A Shares Suffer From Two Hidden Worries, Repeating Black Monday

< p > < a href= > http://www.91se91.com/news/index_c.asp > > SFC > /a > small area.

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< p > reporters learned that, in response to the adjustment of the IPO policy, two weeks ago, the SFC conducted a small consultation on the investment departments of many brokerage firms such as Everbright Securities (601788.SH), Huatai Union, Anxin and the Great Wall.

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< p > a number of investment bankers said that policy adjustment is imperative, but how to adjust is unknown.

Before the new policy came out, most brokerages were on the sidelines.

IPO for 13 consecutive weeks zero declaration, the annual report is basically suspended.

"We are waiting for the new rules and rules."

Investment bankers said.

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< p > in fact, for the adjustment of the new deal, investment bankers are mainly concerned with three major problems: the reduction of the old stocks caused by over subscription, the relaxation of the supervision of the investment and investment projects, and the simplification of the prospectus disclosure.

In addition, it is also one of the most concerned topics to restart IPO as soon as possible and speed up the issue.

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< p > "I have a project newspaper meeting for three or four years. I haven't heard of it yet. I don't know how to explain it to the publisher.

Many companies are considering listing overseas.

I don't want to be a IPO either.

A broker said.

However, many investment bankers expect that the new IPO policy adjustment measures will be introduced before the trial will be restarted.

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< p > < strong > relax over raise limit < /strong > < /p >

< p > to limit the "three high" drawbacks of IPO, IPO issued the new regulation and proposed that "the old stock should be reduced."

According to the regulations, the issuer shall reasonably determine the number of new shares issued according to the capital requirements of the investment and investment projects, and the number of new shares can be increased through the pfer of the old shares.

The capital raised by the IPO should be reduced accordingly.

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< p > the original intention is good, but in the course of operation it backfired.

Osecon (quotes, interrogation), because of the pfer of 3 billion 200 million old shares, triggered a suspicion of money, and was immediately stopped by regulators.

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< p > "all the issuing procedures of ORSO Kang are in accordance with the relevant regulations, but in the end they are stopped because of excessive cash, which can only be explained as < a href=" http://www.91se91.com/news/index_q.asp > policy < /a > there are loopholes. "

A broker in Shanghai speaks frankly.

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< p > the above said that if the issuer is over raised, it is necessary to carry out the pfer of the old shares, which involves the cash flow problem.

In order to prevent shareholders from overtaking cash, the price earnings ratio will be low, so a ridiculous situation with high proportion of rejection and low price will be staged.

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< p > in fact, there is also a phenomenon of reduction in old stock market in mature market. For example, the normal proportion of reduction in Hongkong is 10% of the total number of new shares, and the whole process is determined by the market.

If the reduction is too large, it may affect the issue of new shares.

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< p > but the proportion of A shares IPO old stock reduction is very high.

According to the statistics of journalists, the reduction of Osecon's old shares accounted for 78.61% of the total circulation, and the reduction of the old stocks of Ju Hua Technology (300360.SZ) was 78.47%, while that of the all education (300359.SZ) was 70.55%.

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< p > "compared to over raising, I am more concerned about the reduction of old stocks.

In my opinion, the reduction of old stocks should be better in time and proportion, and regulators can make some guidance in these areas, and rules should be refined.

A brokers believe that the number of issuers should be reduced and how much they should be raised should be decided by themselves, rather than excessive restrictions.

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< p > March 5th, Xiao Gang, chairman of the securities and Futures Commission, said that the practice of mandatory investment in fixed assets and raising funds is not very reasonable, and relevant improvement measures are being studied.

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< p > in addition, it is also the focus of attention whether it is necessary to restrict excessive investment.

"The approval process of the investment and investment project is cumbersome. If the project was built three years ago after three years, the market environment has changed, and the issuer may miss the golden age of development.

But it will take a long time to change the recruitment and investment projects. "

Investment bankers said.

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"P >" the project should go to the development and Reform Commission for the record, but also through the approval of the land, environmental protection, tax and other departments, such a strict audit is necessary? "The above investment bank thinks that the use of investment funds should be decided by the shareholders' meeting, not the administrative supervision.

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< p > < strong > simplify application materials < /strong > < /p >

< p > new shares have been declared for 13 weeks in a row. Securities companies are waiting for the guidance of new prospectus.

In the view of investment bankers, the possibility of further simplifying the prospectus is very great in the new deal adjustment.

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< p > a brokerage firm in Beijing said that the format of the prospectus must be changed, and it must be simplified.

"There is absolutely no need to write so much.

Sponsors only need to ensure the authenticity and accuracy of the content.

As for other contents, we should not be held responsible.

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< p > "many of the contents of the prospectus are repetitive, and detailed disclosure is only the curiosity of the public, not the supervision."

A broker pointed out that it is questionable how to disclose the contents of the market and the securities and Futures Commission, or do they have different requirements? < /p >

< p > in addition, some investment bankers questioned the protection of small and medium-sized investors.

< < a href= "http://www.91se91.com/news/index_cj.asp > > IPO < /a > protection of small and medium investors by the new deal. I believe that regulators should not be partial to investors, they should conduct good investor education and cultivate investors' sense of risk.

As a matter of fact, new shares frequently stop for second seconds. Is the interests of small investors really protected? "Some investment bankers said.

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< p > hope that the early issuance of IPO is the common expectation of all investment bankers.

"My project and some colleagues' projects haven't been over in three or four years.

For issuers and us, we are suffering.

IPO distribution should be normalized. "

An investment bank who was still on his way to business said helplessly.

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< p > "I do not want to be IPO now. I am too tired. Some of them have been dragging for two or three years in the company, and they often have to feedback, which is time-consuming and laborious.

Now the most popular ones are the new three boards, because they are short sellers.

The investment bankers said.

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< p > for investment bankers, the new rules are most expected at the moment.

"If we drag on again, it is estimated that many enterprises will withdraw materials.

Because of the bad situation this year, the profits of many enterprises are declining.

I know a lot of companies are talking about listing overseas. "

A broker from Shanghai revealed.

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< p > however, Song Liping, general manager of the Shenzhen stock exchange, revealed in March 11th that the IPO method of gem is being revised, and that the indicators such as the rise of financial indicators that the market has criticized for three consecutive years will be adjusted, and is expected to be released soon.

According to her, gem refinancing rules will also be promulgated soon, and listed companies will increase preferred stock varieties in refinancing.

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< p > "at the end of last year, it was said that" a href= "http://www.91se91.com/news/index_cj.asp" > gem "/a" should be amended. It has not been published for three months now.

The time of disclosure of the annual report is at the end of 4. If the new regulation is not issued, there will be a batch of enterprises withdrawing materials.

The brokers pointed out that the cost of issuers increased by at least 1 million per year, and many enterprises simply could not hold on to it.

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