China Securities Regulatory Commission officials recently revealed that the Commission is actively studying the way in the current issue of the basic framework, improving funding new shares purchase good success rate.
The reporter learned from the parties concerned, in the face of increasingly strong demand reform IPO system calls, the China Securities Regulatory Commission will once again invite some institutions and scholars discuss current IPO system problems, and will actively create the conditions for the approval of the stock distribution, pricing and sales methods, three aspects of the system of innovation and reform.
System defect caused market imbalance
Domestic securities markets of the present system of issuance of new shares, as the share-trading reform 2006 interim results achieved and the "new old scratch off" after starting, its basic characteristics is to establish an inquiry for institutional investors, as well as a tilt to institutional investors and distribution mode.
5 November last year, the first day of the opening of China Petroleum as high as $ 48.60, exchange rate 51.58%. Many investors believe that ' the new shares is not defeated by the ' myth, but to buy. In less than three months, China's oil accumulated by 36.25%, investor losses. This year, new shares are listed on the same day it fell below the issue price.
Market parties concluded a new unit were the cause of the issue price, the lot is attributed to release systems. Institutions by virtue of the financial advantage in the market get enough chips, cash crazy at the secondary market, enabling secondary market investors seriously damaged.
Shenyin wanguo Securities Institute market research director GUI Herbert said: "new unit post-marketing if the rise is very big, cannot exclude some market reasons, but if each new unit so that it can only show the mechanism problematic. inquiry And the resulting ' new shares undefeated ' phenomenon, the securities market risk-benefit balance is negative. ”
Professional analysis, current IPO system has two disadvantages, on the one hand, easy form of institutional investors on the IPO of monopoly, the majority of retail limited due to the strength, it is difficult to get to. The new shares are divided into strategic placement, Internet and online purchase under the purchase. Online purchase, the main advantage by virtue of the financial institutions near-monopoly on the primary market of chips with corresponding institutions, investors, small and medium-sized investors check ratio is very low. Net of purchase only in the face of institutional investors, resulting in obvious injustice. Secondly, make a lot of money to the level of market concentration, continue could endanger the secondary market and the healthy development of the securities market.
In 2007, the data show that agencies "to the new" average earnings reached 26%. This level of market stability make bet pattern attracted large funds, resulting in the amount of funds stored on the primary market heights. The recent release of China's railway station, jinfeng science and technology and publishing media three stock totals for the freezing of funds of $ 3.4 billion.
Three major reform topics
People from all walks of life to discuss how to improve the way the new stock issue, mainly concentrated in three areas.
First, the new unit on sale fashion. This reporter has learned that at present, it is much to explore in existing justify issuance of basic framework, through the purchase of new shares of institutions account setting quantitative restrictions or part of the issuance of shares to be separately configured and small investors account, moderate lowering body success rate of small and medium-sized investors, improving the success rate. China Securities Depository and Clearing Corporation internal sources, regulatory authorities intend to reduce each household investors purchase ceiling method for small and medium-sized investors gain more opportunities in check, and consider recovery IPO placing of market value.
Second, new stock issue of approval system. The Commission has indicated to create conditions that will present A stock market to issue approval to approval system.
Then there is the perfect new shares of the bookbuilding. In 2007, the Commission has on more than 10 warning letters issued quotation object, call its improvement inquiry and enquiry system reform will assist regulators from system level to avoid the accumulation of foam in the primary market.
This reporter has learned that the Commission consider strengthening the management of the inquiry object, increasing the business objects on the inquiry and the evaluation of training. In strict handling of non-compliance, breach of the principle of good faith, the Agency also will introduce appropriate rules
No comments:
Post a Comment