How To Avoid Speculation And Money In The Registration Era

The list of the first 7 enterprises after the implementation of the new rules of IPO has been published and will be listed in succession before the Spring Festival.

The new reform has also attracted more attention from the market for the upcoming registration system.

There have been numerous controversies about registration system.

Only by grasping the key points and making good plans can the registration system succeed.

As long as we grasp the pace of listing, as long as new funds continue to enter the new market, registration system will not repeat the futile system.

After the introduction of the registration system, the risk free arbitrage opportunity declined, and the direct pricing issue meant that there was no issue price below the average price earnings ratio, and the old man who sent the money to the new share had gone home.

Regulators' care for IPO is a great concern.

This week, the central bank released more than 600 billion yuan of liquidity, equivalent to a drop in the scale.

In order to cope with the Spring Festival, it is impossible for mom to tighten up liquidity.

In order to ensure that the registration system was successfully launched in the near future, the SFC has reassuring the market.

The new regulation of IPO requires that when the first batch is listed, the new market will only arrange one new stock to purchase the market on the same day, and there will be no blood effect of freezing funds.

And after the registration system is actually implemented, the number of listed companies will not be much to the extent that the market will collapse.

The specific number of listed companies after registration system depends on whether the system is successful after launch and the market's affordability.

No one is more worried about the next stock market turmoil than policymakers.

The 7 new stocks issued by the new regulation are expected to be total.

At about 4 billion yuan, the maximum net capital raising plan of a single enterprise is not more than 1 billion yuan.

There are 3 listed companies below 20 million shares, which will be issued directly online pricing: Guangzhou Gaolan plan does not issue more than 16 million 670 thousand shares, the proposed fund-raising will not exceed 255 million yuan; Suzhou design plan to issue 15 million shares, intends to raise funds more than 320 million yuan; Shanghai Hai Shun plans to issue no more than 13 million 380 thousand shares, plans to raise funds 276 million yuan.

According to the data of daily economic news, 31% of the 317 enterprises that have been listed since 2014 are less than 20 million shares, and the average amount of financing is 270 million yuan.

That is to say, according to the latest regulations, in the near future, about 1/3 of new shares will no longer be inquiries through the Internet. The proportion of new placement on the Internet will increase from 90% to 100%.

Take the number of 20 million shares issued as an example, the maximum purchase price of a single identity card is 1/1000, that is, 20 thousand shares, and the market value required for the top purchase is 200 thousand yuan.

Regulators hope not to disturb the existing two tier market, so that new funds to ease the contradiction between the lack of funds in the market.

Accurate pricing and control

In the first place, it is indispensable to establish an intermediary compensation mechanism with no deadline, prevent executives from throwing cash in their left hand and establishing a class action system.

We must pay for fraud. Improper premium should have corresponding compensation mechanism. If we can not achieve the above requirements, whether registered or approved system, it is difficult to truly protect the interests of investors.

Emphasizing capital or emphasizing rhythm only can not solve the fundamental obstacle of the future registration system. The problem of A shares is the offer of human feelings, dishonesty and money.

We must sacrifice 3 magic weapons to see the door of prison system.

The biggest problem is integrity.

Now that the SFC intends to offer two magic weapons to the door, I am afraid it is not enough to produce immediate results.

The first magic weapon is

Advance payment.

If data fraud occurs and is confirmed, the "victim" can find a sponsor intermediary. The intermediary must publicly undertake that if the information disclosure has false records, misleading statements and major omissions, investors will be compensated for the losses.

If fraudulent disclosure is long, there are many counterfeiting agencies, and whether they can be put in place is unknown.

Therefore, annotations must be added. Whenever a listing is issued, performance changes can be traced back, and intermediaries should bear permanent responsibility.

The second magic weapon is to adopt the proposal to improve the information disclosure requirements of the diluted spot reward compensation mechanism. In the prospectus guidelines, it has increased the disclosure requirements of the assumptions, parameters setting and calculation process of the diluted spot return analysis.

The third magic weapon is not yet offered. What should be done on the large scale cash flow of listed companies?

The plan proposed by Mr. Xie Rongxing is that the design system does not allow the founding shareholders to cash in cash: the original shareholders can not have any cash in at least 3 years, and fourth to sixth years are allowed to withdraw from the 1/3 in a certain proportion.

In seventh to ninth years, second 1/3 was allowed to withdraw, and the highest exit was 66%.

The original shareholders must pay the consideration for the cash premium, synchronously cashing the rights and interests of the circulating shareholders according to the 20% equity interest in cash, as the "consideration price" of cash dividends.

In order to prevent executives from resigning cash and increase the additional provisions, lock up the shares. The shares held by senior executives determine the share circulation time before the listing, and do not change because of the identity of the executives themselves.