New stock inquiry onlookers institutions more than three high need to contribute more

Author: Hunan recently popular microblog some users do not speak or forward, only quietly onlookers, such people are called silent users, even known as invalid "fans" or invalid listeners. In fact, such a phenomenon also exists in the IPO inquiry institution. The biggest move in the second phase of the IPO reform last year was the introduction of a seventh type of agency to the inquiry, with more than 600 such new institutions currently recommended by the main underwriters.　　But in addition to a small number of active agencies, the real participation in the inquiry is very little, more choice of quietly "onlookers." This is considered to be contrary to the original intention of reform. The introduction of the seventh type of institutions, from the original intention of the regulatory layer, it is in order to give play to private equity, VCs and other new institutions of value discovery function, so as to achieve a certain degree of inhibition of the IPO "three high" purpose.　　However, from the current situation, the effect does not seem to be ideal. First of all, the new Inquiry Agency's participation is not high, effective participation is limited in number. On this issue, there are insiders analysis that there are two main reasons: first, the small amount of funds for the inquiry agencies, by the threshold of the purchase and lock the regular restrictions, the impact of new liquidity; the second is that the current frequent break of new shares also to a certain extent to affect its initiative, after all, private placement and other institutions on capital liquidity,　　Security requirements are higher in some way. A private placement recently shortlisted for the new agency, its staff told reporters that after trying to participate in a share placement, and then did not participate, and Tan Chen because of the current weak performance of the IPO, follow-up will be more cautious. Another to obtain the qualifications of a venture investment agency said, since the qualification, the company formed a special new stock inquiry decision-making group, for the new shares pricing will be combined with the securities brokerage report issued professional advice, once that no investment value, the company will choose to give up.　　In the current stock market background, the company's participation will not be too high. Second, the new inquiry agency's value discovery function is not obvious, not only did not inhibit the "three-high" distribution, and even in some cases of distribution as a force to push the issue price. Since November last year, the issue of new shares, including private equity, venture investment and enterprises in the seventh category in the network under the purchase and inquiry frequently reported the highest price, to become the IPO inquiry agency in the "new aristocracy." On the one hand, some of the new institutions recommended by the main underwriter, due to lack of relevant experience, it is hard to make a "gold-full" judgment on the value of new shares, either too low to be matched, or sedan chair for high prices; On the other hand, since it is the principal underwriter's own recommendation, it has a natural relationship with the main underwriter.　　There is an investment company general manager on the blunt: inquiry qualification is not easy to win, the future for the bullish company, will be more communication with the underwriting sponsor, to ensure that the price is not lower than the issue, to be matched is the ultimate goal. It can be said that at present, the participation of the new institutions is not high to a certain extent, it is the current "three high" issue is not recognized, so in the face of small investment value of the IPO, such institutions in the price of the voice is limited, had to choose to give up the participationand。　　Therefore, in order to increase the participation of new institutions, so as to enhance the overall discourse power of such institutions in the pricing of new shares; second, it is to strengthen the independence of the pricing of newly-established institutions, to help the new institutions to establish the power and team of IPO inquiry, and to explore the possibility that the new institution will not be recommended by the main underwriter. Clearly, the introduction of new shares in the seventh category of inquiry placement has yet to play a role. At present, although the new institutions in the number of accumulation, but with a number of mature foreign market for inquiry agencies, a-share inquiry organization of the cultivation has just started, quantity and quality both blanket is a long task.