IPO From The Audit System To The Registration System Of New Shares In The Pition Period Of The Game

< p > < strong > excluding "dammed lake" < /strong > < /p >.

In 2013, when Xiaogang became chairman of the securities and Futures Commission, the issue of new shares has been suspended for more than six months. Up to more than 700 companies have been queuing up outside the SFC.

According to the speed of new shares issued by A shares, it will take at least 3 years for all companies to complete the listing.

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< p > this is a nightmare for some < a href= "http:// www.sjfzxm.com/news/index_c.asp" > Company < /a >.

The reason why we can not afford to afford it is that many listed companies will rely on the funds of strategic investors before they are listed, and the performance that relies on capital is not sustainable. If we fail to complete the listing on schedule, the inevitable decline in performance will come true.

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After P, the issue of new shares was suspended again because of the need to supplement the 2013 annual report. At the same time, there are 632 companies listed outside the stock market, and the IPO is still under pressure to inventory.

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< p > < strong > < a > href= > http:// > www.sjfzxm.com/news/index_c.asp > go to stock > /a > the best way is to "reduce sales promotion".

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According to Wind statistics, the average price earnings ratio of the 48 companies listed in January this year is 29 times, and by June, the 10 listed companies have dropped to about 17 times earnings earnings in June.

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< p > such a low issue a href= "http:// www.sjfzxm.com/news/index_c.asp" > P / E < /a > has been almost the same as the valuation given by the listed companies, and the advantage of choosing the latter is no longer queuing up.

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< p > < strong > triggering new shares rising < /strong > /p >

< p > after issuing several rounds of patch policy, the IPO eventually changed from "three high" to "three noes", that is, "no high price, no oversubscription and no old stock".

For the current IPO system, issuers and sponsors are somewhat helpless.

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< p > in the middle of June this year, the 4 new shares that were first issued in the middle of the year, total funds raised were only 1 billion 700 million yuan, attracting new funds up to 380 billion yuan.

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The low success rate and high rate of return in the P > two market have become a new "complication" in the reform of the IPO system.

In July 11th, the 66 successful snow wave environment stopped after 11 consecutive trading boards.

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After being artificially suppressed in the primary market, the two tier market has assumed the role of P valuation. As for the two level market, there is no question of whether the new stock market is over speculation.

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