The Chairman Said That The Capital Market &Nbsp, He Qiang Recommended That A Shares Resume T+0

Guo Shuqing, chairman of the securities and Futures Commission, once again talked about the IPO reform during the media interview at the meeting of the people's Congress on the 5 day. He said that the IPO reform had no special plan in the implementation time, and the specific measures would be implemented step by step.

He Qiang: recommends that China's stock market resume T+0 spanactions

On March 4th, He Qiang, director of the securities and Futures Research Institute of the CPPCC National Committee, said that the Chinese stock market should resume the T+0 spanaction, that is, when the stock was bought on the same day, it could be sold on the same day in March 4th.

Previously, due to Stock market All aspects of the immature conditions, lack of supervision experience, and the continuous downturn and excessive speculation in the stock market are more serious. The management decided to cancel the T+0 spanaction of stock in January 1, 1995 and change it to T+1 spanaction.

He Qiang believes that the resumption of T+0 trading will enhance the activity of the stock market and curb the role of institutional overnight manipulation to circumvent the risk of retail investment. "The resumption of T+0 spanactions is not technically difficult. The difficulty is that many people now think that T+0 trading will lead to excessive speculation in the stock market." He Qiang said that T+0 or T+1 is just a trading rule and has nothing to do with excessive speculation. If the T+0 spanaction is implemented, the stock market will sell in excess when it rises too much. When someone drops too much, someone will copy the bottom. Instead, they will be able to check and balance the power to curb excessive speculation.

In addition, he strongly recommended that the stock issue market and trading market be directly butted, and that the stock issuing system should be thoroughly overhauled through the financial innovation of China's stock market.

He believes that the key issue of IPO at present is that there is a time interval between stock issuing market and trading market, which cut off the continuity of stock price in time and form a big price difference between two markets and huge interest temptation.

IPO pricing should reflect the truth.

On the 5 day, Guo Shuqing pointed out that the key to IPO pricing is to truly reflect the value of the company, which requires all parties to study together.

Previously, New shares The issue price is too high, and new shares have been stir fried and other issues have been criticized by investors. However, these phenomena emerged after the reform of IPO issued by the securities and Futures Commission. In the second half of 2011, the situation improved, and eight cases of suspension of the information release were launched.

Guo Shuqing referred to the idea of IPO reform several times, of which pricing has always been its concern.

In February 29th, Guo Shuqing pointed out that the key to the reform of the distribution system was to reduce the abnormal super high prices. He pointed out that in the near future, the emphasis should be placed on increasing buyer's pricing restrictions, increasing underwriters' pricing responsibilities, enhancing stock liquidity and strengthening supervision over pricing behavior, and so on.

Emphasize One or two tier city Field coordination

On the 5 day, Guo Shuqing said that the one or two tier market should be developed in a coordinated and coordinated manner. He said, "from last year's last two years, after a year, the stock prices of many stocks are going down, which are lower than the issuing price. This pattern is not good for investors."

According to the previous data of the SFC, 2/3 of the new shares listed in 2011 were in a state of breakup by the end of the year.

Guo Shuqing has also pointed out that the reason why new shares can be priced at high prices is that too many investors have too much enthusiasm. Some people say that "people collect firewood and burn fires". Others say that they are "breaking their bones to burn oil" and are benefiting a very small number of people. We must see this essence.