New issue reform next week to launch three companies into the first batch of early adopters stock

The second round of new issue system reform, although it was formally implemented from November 1, but today and next Monday, the total issue of 6 new and medium-sized board shares are still using the "old way", so the next Wednesday November 10, the release of Fuling mustard, the boss of electrical appliances, the day wide fire is the first batch of new　　The Securities and Futures Commission October 12 formally issued the second round of reform of the new issue, compared with the previous rules, the general Investors online subscription rules unchanged, the reform is mainly reflected in the network to expand the scope of the purchase of objects, placing the way to change and pricing mechanism constraints. Ding Yanfang Institutions Private placement under the new rules, the main underwriter can recommend some with higher pricing capacity and long-term investment orientation of institutional investors, participate in the network under the allocation of inquiry, which means that private equity, venture capital and other funds will be involved in the network under the "Admission ticket."　　As a rule, the institutions recommended by these main underwriters must be registered with the China Securities Industry Association. As of yesterday, there are about 60 investment management companies (commonly known as private placement), as well as nearly 10 large enterprises, the group registered under the network to purchase eligibility. Well-known private placement, Shanghai Chongyang, Beijing star Stone, Shanghai calmly, the investment, greenwoods assets, chaos Investment, Kaishi Investment, Shanghai Chanyat, Chung Jin assets, certificate investment, Rosefinch Investment, Shenzhen Jinshi, Wudang Investment has been under the network for eligibility.　　At the same time, there have been some private ventures, such as the Shenzhen Silicon Valley Paradise Venture, Shanghai is the same venture, the Shenzhen Day map, with the investment, and create Albert Chong investment. In addition, the catalogue also includes the establishment of the national font of the bank Investment and Oriental Asset Management company, the Chinese financial company, China Investment, Warburg investment, state Power Capital Holdings and even the Tibet Autonomous Region Investment Limited, they also intend to purchase a piece of the net.　　Nice group under the Hundred Years Cosmetic care products Company has been involved in the listed company's directional additional, they did not give up the new shares under the net purchase, early registration of the purchase eligibility.　　The old rules of high purchase risk is dispersed new rules change the biggest place is the net subscription rules, in the past is the sprinkle pepper under the net distribution ratio evenly distributed to the agencies involved in the purchase. Suppose that a new share network under the issue of 10 million shares, the net under the effective purchase of 1 billion shares, the net under the success rate of 1%, a body under the net under the maximum amount of purchase purchase 10 million shares, according to 1% success rate finally get 100,000 shares. This way to a certain extent, to encourage the agency in the inquiry when the phenomenon of high prices, because only the price of the inquiry times than the final offer is eligible for the online subscription.　　Moreover, the actual number of shares is certainly very few, as long as the price in the inquiry phase as far as possible, to ensure that the network under the eligibility for the purchase, even if the issue is too high to suffer losses are very limited. Since July 2009, Guilin three gold opened the reform of the IPO system, there are many online requisitioning agencies, asset managers complained, in accordance with the normal price-earnings level, often because of lower than the final pricing and was "kicked" out, long missed the netThe embarrassment of the purchase so that it can not be accountable to the office, and therefore forced to choose to quote high prices.　　Such a net purchase system, not only can not give play to the agency should be the function of inquiry, but has become the push of the price of a higher price. After the new regulation of the number of the distribution after the reform, the net placing no longer according to the success rate to the organization of the average placement of shares, institutions will also shake the number, the success can be obtained less than hundreds of thousands of shares of millions of shares, not a check.　　This is equivalent to the institutions of the magic spell, their own high prices, you have to bear the corresponding risks, and the risk than ever more concentrated and larger. Yesterday, Fuling mustard, the boss of electrical appliances, days of fire announced a formal prospectus, issued in Wednesday, they will be the first batch of new shares issued, but there are some differences in the specific rules. Fuling Mustard and the boss of electrical appliances under the network issued a number of 8 million shares, each network under the agency's purchase limit is 8 million shares, but fuling mustard regulation of the network institutions for 1 million units per purchase 1 number, the boss is 800,000 shares for the number of 1, the day of the issue of the fire more "strict", the net issue of only 5 million shares, Thus stipulates that each institution can only purchase 1 number, namely 1 million shares. The purchase of the network under the agency can get the purchase of shares, will be the final number of the results of the lottery to decide whether to check. In other words, the net will eventually be able to obtain fuling mustard and boss of the electrical appliances only 8 and 10, and the allocation of the organization's shareholding will be higher than the old rules soared.