at the Market Forum the price formation mechanism,
wow gold, including the new shares in a secondary market price formation mechanism, increase the liquidity of the shares of stock in the IPO and listing links to consider the placing shares of stock, and to promote outside of the actual controller of the shares listed on the first day of can the circulation, and other measures to curb excessive speculation in new shares. In stock pricing, underwriting, and further simplification of procedures and controls, and enhanced underwriting liability constraint.
research to increase the proportion of institutional investors to subscribe. Research to modify the way, consider canceling the subscription in the shares under the net ceiling limit, by increasing the proportion of the subscription of institutional investors under the net to increase the responsibility of the institutions in the pricing and price sensitivity. Objectively,
wow gold, there is still a considerable proportion of new revenue, thereby increasing the proportion of institutional placement may be formed to transfer benefits to organizations of public opinion, but focus on the need to establish long-term mechanism, this step must be taken to the strength of the exorbitant prices.
is sufficient to prompt risk. Sought solemnly prompted new shares to buy, subscribe for new shares new shares transparency is low, the relative risks to consider, consider that there is no risk corresponding to the price discounts. Mature markets in general practice in the shares on the basis of the comparable companies, ask for a discount, rather than pay higher prices. . Zhu said,
wow gold, you can consider opening a window for ordinary investors new inquiry, the inquiry results temporarily affect IPO pricing, but can the pricing results in order to play the wisdom of the market price as a reference, an unreasonable pricing pressure.
continuous improvement and improve the regulatory system. The issue of supervision to be more focused on disclosure, enhance the letter Phi quality, inhibition of the packaging and cosmetic results. Cancel the existing system involved in the substantive judgment of the value of the company, such as sustained profitability and to avoid misleading.
further improve the rules, to promote the issuers and market intermediaries homing conscientious, increase the punishment for violations.
is to further promote the accurate application of the system improvement and systems, universal access to new risks and pricing knowledge, to facilitate the parties involved to perform their duties responsibly, common efforts to cool the
answer site related to decentralization of the hair adjudication of the problem, Zhu said, the weakening of executive authority, deregulation, the SFC is firm, the Commission is working to reduce the administrative license, those who market the main a role to play, let the market players to play a role; whatever the market mechanism to work, let the market mechanism to work. Meanwhile, the monitoring and audit are not diametrically opposed, a form of audit is also regulatory. Even in the registration system of the U.S. initial public offerings, there is still a considerable number of audit. Even if the letter Phi true accurate and complete, as the regulatory core, is still asked the market players to play a role, including investors, intermediaries, etc., go to the Verification of information, to judge and then invest.
Zhu said, the preference of new shares to new shares to pay higher prices, and speculation of new shares for the performance of the IPO fever – 2009 June 2006 July (before the IPO reform), according to IPO first day closing price, small and medium plate price-earnings ratio is about 70 times on average, the motherboard is about 57 times; since the July 2009 reforms, even if IPO pricing is no longer on window guidance, small plates of the same caliber of price-earnings ratio is about 71 times, the board is about 51 times. , Whether offering price level of the secondary market for the past six years has been for the high price of new shares to pay roughly the same level. But at the same time, after 60 days of the IPO transaction, the Placing Shares under the net unlock, the price dropped significantly.
SFC believes that the new shares hot listed company and self-loop performance incentives; whitewash of listed companies; the secondary market for frequent trading of new shares and new shares, the loss of a great, statistics show that playing online last year, the average yield of 21%, net institutions income an average of 8.45%, but this year the price of 2/3 new shares in a break state, the loss by the secondary market to buy new shares or new shares to investors frequently bear.
IPO status quo
investors with their feet vote
media sound
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