Whether The New Rule Of IPO Will Repeat The Futile System Is Still Unknown.

The list of the first seven enterprises to apply new regulations in 2016 has been announced and will be listed before the Spring Festival.

There are endless disputes about registration system. If we seize the key points and make good plans, the new rules will be successful. The registration system will be launched smoothly. The new rule is half man and half beast stage.

Some people questioned why the driving school passed the first batch of lists. Such doubts are all scratches. The production of playing cards, chilli sauce and training drivers are all law-abiding industries. Who says that the profits brought by an oil service listed company are greater than that brought by the training schools. The large price list of China's former large central enterprises has not brought any earthshaking positive impact on the stock market.

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

IPO applies the new rules, and theoretically no risk arbitrage opportunities decline. The direct pricing issue means that there is no issue price below the average price earnings ratio, and the old man who sent money to the new shares has gone home.

Caring for new shares is a great concern.

This week, the central bank released 600 billion of the liquidity, equivalent to a drop in the right time, in order to cope with the Spring Festival, the mother can not tighten liquidity.

In order to ensure the smooth launch of IPO, the SFC has repeatedly appease the market. Registration system does not mean that there is no quota management crazy listing. In the first batch of listing, the new regulation IPO issue day only 1 new shares will be purchased on the same day, and there will be no blood effect of freezing funds.

After the implementation of the new rules, the number of listed companies will not be much to the extent that the market will collapse. The number of specific listings that will be introduced in the future will depend on whether it is successful after the launch and the affordability of the market.

No one is more worried than the policymakers about the next stock market crash. Investors have already played a bad role in regulators.

The first batch of seven stocks was issued, and the total fund-raising is expected to be around 4 billion yuan. The maximum net capital raising plan of a single enterprise is not more than 1 billion yuan.

There are three listed companies below 20 million shares, which will be issued directly online pricing: Guangzhou Gaolan plan does not exceed 1667 million shares, the proposed fund-raising will not exceed 255 million; Suzhou design plan issued 15 million shares, intends to raise funds more than 320 million; Shanghai Hai Shun plan does not exceed 1338 million shares, plans to raise funds 276 million yuan.

Of the 317 enterprises that have been listed since 2014, the number of new shares issued by 31% companies is below 20 million shares, and the average amount of financing is 270 million yuan.

That is to say, according to the latest regulations, nearly 1/3 of the new shares will no longer be sent through enquiries in the future. 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 that the existing two level markets will not be disturbed and new funds will be released to the market

The contradiction.

Emphasizing money only emphasizes rhythm, and can not solve the future.

The fundamental obstacle to A share is the offer of human feelings, dishonesty and money.

We have to send three watchdogs.

The biggest problem is integrity.

Now the SFC intends to send two gatekeepers to the door without immediate effect.

The first watchdog is the intermediary which pays first.

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, it is necessary to add annotations. Whenever the performance of listed companies is changed, they can be traced back and the intermediaries bear permanent responsibility.

The second watchdogs adopt the perfect compensation mechanism for spot return.

In the prospectus guidelines, the proposed requirements increase the disclosure requirements of the assumptions, parameters setting and calculation process of the diluted spot return analysis.

The third one was not sent.

How to handle large scale cash holdings of listed companies? The plan put forward 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 three years, and in fourth to sixth years, they are allowed to withdraw 1/3 according to a certain proportion.

Seventh to ninth years allowed second to 1/3, with a maximum withdrawal of 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.

The author has already said that the accurate pricing and controlling the integrity risk is the first. Establishing an intermediary compensation mechanism without a deadline, preventing the executives from throwing the right-handed cash in their left hand and establishing a class action system are indispensable.

Counterfeiting must be paid. Improper premium should have a corresponding compensation mechanism. Otherwise, no matter what registration system or approval system, or half registration and semi examination, it will be cannon fodder system.