CSRC Chairman Guo's New Deal: delisting system pioneering board

&http://www.aliyun.com/zixun/aggregation/37954.html ">nbsp; In less than one months, Mr Guo's new CSRC chairman, Sanbanxi Axe, slashed the three ills of high prices for the gem, the delisting system, and the willingness of listed companies to pay dividends, while also opening a deep-seated institutional reform – the merging of the two major bond markets between banks and exchanges.

Yesterday, the SFC officials said in a news briefing that SFC will gradually change the gem as a representative of the issue of high P/E, to promote the pricing of new shares in the market-oriented; On the other hand, the SFC will also improve the threshold of backdoor, improve the gem delisting system, fundamentally promote the healthy development of the gem. Plus the Securities and Futures Commission issued a new listing company dividend policy details, is axes. In addition, the head of the Securities and Futures Commission also disclosed to the media the vision of establishing a unified bond market and the preliminary plan to rectify various local exchanges involving financial securities.

Continuing the direction of market reform

The marketization reform is the main melody of Shang Fulin as the chairman of the SFC, while Mr Guo's axes is in fact inheriting and strengthening the theme.

The Securities and Futures Commission has been paying close attention to the issue of high price of new stock, because it is related to the success or failure of the IPO pricing mechanism reform launched by the gem. After two rounds of market-oriented reform, the pricing of new shares abandoned the past window guidance, but the maturity of the market main body can not be accomplished overnight. In the process of the formation of the market's own binding mechanism, there appeared a high price issue, the new listed company accumulated huge amount of funds, the public opinion on this question.

The regulators and exchanges have conducted in-depth discussions on the issue of high prices, and taken specific measures, including standardizing inquiry and pricing procedures, strengthening intermediary duties, and increasing risk cues in the whole process of issuing supervision. Since the four quarter of last year, the gem issued a quarterly price-earnings decline. According to statistics, in the fourth quarter of 2010, the gem issued a 90.56 times-fold average earnings, 2011 years ago three quarter gradually fell to 73.88 times times, 44.18 times times, 39.91 times times, and some also appeared to raise funds than expected.

In fact, neither the regulators nor the sponsors can give a reasonable standard for P/E ratios, and only a sufficient market game can ultimately determine a reasonable price. The official said that the SFC will continue its efforts to improve the quality of information disclosure as the center, to the real transparency of listed companies as the goal, to increase reform and improve supervision.

In the controversial delisting system, the SFC will also have a substantive action-to promote the gem to take the lead in the implementation of the delisting system. Prior to the Shenzhen has repeatedly on the delisting system, last April, the SFC set up a special group, has formed a preliminary improvement and improvement of listed companies to retire the system of general ideas, will soon be open to the community for comment. Gem listed company performance has a high degree of instability, so the industry has been that the establishment of the delisting system is to ensure the healthy development of the gem is an important guarantee. As a complementary measure, since last year, the SFC has strengthened the audit of shell listing, the standard of borrowing shell to upgrade to the IPO a horizontal line, to prevent the blind speculation of shell resources.

Promoting the construction of a unified bond market

The bond market has been a short plank of China's capital market, and has been the voice of accelerating the development of bond market for many years. Since the global financial crisis, the huge risk of fixed-income product exposure has also revealed the need to strengthen bond system construction and unified regulation.

At present, the domestic bond market is divided into two pieces, one is the interbank market, the other is the exchange market. Market segmentation is not conducive to the promotion of market size and liquidity, and thus can not provide the conditions for a deep level of financial innovation. In recent years, the SFC has been encouraging listed companies to issue corporate bonds to promote the exchange market to increase the size, but the results are not obvious.

The Securities Regulatory Commission said yesterday that the development of the bond market requires unified access conditions, unified information disclosure standards, unified credit evaluation requirements, unified arrangement of investors appropriate system, unified bond market investor protection system, reduce market segmentation, enhance unified interconnection. China Securities Regulatory Commission will actively coordinate and promote the unified regulation of the bond market.

In addition, the SFC will take on another important task-to clean up the lack of norms around the various types of equity exchanges. Some of these exchanges are already marked by the nature of trading in financial securities.

Reporters learned that the spread of various types of property rights exchanges across the country in the past two years there is a trend of flooding. Some cultural property rights and corporate equity exchanges have introduced standardized trading units, sets of bidding and market makers and other systems, and the boundaries of the stock exchange increasingly blurred. Some commodities and precious metals spot markets are also developing futures trading. The proliferation of these exchanges is not effectively regulated, it is difficult to protect the interests of investors, but also poses a potential threat to the overall stability of financial markets. The desire of local governments to develop local financial markets has also facilitated the proliferation of exchanges.

Reporter noted that during the two sessions this year, representatives from the SFC, members of the Commission on the "new Sanbanxi" also said that a centralized and unified OTC market is more in line with the overall interests of our capital market.