China'S IPO Focuses On Institutional Enquiry

A shares restart IPO, this year's continuation of the old system, next year is likely to test the registration system, the fairness of the inquiry and the IPO freeze funds is the focus.

Chinese

Focusing on institutional enquiry, regulators take into account the interests of ordinary investors and lower the price earnings ratio of new shares, thereby creating new and risk-free returns instead of fully priced in accordance with the market.

No matter American auction or Holland auction, in the market where credit is not enough, the price holder should not be responsible for his own quotation, which is the most terrible.

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At a high price, subscribe to a low price and subscribe at a low price. Finally, the weighted average price is calculated as the bid price under the net, and everyone will pay the real price for the offer.

The "Holland style" inquiry mechanism is subject to two inquiries, the first inquiry is determined, and the second inquiry can not be lower than the first inquiry.

Sponsors will give invitations to organizations that have worked together or have relatively good relations.

Many agencies participate in the first polling price to raise the price range and do not take part in the second round of enquiry.

All the winning bidder under the net will subscribe the stock according to the lowest bid.

In this bidding way, as long as we dare to quote high prices, we will be able to win the bid, and will be able to close the lowest bid price.

Holland style auction is also known as "reduced price auction", not for high prices.

People take cheap pickup, but because agricultural products, aquatic products are not suitable for preservation, quantity and paction time limit are special reasons for auction.

The lively scene is not the goal of pursuing. Efficiency and success rate are the first important meaning.

Holland auction has only one price in the entire auction process, and the whole process of attention is highly concentrated.

Such auctions, which are gradually decreasing in price, are still the ones who get the highest price. When prices go down to the psychological price or the cost of products, the bidder will sell.

The Holland auction is very suitable for the special auction market. At the beginning, the big market and the big paction efficiency of Holland ocean era were related to this.

American inquiries come from the England auction. The auction price is set before auction and the minimum price increases. After the shooting, the price increases based on the minimum price increase on the basis of the starting price, and the last price increase is higher than the reserve price.

The price is increasing progressively, and the bidder alternately raises the cards.

Whether Holland style or England style, no matter the price is increasing progressively or decreasing step by step, the bidder is the highest bidder, and the bidder must be responsible for his own quotation and bid to buy the variety. Otherwise, the price of the friendship will fly high and low, and the market price system will be in disorder.

Each auction corresponds to different markets, different products and different credits. Holland and American auction are basically smooth in their country, and there are still loopholes in the auction market in China.

There is also a mixed use of Holland style and England auction method.

Some people put forward the reform plan of judicial auction. If the assessed price of a product is 1 million yuan, the racket is the 80% of the assessment price. Assuming that the three auction is all racket, its lowest paction price will drop to 100 * 80% x 80%=64 million yuan.

When the Holland auction is applied, the reservation price can be reduced from 1 million yuan to 640 thousand yuan.

At present, the auction period of a single auction is usually 24 hours, and the Holland auction can be divided into 24 price reduction cycles.

After shooting, the price reduction per hour is F, then F=[(100-64) /24] yuan, and the base price of N hours is [100-F x (N-1)] million yuan.

If there is only one person within N hours, the price of the product will be awarded by the price holder.

If there are two or more bidders in the first N hours, the Holland style auction will end. In the two or more than two "finalists", the England type incremental bidding will be opened at the base price of N hours.

The minimum increase rate can be clearly defined in the auction notice, and it can be repeated for auction.

If there is no increase in price between the finalists, the first person in the finalists will compete in the Holland auction.

The goal of this situation is to get the highest bidder and let the auctioneer be responsible for his bid.

In the stock market, it is not the original intention of the Holland style auction to let the organization make a high price in the first round of enquiry, but buy it in the market price and not be responsible for the quotation.