Go homepage(回首页) Upload pictures (上传图片) Write articles (发文字帖)
The author:(作者)hpmailerpublished in(发表于) 2013/12/1 20:52:02 IPO restart countdown， the gem against back-door listing
Suspended for one year-long IPO about to be released. Yesterday afternoon, the China Securities Regulatory Commission held a news conference officially released of the views on further advancing the reform of new shares. Securities and Futures Commission said, this is from the share issuance approval system to a registration system an important step too. And this also means that the IPO to restart the countdown.
Bao, Zhejiang, in November 2012, after landing small, the a-share market never had any new share flotations.
Since its establishment in China's stock market has been about 8 times pause 7 times resume issuing of new stock issue. Statistics show that 7 times before recovered on the first trading day after the release, the Shanghai composite index falling 5 times, 2 times higher.
A deep explanation
Does not affect long-term trends
The SFC yesterday stressed that release rhythm of the market, does not mean that so far through the Commission issued more than 80 companies all at once completed. By auditing companies need to change their views on their new filings to make the necessary changes, and perform procedures before January 31 next year to finish the work described above will also need supplementary up-to-date financial data, and so on.
Investors care about IPO restart issues that will affect market trends, heads of relevant departments of the Commission said that the resumption of IPOs do not decide long-term trends in the stock market.
Put on illegal intermediary compensation
It is learnt that the views in many ways to develop measures to enhance investor protection. Which provides that promotion of fair and reasonable pricing, and limit the issuer's high, which prevents investors from high prices, inhibit mindless hype after listing new shares. For example, linked with the price reduction. Placing of respect for small investors to purchase new shares will, adjust the callback mechanism and online placing mechanism, if enthusiastic small investors to purchase online up to a maximum of the number of shares outstanding 80% of the total number of offer shares to the public. Clearly a serious violation of information disclosure intermediary liability. If the issuer disclosure was illegal and significant losses to investors, sponsoring agencies, accounting firms, law firms and other intermediaries must be lawful compensation for investor losses.
Market release rhythm
After this reform, regulatory authorities and the Commission will be issued only on application documents and content of information disclosure legal compliance auditing, do not judge the continued profitability of the issuer and investment value, taken over by investors and market independent judgment.
Sell rhythms of a more market-oriented, requests for quotations, pricing, placing of securities no longer control for specific procedures issued by issuers and underwriters of discretion to determine the timing and release scheme, and according to the autonomous consultation IPO price inquiry.
Market-oriented mechanisms to counter "three-high"
Shares of market interest, "three-high" issues, heads of relevant departments of the Commission said that this reform through greater market regulation of balance between supply and demand, and high pricing. On one hand, IPOs, how much more determined by the market, make the issue more real price reflecting market supply and demand. The other hand, promoting the old shareholders to transfer their shares, increase the supply of single IPO debut.
In terms of market-oriented pricing constraints, for the issuer, linked with the price reduction of the views, limit issuers at high prices. Priced listed shares fell below the offer price after a period of time, such as controlling shareholder of the issuer responsible subject need to be automatically renewed commitment to holding the lock.
Groundwork for registration system reform
Heads of relevant departments of the Commission emphasized that the registration system is not simply the registration effect system, registration system cannot be interpreted anyway, is registered, take effect automatically, doesn't mean the stock issuance was not, more trash than can go, but the audit approach to reform. He said registration system reform requires changes in the legislation, a series of reform measures were needed also need markets to adapt and transition, is a continuous, gradual and continuous process of deepening this reform would lay a good foundation for registration system reform.
Gem ban back-door listing
Issues such as market speculation of strong shell, at the press conference held yesterday afternoon, SFC spokesman made clear that backdoor listing review strictly enforced IPO listing standards, the gem is not allowed back-door listing.
Expert analysis
South, Chief Strategist Yang Delong: IPO resumption had within market expectations, is expected on the market should have little impact. At present, the line dominated by small and gem listed companies, boards are very few companies and, therefore, impact on the small and the gem should be bigger. In the secondary market have little money to divert.
Capital Securities Research Department Assistant General Manager Wang Jianhui: pros and cons new deal will promote activity and lPO market differentiation, reduced rent-seeking aspect. Lower barriers to entry, offline pricing constraints to strengthen, increase online purchase restrictions, "fried new" may be gradually reduced. IPO resumption of overall neutral impact on the market preference.
Securities chief strategist Cao Weidong: 's views reflect the IPO will transition to a registration system, causing investor losses of intermediary agencies will be heavily penalized, SFC will return to the regulatory nature of securities laws to be amended, is very high in investors, China's market is not efficient markets. Direction has been set, the road twists and turns and has a bright future.
Morning news reporter Wang
暂停一年之久的IPO即将重新开闸。昨天下午，中国证监会召开发布会，正式发布《关于进一步推进新股发行体制改革的意见》。证监会称，这是从股票发行核准制向注册制过度的重要步骤。而这也意味着IPO重启进入倒计时阶段。
自2012年11月浙江世宝登陆中小板后，A股市场再没有过新股上市发行。
中国股市设立以来，已经历过8次新股发行暂停、7次恢复发行。相关统计显示，前7次恢复发行后的首个交易日，上证综指5次下跌、2次上涨。
■深度解读
不影响中长期走势
证监会昨天强调，发行节奏的市场化，并不意味着目前已通过发审会的80余家企业马上就全部发行完毕。通过发审会审核的企业需要按照新的改革意见对申报文件作出必要的修改，并履行相关程序，明年1月31日前完不成上述工作的过会企业还需要补充最新财务数据等。
针对投资者关心的新股发行重启是否会影响市场走势的问题，证监会有关部门负责人说，恢复新股发行并不决定股市中长期走势。
信披违法中介赔偿
据悉，《意见》从多个方面制定措施，加强投资者保护。其中规定，促进公平合理定价，限制发行人定高价，防止投资者报高价，抑制上市后盲目炒作新股。比如，把减持与发行价挂钩。新股配售尊重中小投资者申购意愿，调整回拨机制和网上配售机制，如果中小投资者申购踊跃，网上发行股票的数量最高可达公开发行股票总数的80%。明确了信息披露重大违法时中介机构的赔偿责任。如果发行人信息披露存在重大违法且给投资者造成损失，保荐机构、会计师事务所、律师事务所等中介机构必须依法赔偿投资者损失。
市场决定发行节奏
本次改革之后，监管部门和发审会将只对发行申请文件和信息披露内容的合法合规性进行审核，不判断发行人的持续盈利能力和投资价值，改由投资者和市场自主判断。
今后发行节奏将更加市场化，证监会不再管制询价、定价、配售的具体过程，由发行人与主承销商自主确定发行时机和发行方案，并根据询价情况自主协商确定新股发行价格。
市场化机制遏“三高”
针对市场关心的新股“三高”问题，证监会有关部门负责人说，此次改革通过更大程度地发挥市场调节作用平衡供需，抑制高定价。一方面，新股发行快慢、多少更多地由市场决定，使发行价格更加真实的反映市场供求关系。另一方面，推动老股东转让股票，增加单只新股在上市首日的供应量。
在定价的市场化约束方面，针对发行人，《意见》把减持行为与发行价挂钩，限制发行人定高价。如果定价过高，上市后一段时间内股价跌破发行价，发行人控股股东等责任主体需要按承诺自动延长持股锁定期。
为注册制改革打基础
证监会有关部门负责人强调，注册制不是简单的登记生效制，不能将注册制理解为不管了，就是登记备案，自动生效，也不是说股票发行不要审了，更不是垃圾股可以随便发了，而是审核方式要改革。他说，注册制改革需要法律的修改，需要制定一系列的配套改革措施，也需要市场逐步适应和过渡，是一个连续的、循序渐进的、不断深化的过程，本次改革将为注册制改革打下良好基础。
创业板禁止借壳上市
针对市场反映比较强烈的壳资源炒作等问题，在昨天下午召开的新闻发布会上，证监会新闻发言人明确表示，借壳上市审核严格执行IPO上市标准，创业板不允许借壳上市。
■专家分析
南方基金首席策略分析师 杨德龙：IPO重启已经在市场的预期之内，预计对大盘的影响应该不大。目前，排队上市的公司以中小板和创业板为主，主板公司很少，因此，对中小板和创业板的冲击应该更大。对二级市场资金分流作用不大。
首创证券研发部副总经理 王剑辉：新政将促进lPO市场的活跃度和优劣分化，减少寻租环节。随着进入门槛降低、网下报价约束性的加强、网上申购条件的限制增加，“炒新”将逐步减少。IPO重启对市场影响整体上中性偏好。
联讯证券首席策略分析师 曹卫东：《意见》反映IPO将向注册制过渡，对于造成投资者损失的中介机构将予以重罚，证监会将回归到监管本质，证券法要修改，对投资者要求很高，目前中国市场还不是有效市场。方向已定，道路曲折，前途光明。
晨报记者 王洁
赞