New rules for new issues

-Newspaper reporter Jiang Shenzhen, 25th, the market again appeared on the first day of the new shares than the price doubled, but the Chinese securities news from some funds learned that the current bond funds to play a new enthusiasm has declined, although the SFC last week issued "on deepening the reform of the new issue of new issues," the guidance is still in the consultation stage,　　However, the fund has already said that the future IPO will be more cautious pricing, the purchase of funds will also be relatively narrow. The higher the rate of the fund more and more hair "from the previous period of time, there are some stocks under the check rate has not been low, such as China to reach 27%, a leap of the soil stake is also close to 20%." Some of them listed after the first day break, or even the opening price fell, this to the bond fund to play new shares a relatively large impact, the higher the rate, the fund in the hands of more hair.　　"A bond-fund manager in Shenzhen told the Chinese Securities News reporter. And the industry expects that the future of the new purchase of new shares is more likely to increase significantly. In Friday, the SFC issued "guidance on deepening the reform of the IPO system" (draft for soliciting opinions), one of the institutions under the network for the purchase of new shares of the inquiry to make the provisions, in the specific operation, no longer the proportion of the full effective purchase of the allocation, but by the securities dealers and issuers in advance to the net placing the distribution to determine the number of placements, If the purchase price of more than five institutions, the number of the way to determine a certain amount of available to be allocated institutions.　　The number of shares required to be purchased by a single inquiry agency and the corresponding funds will increase significantly. Taking the present issue of SME as an example, a single institution would normally only be allocated tens of thousands of shares, at least less than 10,000 shares. According to the Chinese Securities News reporter understand, in such circumstances, even if the break effect is not small, so institutions tend to the fulfilment of the purchase, and the price is also reported relatively high. "If the new mechanism is implemented, the fund which is being pumped by the lottery is too high and the amount is too large," he said. So we both in the purchase price and the amount of purchase, will be more rational than before. The fund manager said.　　It is understood that the new rules are likely to commence at the end of September, and recently, some funds have been reduced in their enthusiasm for fear of being "circled". Market shocks and pour new cold water at the same time, the uncertainty over the current market is also causing the fund's new enthusiasm to fail, "in the current practice, from the end of the IPO to the listing after two weeks, so often this situation-if the market in the two weeks of sharp rise, The first day of the new shares will rise in price, if the market downward, the first day prices also sharply downward. The two weeks in the middle make the uncertainty a lot more. "A fund manager in Shenzhen told the China Securities News reporter. and the market since July rebound, the August continuous horizontal plate finishing.　　The next trend is still divided, fund managers in order to circumvent the likely market after the sharp turbulence, the participation of the heat has also declined. It is understood that after the reform of the new issue system, the issuance of new shares will shorten the time to market, "the aim is to reduceThe uncertainty of IPO, further reduce the price difference between the one or two-tier market. "said the fund manager.