129779408058906250_14Reform of shares system would most like to see, in fact, around the abolition of administrative examination and approval, design stages, implemented in steps of the programme, as well as supporting institutional arrangements, for the final removal of listed IPO approval of the road map and timetable. On April 1, the SFC announced the agreement on further deepening reform of new shares issued draft guidance), whichA new round of new stock issue reform started.
Guidance from strengthening information disclosure, adjusting the proportion and placement, enhancing the scope of inquiry on the issue of pricing regulation, increase the number of new shares of listed companies, such as start
tera gold, directly at the high price of new shares issue. On the reform of shares system "hair dryer" has for a long time, solicit opinions from people "give consent". Compared to the past of new shares issuedSystem, the draft improved, such as strengthening information disclosure, increase the proportion of investors placing shares down to a net, but as some scholars have pointed out, draft provisions conducive to market, issuers and brokers, status of medium and small investors will be more passive. Public opinion is the most disappointing is that opinions silent cancel new share issuance of administrative examination and approval. ThisIs the core of new share distribution system reform and focus.
Changing government functions, reducing the Government's intervention, straighten out the market mechanism and a series of micro-economic reform under the proposition, IPO approval is undoubtedly the administrative examination and approval matters most in need of clean up. Prior to this, according to media reports, SFC Chairman Mr Guo had to seek the views of the industry "IPO can it work? "ThisHas caused strong reaction of public opinion, as well as the industry's expectations. At that time, public opinion generally believes that new head of securities and begin to address the real problems of capital market reforms. Of course, IPO approval reform faces numerous difficulties, however, appetite is being lifted high. So, after this exposure draft published, we will inevitably be disappointed
tera power leveling, dissatisfied with theTo a variety of "clutter".
Both macro-capital market reform, reform of shares system also is a specific, future direction of only one, and that is to cancel the approval, the registration system of real, free listing of enterprises. Now, IPO pricing and "Supernova" phenomenon certainly exists, and it is not reasonable, of course, requires IPO mechanism reform, But these and other high price/earnings ratio, not fried ST delisting, evil and so on, is caused by a listing worth the resources themselves, essentially is the scarcity of administrative examination and approval system of the listed qualifications. Design complex capital market system, but essentially, like other markets, companies should be free, as long as it meets listing criteria,It should allow its financing, without the need for administrative decision are listed.
Like some people apply to the trade and Industry Bureau to open a restaurant, as long as the submitted information to meet the requirements of opening a restaurant, no one is going to say, because restaurants in Beijing four rings has been saturated, need limits, without approval to open a new restaurant. IPO is this truth, which cannot be lifted because of the surge turns, So that more of the listed company financing, nor because of the collapse of the stock market, with the entrance carefully guarded so be listed companies back up for miles outside the Yamen. While in foreign capital markets, also because of the stock market as a result of submission of applications for listing company number changes, but it is financing a true reflection of the desire of the market. Some wishes if financing is not so strong, it will, of course, in accordanceCapital market and to make a decision.
In contrast, if the existing administrative examination and approval, then some real need for financing of listed companies may be artificially blocked, thus lost development opportunities. Canceled IPO approval, may be extremely difficult. However, the issues related to the functions of the SFC is also related to how to straighten out the market mechanism of capital market. This is the most criticalThe problem is the trend, is around over the issue. Relevant sector wise approach is not avoided, but should be top level system design, starting from the reduce examination and approval phases, in steps to approve the decentralization, until cancelled. Gem can be considered as the start of the new shares issued approval to the stock exchange, and then transition to the SME Board, the mostBack to Shanghai, in Shenzhen.
Reform of shares system would most like to see, in fact, around the abolition of administrative examination and approval, design stages, implemented in steps of the programme, as well as supporting institutional arrangements, for the final removal of listed IPO approval of the road map and timetable. 11 last year, began to push for a new round of administrative examination and approval system reform of the State Council. On January 6, Premier Wen Jiabao said at the national financial work Conference, would "deepen the IPO market-oriented reforms, further weakening of administrative examination and approval." 10 years, departments of the State Council to cancel the adjustment of administrative examination and approval a total of 2,183.
New shares issued should be included in the list of administrative examination and approval of a new round of cleaning. In fact, central to the civil, IPO market-oriented reform directionThere is a lot of consensus.
����Now, most need is relevant departments to follow the market
tera power leveling, come up with practicable reform programme, so that these "consensus" becomes a reality as soon as possible. Online statement Gold: gold online reprint of the above content, does not indicate that confirm the description, for investors ' reference only and does not constitute investment advice. Investor operations accordingly, at your own risk.
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