Monday , May 10 2021

The Vice President of the China Securities Regulatory Committee has made a deep statement behind the deep meaning



Original title: Today, the vice president of the China Securities Regulatory Commission has given a significant statement. Scene behind

On January 12, Fang Xinghai, Vice Chancellor of the China Securities Regulatory Commission, at the 23rd China Capital Market said: "The day-to-day limit is to be examined on the first day. I think it will not be invalid."

Fang Xinghai believes that the first day of the IPO has a daily limit of 44%. On the first day, prices increased by 44%. There is no trading volume. "The volume of trading is the volume of trade at a very exact price." The artificial restriction prices have not been reasonable, and in recent days the commercial volume is not very irrational.

Previously, the price of the first day of the stock list was intended to limit the rise in prices in the IPO process and to reduce excessive speculation and reduce the IPO premium rate. However, it has achieved the results discussed in the market.

Fang Xinghai Words of Speech:

1. Future capital market reforms will have a financial system reform.

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

3. China's empire capital increase will increase this year, with an expected 600 million yuan scale;

4. If Securities Financing is not substantially improved, the macro-leverage ratio will not stop;

5. I often think that buying A-share from below does not buy home but buy foreign capital desperately;

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

7. Some external investment banks have indicated that they will require the exploitation of 100% housing when the policy is approved;

8. As soon as possible, we will carry out the science and technology tables and the pilot system of records as soon as possible.

When did the stock stock start the first day with stock limitations?

At the end of 2012, the Chinese Securities Regulatory Commission conducted a large financial audit and canceled the IPO issuance review. On December 13, 2013, when a new copy of the new shares was issued, the Shanghai Stock Exchange published the "Advice Abroad Negotiation Capacity Advice". "The Shanghai Stock Exchange will set the price of contract prices as soon as possible on the first day of the list of new shares on the first day of the list, that is, the price of the collective rental will be the highest price limit of 120% of the retail price and the minimum price will be the price limit 80% price. The price declared is not greater than 120% of the maximum declared price limit (that is, 144% of the sale price) and can not be lower than the minimum sales volume of the aggregate bidding (80% of the price). Purpose "is to strengthen the initial commercial offer of stocks (10 days after the first list) to prevent and control new sales, preserve the order of the market negotiation and protect legal rights and interests of investors."

On the same day, the Shenzhen Stock Exchange "published a temporary interruption of the initial Public Offer foreseen foreseen". Thus, on the first day of the sale list, the effective offer of new shares will be subject to 20% of the price. Notes "The price of the trade incident will be a 10% increase or decrease for the first time and the temporary suspension will be 1 hour. The ordinary trading price will decrease by 20% for the first time. Temporary suspension 14:57".

At this point, IPO fluctuations are limited to the first day of the list and the transaction price can only be between 64% and 144% of the rent. However, the problem of "fresh news" in the market has not been solved. New shares had an increase of 44% on the first day after the number of daily restraints.

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Expert opinion

Wu Xiaoqiu

Renmin University of China Renmin

Director of the Financial and Securities Institute

Reform and development of the capital market is one of the key contents of current Chinese financial activity, and has a strategic importance for the sustainable and stable development of the Chinese economy. The Chinese capital market must face today's situation and promote institutional innovation. On the first day of the list, restrictions could speculate on the market in a certain measure, because it was not suitable for the ordinary market bargaining. This system is worth the deletion.

Hao Lianfeng

Director of the Chinese Insurance Research Institute

The first day of new stocks has the following problems:

First of all, artificially distorts prices and reduces the efficiency of the market.

Second, give the wrongs of future investors and expectations.

Third, IPOs are generally superimposed, and the opening of the daily limit may be high and can be combined with retail investors.

Zhang Yulong

Head of the CITIC Investment Securities Group

The price constraints have been designed for investor protection, especially small and medium-sized investments, but there are three costs: the market efficiency must be reduced; The second is to reduce the liquidity of the market; Third is the handling of the system is easy. .

In the IPO list process, the first day of IPO, the business value information is higher than the asymmetry, so there are major fluctuations. At this time, the price limiting system is not a complete price discovery.

The cancellation of the first day of the market fluctuations will improve efficiency and the basic quantity of prices for handling prices will be eliminated.

Chen Tingguo

Minsheng Plus Funds Senior Analyst

To abolish the first day of the listing of the IPOs, it will boost the entire Chinese stock market and accelerate the integration of the financial market's market mechanism. This means that the supply and demand of the market will be the key to determining price prices, which reflects the stock market market. In order to evaluate the company's text, performance, and solutions, maximize the initial market valuation of the listed companies and market rules will be highlighted to survive. Of course, when reforming the trading system, more attention should be paid to stock price handling and proper and efficient control.

Director, Zhang Yan


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