Song Liping Analyzed The "Three High" Phenomenon Of &Nbsp, And Pointed Out The Crux Of The Problem In Investment Banks.

Since its inception, the gem has been the focus of attention of all parties in the market.

Song Liping said that the reform of IPO system has entered the second stage in the direction of marketization. Investment banks have played a core role in the issue and listing of new shares, especially in the pricing process.

"The pricing of new shares plays a benchmark role in the price level of the whole market, so we must attach importance to the links of the pricing of new shares."

However, the gem that has been established for more than a year is suffering from "growing pains" in this link, which is alleged by the market participants to be "three high", that is, high issue price, high price earnings ratio and high raise.

The core of the "three high" issue is high valuation.

Song Liping did not shy away from the reporters' questions.

She said that in the context of the liberalization of the "window" control of the issuing market, and gradually moving towards market-oriented issuance, the investment bank was

Last year, the market was very popular at the first level. Only in the Shenzhen Stock Exchange, there were more than 300 new listed companies and the amount of financing was nearly 300 billion yuan.

However, in the first 10 months of last year, up to 53 companies' IPO applications were blocked outside the capital market.

This means that the average monthly IPO application of up to 5 companies is not.

What is the professional ability of investment banks? A detail that is not easy to attract attention is that 80% of the new sponsor representatives of major investment banks occupy quite a part.

Although the growth enterprise market is still growing up, Song Liping is still full of affection for the "newborn" who has delivered and trained her.

The reform of IPO system is advancing along the direction of marketization, and at the same time, it is facing the impact of global excess liquidity. The gem that has been born for more than a year has been able to maintain "smooth operation".

In the view of steward Song Liping, there are three bright points in the gem.

First, the scale of more than 100 companies has been established for more than a year, and the speed of development is rare in the world stock market.

The two is the first comprehensive introduction of investor suitability system in China's capital market, with remarkable results.

In Shenzhen A shares about 65000000 accounts, about 17000000 of the accounts for opening the growth enterprise market, the actual subscription of gem and new investment in the two tier market accounts for 6 million, effectively dispersed the risk.

The three is to establish an efficient exit channel for social capital investment and support the construction of an innovative country.

When it comes to improving the system of delisting and refinancing of GEM companies, Song Liping said, "we are studying closely and striving to launch as soon as possible."