Response to the four major focus of the SFC will improve the distribution system

Securities Times reporter Shopo in the media meeting held yesterday, the Chinese Securities Regulatory Commission in charge of the relevant responsible person explained the reform of the new stock issue in the past year, the new issue appeared in the IPO price-earnings ratio high, super raise, the price of the quotation of the overall high and new shares break four market concerns,　　And said the next step will be to comb and improve the issue of supervision system. Question one: The high price/earnings ratio is introduced, in 2007 and 2008, the average issuance of the SME board is 28.2 times times and 26.6 times times, after the start of the reform of the IPO, the average distribution of the SME board has reached 49.82 times times.　　The Shanghai board has an average of 39 times-fold earnings, up from 36.23 times times and 29.69 Times Times 2007 and 2008. In this regard, the regulator said that the phenomenon of the regulatory authorities in the beginning of the reform has been expected.　　After canceling the executive direction of the pricing, the issue price will be close to the level two market. However, he stressed that the price of the price/earnings ratio, different people have different views, to determine the issue of new shares in the overseas market is also a complex issue, the pricing of new shares need to consider many factors, there is no accepted formula can be deduced.　　From this point of view, the new issue system is more important to provide a set of market mechanisms, so that the market parties based on their own interests to make judgments, express the real will, so as to form a consensus, set the issue price.　　Question two: The Fund over raises the question, the above person thinks can look from the positive and prudent two angles. From a positive point of view, the scale of financing is inconsistent with the company's expectations is a normal market phenomenon, in all markets exist.　　The capital raised by the new shares satisfies the needs of the listed companies, and if the listed companies use them properly, it will also enrich the financial basis of listed companies and embody the comprehensive benefits. He said that the listed companies to obtain a relatively large number of fund-raising is actually a new share of the IPO of the company and the purchase of new shares between the free distribution, this is the buyer and seller free game, a result of automatic regulation.　　Generally speaking, first-level market and two-tier market price difference is larger, investors to play new shares of large profits, secondary market price difference is relatively small, the earnings of listed companies, the return on new shares will be lower. From a prudent point of view, the regulatory authorities need to consider whether the pricing can be reasonable, how to prevent the listed companies from disorderly use of funds, the internal and external supervision of listed companies is not effective.　　This is considered from the perspective of institutional arrangements, and the SFC is also actively promoting this work. Question three: The inquiry object quotation overall high for the inquiry object quotation overall high problem, the above person also explained.　　According to the introduction, has been issued by the SME to determine the price of the corresponding average purchase ratio is 112 times times, the Shanghai motherboard also reached 43 times times. The person in charge said that the reason for the high overall price of the inquiry object was complicated. Part of the reason is that the proportion of shares under the net is low, the number of the single organization is small, and the agency is not enough. "This is actuallyThere is no sound reflection on the mechanism of buyer restraint, which needs further reform and perfect mechanism to solve. The second phase of the issue system reform will be improved in this respect.　　The official said. Question four: new shares break according to the SFC statistics, since last year's reform of the IPO system to the end of August this year, the first day of the company has 15 companies, listed in one months after the break of the company has 43, the first day break company has 5, listed within one months after the break of the company has 21.　　From the overseas mature market, the first day of listing below the IPO price ratio of about 20%. SFC officials believe that the new shares break indicates that the past market, the idea of the so-called new shares will gradually be eliminated, in a sense to promote the awareness of investors risk.　　He also said that the new stock break and the further reality of market risk will inevitably be conductive to the new stock pricing, thereby helping the new stock pricing level, reduce the issue of irrational behavior.　　Referring to the next step to improve the issue of regulatory system, the official said that the current reform of the distribution system has begun to bear fruit, from the big issue of the regulatory system, the SFC is also considering further improvement. "From the recent reform of the IPO system, we have a lot of suggestions on the issue of the regulatory system," he said. According to the current market environment, the SFC will summarize the supervisory experience and lessons, and begin to comb and further improve the distribution supervision system. He said that the general guiding ideology is: adhere to the direction of market development, promote the various parties, return to duty, strengthen the restraint mechanism, and continuously optimize the capital market for the basic role of resource allocation, improve the efficiency of distribution supervision, improve market quality and operational efficiency.