Song Liping accommodating break calls for investment banks to pay attention to IPO pricing

Securities Times reporter Zheng for the recent market repeatedly appeared in the new stock break phenomenon, song Liping, general manager of Shenzhen Stock Exchange yesterday said that break is a new issue is inevitable in the process of reform of the IPO system, is the recognition of corporate valuation differences caused.　　She called on investment banks to take self-discipline measures to pay attention to the IPO pricing link. Song Liping was present at the "2010CCTV China Economic Forum" yesterday. Previously, she said, people were in charge, such as not exceeding 30 times multiples. Now let go, especially after the emergence of new types of enterprises, the valuation of the enterprise is not allowed, and some also blindly compare.　　In addition to the perceived differences in valuations of different business sectors, the problem of different investment banking levels is also an important cause of high valuations, she said. Song Liping points out that in terms of valuations, investment banks need to discipline themselves and take self-discipline. Investment banks on the one hand should be the real development potential of the enterprises to market, on the other hand, in the pricing process must seriously do a good job of valuation, so that customers know what the price/earnings ratio for the company is based on what set out.　　Investment banks should take practical measures to be responsible for the market. Song Liping also said that the problem of high P/E and Super raise should be analyzed concretely. Some gem listed companies because of the leading position in the subdivision industry, super raise funds have a lot of use. She revealed that the recent Shenzhen stock Exchange has done a survey, found that more than 80% of the gem listed companies have integrated upstream and downstream enterprises need. She said that the biggest feature of the gem is the small size, unique, each company has its own positioning and development of special business.　　Therefore, we should pay more attention to the diversity of the gem, rather than in a more familiar way to see. For the Gem delisting system, song Liping said that before the launch of the Gem, the Shenzhen stock market has been seriously studying the issue. In fact, in the current listing rules, there are some institutional arrangements for the exit of the gem, but the company hopes to develop a system of delisting which is different from the motherboard and can prevent and dissolve the risk of gem, according to the characteristics of the gem. "SSE has been working actively in this direction," she stressed. Song Liping also said that this year, the Shenzhen Institute will continue to deepen the institutional development of investors to further enhance the risk awareness of investors.