Pi Haizhou: How To Make Investors Do Not Have To Worry About Expansion Too Fast?

In March 5th, Xiaogang, chairman of the SFC, participated in the "two sessions", saying that the IPO will be basically balanced on a monthly basis this year and appropriately increase the supply of new shares. Xiao Gang also responded to investors: no need to worry too fast. However, Xiao Gang also said that the specific audit progress should be determined according to the audit status of the issuance examination committee, and no specific figure will be determined manually. However, according to the current audit situation, it is expected that the total experience will exceed last year. He said that the SFC had two trial committees, including the main board and the gem, and the audit progress was determined according to the monthly progress of the Commission. Xiao Gang said, "it's hard to say how many companies there are in IPO this year, and it's hard to say that IPO is no more than 300 this year."

from Xiao Gang According to the chairman's statement, there is uncertainty in the progress and quantity of IPO this year. Especially, Xiao Gang said, "it's hard to say that IPO is no more than 300 this year", which is obviously a huge increase compared with the 125 new shares of last year. I am afraid that it is not the scope of "moderately increasing the supply of new shares". In such a case, if investors want to "do not have to worry about the expansion too fast", it is a bit "standing and talking".

It should be said that this year's IPO speed increase is inevitable. On the one hand, the stock market has bid farewell to the downturn, and the Shanghai Composite Index has been from 2000 points to 3000 points. The market is getting warmer, and the market's ability to bear will also be strengthened. Therefore, it is almost natural for IPO to speed up. On the other hand, there are more than 600 IPO queuing companies, and IPO registration reform will be implemented this year. Therefore, before the registration system is formally implemented, IPO is also necessary to catch up as soon as possible. IPO Queuing companies can complete the IPO before the registration system is implemented. Under these two factors, the acceleration of IPO will be expected.

So, in the case of new IPO raising speed, if investors are "not worried about expanding too fast"? I think the key is to do the following three aspects.

everything ipo Matters need to be transparent to minimize uncertainty. On this issue, last year's "100 home issue plan" is actually a good practice. The stock market was able to bid farewell to the "new phobia" and was able to get out of a rising market from July last year. At that time, the "100 issuance program" launched by the SFC was highly valued. Because the "100 release program" eliminates the uncertainty of IPO and makes the information of IPO transparent. This approach can be used for reference in this year's IPO. Even if we plan to issue 300, we need to give investors a relatively clear expectation.

Two, the issue of "balanced monthly issuance" is replaced by "issuing according to Zhou Junheng". From last year's implementation of the 100 release program, the issue of "balanced issuance on a monthly basis" has been well done. But this kind of "monthly balanced issuance" also exposes a big problem, that is, the centralized issuance of new shares, and the task of concentrating a month's IPO to a week. In the second trading week of February this year, 24 new shares were issued in a week, of which only 17 new shares were issued in February 10th alone. The story of this new issue will be staged next week, and 23 new shares will be issued in a week, of which 10 or 11 new shares will be issued on two days in March 11th and 12. Such intensive issuance will lock in trillions of new funds, resulting in tight market funds, which will exacerbate the short-term turmoil in the stock market. So that every issue of new shares has made the stock market a "woman disease". To this end, it is necessary to change the issue of "monthly balanced issuance of new shares" to "issued by Zhou Junheng", controlling the number of new shares issued in 10 per week, and issuing no more than 2 shares per day.

The three is to change the current new mode from "capital purchase" to "market value placement". Investors are allocated the number according to the stock market value, Yaohao, and the number is signed and then paid. This will not only protect the interests of the small and medium-sized investors, but also avoid unnecessary shocks caused by the purchase of new shares to the market, help maintain market stability, and reduce investors' concerns about the rapid expansion of new shares.