Xiong Jinqiu: New IPO Reform Needs Major Surgery

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In the big interest field of stock market, the decision of market participants can only be driven by interests, some of which are legitimate and obvious, and some interest chains are unjust or even unknown. It is under these unjust and covert interests chains that new problems arise in the three aspects of the issue of new shares: the excessive packaging of listed companies, the support of first tier market organizations, and the speculation in the initial stage of IPO.

Therefore, the reform of new shares must be directed against these three aspects.

First, we must solve the problem of excessive packaging of listed companies.

There are two reasons for the overpackaging of listed companies, one is the direct investment of brokerages and the holding of stock ownership.

Another reason is that the audit institutions are negligent in their duties and even seek to rent through the approved rights.

To solve this problem, the fundamental way is to abolish administrative examination and approval in new issue and implement registration system. As long as eligible enterprises can issue fund-raising in the market, whether the issue is successful is decided by investors.

Second, we must solve the problem of first tier market organizations.

The price of new issue is generated by the bargaining game between buyers and sellers in the primary market. Whether the inquiry system is improved to an American style or a Holland style tendering system, if there is a seller's undercover in the buyer camp, such as fund and so on, it will make the game between buyers and sellers asymmetric and one-sided, and the buyer will be defeated.

Infernal Affairs in the primary market are the core of the problem. The solution is to enable the pseudo market players like the fund to restore their true market status as soon as possible, and to make them sensitive to the market by improving fund management and other measures.

Although some fund management problems are heavy at present, it has become a specialist in tramway, but some investors still do not want to abandon it, which is also worthy of attention.

For example, the Dacheng Fund (micro-blog) holds 6 open-ended funds of Chongqing beer. In the fourth quarter of 2011, the net redemption share of the three quarter was only 3 billion 920 million, compared with the previous market expectations, and the growth of the Dacheng monetary fund share was relatively fast. The total fund share of the fourth quarter Dacheng company also increased by 1 billion 646 million.

It is estimated that some institutional investors are helping to avoid the huge share of Dacheng.

If there are some hidden interest chains between fund investors and fund companies, which hinders the formation of the survival of the fittest in the fund industry, the necrosis of these basic cells is also a major hidden danger of the market health, and this problem needs to be solved.

Third, we need to solve the problem of speculation in the initial stage of IPO.

For example, eight Ling technology is facing a lot of doubts and challenges in the market. The handover rate on the first day of the listing is 92%. The turnover rate in the next few days is also over 35%. The obvious sign of the big funds is that the stock price is maintained near 27 yuan, which is much higher than the 17.11 yuan issue price. The investors of the first class market can gain a huge profit and leave the market in a leisurely manner. Then the stock price falls to 17 yuan and the risk of bubble burst is borne by the new investors.

Since the primary market investors can get rich without any doubt about the purchase of such a troubled company, the primary market will thrive.

In view of this, it is also important to study the interest drive and operation mechanism of large funds in the initial stage of IPO.

In short, some basic projects in the stock market are in a state of abandonment. If we do not improve the basic system of fund management and combat manipulation as soon as possible, we always want to solve the issue of new issues through some technical means such as American style tendering.

The devil is in the details. It is behind the market that there is no known interest chain behind the market, resulting in the current hidden rules of the market, and the rules are difficult to play. Only by unraveling the veil of these mysterious interests chains and cutting big operations, can the market become clear and healthy.