IPO New Deal Vulnerability 5 New Shares Postponed

< p > the issue of the suspension of the new issue of ORSO Kang has kept the attention of the "a href=" http://www.91se91.com/news/list.aspx "ClassID=101112107105" > IPO New Deal < /a > for only more than 40 days.

At present, regulators have begun to "patch" all the time.

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< p > the SFC issued the "measures to strengthen the supervision of IPO" on January 12th evening.

That evening, the new gem IPO which was scheduled to issue a pricing announcement today responded swiftly. Huijin shares, Dongfang net power, Green League technology, Heng Hua Technology and small and medium sized board of TSE Ming medical examination announced the suspension of the IPO or delayed the publication of the announcement.

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< p > according to the original plan, the 5 companies will publish the announcement and carry out the online roadshow today. On the 14 day, the online purchase will be used to determine the final circulation under the Internet.

Similarly, the companies that follow up will also postpone in turn, when there will be no real timetable.

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< p > however, the new shares purchased under the net purchase have not been taken into action today. According to the previous process, there will be 6 new shares issued in January 13th, including the current stock, the Guangyang stock, the godsend, the Si Mei media, the security control stock and the Tong Tong Education. The biggest issue on the Internet is the current stock, which is 24 million shares. The smallest issue on the Internet is the security control stock, which is 4 million 950 thousand shares, but in terms of statistics, these 6 new shares are lower than the industry average price earnings ratio.

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< p > < strong > orcon postponed the "loophole" in IPO's new deal, and challenged the SFC to patch up in the middle of the night, < /strong > /p >

< p > January 10th, the Jiangsu orscom pharmaceutical Limited by Share Ltd (ORSO Kang), which plans to enter the growth enterprise market, has raised the market's hot debate on the IPO mechanism due to the large scale of its issuance and excessive suspension of the old shareholders.

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< p > > a href= "http://www.91se91.com/news/list.aspx? ClassID=101112107108" > "ORSO Kang < /a >" in Shanghai, Shenzhen and Beijing, 361 investors participated in the inquiry purchase process.

According to the preliminary inquiry results, the price of ORSO Kang was determined to be 72.99 yuan / share, and the P / E ratio was 67 times, which is higher than the static price earnings ratio of the pharmaceutical manufacturing industry on average 55 times.

The number of the company's plan is 55 million 466 thousand shares, of which 43 million 603 thousand and 500 are the old stock, and the major shareholder takes 3 billion 200 million yuan at the same time through the pfer of the old stock.

Analysts pointed out that the pfer of old shares designed to curb over recruitment is facing a "loophole" before the fact that Orc has 67 times earnings and the controlling shareholder has gained nearly 3 billion 200 million yuan by pferring the old stock.

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< p > at the time when the new deal of IPO was controversial, the SFC issued the "measures to strengthen the supervision of IPO" on the evening of January 12th. It made specific requests for the inquiry, the roadshow process and the high price earnings ratio of the first companies.

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< p > according to the contents of the announcement, the SFC will conduct a spot check of the issuer's inquiry and roadshow process. It finds that the issuer and the lead underwriter are using other information other than the public information such as the prospectus and so on in the promotion process of the roadshow, suspending its issuance, and taking regulatory measures to the issuer and the main underwriter according to the relevant provisions.

Those who are suspected of breaking the law shall be dealt with according to law.

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< p > there are very detailed regulations on the high price earnings ratio.

According to the announcement of the SFC, if the price earnings ratio of the proposed issue price (or the upper limit of the issuing price interval) corresponds to the average price earnings ratio of the two tier market of the same industry, the issuer and the main underwriter shall continuously issue a special announcement on the risk of investment within three weeks before the purchase of the Internet, and publish it at least once a week.

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< p > the contents of risk announcement include at least: first, a comparative analysis of the differences between issuers and listed companies in the same industry and the effect of the difference on valuation; draw investors' attention to the discrepancy between the issue price and the quoted price under the net; two, it is to invite investors to pay attention to investment risks, carefully judge the rationality of issuing pricing, and make rational investment decisions.

The announcement is clear that the issuer should determine the industry under the guidance of the industry classification of listed companies, and select the static average price earnings ratio released by the China Securities Index Co in the latest month as a reference.

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< p > in addition, the SFC and the China Securities Association will conduct a spot check on the quotation process of investors quoted below the net.

It is found that investors in the net offer no pricing power, or fail to strictly perform the bidding evaluation and decision-making procedures, and fail to make prudent quotations. The securities association should blacklist it and publish it regularly, and forbid the participation in the inquiry under the initial public offering.

The Underwriters allowed the participation of the offline investors who did not comply with their prior publishing conditions to participate in the inquiry and placement, < a href= "http://www.91se91.com/news/list.aspx? ClassID=101112107102" > SFC < /a > according to the relevant provisions.

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< p > < strong > listed company reaction: 5 companies have postponed the issuance of the pricing company, and the company has not changed yet. < /strong > < /p >

< p > however, the announcement released yesterday evening was believed by insiders to be less than expected.

Previously, market participants believe that the SFC may restrict the issuance of old stocks or postpone the IPO process, but neither of them appears.

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< p > but some of the listed companies are responding quickly.

An interesting detail is that yesterday afternoon, Heng Hua Technology once published the announcement and then withdrew it.

In addition, the 4 companies in the information disclosure media have been suspended in the information disclosure media, and the 14 day plan will be put on hold.

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< p > but there are still companies in accordance with the original plan, Yang Jie technology, Peng Ling shares and other six companies issued a notice on the original schedule, preview tomorrow's online roadshow.

However, there are also reports that these follow-up companies will adjust each other after comparing the five companies such as Huijin shares.

And plans to buy online today, the security control shares, the shares should be purchased according to the original schedule.

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< p > before, in the companies that have issued the issue price, the four companies of Wuhan biological, Xinbao, newei and Chutian technologies have relatively high P / E ratio, but insiders pointed out that the industry believes that the two companies should not retrogress in "cooked rice cooked rice".

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