New issue window guidance no longer the organization to refine the retail investors want to undercut

21st Century Economic Report Angelababy Yang Birch Beijing reported that "the issue of high price issues unresolved, the problem of large-scale super raise is not resolved, the surprise stake in the lock regularly unwilling to extend, such a ' reform ' does not seem to solve the problem of the desire and determination."　　"October 13, some readers see the second round of reform of the new issue of new shares issued the guidance of the official release of the report, in 21st century the net so leave a message."　　In fact, this is the beginning, not the end. Industry insiders pointed out that the final version and the previous request for comments is very "likeness".　　But according to the reporter to understand the feedback details look, here's the dark surge, all kinds of feedback presents the participants in the market, from the organization to the interests of individual investors game. "In the first round of the new issue reform, we received more than 1600 views, this time received 99 comments, including brokers, finance companies, the stock exchange and other institutions have 56 views, from individual investors have 43." The second stage of the reform measures is the early extension and continued, although the feedback is less, but the response is more positive, most think that the continuation of the first phase of the concept and spirit.　　"The director of the Securities and Futures Commission pointed out to reporters.　　In fact, in May or June 2009, when the first round of the IPO reform was issued for comments, the SFC received 1687 feedback.　　In view of the feedback from the time, the opinions of the market parties mainly focus on clarifying that single investors can only use one account to apply for new shares, relax the limit of shareholding, increase the number of shares that can be traded, give securities companies more discretionary choices in terms of callback and suspend issuance, and increase the proportion of online distribution four.　　At that time, the SFC adopted the first three proposals, but the SFC still does not accept the suggestion that some individual investors still propose to consider market capitalization, one person, stock offer and so on.　　With the reform of the IPO system after a year, the network agencies at random, the price is too high, and so on, a new round of reform goals from the network under the inquiry agencies focus on the interests of the institutions concerned about how the details of the operation. "The institutional focus is on the need to clarify the scope of small and medium-sized companies, under the network how to shake the number, underwriters recommend the Net Inquiry agency investors, and how to refine the details of the disclosure of inquiries, to strengthen the supervision of quotation agencies, these are mainly in the guidance of the more detailed measures to make it better implementation of the problem.　　said the person in charge. However, these problems were not finally reflected in the final version, the Securities and Futures Commission officials explained: "The main focus of the Organization's views on how to improve the practice of the issue, these are not related to the revision of the finalization of the perfect, but involved in the implementation of how to properly deal with the problem." "The head of the relevant department of the Securities and Futures Commission points out that the personal investors ' opinions are mainly focused on changing the price of the net pricing into online bidding, the regulator should limit the issue of P/E price, the weighted average value of the agency quotation as the IPO price, the allocation of the stock according to a single The first day of IPO to carry out priceLimit。　　Among them, the individual investor's opinion will change the net pricing to the online bidding, reflect the present individual investor's attitude to the new stock purchase. A brokerage investment banker pointed out to reporters that the second round of reform of the new issue system, mainly in the inquiry mechanism and the net placing efforts.　　In fact, in the current "new shares unbeaten" still set up the situation, for the vast majority of small and medium-sized investors, the real urgent need to solve the problem is to improve the success rate of new shares purchase. How to give stock pricing is one of the difficulties in the IPO process.　　New stock pricing needs to take into account the issuer's industry background, market position, operating performance and financial situation and other factors, professional and technical strong.　　After years of evolution of overseas developed capital markets, it is widely accepted that institutional investors with strong research, pricing ability and capital strength, together with issuers and underwriters, negotiate pricing in a certain way.　　The consideration is that institutional investors, especially professional investment institutions, will have a stronger constraint on the price of issuers to achieve checks and balances. In order to make the pricing real, the pricing must buy a certain amount of shares at the fixed price, and a certain proportion of the net placing is the basis for institutional investors to bear the pricing responsibility.　　If these pricing agencies do not buy, then the authenticity of the pricing will be a big question. In particular, the allocation of a certain proportion of shares to the net institutional investors is conducive to stabilizing the stock market performance after the IPO.　　In the secondary market, the organization's trade turnover rate is significantly lower than the individual.　　In fact, the second round of reform has continued the emphasis on pricing the placing of the net, and strengthened the regulatory agencies ' participation in the inquiry from several "soft constraints".　　In addition, regulators should limit the issue of price-earnings ratios, the first day of the IPO price limits, and so on, reflects the small and medium-sized companies are now a high price of the price of the daunting.　　The above opinions of individual investors who suppress high IPO price are not included in the final guidance, which is related to the market thinking of the regulatory level. "Some individual investors ' opinion is equivalent to let us restore window guidance, the issue price has more administrative control, these issues in the early research, especially last year, the first stage of the reform, did a certain degree of analysis, but eventually did not adopt." "There is a lot more to consider in the pricing of new shares," said the head of the regulatory division, "and the advice is to provide a general direction and more details to be worked out." At present, it is important to provide a market-oriented new issue mechanism, so that markets participate in the formation of a reasonable price distribution consensus.