New shares issue reform again rumors

This week, the new issue of the reform of new issues ——— according to the source to the media, the regulator is expected to launch a new issue of new issues in the second phase of the reform, the core content of the network under the issue of the introduction of the lottery system. The news has yet to be confirmed by any authoritative department, but it is clearly in line with the regulators ' reform of the IPO.　　May 4, Shang Fulin, chairman of the Securities and Futures Commission, said at the founding of the 12th session of the Board of Auditors, "gradual reform and improvement of the IPO system has always been the focus of work", and he said that from the current situation, the issue of new shares in an orderly manner, the reform requires gradual implementation, But from the actual effect, the recent new shares "high P/E", "high-priced issue" symptoms are serious, break times appear frequently, the reform of the IPO system seems to be "a long way to go." The sentiment was pushed to the top of the market on May 18.　　On the same day, the 4 new members of the SME board NavInfo, Far East transmission, more fluorine and Qixiang Tengda in the 3 only break, creating the latest new shares of the fastest break record, and the previous high prices issued by the IPO sea-Puri was denounced as "the largest parallel imports." According to statistics, a-share market recently issued a staggering price-earnings. March a share market issued 34 shares, the average issue of 62.68 times times earnings. A total of 28 new shares were issued in April, with an average price-to-earnings ratio of up to 62.9 times times the highest in nearly three months.　　Since May, a total of 24 IPOs have been published online, with an average of 56.19 times times earnings. However, this situation may be improved in the future. A brokerage investment banker in Shanghai yesterday said in an interview that the introduction of the IPO will change the current "high bidder" situation, which will be able to control the new shares of the price/earnings ratio and the issue of prices within a reasonable range. "With the same online purchase of small and medium investors, after the introduction of the lottery system, institutions can only increase the amount of money to obtain more opportunities for the opportunity, but can not rely on the report price and the number of subscriptions to manipulate the issue prices." "But some insiders believe that to fundamentally change the high price/earnings of new shares, higher prices, I am afraid that the regulatory layer to do more." Because in today's inquiry mechanism, issuers, sponsors and inquiry agencies often out of common interests, to achieve tacit understanding, deliberately do high IPO prices.　　A data show that in the SME board listed in the 211 agencies to provide effective quotations, the highest price is 230 yuan, the average price of up to 170 yuan, more outrageous than the final listing price. "High-frequency, high P/E, high-priced issuance of these three high schools, even if the IPO network under the introduction of the mechanism can be used to eliminate the shortcomings of higher P/E, high-priced issue, but I am afraid also to the high-frequency distribution powerless."　　The investment bankers also expressed similar concerns to journalists. Apart from AgBank, which is destined to be listed in the second half of the year, a share market has another heavyweight IPO. It is reported that, as China's largest water conservancy and hydropower construction enterprises, China's hydropower will be completed within this year of its a-share listing process, the total amount of funds proposed to raise not more than 10 billion yuan. The public of China's Ministry of Environmental ProtectionAccording to the materials, the proportion of China's hydropower public offering is tentatively 25%-35%, with a total of 6.6 billion shares to be issued for 1.65 billion shares to 2.31 billion shares. So far, the IPO through the Securities and Futures Commission has been audited, has not yet issued a total of 58 companies. Total to issue 3.48 billion shares, to raise funds up to 24.474 billion yuan, of which, the main board company has 4.