New issue regulation small step forward

It is expected to curb the "three high phenomenon", but it is not realistic to change the issue system of new shares, "Caixin Net" (reporter Fan Junli) 12th, China Securities Regulatory Commission issued the "Guidance on deepening the reform of the IPO system" (hereinafter referred to as "views"), will be revised from November 1 onwards, "Securities issuance and underwriting management measures　　will be formally implemented, including the "Lottery System", "expand the scope of inquiry object" and other specific measures will also be implemented.　　Investment bankers said that the reform in the new issue reform of the market-oriented reforms, the real move is expected to the current issue of the "three high" phenomenon (high price, high price, superb) to curb, but hope that this fundamental change in the issue of new issues is not realistic. According to the opinion, the new reform measures mainly include four aspects: first, to further improve the pricing and placement of the binding mechanism. The second is to expand the scope of inquiry object, to enrich the network institutional investors. Third, enhance the transparency of pricing information.　　Four is to perfect the callback mechanism and suspend the distribution mechanism. Among them, the most investment banking sector praised as the first, the purchase price process, the network under the distribution of the system. The SFC said that in the issue of new shares of small and medium sized companies, issuers and their main underwriters should reasonably set the amount of placements under each net under the size of the distribution and market conditions, so as to facilitate the careful pricing of inquiry objects.　　According to the amount of each allotment to determine the number of institutions, and then the issue price above the shortlisted quotes for placing, if the shortlisted institutions should be more random wave number, according to the results of the placement of the lottery. "The core of the lottery is to raise the responsibility of the subscription institution." Such participation in the distribution of shares in the way changes in the organization is more binding, is expected to some extent to curb the high price of new shares. "Guo Xin Securities said that the original purchase price is based on proportional distribution, the average distribution, a single institution placing a small amount of restrictions on the organization." When the number of individual institutions is increased, the institutional investors may be more cautious in future quotations.　　Sun Jianbo, a strategy analyst at GF Fund, believes that the wave number is conducive to curbing the current issue of high IPO issues.　　The second change in the reform, according to the "opinion", the main underwriter can independently recommend a certain number of higher pricing capacity and long-term investment orientation of institutional investors, participate in the network under the allocation of inquiry. Before the reform, the object of the IPO is limited to fund companies, insurance companies, securities firms, finance companies, investment trusts and QFII six institutions.　　This "opinion" means that each brokerage can open its own core list, can recommend such as Sunshine Private and other 6 types of investment agencies to participate in the inquiry. In addition, the reform requires issuers and their principal underwriters to disclose specific quotations from agencies involved in the inquiry. Long that the move would add to the constraints on the main underwriter, the researcher's quote behavior. The disclosure of quotation information also helps to test the investment research ability of the inquiry agency, "Information disclosure will make the quoted price of the process of too high, too low institutions, will accept the public's pricing capacity, it also helps to reduce the price of the inquiry object at random. "Next, I hope that the placement rights can be completely liberalized, so there is no limit to the inquiry agency." As long as the legitimate investment institutions, can participate in the whole process of distribution. "The industry hopes that the future distribution system reform from the current access system gradually to the full market direction."