Can IPO Go To The "Registration System" Step By Step?

< p > < strong > the reform of IPO must take into account the market affordability < /strong > < /p >
< p > for a long time, dragon market meat and other new shares continued to stir up after the IPO, and the myth of "unbeaten new shares" pushed the pricing of IPO to the cusp again. From this point of view, the new regulation of IPO issued by regulators has set up the issuing price ceiling with several red lines, and has gone back to the old way of guiding pricing by the government window. < /p >
Hu Ruyin, chief economist of the Shanghai Stock Exchange, said that the registration system of new shares is the ultimate goal of reform. The regulators are only responsible for examining the authenticity and accuracy of the declared information of the listed companies, and giving the value judgment of the company to the market. At present, we have not reached this stage in P. < /p >
< p > Hu Ruyin: the government should return to the role of supervision and provide a good legal environment. It should be a traffic policeman, but not a driver, not a coach. < /p >
< p > however, the door of new issue is completely liberalized, step by step towards registration system, whether the market environment is mature and whether the market can bear it is an unavoidable issue. < /p >
< p > in January of this year, when the new IPO rules were unveiled, the first launch of IPO's orexon, the issuing price was close to 73 yuan per share, the price earnings ratio was 67 times, the fund-raising was nearly 900 million yuan, and the transfer of the old shares was nearly 3 billion 200 million yuan. < /p >
Mao Yu, a senior investor, has had a lingering fear of speaking of this matter. He believes that restraining high price earnings ratio, high issue price and Gao Chaomu amount is indispensable in policy design. < /p >
< p > investors: if we let go of < a href= "http:// www.91se91.com/news/index_c.asp >" financing < /a >, in the two tier market, the impact is very big is represented by the GEM board of small cap stocks, this is precisely the most serious bubble, which will bring great harm to investors. < /p >
< p > the current method is strict management of < a href= "http:// www.91se91.com/news/index_c.asp" > new stock price < /a >, responding to the demand of the market. The SFC statistics show that in June, 10 companies started issuing 10 new regulations, the P / E ratio averaged 17.76 times, which was nearly 40% lower than that of the beginning of the year. < /p >
< p > < strong > market parties should be prepared to meet a href= "http:// www.91se91.com/news/index_c.asp" > registration system < /a > preparation < /strong > /p >
< p > reality shows that the stock issue registration system can not be achieved overnight. The SFC has publicly stated that it plans to launch a specific registration scheme before the end of this year. Therefore, before the registration system comes, enterprises, investors and regulators must be well prepared. < /p >
< p > Cao Haitao, a technology and cultural investor, compares the characteristics of Chinese and American listed companies, and finds that a more market-oriented and highly regulated market requires more stringent requirements for listed companies. There is no way out for hype concepts or even information disclosure fraud. < /p >
< p > Cao Haitao: from an enterprise point of view, we must pay attention to market value management, do well in performance and do well in ourselves. If we have no value, then there is no longer a matter of capital promotion and speculation. < /p >
"P > mature market can not be separated from rational investors. Compared with the mature markets of the United States and Europe, institutional investors will gradually replace retail investors. Institutional investors need to improve their professional standards urgently. This is the urgent aspiration of investors. < /p >
P > investors: Generally speaking, the number of retail investors should be increased. However, in fact, the organization does not play an exemplary role in the value of investment income, so that retail investors are disappointed with the institutions. < /p >
< p > when the registration system is moving forward, regulators should quickly return to their posts and devote more energy to supervision afterwards. Zhang Xiaojun, a spokesman for the securities and Futures Commission, said that in revising the securities law and providing legal protection for registration reform, the SFC will have the following priorities in the future. < /p >
< p > Zhang Xiaojun: the SFC will gradually explore the conditions of stock issuance, listing standards and auditing methods that are in line with China's actual conditions, supervise the issuance and listing activities in accordance with the law, and severely punish illegal activities. < /p >