Use positive mentality to publish this problem in a marketable way

GF Securities Gushaopo The CSRC 22nd on the "Further reform and improve the issuance of new shares of the guidance of the System (draft)" Public consultation, the guidance is a new issue of the implementation of the inquiry system has been another major reform, the reform of the IPO system has been a focus of market attention,　　From the underwriter's point of view, the guidance of the reform of the IPO system, one of the essence is to adopt the gradual reform, seemingly not a lot of concrete content, the essence is to give the parties a period of time, space, and common exploration of the distribution reform of the optimal solution. The IPO system refers to a series of systems and related arrangements for pricing, underwriting and offering of new shares in the initial public offering. The core of the IPO system is the pricing mechanism, which has two basic contents, one is to determine the IPO price, namely the price discovery, and the other is to sell the new shares to investors in a certain way. These two aspects restrict and depend on each other, constituting the core content of price formation mechanism.　　Underwriters play a central role in the pricing and sales of new offerings. For a new listed company, its share price is certainly the higher the better, so that the company can raise more money, and for investors, the issue is of course the lower the better. The contradiction between supply and demand is coordinated by underwriters. The listed companies are finally willing to choose the securities brokers who can raise their financing and have a good reputation as their listed underwriting institutions. And the securities dealers must bear the issue price is too high to release the risk. In this way, the underwriting risk of the brokerage and its income are correspondingly combined. Underwriters get underwriting fees because it is underwriting the shares of new companies unfamiliar to potential investors, if the underwriters are biased about the company's attractiveness, or if it fails to make a proper valuation of the company's business, or if it fails to sell the company effectively to investors, the initial public offering fails, In the end underwriters must lose money to buy the shares.　　It can be seen that underwriters must have excellent pricing and sales capabilities. However, for a long time, the IPO market of China's a-share has obliterated the difference between underwriter's underwriting ability and pricing ability. The two most prominent phenomena are: underwriters "only to sell" and "light to hear not to say." On the one hand, because the rate is only a few thousand per cent, underwriters in the issue of new shares do not worry about the risk of sales, even in the 2008 years of low market prices (when the issue of the new shares later fell below the price), the IPO is still hot, this is "only to sell.　　On the other hand, the IPO acceptance of market inquiry is an international practice, but because the underwriters lack the right to sell, high newspaper does not buy or low newspaper shoplifting phenomenon also has no strong checks and balances, this is "light listen not to say." One of the general ideas of the "guidance on further reform and improvement of the IPO system" (draft for soliciting opinions) is "to promote the responsibility of the market subjects such as issuers, investors and underwriters". Comments on: Improve the price of inquiry and purchase of the binding mechanism, dilute the administrative guidance, strengthen the new stock subscription risk prompts,Clear the risk of distribution market, increase the flexibility of underwriting and placing, strengthen buyer's binding to seller and underwriter's responsibility in issuing activity. These to change "only to sell" and "light listen not to say", has epoch-making significance--the market problem should be solved in a market-based way, as long as the positive attitude, will be able to do a good job of market-oriented issue.