New stock issue system reform investment bank sponsor underwriting face four change Bureau

Securities dealers pay close attention to new stock issue system reform of security Times reporter Yang Dong the IPO reform is about to enter the second stage, and it will bring far-reaching influence to the competition pattern of domestic investment banks after the formal implementation of the regulations. Yesterday, a number of investment banking executives in the securities times interviewed by reporters that when the "deepening of the reform of the new issue of the guidance (draft)" After the formal implementation of the investment bank will face the placement of the right to increase, underwriting more revenue reduction, IPO project resources to high-quality investment banks concentrated,　　IPO Pricing Research quality improvement, such as four major changes.　　1: Promotion of the placing of discourse right according to the draft, the main underwriter can independently recommend a certain number of institutions with higher pricing capacity and long-term investment orientation of institutional investors to participate in the network under the allocation of inquiry. This is the first time for domestic investment banks to provide for the right of placing a voice. CITIC Construction Securities Investment Banking Department related officials pointed out that in the past, investment banks in the choice of placing objects, there is no right to speak.　　Although the "opinion draft" has a small opening for investment bank placements, it is undoubtedly a huge improvement. Having a certain placement voice is clearly significant for boosting investment banks ' ability to control the entire project. The Director of Orient Securities Investment Banking said, "The IPO project of investment banks is selected by four stages of operation, distribution and pricing, in which the issue is a vital part, investment banks, if they have the right to recommend a certain number of placing objects, will be able to effectively prevent the network under the lack of placements, virtual high or low invalid quotes and other possible problems. "As for the specific choice of placing objects under the net, some investment bankers believe that" the first is based on the company's customers, such communication costs are minimal, conducive to the smooth release of the project and the market value after the release of management, but also conducive to maintaining the relationship with the institutional customers. "However, the recommendation of a certain number of respondents does not mean that the investment bank has full allocation autonomy."　　In accordance with the provisions of the "opinion draft" on the placing process under the net, only the former proportional distribution to the allocation of the lottery, does not give investment banks the right to assign. "From mature overseas markets, investment banks have ownership of placements, which is very conducive to optimizing the distribution process and efficiency." From a regulatory perspective, this will be the trend of the future.　　"Some investment bankers point out.　　Change 2: Underwriting Super Raise income will reduce the high raise capital is the IPO existing "three high" problem, also refers to the listed company IPO actual raise the capital amount to exceed the plan to raise the capital amount greatly.　　Guo Hai Securities Investment Banking Department related to the Director pointed out that the project is mainly due to the gem, small and medium-sized market stocks too little, resulting in demand for new issues, and a higher market profit margin also helped push the phenomenon of super raise.　　and the "opinion draft" to ease the IPO has made a series of institutional arrangements, such as the provision of the underwriters must first set the number of placements, and then determine the number of institutions to be allocated. The CSRC also made a further statement in its press release, "increasing the number of shares allocated to individual institutions in the IPO of small and medium-sized companies, soThe number of shares required to be purchased by a single inquiry agency and the corresponding amount of money will increase significantly, increasing the responsibility of the pricing person. "This inquiry system and the improvement of pricing mechanism will be to a certain extent to reduce the amount of super raise, from the lower investment bank to raise income."　　GF Fund researcher Wang that, rational pricing will greatly improve the IPO phenomenon, and this corresponds to the investment bank of the Super Raise Commission income will be reduced.　　Change Bureau 3:ipo Resources to high quality investment banks as the pace of new offerings has accelerated this year, some investment banks have found that the resources for quality IPOs are scarce than in the past. "Some investment banks have been digging too much into gem projects this year, which will lead to fewer IPOs in the future," said the Southwest Securities Investment Bank. "And with the formal implementation of the future" opinion draft, the IPO project resources will be concentrated on high-quality investment banks.　　Some investment bankers believe that the rise in investment bank placements will allow institutional investors to take the initiative to build good relationships with quality investment banks, thereby prompting the IPO project resources to focus on investment banks that are closely related to many institutional investors. In fact, the number of inquiry agencies is crucial to IPO pricing and fundraising. The head of a large investment bank in Shenzhen said, "We have done two of the gem projects in the online inquiry agencies have more than 200, this benefit from our capital markets Department of efficient work, we are very satisfied with the pricing of these two projects." "However, not all investment banks have a strong capital markets sector similar to the investment bank," he said.　　According to investment bankers, generally speaking, the majority of investment banks in the SME board, Gem IPO projects, the participation in the inquiry agencies are only about 80. The quality improvement of the 4:IPO pricing research in the "opinion draft" requires that the main underwriter disclose the key conclusions of the investment value Research report and compare the data with other listed companies in the same industry.　　In the past, such pricing reports and related data are only provided to the online inquiry agency.　　The SFC pointed out that the introduction of the disclosure mechanism can urge the main underwriter to pay more attention to the value of investment and continuously improve the quality of research. In fact, there is a problem of uneven quality in the previous IPO pricing reports, which are questioned by market participants. Bankers say that, from the perspective of maximizing profits, in the past, some investment banks in the IPO pricing report, as far as possible to identify performance highlights in order to give the highest possible valuation, this report is also called the seller's investment bank report, usually only provided to the agency as an inquiry reference.　　However, after the listing of the company, it is often found that the valuation of other research institutions does not have the high price of the sponsor. The investment bank said the market would make a full assessment of the seller's investment bank's report when it was publicly disclosed, prompting it to provide more fair and objective pricing reports.