How to promote the reform of the IPO system by market-oriented pricing

Recently, the China Securities Regulatory Commission on the further reform and improve the new issue of the guidance of the system (draft) public to the community to solicit opinions, which marks the beginning of another round of reform of the IPO system is about to start. On the reform of the new issue system, our correspondent interviewed yesterday Yifangda fund company president Ye Junying, Bosera Fund management company president Xiaofeng, Ping An securities President Shironen, CICC Director general Manager Ding, National Letter Securities President Hu Jizhi and other industry personage, invite them to reform the bright spot in the plan,　　The issue of how to further market pricing of new shares issued a view. The Ye Junying Securities Association should play a greater role in the reform of the IPO system, Ye Junying, president of the Yi-da fund company, said in an interview with reporters that the program in the summary of past experience, on the basis of the current market problems put forward a strong targeted and operational reform measures,　　While adhering to the market orientation, the characteristics of a harmonious society are taken into account, and the principle of fairness and efficiency is considered, which protects the interests of small and medium investors. In the network under the purchase quantity control, Ye Junying proposed, as the industry self-discipline organization's China Securities Industry Association may play the more important role, carries on the necessary monitoring and the instruction to the organization behavior.　　If found that some institutional behavior and regulations are inconsistent, can take public disclosure, or suspend a period of time eligibility measures such as punishment, so that the inquiry, purchase link between the formation of a virtuous circle. Ye Junying expressed support for the plan to arrange new shares to be issued after the IPO plan was formally implemented. He believes the market's financing function must be restored, and the timing of the current IPO is very good. But he also suggested that China's securities market is still in the stage of oversupply in general.　　Therefore, after restarting the IPO, should have the necessary control to the release rhythm. Miu Jianmin pricing marketization helps to solve the issue of new shares distribution contradictions China life, vice president and the Chairman Miu Jianmin said that the reform of the IPO system is seeking advice, its core lies in the marketization of pricing, which will be the long-term healthy development of the capital market,　　The cultivation of specialized institutional investors and the maintenance of the interests of small and medium investors have a positive impetus. Miu Jianmin pointed out that the core content of the IPO system is the market-oriented pricing mechanism, the biggest significance of this new scheme is to promote the market-oriented process of pricing.　　After the market-oriented pricing mechanism is perfected, the existing contradictions surrounding the issue of new shares will be solved. In addition, Miu Jianmin that in the long run, the first-tier market should be mainly institutional investors to mobilize their enthusiasm. Because institutional investors are focused on long-term investments, they do not focus on immediate interests and market volatility. Even if the market has a certain range of fluctuations in the short term, the amount held by the institution also determines that it is unlikely to great quantities in the short term.　　In addition, some institutional investors, including strategic investors, will have a certain period of lock-in, which will play a positive role in stabilizing the market. Shirong Annual inquiry process may consider the introduction of the deposit mechanism ping An securities presidentShironen pointed out that the introduction of the new issue system reform will be to promote the pricing market, the sponsor institutions, investors and even the entire regulatory audit concept has a significant impact.　　At the same time, the new plan will be promulgated in 2006 "Securities issuance and underwriting management measures" to make an effective supplement to the capital market will bring a profound change.　　In view of the reform of the IPO system, Shironen put forward several suggestions: first, in the inquiry, the introduction of a deposit mechanism to regulate the behavior of irregular quotes, and the proportion of the deposit can be the main underwriter in the comprehensive consideration of the circulation and pricing of a number of factors after flexible decision. Second, in the allocation link, the establishment of two distribution system.　　After a sale to all investors, the remaining portion is given priority to the investors who are in the price priority and the investor who is long locked in the period, giving support and appropriate concessions to the investors who truly identify with the value of the company's investment. In addition, Shironen also suggested that the Internet should be appropriately relaxed 1 per thousand of the limit of the single purchase account to ensure the enthusiasm of institutional investors to participate in the disclosure of risk, each member unit should increase the system's automatic alert risk function.　　And for the IPO on the first day of the market, can set the price limit on the first day of the listing. Liao Li Perfect Inquiry mechanism must promulgate detailed guidelines Tsinghua University, vice president of the School of Economic management Liao Li said that the reform of the new stock issue system not only take into account international practice, but also combined with the specific situation in China, both to promote market-oriented, and not completely give up the window guidance, is realistic.　　He suggested that in perfecting the inquiry mechanism, special detailed guidelines should be issued. Liao Li said that in perfecting the inquiry and quotation mechanism, if the pricing power to the broker, "we need a very detailed guidance guide." From the cumulative bid pricing, the allocation of the share of the decision, to the final release, analyst communication and other links, require the securities broker overall responsibility, and to give detailed practice.　　"This is because the practice of our securities brokers is not rich enough, completely market-oriented is not realistic." "Eight or nine of the international market investors in Chengdu are institutional investors, the A-share market is just upside down, the proportion of online distribution reached 50%-80%." Liao Li said that, given that the primary market is a pricing market, the issue should be skewed towards the institution, and the solution to the problem of new equity should be to allow the agency to obtain its risk-relative return in the first-tier market. In this sense, the emphasis on market-oriented and protect the interests of small and medium-sized investors is logically consistent. A-share IPO market is due to its high return, "from 2000 until now, a a-day return is 118%, Hong Kong is 21%, the first 7 trading days of A shares return is 113%, Hong Kong is 23%." If this market-oriented reform can solve the problem of benefit distribution quite a lot, and realize the uncertainty of the return of the new shares, we will reduce the level of attention and the contradiction of the first-level market will be effectively alleviated. "Hu Jizhi follow-up should be issued in accordance with the provisions of the new issue of the reform of the IPO system, Hu Jizhi Securities president of the proposed reforms in the framework of the content baseAfter this determination, some specific rules and regulations should be promulgated to clarify.　　Hu Jizhi pointed out that, especially at the core of investment banking sponsor representative, whether their practice can introduce some specific quantitative regulations, in order to enable them to better perform their duties.　　In addition, in the supervision of the sponsor and sponsor representatives, Hu Jizhi suggested that the regulatory authorities should make more specific provisions on the fund-raising behavior of listed companies and protect the interests of investors while enforcing the principle of market-oriented pricing. In evaluating the programme, Hu Jizhi pointed out that although the reform measures had only a simple four, the overall programme was in fact considered to be more comprehensive. The reform has emphasized market pricing, emphasizing the accountability between buyers and sellers, securities firms and intermediaries, but window guidance has not been fully withdrawn.　　On the basis of balancing the interests of all parties, the market will be better developed. Zhao key to prevent malicious quotes Zhao, managing director of investment banking at UBS Securities Co., Ltd., said that the reform of the new stock issue embodies the concept of market-oriented, and will play a better role in the market-oriented operation of a-shares.　　He stressed that the future issue of inquiry work to focus on guarding against malicious quotes. Zhao said that the malicious quotation is mainly reflected in two aspects, one is based on the two-level market growth is expected to the relevant research report on the issue of price discounts, the second is the price of the agency in the process of the listed companies to "help" and other benefits of transport behavior. Therefore, "in practice, we have to analyze whether it is studied." "In addition, to strengthen the two-tier city of the new" risk disclosure. "This year, a few orders abroad, basically is below the IPO price."　　Zhao said that the normal risk hint plus the special risk hint, the new release will be more cautious, the issue price will be reduced, the huge purchase question also can be solved accordingly.　　Ding is now a good time to restore IPOs. Ding, managing director of China International Finance Limited, said it was now a good time to resume IPOs and perhaps better to resume IPOs from big stocks. In response to the almost one-sided opinion that the IPO should be resumed from small stocks, Ding analysis said that small has small benefits, but small also have small problems-easy to be fired high, the probability of a lower. "Do not have to deliberately choose size, more important is the preparation, including the preparation of investors, the issuer of the preparation, but also pay attention to fairness, may also send some big companies, great benefits."　　"Ding said, only large stocks can give investors more chances to check, you can stabilize the possibility of frying, and the current to be issued by the big market stocks are not particularly" great ", the impact on the market is limited.　　Niu Guan Xing Securities investment bank business needs to adjust accordingly. Newangshing, Chairman of Security letter, said that after the promulgation of the reform scheme of IPO system, the Securities investment bank would make corresponding adjustment in its internal structure and mechanism, and the sponsor business and underwriting business had the conditions of separate operation. Newangshing said that in the reform of the IPO system, the market-oriented direction was further clarified, and it basically covered the past in the new issue, and the gradual approach of reform will set aside more space for the future. In this respect, NIU Crown Hing put forward to test the IPO system reform success or failure of the three standards: first, whether the price function has been optimized, the future of different companies in the issue price is really realized the difference, the second is the existing issue system can be a certain degree of abuse, such as the first day of the IPO stir fry problem　　Third, whether the promotion of professional ability of the brokerage has played a role in promoting.　　Xiaofeng to enlarge the scope of the inquiry organization under the Network Bo Time fund management company President Xiaofeng recommended that the network should expand the scope of inquiry agencies. Xiaofeng that the issue reform program emphasizes the protection of the interests of small and medium-sized investors, but also pay attention to many institutions can not participate in the network under the reality of inquiry and purchase.　　To this end, it is proposed to expand the scope of the network inquiry agencies, can introduce active investors and high market value of individuals, not limited to insurance, funds and other six types of institutions.　　He also said that the reform package should take into account overseas companies in China's distribution needs, and propose appropriate planning and arrangements.　　Xiaofeng that the reform program is concerned about several issues in the process of agency inquiry over the past few years, and strengthens the constraint on the inquiry object, which is a good help to the issue of new shares. Wang Evergreen a single account cap should be flexible. In the reform of the IPO system, it is clearly proposed that the online single purchase account limit should not exceed 1 per thousand of the number of online issue shares.　　In this respect, CITIC Investment securities President Wangchangqing suggested that this provision should be left with a certain degree of flexibility. Wangchangqing points out that the cap ratio could be considered as a link to the size of the future IPO stock, making more flexible arrangements.　　This will not only guarantee the interests of small and medium-sized investors tilt, but also conducive to institutional investors to participate in the protection of enthusiasm. At the same time, Wangchangqing also suggested that under the premise of market-oriented pricing, appropriate attempts should be made to arrange for the voluntary placement of the sponsor, no longer give the secondary market excessive premium space, encourage those who are willing to truly long-term holdings, and seriously participate in pricing and placement of institutions.