New shares listed problems in the system

From January 1, 2005 start, our country the ipo to take the off-line allotment and explain buy online inquiry with the combination of market mechanism of issuance. This so-called "class market" refers to the examination and approval of the listed approve the system and pricing mechanism of the market. The current stage, the new shares listed main problems can be divided into two categories, one is the system, and the other is the operational level. A system level is concerned, public offering to approve the system is the key to the problem. Since 1992, established to CSRC now,wholesale nfl jerseys our country securities market new issues through ShenPiZhi and to approve the system two stages. Compared with ShenPiZhi, to approve the system despite the introduction of the implementation rules issued securities intermediaries, but essentially it is still a with a strong color stock issuance of administrative management system. Government departments and regulatory agencies still highly centralized management of securities issuance matters and the company can have listed at the end of the financing authority. At present the hair of the ipo to bring the main mechanism of the following problems: 1.? Excessive packaging. In the approval system, to the public company can realize their ultimate purpose listed and heads. To achieve listed purpose, in addition to hope for regulators to different public power the above, often to the public assets fully "packaging" to optimization financial data, as low as possible can't through the hair the risk of the will. The excessive packing easy to make some performance mediocre even exist no development be underestimated risk assets, which causes the listed price of departing from its real valuations, hurt investor interests. 2.? The issuer and intermediary organizations through conspiracy to benefit, excess whip round. In the approval system, listing qualifications is a scarce resource, level 1 market widespread "bear difficult-sell easy" phenomenon. In the process of the ipo, the issuer and underwriter, hopes to be able to excess whip round, collected from the issue of new shares lead underwriters of underwriting fees in high commission share, issuers and private institution is in the ipo in high price after the cash. Therefore, the stock issue enterprise, brokers and off-line allotment in private investors easy to form conspiracy to benefit through various means of excess on sale. 3.? Level 1 market pricing excessively high. Regulators in the securities issuance in the leading role to become public listed shares its natural "the recessive guarantee". Investors in the government agencies hair the mechanism under the endorsement, often underestimate risk investment, therefore, the domestic first market stock issuance is relatively easier. In addition, there is no explicit provisions of laws related to lead underwriters and the issuer for new shares FaHangSuo need to bear the legal responsibility, the sponsor of the lack of accountability. In the huge economic interests in front, intermediary institutions often high potential listed as the price of assets, and manipulate new shares inquiry process. 4.? Power rent-seeking. In the approval system, the management way plan issued amount, the listed means "profit", stock issuance examination and approval of prone to power "rent-seeking" phenomenon. Some distributors and intermediary agencies listed in order to seek the benefits of, by the false "packaging", diddle issue affected the market listing qualifications, the justice. On the operation level is concerned, the off-line allotment proportion, the new stock inquiry process, stock back to dial the mechanism, and any other issue is assistant mechanism should be further improved. First of all, the off-line allotment rate is low lead to offer optional. According to the CSRC released in 2006's "stock issuance and underwriting management method" regulation: "a public stock offering number less than 400 million shares, distribution Numbers do not issue more than 20% of the total, a public stock offering in number above 400 million strands, the number of allotment issue no more than 50% of the total." Now, middle and small plate and the proportion of the gem off-line allotment generally less than twenty percent. The off-line allotment to lack offer rate is low price sensitive, in the process of inquiry at will offer. Secondly, the new inquiry process deficiencies. In the current inquiry mechanism, price is larger than the final pricing inquiry agencies for the off-line allotment party qualification. Because of the ipo process in supply control, some inquiry agencies out of game consideration, often can quote us higher prices to avoid elimination. Third,dc hats the stock callback mechanism and "green shoes option" and other auxiliary mechanism are not mature enough to release. China's ipo market use is the off-line allotment and explain buy online inquiry of combining the mechanism, but the stock callback mechanism but remain to be improved. When the net explain buy the excess demand significantly, the off-line rare on the net explain buy stock dial, in order to meet the needs of the public purchasers, conversely, when the price is on the high side, online subscription is insufficient, and no corresponding back to dial the mechanism, the part into the stock dial, offered to strategic investors. In addition, China's new market still lack like "green shoes options" such a system designed to adjust the ipo of supply and demand. In short, the ipo pricing and existing problems of, from phenomenon, it is the existing mechanism in many links exist defects and the insufficiency, can not adapt to the development of publication market; And from the root, it lies in the current new shares system do not completely a market-oriented. Therefore, completely let go of listing qualifications of supply control, to approve the system from the system, records registered transition, is to promote the healthy development of the ipo market the fundamental way out.

see more:The United States department of health officials say MeiZanChen milk powder "need not recall"
Medvedev said in the New Year 2011 speech to a successful conclusion