SFC A-share market pseudo-stop strategic investors.

<P>: Http:// Communications, China Construction Bank recently announced the return of A shares prospectus shows that the way the issue of inquiry objects in addition to the inquiry under the net and on-line placement of purchase issued capital, did not appear strategic investors .figure. .Which in the past nearly 90 million shares issued under the scale are rare. .</ P> <P> Also, be listed in the end of September, financing 15.0 billion initial public offering of Bank of Beijing, there is no strategic investors to participate in the Placing. .</ P> <P> "A-share market strategic investors has been temporarily been stopped." People familiar with the "financial" reporters, but "the suspension of the regulators have not issued a document, but rather to impose the form of window guidance .impact. " .In fact this policy from Nanjing, Bank of Ningbo had been used market. .</ P> <P> According to "Financial" report, being the reason why the Commission does not allow the introduction of a listed company issues new shares to strategic investors, strategic investors, mainly because the system has been alienated, and become a breeding ground for rent-seeking market. .</ P> <P> 1999 年 7 28, the China Securities Regulatory Commission promulgated the "Regulations on the way to further improve the share issue," which first introduced the concept of strategic investors, is considered to be "market stability." .Subsequently, the Shougang shares (9.24, -0.26, -2.74%) became the first introduction of strategic investors, listed companies. .</ P> <P> However, one year after implementation, strategic investors, the market system has aroused widespread controversy. .Total share capital of the relevant provisions of the initial requirements of more than 4 million shares of issuers can introduce strategic investors, the latter holding no less than six months, but did not clarify the specific definition of strategic investors. .The so-called "holding the shortest possible time," eventually became a lot of "strategic investor" actually owned the longest, while the listed companies do not constitute a "strategic relationship" more strategic investors, and even breaking the total share capital .more than 400 million shares to strategic investors restrictions. .To make matters worse, as strategic investors to get cheap shares, seeking more and more common phenomenon. .</ P> <P> 2000 年 8 months, the China Securities Regulatory Commission issued a document "the way of issuing guidelines for placing legal" for the first time require the issuer to be detailed and clear definition of strategic investors, and in principle the introduction of strategic investors is not more than two .home, large companies increase the strategic investors, the issue of the appropriate house number. .</ P> <P> strategic investors, a move aimed at inhibiting the alienation of the system, but after 2001, the market period of adjustment, strategic investors in the market downturn, the IPO and the role of the market appeared stable, .Therefore, this system does not appear in the implementation of major changes. .</ P> <P> 2006 年 9 月 Securities Regulatory Commission promulgated the "Administrative Measures for Securities Issuance and Underwriting of" strategic investors, new restrictions, which provides that only the initial public offering of shares more than 4 million shares to the introduction of strategic investors .those strategic investors holding time must be within 12 months. .Moreover, strategic investors to participate in the issue of placing the main body, after the issuance of restricted stock not held not less than the number of times number of shares outstanding by 25%. .</ P> <P> since the second half of 2006, A-share market strong growth, shares listed on the first day after the performance was doubled to two times the issue price of the stock after another, so stock prices made strategic investors .more attractive. .Subscription of new shares to strategic investors on behalf of a number of large enterprises and organizations interested in the behavior, often using company executives who lobbied on the issue, which were also mixed with the general phenomenon of rent-seeking. .</ P> <P> an investment bank to the "financial" journalists said in the release process, or even the specialized in providing strategic investment opportunities, "intermediaries." .These brokers to strategic investors from the hands of the issuer or to get new shares directly, and then transferred to other investors share of new shares (then set to private equity funds are based). .Clear "relationship" we will derive a lot of money brokers intermediary fees, which are part of the proportion of intermediary fees have to play a key role in the transfer of individuals, the resulting rent-seeking. .</ P> <P> the investment bank said that there were "intermediaries" asked them whether they intend to buy a new shares as strategic investors, the proposed total investment intermediary fee of 20%. .At that time the proportion of shares given the agency a total investment of about 700 million -8 billion, intermediary fees have 100 million -2 million. .</ P> <P> March of this year, China Securities Regulatory Commission has been notified within the following require strategic investors, the total allotment of shares shall not exceed the public offering of 30%, and the introduction of strategic investors is not more than 20. .This CITIC Bank (11.07, -0.11, -0.98%) IPO that is reflected when the introduction of strategic investors is the 20. .</ P> <P> July of this year, the Commission issued a document on the placement of listed companies made new rules. .Issue of listed companies to determine the object, to issue shares lock-up period of at least 36 months, and the issue of reserve price for 20 trading days before the pricing benchmark for the stock trading price. .This private placement influenced the introduction of strategic investors, not only to extend the lock-up period, but also narrowed the gap between the subscription price and the market price. .</ P> <P> secret system of strategic investors stopped, showing the management of strategic investors to tackle the current placement of the many problems existing in the process. .CITIC Securities (87.27, -0.49, -0.56%), deputy general manager of De Liren, believes that current market conditions, strategic investors is not necessary, it is wise to cancel, reflecting the interests of small and medium investors to maintain .. .</ P> <P> a foreign investment bank said that strategic investors should be large-scale investment, and people with the issue of relations between upstream and downstream industries, or in synergy with the industry to investors, but the majority of A shares .strategic investors do not meet the above conditions. .He admits, is currently led by the strategic investors of the many problems, the most fundamental reason is that the pricing mechanism, we should reflect on the pricing mechanism. .</ P> <P> "the current offering price does not reflect the true value of listed companies in. Issuer in determining the price range, the discount required to consider the wishes of management, essential to determine the price-earnings ratio of 30 times, which is equal in .inquiry on the basis of the market played a large discount, there are huge profits to be made to produce a direct result of rent-seeking. "The analysts said. .</ P>.