Tuesday , January 26 2021

The Vice President of the Securities Regulatory Commission of China issued an important statement behind the profound meaning.

Original title: The Vice President of the Securities Regulatory Commission of China today issued an important statement! Behind the scenes

On January 12, China's Securities Regulatory Commission Vice President, Fang Shinghai, told the 23rd Chinese Capital Market Forum: "I must personally feel that the first day of the day's boundaries must be studied and canceled."

Fang Shininghai believes that the IPO on the first day's daily limit is a 44% limit, and that the price has increased by 44% for the first time. Fang Shinhai believes that "the wholesale volume is a false, misguided price". Artificial price limits have been abnormal, and the lack of a trading volume in the past few days is very unreasonable.

The first objective of limiting price increase in the stock market on the first day was the speculation within the process of the IPO and the reduction in the IPO insurance rate.

Fang Singh's Speech Speech:

1. The role of future capital market reforms will be achieved in the reconstruction of the financial system.

2. It is recommended to abort the limit of the first day of new stock.

3. Foreign capital inflows are expected to continue to rise in China. It can also be expected to scale up to 600 billion yuan.

4. If the capital financing is not significantly improved, the macro capital ratio will be discouraged;

5. I always suspect that A-share bottom is not allowed in local purchases, but foreign capital is desperate.

6. Take action to be more effective in the transaction.

7. After approving the policy by some foreign investment banks, they will apply 100% for domestic reinsurance;

8. We are committed to promoting Science, Technology and Pilot Registration as soon as possible, as soon as possible.

When was the new equity opening for the first day of the IPO?

By the end of 2012, the Chinese Securities Regulatory Commission conducted an extensive financial investigation, which led to the issuance of an IPO. The Shanghai Share Exchange issued a new share issue before the December 13, 2013 issue of a new share issue, "Further fundamentals of core stock market monitoring" The announcement was issued. "Controlling the published price of the first stocks quoted on the first day of the Shanghai Stock Exchange listing, the highest stated price in a collective bargaining pace is that the yields are 120% of the price and the minimum stated price limit is 80% The continuous bargaining rate is effective, and the total bidding phase (120%) should be more than 120% In the course of the laying phase, the minimum stated price should not be less than 80%, the objective being: "Prevention and control of new speculation in order to strengthen the equity IPO (first ten trading days after listing), approve trade regulation orders and Protecting the legitimate rights and interests of investors ".

On the same day, the Shenzhen Stock Exchange issued the first temporary suspension of the first public release of the first public issue of the first issue of the first bidding, to be opened for the opening of new shares on the first day of listing, and 20% of the issue's value. The roughly traded price index dropped 10% or 10% for the first time, while the temporary suspension period was 1 hour, and domestic prices would rise by 20% for the first time. Temporary Suspension 14:57 ".

In this case, stock market downgrades and downturns are limited in the first day of the listing, with only 64% and 144% of the transaction. However, the "new" problem in the market has not been resolved. On the first day, new shares were limited to a day after a 44% increase on the first day.


Expert opinion

Yi Xiaoqiu

Vice President of Renminming University, China

Director of Money and Securities

Capital Market Reform and Development is a key component of China's current financial performance, and the Chinese economy has a strategic importance for sustainable and sustainable growth. China's capital market needs to continue the present-day difficult situation and promote corporate innovations. It is beneficial to abolish this system because it limits the first listing speculated to the market to speculate as much as it does not support market trade.

Hao Lianfeng

Director of the China Insurance Research Institute

The first day of new equity shares has the following problems:

First, artificial prices and reduced market efficiency.

Secondly, give common investors the wrong expectations and guidance.

Thirdly, the IPO is generally accepted and the daily limit can be high and will be empowered with retail investors.

Shan Yulong

Head of CITIC Investment Strategic Group Leader

The price limit has been gradually designed to protect small and medium scale investors. But there are three costs: reducing the efficiency of the market, reducing liquidity in the market, and, thirdly, the system can be easily managed. .

There is a large fluctuation in the listing of IPOs on listing on the first IPO of the IPO on the first day of the issue. In this period, the price limit by a system does not support a full purchase.

I will abolish the basics for canceling the first day of the market rising and falling system, raising efficiency, increasing prices and using prices.

Chen Tingo

Chief Analyst at Mining Plus Fund

It will be possible to fully utilize market supply and demand in key determining of stock prices, reflecting the capitalization of the Chinese stock market on the first day of the IPO and the listing of the stock market. A comprehensive assessment of the company's structure, performance and prospects to maximize start up market assessment of listed companies and to highlight the most appropriate rules of the market. In fact, consideration should be given to the use of various types of stock price controls in the implementation of a reforming trade, and timely and effective monitoring should be carried out.

Author: Zhang Yan

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