129779278666093750_7Hexun homepage established mobile phone version of the stock/fund market for micro-blogging news blog live small company stocks the major new share placements by gem new third sector brokers New York themesBulletin deal prompted the financial calendar of earnings release memo block trade in thousands of shares of financial market Center collection of funds flowing to new share purchase financing Twitter pioneer financial management training in the daily limit of the unit gather Forum hexun.com shares > body font size print RSSApril 03, 2012 from: China economic NET author: Li Hui on April 1, the Commission published the guiding opinions on further deepening system reform of new shares issued (draft for soliciting opinions), this means that the reform of the new round of the IPO launch. Concern is that guidance from the strengthening information disclosure, Adjust the proportion and placement, enhancing the scope of inquiry on the issue of pricing regulation, implementation of the issuance of the stock starting with increasing the number of new shares of listed companies, many measures to curb high price issue issue of new shares to be taken. Strengthened information disclosure-centric since 2009 IPO since the restart, new share distribution system reform has been the focus of attention. Guidance clearly stated,Strengthened information disclosure for the authenticity, accuracy, adequacy or completeness to further promote information disclosure-centric issue system build, gradually weakening the regulator intends to determine profitability of listed companies. In this regard, Wuhan University of science and technology, Director of the Institute of finance and securities said Dong Dengxin, full of information disclosure is the biggest bright spot for the new round of reform of new shares. "FullInformation disclosure is a prerequisite for desalination administrative intervention, it means that the investment value of listed company to be judged and profitability to the market, without the need for regulators to substitute for thought and make a decision. "Guidance and provision
tera gold, to improve conditions of release and disclosure requirements, implementation of the issuer, the intermediary of an independent body responsible, the entire process, various angles to enhance information disclosureQuality of implementation issue advance disclosure of prospectus after filing while improving ways to seek the views of relevant ministries and listing process, improving efficiency. In this regard, the industry believes, weaken the administrative examination and approval, stressed that information disclosed, this also from the audit for IPO paving to the registration system. At the same time, starting from perfecting information disclosure, perfecting public company sharesTrading and basic system, promoting the market subject to due diligence, are also conducive to promoting new stock prices reflect company values, achieve balanced, healthy primary market and the secondary market. Inquiry into new shares for individual investors new stock quotation issues such as scope is too narrow, the inquiry process is not transparent, guidance on expanding the scope of request object, in addition to the relevantMeasure 7 classes of agencies, underwriters will be free to recommend 5 to 10 investment experience relatively rich individuals, involved in the inquiry under the network placements. The "inquiry process into individual investors in new shares, in a way a certain checks and balances to enhance retail on the bargaining power of the new shares. "Dong Dengxin believes that this initiative so that a higher percentage of small and medium-sizedInvestors with opportunities to participate in the IPO pricing, pricing process is no longer a privilege.����But he also said to the primary dealers how to select those individuals, truly price transparency is an issue of concern. Enhanced new share price transparency, initially in favour of new share issues to promote reasonable pricing. By contrast, guidance for the introduction of "under networkWeb call-back mechanism "is relatively new. Proposed guidance, increase the proportion of investors placing shares down to a net, in principle not be less than the time of issuance and transfer of shares of 50%.����When the net the success rate is higher than the success rate on the Internet under a certain level, from the network to the Internet under dial-back. Industry sources said, a move intended to raise new stock holdings of institutional investors, high pricesInstitutions pay for their imprudent actions to curb "human feelings and offer" stop blindly high price.����Cao Fengqi, Director of finance and Securities Research Center of Peking University, believes that increase the proportion of investors placing shares down to a net, cancel the network measures such as placing under lock period of 3 months, is actually most of the market interest level to institutional investors. New sharesPricing reference industry earnings for a long time, new share price is too high, and higher earnings release, investor criticism about this quite a lot.����And from the relevant provisions of the guidelines, the industry average price-earnings ratio will become important reference for new share price index. Guidance provided, such as the issuance of shares estimated earnings higher than the industry average price-earnings ratio of listed companies, issuers need to addDescription of the risk factors in price, clarify the raise is super reasonable.����After the prospectus disclosure, such as finalize the issue of price-earnings ratio is higher than the industry average price-earnings ratio of listed company 25%, the issuer should disclose the risks and profit forecasts again after notice inquiry, even may resubmit a Commission audit. "New share pricing reference industry average price-earnings ratio, rather than in the past"One size fits all" set up 30 times or 20 times times times earnings, rigid, fully demonstrated China's IPO market-oriented reform along the track.����"Dong Dengxin said. After listing for higher earnings release "performance do evil", guidance also stepped up supervision of issuers, sponsors. For example, issuing price is higher than the industry average of listed company Pacific Century CyberWorks25% rate of the issuer, except in cases of force majeure, a listed actual earnings below the profit forecasts, depending on the seriousness of the SFC to take focus, regulatory measures such as conversation, identified as non-fit, entered in the credit file. Cao Fengqi believed that would not only be able to make participation in the IPO pricing stage to a fully responsible, but also conducive to push down the price of new shares,Return to a reasonable price. Issue inhibition of new shares of the stock of "deficiency" listing of new shares in circulation from smaller, is an important cause of causing new wok. To effectively mitigate the new shares is in short supply, guidance was introduced for the first time "stock issued system": cancel the current placing under Network lock period of 3 months, promote the transfer of some existing shares to investors under the network, add a new listed company flowNumber of outstanding shares. Dong Dengxin thought, cancel the current placing under the network lock, listed on the Internet subscribe for placements under the network synchronization, enable network more dynamic, more responsible participation in the inquiry, pricing, help to curb the IPO price of "deficiency". "Body locks for a period of 3 months before, shares were mixed and agency placements under the network-independent, resulting in net pricing and its benefitsBenefiting out. After unlock, the institutions within the first time selling opportunities, helping to push down the price and pricing, change the previous inquiry with the network of mechanisms and practices. "At the same time, guidance also provides that the funds derived from old stock transfer has certain locks, lock in period, such as secondary market prices below the issue price, can be used in the secondary market to buy back shares�� "After the introduction of stock-issuing system
tera power leveling, through tight controls on cash funds, to better control risks is a good attempt. "Dong Dengxin believes that controlling shareholders of listed companies and the actual transfer of control person after the old unit, set up account balance transfers and limits on the amount of time, to an extent that would prevent malicious
tera power leveling, but also to substantially increaseNumber of shares in circulation, for standardizing the online inquiry, weaken the IPO pricing and inhibition of new share speculation, will play a significant effect.
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