The vice president of China Securities Regulatory Commission issued an important statement behind the deep meaning | deep meaning | Vice President | daily limit board _ Sina News


Original title: Today, the vice president of China Securities Regulatory Commission issued an important statement! Backstage

On January 12, Fang Xinghai, vice president of the China Securities Regulatory Commission, said at the 23rd China Capital Markets Forum: "The first day of the daily limit should be studied. Personally, I feel it should be canceled."

Fang Xinghai believes that the first day of the IPO has a limit of 44% on the daily limit.In the first day, the price increased by 44% .There is no trading volume. "Price without trading volume is an illusory, imprecise price." The artificial restriction has made the price unreasonable, and there is no volume trading in the last few days, which is very irrational.

Previously, the original intention to limit the price increase on the first day of stock listing was to suppress excessive speculation in the IPO process and reduce the IPO premium rate, however, if achieved results was discussed in the market.

Fang Xinghai Conference speech points:

Future capital market reforms will play an important role in reforming the financial system;

2 It is recommended to cancel the limit of the first day of the new shares;

3 The scale of foreign capital inflows into China is expected to increase further this year, and the scale of 600 billion yuan can be expected;

4 If capital financing is not significantly improved, the macro leverage ratio will remain unpaid;

5 I often guess that the A-share fund makes the domestic not dare to buy, but foreign capital is desperately buying;

6 We must take steps to make the transaction more active;

7 Some overseas investment banks have indicated that they will apply for 100% of the domestic holdings after the policy permits;

8 As soon as possible, we will complete the task of promoting the science and technology board and the pilot registration system as soon as possible.

When did the new share limit for the first day of the IPO begin?

At the end of 2012, the China Securities Regulatory Commission conducted extensive financial verification and suspended the revision of the issue of the IPO On December 13, 2013, before issuing the new round of shares, the Shanghai Stock Exchange issued the "Notice of Strengthening Supervision of Initial IPO Trading. " "," stipulates that "the Shanghai Stock Exchange will implement declaration price control on the first day of listing new shares on the first day of listing, ie the highest price limit declared in the collective bidding stage is 120% of the The declared price shall not exceed 120% of the declared price ceiling at the aggregate bidding stage (ie 144% of the issue price), and shall not be 80% of the minimum price declared at the total bidding stage (ie 64% of the issue price) .The objective is "to strengthen the trading supervision of the initial public offering of shares (the first 10 trading days after listing), prevent and control speculation of shares, maintain market order and protect the legitimate rights and interests of investors. "

On the same day, the Shenzhen Stock Exchange issued the "Notice of Temporary Suspension of Initial Public Offering of First Public Offering", stipulating that the effective range of opening new shares on the first day of listing will be 20% of the issue price . The notice also stipulates that "the intraday trading price will increase or decrease by 10% for the first time, and the temporary withdrawal time will be 1 hour. The intraday trading price will increase or decrease by 20% for the first time." Temporary suspension for 14:57 ".

At this point, the IPO ups and downs on the first day of listing are limited, and the transaction price may be only between 64% and 144% of the issue price. However, the problem of the "fresh new" market has not been resolved, the new shares closed with a 44% increase on the first day, followed by a daily limit number.


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 main contents of China's current financial work and is of strategic importance for the sustained and stable development of the Chinese economy. China's capital market should promote the current situation and promote institutional innovation. The restriction of the first quotation day has helped the market to speculate to some extent which does not favor normal market trading. It is worth abolishing this system.

Hao Lianfeng

Director of China Insurance Research Institute

The first day of the new actions has the following problems:

First, artificially distorting prices and reducing market efficiency.

Second, give common investors the wrong expectations and directions.

Third, IPOs are often overstated, and opening the daily limit can be a high point, and they will reach out to retail investors.

Zhang Yulong

Leader of CITIC Securities Investment Strategy Group

The price cap system itself is designed to protect investors, especially small and medium investors, but there are also three costs: one is to reduce market efficiency, the second is to reduce market liquidity, the third is that the system is easy to be manipulated. .

In the IPO listing process on the first day of the IPO, the degree of asymmetry of the company's value information is higher, so there are large fluctuations.At this time, the adoption of the price cap system is not conducive to complete price discovery .

Canceling the first day of the market's ups and downs system will help improve efficiency and eliminate the basis for using prices to manipulate prices.

Chen Tingguo

Senior Analyst at Minsheng Plus Fund

The cancellation of the cap on the first day of listing of the IPO will help promote the full commodification of China's stock market and accelerate integration with the international financial market mechanism, which will help to fully play the central role of market supply and demand in the determining stock prices, reflecting the stock market listing. The comprehensive assessment of the company's texture, performance and outlook will maximize the initial market valuation of listed companies and highlight the market rules for the survival of the fittest. Of course, in implementing the business reform system, we must pay more attention to various manipulations of stock prices and conduct timely and effective oversight.

Editor in charge: Zhang Yan


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