Jiange: Implement the stock issue and re-open the bond futures as soon as possible

-Our correspondent Ding, chairman of China International Finance Co., Jiange 3rd, proposed a A-share IPO and refinancing to implement the stock issue as soon as possible to promote the market-oriented reform of the refinancing issue system.　　In addition, he suggested that the bond futures market should be reopened.　　Jiange suggestions on promoting the marketization reform of refinancing distribution system, in the design of the future stock issue system, the regulatory body should limit the proportion of stock stockholders and sale stock shares, avoid the short-term hedging behavior of the original shareholders, especially the financial investors, and minimize the effect on the stability of the company's operation. Jiange said that the reform of refinancing system should be further promoted and the level of market should be improved. The first is to promote the further marketization of refinancing pricing mechanism, gradually relax the mandatory requirements for refinancing issues, in the discount range and pricing base on the choice to give greater flexibility, encourage the adoption of market-based inquiry, through the mutual restraint and bargaining process between listed companies and investors to achieve effective pricing, balance between the interests of the two, Increase the efficiency of equity refinancing. Second, for quality enterprises, simplify the approval process, the introduction of a general authorization mechanism, that is, the General Assembly of shareholders can give the board general authorization, within one year the board of Directors to issue a certain proportion of new shares. Third, we can consider optimizing the product structure and specific distribution of the refinancing of equity, giving the issuer and the main underwriter more flexibility.　　Four is the flexible adjustment of the IPO conditions of gem refinancing, for the growth of a good gem listed companies to implement tilt policy, give support, shorten the refinancing project audit time, for the gem Enterprises Microfinance, can learn from the developed countries market microfinance exemption system, the implementation of more flexible policy. In the first two months of this year 61 new shares exceed 42.355 billion yuan. Some analysts pointed out that with the reform of the IPO system, the "three-high" phenomenon will gradually be curbed.　　It is the next step for the reform of the IPO system to launch the securities placing right and stock issue.　　Re-opening the bond futures to strengthen the interest rate risk management Li Jiange suggested that the relevant departments should consider opening up the bond futures market to further improve the efficiency of the debt capital market. He pointed out that the 1995 "327" event was suspended. At present, China's economic and financial situation has undergone fundamental changes, interest rate liberalization has made significant progress, the national debt market is huge, stock index futures successful practice.　　These suggest that the time has come to restart the Treasury bond futures. He pointed out that at present, China's development of national debt futures trading is more and more necessary. Firstly, with the increasing marketization of interest rate in China, the risk of interest rate exposure has been active, the demand for risk management is becoming more and more urgent, the Treasury bond futures trade can effectively help our financial institutions and economic parties to evade interest rate risk and ensure the security of the financial system.　　Secondly, the bond futures trade can also promote China's interest rate marketization and interest rate system, improve the effectiveness of bond pricing and bond market liquidity, promote the integration of China's bond market and in-depth development. Jiange said, Treasury bonds futures and Commodities, stock index futures have a lot in common, so in the process of resuming Treasury bonds futures can learn from the commodity and stock index futures experience.