Which Side Of The IPO Implementation Rules Should Be Consulted?

The SFC issued a series of new IPO policies such as IPO and listing management measures (Revised Draft), IPO and listing management measures on GEM (Revised Draft), securities issuance and underwriting Management (Revised Draft) and other public opinions. Recently, the Shanghai and Shenzhen Stock Exchange also began soliciting opinions on the implementation details of IPO.

From the media coverage, the Shanghai and Shenzhen Stock Exchange asked for advice.

The implementation details include the detailed rules for the implementation of the initial public offering online issuance in Shanghai market (Draft), the implementation details of the initial public offering stock market under the Shanghai market (Draft), the implementation details of the IPO online issuance in Shenzhen (Draft), and the implementation rules for the issuance of the IPO under the Shenzhen market (Draft).

Unlike the SFC's views on the IPO new deal, the SFC is seeking advice from the public. The Shanghai and Shenzhen stock exchange is soliciting opinions from its member units, various securities companies (or institutional investors).

This means that the scope of the Shanghai and Shenzhen Stock Exchange's opinions is far from that of the SFC.

Because of this, compared with the practice of solicit opinions from the SFC, it is unfair and unreasonable for the Shanghai and Shenzhen Stock Exchange to solicit opinions from brokers.

Obviously, there is no small and medium-sized investors in the eyes.

The result of this approach is also difficult to reflect the aspirations of small and medium-sized investors, and it is difficult to represent the interests of small and medium-sized investors.

From the content reported by the media, there are also some contents that are not conducive to protecting the rights and interests of small investors.

For example, Shanghai and Shenzhen Stock Exchange's purchase market value and

The difference is easy to dizzy the non professional small and medium-sized investors, so that small investors make mistakes in the purchase process.

Because according to the draft opinions issued by the Shanghai and Shenzhen Stock Exchange, Shanghai stock market can purchase a subscription unit at a price of 10 thousand yuan, a purchase unit is 1000 shares, and the Shenzhen stock market threshold is 5000 yuan, corresponding to 500 shares.

In fact, the difference between Shanghai and Shenzhen stock exchange is totally unnecessary and can be unified.

After all, since last March, the securities and Futures Commission has removed the restrictions on the size of new shares issued between the Shanghai and Shenzhen stock exchanges. The Shanghai stock exchange can issue small cap stocks, and the stock market can also be issued in Shenzhen stock market.

It is totally unnecessary for the Shanghai and Shenzhen Stock Exchange to make such differentiated rules when issuing new shares.

For example, the provisions on the purchase ceiling are too loose, which is not conducive to increasing the winning rate of small and medium-sized investors in the purchase of new shares.

According to the draft opinions issued by the Shanghai and Shenzhen Stock Exchange, the maximum limit of each investor's online purchase is 1/1000 of the initial issue shares, and the maximum number does not exceed 99 million 999 thousand shares.

Here, the maximum ceiling is undoubtedly too loose.

According to the market value of 10 thousand yuan to purchase a purchase unit, 99 million 999 thousand shares of the corresponding stock market value reached about 1 billion yuan.

This regulation greatly meets the new needs of institutional investors, but it is not conducive to improving the success rate of new shares purchase, which makes it difficult for small and medium investors with limited market capitalization to have the chance to win the lottery.

The participation of small and medium-sized investors in the purchase of new shares is just a bustle.

Therefore, in order to raise the chance of winning the small and medium investors, it is necessary to cut the upper limit of each investor's purchase of new shares by half.

For example,

The market value should be calculated by market.

That is to say, the non restricted A shares holding the Shanghai market can participate in the online issuance of the new shares in the Shanghai stock market. Investors holding the market value of the A shares in the Shenzhen market can participate in the online issuance of Shenzhen stock market.

This provision is unfavorable for small and medium-sized investors.

As institutional investors, because the market value of shareholding is very large, even if the market value of Shanghai and Shenzhen stock markets is separately calculated, the impact on them is limited.

After all, there is an upper limit for the purchase of new shares, and the maximum limit for each investor to purchase online is 1/1000 of the initial issue shares.

The market value of small and medium investors is not large because of the stock market capitalization. If they are separately calculated, the market value of the two markets scattered in Shanghai and Shenzhen will be even more limited.

Therefore, it is necessary to calculate the stock market value of Shanghai and Shenzhen two markets.