Inquiry system is a major adjustment of IPO.

IPO <P> inquiry system will present major adjustments. .Authorities recently disclosed that the Commission will be the original "institutional equity securities underwriting business management approach" to revise, and add the adjusted IPO inquiry system and other relevant content. .Compared with the current system, the system will appear the next five inquiry change. .</ P> <P> authorities pointed out that implementation of the 2004 IPO, inquiry system is of great significance, in the institutional arrangements and ideas on the pricing power from the executive branch to the market players. .However, in practice, however, not quite perfect the existing system of inquiry, the issuer, the sponsor, the game among investors is still insufficient, there are still a lot of sponsors and sponsor representatives are not familiar with this business, .There is a certain arbitrary pricing, free quotes, which are not rational acts of bad faith, therefore, must be to reform the existing system of inquiry. .</ P> <P> First, simplify the SME board of listed companies in the pricing process. .According to China Securities Regulatory Commission issued in 2004, "the pilot on the IPO Issues Notice of Inquiry System" provides the current inquiry into the initial inquiry and accumulated bidding inquiry in two phases, an initial inquiry to determine price range ., the cumulative bidding inquiry to determine the issue price. .The future, the SME board listed companies, there will be no book-building process, through a preliminary inquiry to determine the issue price directly, and then placed into the network and online distribution under the program. .</ P> <P> Second, the offline and online issue of the Placing will be the same time. .In accordance with the existing mechanism, the stock public offering only in the placement to institutional investors under the net will start after the online purchase, to improve efficiency in the future, this step will be the same time. .</ P> <P> Third, the initial inquiry to further clarify the relationship with the cumulative bidding inquiry. .Under the current operation, to participate in the initial inquiry is generally more than 20 institutions, only public offering of shares of more than 4 million shares, more than 50 participating institutions will be. .On the other hand, as long as institutions are eligible to participate in the tender inquiry accumulated, the number is much larger than the initial inquiry of the participants. .In this case, prone to a number of institutions in the free offer when the initial inquiry, the final total of the tender inquiry without the involvement of the time. .In response to this phenomenon, the relevant departments to enhance the binding and the seriousness of the inquiry. .</ P> <P> Fourth, to relax the restrictions on underwriting syndicate involved in inquiry. .In the future, in addition to the lead underwriter's own business, the other syndicate members will be able to participate in the inquiry and issue stock purchase, and the lead underwriter of the asset management business in inquiry and inquiry subscription of new shares will also be open. .</ P> <P> Fifth, further strengthen the management of inquiry objects. .The future, a clear violation of inquiry for those provisions against the principle of good faith, offer free institutions, sponsors and sponsor representatives will be entitled to cancel its release in the second placing in the qualifications. .</ P> <P> authorities also pointed out, IPO inquiry some of the problems arising in the process, some individual agencies intentionally, but because the institutions for the majority of the business are not familiar with this area, no attention, lack of adequate understanding of .. .In addition, the vast majority now are very successful IPO, the SME board after the stock market rose 100% above average, while average stock listed on the Shanghai Stock Exchange also rose 30%, which contributed to a certain extent .individual institutions offer free psychological. .</ P>.