Stock market scandal to torture current issuing and examining system

Wen/Wu Shuli Electronic listing was April 3, 2009, for the Ningbo Li Li Electronics, is a black Friday.　　On this day, the SFC issued the Audit committee to deny the opening of the first application, the revocation of its public offering of shares approval decision. Prior to the enactment of the China Securities Regulatory Commission on March 5, 2008, the issue of audit. But on July 7, 2008, that is, the day before the listing, a media disclosure of its alleged "asset maneuver, two listings," July 8, Li-e Bulletin said, the sponsor notice will be the media related reports to check, the company's listing plan postponed.　　At this point, Li-li electronic listing of the road to an abrupt halt. April 3, in the Li-Li Electronics unit bar, waiting for the results of the investors, will be anxious to become filled with anger, issued to make the Li 10 times times the compensation of the post. In the process of the IPO, institutional investors also suffered heavy losses.　 　　According to the public data show: participation in the State electronic network under the allocation of the target of 152, of which 148 for effective purchase, the successful capital of 113.41 million yuan, including the Social Security Fund of the 3 portfolio, on the Investment Morgan Fund 2 products. Li Li Electronics because of "asset maneuver, two listed" and fell before the listing moment, for this, well-known financial commentator Pihai that, "the road of the Li-e IPO is full of evil, once listed successfully, many of them will become a billionaire." The Commission has no choice but to veto the IPO, and if its IPO is released, the commissioners will be pinned to the stigma of China's stock market, along with Li-E.　　While Tan, another financial commentator, thinks that the enactment of electronic events is an ugly combination of financial capital and industrial capitals, which is likely to be an infringement on ordinary investors, and should allow the wealth-changers to compensate the injured investors financially. "Joan Flower Incident" pull out the radish out of the mud than stand up to the last moment before the listing of the company was shouted to stop the loss of investors, 4 years ago, Jiangsu Joan Flower Incident, more become the heart of investors forever pain.　　Since June 25, 2004, the Jiangsu Joan Flower listing, just half a month time, the stock price from the day the highest point 21.85 yuan all the way down, down to a minimum of 11.19 yuan, the decline of 49%, nearly 320 million of the current market value in a few days in a few minutes. As the 2nd company in the SME board listed Jiangsu Joan Flower, Road show, the company's executives also vowed to "good faith, norms", but only 10 days after the listing, Jiangsu June burst into a "scandal", was revealed in the Treasury investment, suspected of dishonest and irregular behavior, before the listing, there are more than 30 million yuan violation " Entrusted financial management "is not disclosed." At that time, some people questioned that more than 30 million yuan of government debt investment is not a small number, incredibly can smoothly through counseling, through the issue, the green light to enter the securities market, it is incredible. Moreover, since there is a huge amount of money to invest in national debt, since there is no shortage of money, why to go to the cardBond market Financing?　　Is China's securities market a place where listed companies are malicious "lap money"? "PetroChina myth" is just a joke. If you say 4 years ago, the Jiangsu Joan Flower incident, investors have gradually forgotten, then, more than 1 years ago, "PetroChina incident", people must remember. September 24, 2007, PetroChina returned to a-share market by the SFC issued the Audit Committee approved.　　PetroChina Chairman Jiemin on the day of the PetroChina stock market, made a "return to the mainland investors" Kangkaichenci, but this quickly became a laughingstock. November 5, PetroChina officially landed in Shanghai, the same day the opening price reached 48.62 yuan. Subsequently, PetroChina's share price fell, so that the more than 90 billion of the money bought in more than 40 of the total quilt. About "PetroChina 48 yuan massacre" resentment and pessimism began to circulate in the shareholders, "who should be the price of the price of PetroChina to pay?"　　"There is a sound of accountability. Professor Jipeng said that the PetroChina incident had exposed a problem, namely, the current issue of the approval of our new offerings need to change. Now the level of market hoarding funds are indeed many, those big institutions, tens of billions of or even hundreds of billions of dollars every day to participate in the new, resulting in low rate, ordinary investors difficult to share in the quality of the stock market.　　And when more and more money is being played, the secondary market is becoming less and fewer, and it is sooner or later that the share price falls even below the IPO. In the past and present, the system of issuing and examining has caused the public outrage, which is the issue of Chinese stock issuance. From 1990 to 2000, China's stock issue has been the implementation of the administrative examination and approval system. In the July 2001, under the background of the approval system, the SFC introduced a channel system for the number of newspaper companies in the securities company. The implementation of channel management system strengthens the audit of underwriting project and the mechanism of risk control.　 However, there are many problems, according to Wangguogang, deputy director of the Institute of Finance of the Chinese Academy of Social Sciences, "the channel system essentially has the color of a planned economy, which distorts the competitive mechanism of the brokerage." When a system has begun to show obvious problems, change is inevitable. In the July 2003, the sponsor system began to be implemented, which strengthened the intermediary role of the brokerage in the issue of new shares, and decomposed the responsibility of the brokerage into people. August 30, 2004, China Securities Regulatory Commission to solicit the "first issue of stock trial inquiry system of a number of issues notice."　　This time, the legislative electronic event has also made people sniff out the taste of further reform in the issuing and adjudication system. In the first case of the first revocation of the approval decision in the history of a A-share, it is thought-provoking to "establish an electronic listing". Pihaizhou that the first thing to reflect on is the sponsorship system. Since the introduction of the sponsorship system at the end of 2003, the IPO has been recommended by the sponsoring agencies and sponsors. Li Li Electronics is no exception. But what is puzzling is that such a company, such as an obvious problem, such as Li-Li Electronics, the sponsor organization and the sponsor did not find out? Sponsor OrganizationWhere is the responsibility with the sponsor? Although it is said that as the IPO is vetoed in the retrial, its tens of millions of sponsorship fees will be refunded, but this is clearly not enough.　　Regarding the related sponsor organization and the sponsor person to check lax behavior, it is necessary to make further treatment, and increase the punishment strength. From the fact that Li-Li electronics fell before the IPO, the arrangement between IPO and issue is too tight, which is a problem to be solved. The electronic IPO was vetoed and the media's role in supervision was undeniable. It is the media that has exposed the issue of Li-Li Electronic, which makes the issue of the Li-e problem aroused widespread concern in the market and eventually aroused the concern of the regulatory authorities.　　But the gap between IPO and IPO is too close to give full play to the supervision of public opinion, even may let some companies with problems listed. Qingyi, researcher of China National Development and Research Institute, said that the supervision of public opinion in Li Li's electronic events played an important role, while the previous a-share market always emphasized administrative supervision.　　Therefore, it is necessary to consider the public supervision of this link to the front, more specifically, in the IPO as a major executive power exercise process, the introduction of publicity system. The famous economic commentator, Tan, said that whether the legislation was a precursor to the reform of the IPO and whether it was a move by the SFC to comply with the market and to conform to public opinion was worth affirming. Although the SFC does not disclose the specific reasons for rejecting the legislation, it should have a direct relationship with previously reported capital maneuvers. It should be said that the legislation of the electronic scandal is the key to being.　　Tan said that the SFC should announce the reasons for the failure as soon as possible, on the one hand, investors have an account, on the other hand, the opposition to the electronic itself has been explained. Because this is the first time in China's capital market, Ye Tan thinks it is significant. First of all, the incident was eventually shown that the SFC is very cautious about the issue of new shares, especially when the market is slightly warmer, any expansion of the news is a significant negative. On the eve of the launch of the GEM, the Executive electronics company has also explained the management's attitude towards the listing of SMEs, strict control, to ensure that quality should be the most important, and secondly, the first two times to set up electronic IPO system reform has begun, do not exclude the SFC is in accordance with the new standards to examine the IPO project. Tan said, because the new issue of the approval system, which caused the quality of China's capital market directly from the quality of administrative approval, so, the Li-e IPO is a positive signal that the SFC is working from the internal approval link.