Category: Money tips Release Date: 2007-04-21
Last week's IPO market, the most cause for concern are the two important messages:
First, far-reaching impact on the market IPO Deal
September 11 China Securities Regulatory Commission announced a "securities issuance and underwriting management approach" (Exposure Draft). As can be seen that this reform will take into account the interests of small and medium investors, and ensuring fairness for small investors is the Gospel, it will have a positive profound impact on the market.
First of all, can improve the success rate in small and medium investors. Simultaneously online and purchase, and put an end to the phenomenon of duplication of purchase can improve the success rate in small and medium investors to protect the interests of small and medium investors.
Second, to prevent a moral hazard, so that pricing tends to be more reasonable. Some agencies are used to holding a wait and see attitude, not participate in inquiry, once the inquiry is too low, then began to purchase, with competition from small and medium investors, but also to a certain extent affected the small and medium investors in the success rate, which affects the small and medium interests of investors. There are a number of agencies, inadvertently purchase, but to participate in inquiry, virtually raise or depress prices, nor is it fair for small and medium investors. This reform, to a large extent limited the agency's arbitrary pricing behavior, fundamentally against the risks.
Third, the lock period is conducive to stabilizing the market. The introduction of the "green shoe" mechanism, can be stabilized after the listing of large-cap stocks share price, to prevent price fluctuations, grant a period of time after the lead underwriter for the release of the legitimate means to stabilize stock prices. This policy is conducive to attracting long-term incremental capital into the securities market will help to improve the investment structure of the securities market.
Fourth, the focus on protecting the interests of investors. The management of China's national conditions and made a provision: In the large-cap stocks when they were published about half of the share placement to the online public investors; in the small-cap stocks issued, 80% of the share placement to the online public investors. These proportions are far higher than those outside the mature markets. Can see that the care management to small and medium investors, which will to a large extent, to raise the success rate, improve small and medium investors returns.
Taken together, the reforms to a large extent limited the arbitrary pricing of institutional investors, improve the success rate of small and medium investors to a great extent to protect the interests of small and medium investors. However, given the limited resources small and medium investors, this reform, small and medium investors in the success rate of the rise is limited and can not completely change the small and medium investors in the IPO's disadvantaged status, the future needs of market regulation to protect the investment in such areas stakeholders. However, we can see that the intention of the management of care of small and medium investors.
Second, the Shenzhen Stock Exchange on the first day of listing of new shares to strengthen supervision
Last week, the Shenzhen Stock Exchange issued "shares listed on the strengthening of the SME board the first day of trading risk control notice", "notice" requirement, when the SME board intraday gains on the first day the stock market or the difference with the opening up ± 50%, the the Shenzhen Stock Exchange will be the temporary suspension of its implementation for 15 minutes; resume trading intraday gains after the rise with the opening up of the difference ± 90%, the Shenzhen Stock Exchange will once again to impose the temporary suspension for 15 minutes. Intraday intraday transaction price rise is higher than the price of the stock issuance rose, opened or is opening price than the issue price of the stock's gains. Meanwhile, the Shenzhen Stock Exchange continues to stress that among the small plates listed on the first day of the stock intraday turnover reached 80%, the risk of prompt notice will be issued.
However, "notice" requirement, if the stock is 2:50 p.m., after the temporary suspension to achieve the above conditions, the Shenzhen Stock Exchange will no longer be the temporary suspension of its implementation; the stock closed the temporary suspension of time across a collection of auction start time 14:57, the Shenzhen Stock Exchange at 14:57 of its resumption, recovery closing call auction; the temporary suspension period, investors can continue to declare, you can also revoke declaration.
This means that, following the "80% of turnover" into the Shenzhen Stock Exchange initial public offering on the first day the wind-control targets, the "decline than the opening price up 50%" also entered the date of the suspension of the surveillance areas Stock Exchange. This shows that supervision of the Shenzhen Stock Exchange on the IPO resolute attitude, and strictly control excessive market speculation on the first day, crazy speculation of new shares on the market behavior is a blow. The regulation also reflects the thinking in the changing continuously strengthened. From the practical effect of view, and gradually improve the monitoring and control measures to effectively protect the interests of investors.
Daily Links
Last week, operational status of new shares
Fri-listed shares from the two black shares (002,068
