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The Market Mechanism Of The Issue Window Is &Nbsp, And The IPO Pace Is Slowing Down.

2011/8/23 9:19:00 31

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Only this week

Gem

The company's online purchase of new Lai Ying timber and small and medium-sized board company shares has set a new low in the number of weekly releases since the Spring Festival this year.

From the trend, with the sluggish two level market, the number of new shares issued weekly has been decreasing since August.

Analysts pointed out that the slow pace of issuance of new shares, marking the beginning of the regulatory authorities to implement the "release IPO window" new working mechanism began to fully start.

According to incomplete statistics, there are now nearly more than 30 companies that have passed but failed to launch the issuing process, and even several companies that have been meeting in June.

The issuers and investment banks took the initiative to adopt the new regulatory policy to avoid the two tier market, showing the "timely and effective" of the new deal, and proved it in the market practice.

The slowing down of new shares will also greatly relieve the pressure on the two tier market and help stabilize the two market.

In mid July, the head of the China Securities Regulatory Commission said in response to the reporter's confirmation that IPO could be acquired in the future.

Approvals

In the next 6 months, the Underwriters and issuers will make more flexible arrangements for the selection of the release schedule and distribution window.

For the issuing rhythm and schedule, there is no mandatory provision for the existing securities issuance supervision rules, and the issuers and underwriters independently make decisions, and the validity period is within 6 months from the date of approval of the issuance.

In the past, when the general new issuers obtained the approved approvals, they issued the Prospectus Documents and launched the issue.

After the marketization reform of the IPO, there was a break down due to the two tier market forced, or even the issue of suspension. Therefore, the regulators made clear the above regulatory arrangements in response to the requirements of the institutions and issuers.

Next week, after the end of this week's IPO, two companies, Beijing express and iaben, will start buying applications.

According to this calculation, 22 companies will complete online purchase in August.

Although the number is slightly higher than that of 20 in July, compared with 35 in January this year, 27 in May and 26 in June, the monthly issuance slowed down.

In addition to the slow pace of IPO, the recent IPO will be

To examine

Speed also seems to be slowing down.

Since August, the number of companies meeting on the weekly basis has been at 5, far lower than that of the previous 10 weeks.

In response, relevant analysts said the move was not caused by the deliberate regulation of new shares by regulators.

Since the marketization reform of the new share issue, regulatory authorities have been able to control the pace of issuance and try to influence the market less and less. Instead, they have taken full advantage of the marketization constraint mechanism through the reform measures such as "opening the IPO window".

In August, the pace of audit slowed down. On the one hand, it may be related to the handover on the eve of the change of the gem trial committee. On the other hand, many companies that wanted to join the company would need to supplement semi annual reports, which also affected the pace of audits in August.

After the above work is completed, the new stock audit is expected to return to normal orbit.