO市场曾一度出现复苏迹象，但随后又陷入低迷。例如，Mutlaq Al-Ghowairi Contracting Company曾取消其上市计划——这本应成为该地区今年规模最大的IPO之一。
Under the draft rules, institutional investors participating in the book-building process will need to show that they have the liquidity and ability to pay for the IPO orders being backed by them.
根据草案规定，参与股票定价过程的机构投资者必须证明自己具备足够的资金实力，能够履行其认购IPO订单的承诺。
The underwriting agreement would need to come into effect before the book-building process even begins, the CMA said adding that once it begins, banks would have an obligation to purchase all shares offered.
CMA还指出，承销商必须在与投资者签订承销协议后才能开始股票定价流程；一旦定价流程开始，银行有义务购买所有发行的股票。
Book-building is the process used by an institutional investor, or the underwriter, to determine the price of a security.
如果承销商购买的股票未能满足上市要求，发行方的股票将无法上市；不过承销商仍需履行购买所有发行股票的义务。
If shares acquired by the underwriter fail to meet listing requirements, the issuer’s shares would not be listed, the CMA said. But, underwriters will still have an obligation to purchase all offered shares.
此外，草案还要求机构投资者必须公开披露所有前瞻性声明、财务预测及业绩指标。
The CMA said the draft rules include the mandatory disclosure of forward-looking statements, forecasts and financial performance indicators.
该市场监管机构计划在10月22日前征求公众对这些规定的意见。
The market regulator is seeking public feedback on the proposals through October 22.
根据LSEG数据，中东和非洲的股票发行规模在上半年达到21亿美元，同比下降71%，为2020年以来最低水平。
Equity issuance in the Middle East and Africa reached $2.1 billion in the first half, down 71% from a year earlier, according to LSEG data – the lowest since 2020.