No need to dwell too much on the first one. Normal market should allow break

Xijun, vice director of Futures and Securities Institute of Renmin University of China: Do not have to dwell too much on the first single to who the normal market should allow break-our reporter Shi Yuli IPO suspended 9 months later, finally reopened in recent days.　　With Guilin three gold to get the first issue of new shares issued approval, the other 32 companies have not been approved of the company is expected to also be issued a "pass" stock issue. Is there any special significance to the IPO first order? Are new listings still under break pressure? Will there be any new regulations for the IPO?　　June 19, Xijun, vice director of Futures and Securities Institute of Renmin University of China, was interviewed by our correspondent to discuss the current market concerns. Too much speculation on the first single and Trifles Securities daily: IPO Restart the first single to Guilin three gold, which is a small issue of the company.　　Previously, the market has been speculating "first single" who will spend the home, have you also been involved in speculation? Xijun: There's no point in this speculation. The first single is big is small to who does not have much significance. Who is the most attractive to attract investors, the approval is given to whom, the early release of a day late issue no difference. The first single Guilin three gold or Chinese architecture is not the key, the problem is that we are bullish large stocks or small plate stocks.　　If the market bullish large stocks, the first single fell on the small plate, investors are not optimistic, will not buy. Securities Daily: There are many views in the market that the first single is closely related to the mentality of the regulatory authorities.　　What do you think of this question? Xijun: I think there's been some change in thinking about the cart before the horse. Instead of looking at the listed companies, we are concerned about the government. Who is the first one to affect the development of the securities market? Instead of caring about which home is the first, it's better to be concerned about what the listed companies are going to do.　　From an investment point of view, we still need to see the fundamentals of the company, profitability, investment value and so on.　　Even if the market is ready to allow break "securities daily": How do you think the current market confidence recovery? Xijun: The question should be based on two judgments. First, the market is not relatively stable, and secondly, the listed companies do not really need funds to invest in projects. The first is actually a question of the supply of funds. The second relates to the need for funds.　　From now on, the stock market is on the rise, house prices are rising, the market is penetrating liquidity, the supply of funds is adequate, the market has been prepared.　　Securities Daily: Will the first IPO listed companies be exposed to the risk of price breaks after restarting? Xijun: As for whether there is a break risk, if investors are not optimistic about the future of the company, break is also a normal phenomenon.　　Break should not be seen as an accidental case, in a normal securities market, should be allowed to have a break phenomenon. The IPO suspended abroad also has a similar case "securities daily": Before the IPO suspension is not the first time, in China's securities market development process, there have been 5 times pause experience.　　What is the main cause of this? Xijun: Strictly speaking, the listing meltsThe capital function should not be interrupted normally.　　However, even in the Western developed countries, in the economic development is not normal, the government to use intervention to close the securities market some of the functions are also frequent. Even in a market as mature as the NYSE, it needs to be stopped short by government intervention if necessary.　　Not to mention our immature stock market.　　As far as possible to let the market main role, but when the market environment, market players can not play a normal role, the Government will implement administrative intervention. The impact of the U.S. subprime mortgage crisis, the stock market financing function has been seriously affected.　　The Government's administrative intervention, whether it is to break the trade or stop trading, is to avoid a more serious crisis. System improvement heavy responsibilities "securities daily": in order to cooperate with the IPO restart, the SFC issued a new issue of guidance, while the approval issued the day before, the Shanghai and Shenzhen Two exchanges also published online operating rules.　　What do you think of the operating rules of the exchange?　　Xijun: This operating rules are mainly to protect the interests of small and medium-sized investors, it from all aspects of normative constraints, can make investors more equal opportunities, improve the market many participants to play new shares in the rate.　　Securities Daily: The SFC also proposed in the guidance of the relevant rules will be issued, according to your understanding of the information, the next step of the regulatory authorities will introduce the details? Xijun: I'm not sure yet. With the development of the market, the rules are gradually improving. For example, in the purchase process occurred in the low rate of check, then the rules to standardize the improvement.　　Similarly, the issue of the market again, the relevant rules will be regulated.　　Securities daily: In China's stock issue system, which issues still need to continue to improve? Xijun: Our country from the earliest restrictions on the issue of new shares to now only for approval, has been a great improvement. But our current stock market, the government still occupies a dominant position.　　Play the role of the market main body, government intervention as far as possible fade out, that is, the implementation of the securities issue registration system, will be the direction of reform. The direction is certain, but the specific reform path still depends on the market maturity level. Only when the listed companies are more mature, the disclosure of information more transparent, at the same time, investors more rational, they can control the investment risk. Then government intervention will naturally diminish. How much the government does, and how far it is, depends on the maturity of the market development.