After Wu Qing, the new chairman of the China Securities Regulatory Commission, took office, the pace of new share issuance has really slowed down. For example, during the trading week from February 26th to March 1st, there was a phenomenon of zero new share subscription and zero meeting of enterprises in A-shares, and only 2 new shares were arranged to be listed.
With the release of the IPO data in the last trading week of February, the new share issuance data for February was also locked. As a result, only 2 new shares were successfully issued in February, namely Kent shares and Longcheer Technology. In comparison, the number of A-share new shares issued in January was as high as 16. At the same time, there were only 7 new shares listed in February, and after entering the Year of the Dragon, only 2 new shares of Kent and Longcheer Technology were arranged.
Judging from the IPO data in February, especially from the IPO data after Wu Qing took office, the new leadership team of the China Securities Regulatory Commission has really listened to the voices of investors. The pace of new listings has indeed slowed down. Only 2 companies issued new shares in February, and only 2 new shares have been listed since the beginning of the year. Although the IPO has not really been stopped, investors can still clearly feel the fact that the pace of the IPO slowed down in February, and at the same time, they also feel the care of the new leadership team of the China Securities Regulatory Commission for the market, which has a positive effect on boosting investor confidence.
However, judging from historical experience, the slowdown or even suspension of the pace of IPOs has only a phased impact on the market. The impact on the medium and long-term trend is relatively limited. This is one of the reasons why some people do not support a moratorium on the IPO bailout. After all, if it only slows down the pace of IPOs or suspends the issuance of new shares, this does not solve some of the substantive problems in the IPO process, which has a limited effect on the healthy development of the IPO market.
Therefore, in the case of a downturn, the market must slow down the pace of IPOs, but more importantly, the market needs to do something in the case of a slowdown in the pace of new stock issuance. In particular, in the IPO process, it is necessary to seize the opportunity to solve some problems in the IPO process, including the revision and improvement of some important IPO systems. This makes sense to slow down the pace of IPOs. At present, after the pace of new share issuance slows down, the IPO process needs to do at least such a few aspects of work, or solve such problems.
First of all, it is necessary to improve the equity structure of the IPO company, except for the enterprises that must be absolutely controlled by the state, the proportion of shares held by the controlling shareholder in the IPO company shall not exceed 30% in the IPO company in the IPO of other enterprises, and at the same time, the proportion of the initial tradable shares shall not be less than 50% of the company's total share capital (for companies with a total share capital of more than 5 billion, the proportion of the initial tradable shares can be adjusted to not less than 25%). Through the setting of this equity structure, it can not only solve the corporate governance problems such as the dominance of one share caused by the unreasonable equity structure, but also solve the problem that the controlling shareholder regards the first as an ATM, reduce the cash-out pressure brought by the controlling shareholder to the market, and can also solve the problem of inflated height.
The second is to raise the listing threshold for IPO companies and keep the door to China's first entry. Only let good companies and high-quality companies go public, and keep some mediocre companies, garbage companies and companies that meet the conditions for delisting out of the door. On the issue of setting the listing threshold for IPO companies, it is necessary to reflect the concept of "investor-oriented", to be responsible to investors, and not to treat ordinary investors as venture capital institutions, and let ordinary investors bear the investment risks that venture capital institutions should bear.
Third, improve the pricing mechanism of new stock issuance and prevent the issuance of "three highs" (high issue price, high price-earnings ratio, and high over-offering). Although the issuance of new shares under the registration system emphasizes more market-oriented issuance, marketization is not synonymous with the "three highs" issuance, and the new market issuance can also be a rational issuance, or even a low-cost issuance. After all, the issuance of new shares under the registration system has also appeared in Shangwei New Materials, with an issue price of 2The case of 49 yuan shares. Therefore, even the registration system can be issued rationally, and the key lies in the improvement of the pricing mechanism.
As a matter of fact. For small and mid-cap stocks that are not worried about the failure of the issuance, they can be encouraged to adopt the method of pricing issuance and direct online issuance, and the issue price can be controlled below 23 times the issue price-earnings ratio. For the ** shares with more than 500 million shares issued, the method of inquiry issuance can be adopted, and part of the issued shares can be used for offline issuance. There are two ways to issue new shares, one is the offline bidding inquiry, the highest price wins, and the last bidder is the new share issue price, and this price is issued online. The second is to take 23 times the issue P/E ratio as the axis, and for the ** that exceeds 23 times the issue P/E ratio, it will be excluded from high to low according to the proportion of 50%; For those with a price-to-earnings ratio of less than 23 times, they will be excluded from low to high at a ratio of 25%, so as to guide the inquiry agency to be rational**.
The fourth is to assign the over-raised funds to the investor protection account, which will be used to compensate investors in the future. The pursuit of over-raised funds has led to the irrational issuance of new shares, which has not only led to a significant increase in the risk of new stock investment, but also led to a large waste of resources. Therefore, in order to curb the issuer's pursuit of over-raised funds, all over-raised funds can be classified as the ownership of investor protection, and at the same time, the current investor protection system can be reformed, so that investor protection can truly protect investors, and the over-raised funds assigned to the investor protection account can be used to compensate investors in the future. If the issuer does not get the over-raising, it will lose the impulse of the "three highs" issuance, and the issuance of new shares is expected to return to rationality.