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The Vice President of the China Securities Regulatory Commission issued an important statement of deep significance, which has a global significance.



Original address: Today, the Vice President of China, the Securities Regulatory Commission issued an important statement! For the scenes

On January 12, Fang Xinghai, Vice President of China's Securities Regulatory Commission, said in the China Capital Market Forum: "The first day of the daily limit should be considered. Personally I think it needs to be canceled."

Fang Xinghai is convinced that the first day of the first public offer has a 44% limit on the daily limit, and the first day the price has increased by 44%. No trading. "The price without trading volume is an illusory, inaccurate price." The artificial restriction caused the price to be unreasonable and there was no trading in the last few days, which is very unreasonable.

Previously, the original purpose of restricting price increases on the first day of the stock market was to reduce the excessive speculation in the IPO process and to reduce the IPO premium rate, but it was discussed on the market on whether it achieved results.

Fang Xinghai Conference Conference Point:

1. The future capital market reforms will play a role in the reform of the financial system;

2. It is advisable to revoke the limit on the daily limit for new shares;

3. The volume of foreign capital inflows to China is expected to increase further this year, with an expected 600 billion yuan;

4. If equity financing does not improve significantly, the ratio of macroeconomic leverage will remain unsettled;

5. I often assume that the bottom of the A-shares causes the domestic hope to not be bought, but foreign capital is desperately buying;

6. We need to take steps to make the transaction more active;

7. Some overseas investment banks have indicated that they will apply for 100% of their homeowners after the policy allows;

8. As soon as possible, we will carry out the task of promoting the Scientific and Technological Committee and the pilot registration system as soon as possible.

When did a new stock limit start for the first day of the first public offer?

At the end of 2012, the Chinese Securities Regulatory Commission carried out extensive financial checks and suspended the issuance of shares, on 13 December 2013, prior to the issuance of a new round of new shares, the Shanghai Stock Exchange issued a "Notice on the Further Strengthening of the IPO Trading Start-up Control". "," stipulates that "the Shanghai Stock Exchange will carry out the control of the prices of the declaration on the first day of the listing of new shares on the first day of listing, which means that the highest registered price limit at the stage of collective bids is 120% of the issue price, and the minimum price announced 80% of the issue price. The declared price should not exceed 120% of the maximum price limit in the total bid (ie 144% of the issue price) and may not be less than 80% of the lowest published marginal price in the total bid phase (ie 64 The purpose is to "strengthen the control over the trading of the initial public offer of shares (the first 10 trading days after the listing), prevent and control new stock speculation, preserve the trading order and protect the legitimate rights and interests of investors."

On the same day, the Shenzhen Stock Exchange issued a "Notice of Temporary Suspension of the First Public Offer of the First Public Offer", which stipulates that the actual tender for the opening of new shares on the first day of listing will amount to 20% of the issue price. The notice also states that "the price will rise or decrease by 10% within the day for the first time and the time of the suspension will be 1 hour. The intra-day trading price will rise or decrease by 20% for the first time."

At this point, IPO increases and drops are limited on the first day of listing, and the transaction price can only be between 64% and 144% of the issue price. However, the problem of "fresh" on the market has not been resolved, while new shares closed on the first day by 44%, followed by numerous daily restrictions.

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Expert opinion

Wu Xiaoqiu

Vice President of Renmin University of China

Director of the Institute of Finance and Securities

The reform and development of the capital market is one of the key contents of the current financial work of China and has a strategic importance for the sustainable and stable development of the Chinese economy. The Chinese capital market must accelerate the current problem and promote institutional innovation. The restriction on the first day of listing on the stock exchange has helped the market to speculate to a certain extent, which is not favorable for normal trading on the market, therefore it makes sense to eliminate this system.

Hao Lianfeng

Director of the Chinese Insurance Institute

The first day of new stock has the following problems:

First, artificially distorts prices and reduces market efficiency.

Second, give ordinary investors the wrong expectations and guidelines.

Third, IPOs are generally over-sold, and the opening of daily limits can be a high point that will catch up with retail investors.

Zhang Yulong

Head of CITIC Securities Investment Strategy

The pricing system itself is designed to protect investors, especially small and medium-sized investors, but there are also three costs: one is to reduce the efficiency of the market, the other to reduce the liquidity of the market, and the third is that the system can be manipulated. .

In the process of IPO classification on the first day of the IPO, the level of asymmetry of information on the value of companies is higher, therefore there are large fluctuations, and at the same time the adoption of a pricing system does not lead to a complete discovery of the price.

The cancellation of the first day of the ups and downs market will help to improve efficiency and eliminate the basis for the application of price manipulation.

Chen Tingguo

Chief Analyst of the Minsheng Plus Fund

Withdrawal of the limit on the IPO's first IPO quotation will help to promote the full marketing of the Chinese stock market and facilitate the integration with the international trading mechanism in financial markets, which will help to fully implement the central role of supply and demand on the market in determining share prices, reflecting listing on the stock exchange . A comprehensive assessment of the company's structure, performance and outlook will increase the initial market valuation of quoted companies and highlight market rules for the survival of the most powerful companies. Of course, when introducing the reform of the trade system, we need to pay more attention to the different manipulations of share prices and to implement timely and effective supervision.

Editor-in-chief: Zhang Yan


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