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Published on 2018-11-09 03:42:55 Share it web version
                                    Fang Xinghai, Vice Chairman of China Securities Regulatory Commission: Keeping New Shares Normally Issued
Source: Securities Daily Author: Left Yonggang Editor: dongfangcaifuwang

On November 8, Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said at the 5th World Internet Conference Financial Capital and Internet Technology Innovation Forum that he would continue to maintain the normal issuance of new shares, reform and improve the stock issuance system with information disclosure as the core, and further Improve the predictability of the company's listing and listing. The CSRC is rapidly implementing the requirements for establishing a science and technology board and pilot registration system on the Shanghai Stock Exchange, providing a good capital market environment for the growth of innovative companies such as the Internet, and providing more high-growth listings with investment value for the capital market. the company.

Fang Xinghai said that in recent years, a large number of innovative information technology enterprises have emerged in China, playing an important role in deepening supply-side structural reforms, providing new growth momentum, and promoting the economy towards high-quality development. The China Securities Regulatory Commission attaches great importance to the development of the Internet industry, continuously deepens reforms, gives full play to the important role of the capital market in resource allocation, and promotes the innovative development of Internet companies.

The CSRC firmly promotes the construction of a multi-level capital market system, such as maintaining the normalization of new share issuance and increasing financing support for enterprises. In recent years, the phenomenon of IPO “blocking lake” that has plagued the market for many years has been eliminated. Eligible IPO corporate audit cycles have been significantly reduced from the past three years to less than nine months, and the predictability of corporate listings has increased significantly. From 2017 to October 2018, a total of 528 companies were listed through IPO financing, raising a total of about 355.4 billion yuan. A total of 409 enterprises completed refinancing during the same period, and the total amount of funds raised was approximately 1.12 billion yuan.

The CSRC continued to promote the market-oriented reform of mergers and acquisitions, and played a leading role in the high-quality development of the economy by the merger and reorganization of listed companies. From 2017 to September 2018, the transaction amount and the number of single-chip mergers and acquisitions of listed companies were 3.67 trillion yuan and 5765 yuan respectively.

The CSRC supports small and medium-sized enterprises to land in the New Third Board market and regulate development through listing financing, mergers and acquisitions and other means. From 2017 to September 2018, the New Third Board Company raised approximately RMB 181.2 billion through the issuance of stocks and carried out 152 major asset restructurings with a transaction value of RMB 20.3 billion.

In addition, domestic and overseas markets are more closely linked. From 2017 to October 2018, a total of 24 companies raised HK$148.3 billion through H-shares, and 32 companies refinanced HK$194.3 billion through H-shares. In particular, the “full circulation” pilot of the H shares of the three companies was successfully completed in the first half of this year. Currently, specific plans for expanding the pilot enterprises are being evaluated, and the financing support role of enterprises and entrepreneurs in the H-share market is further amplified.

The CSRC will continue to adhere to the fundamental direction of serving the real economy, deepen reform, expand openness, improve the system, continuously improve the efficiency of capital market service innovation enterprises, and promote the healthy growth of the capital market in the process of promoting economic innovation and development.

The first is to deepen reform and promote the function of the capital market to play a better role. We will continue to maintain the normal issuance of new shares, reform and improve the stock issuance system with information disclosure as the core, and further improve the predictability of corporate issuance and listing. Deepen the market-oriented reform of mergers and acquisitions, encourage and support listed companies to rely on mergers and acquisitions to refine and strengthen. On the basis of the “small-volume quick” review mechanism, the “division system” audit is implemented according to the industry and is applied preferentially in the high-tech industry. On the basis of the successful completion of the pilot, the H-share company with full H-share circulation and qualified conditions can be applied for full circulation as soon as possible to facilitate the overseas listing of domestic innovative enterprises.

The second is to expand openness and continuously introduce long-term overseas funds and institutional investors. Do a good job in the follow-up of A-shares into the Alum and FTSE Russell Index, continue to improve cross-border trading arrangements, optimize the exchange interconnection mechanism, respond to the concerns of foreign investors in a timely manner, and facilitate the expansion of A-share allocations by long-term overseas funds. We will vigorously support foreign securities and futures institutions to establish legal entities in China and engage in asset management business.

The third is to strengthen supervision and create a good market order and financing environment. Strengthen the supervision of corporate IPO, refinancing, mergers and acquisitions, and bond issuance, and enhance the guidance and binding force of the securities market to corporate finance. We will continue to crack down on illegal and illegal acts such as fraudulent issuance, false information disclosure, insider trading and market manipulation, maintain a fair market trading order, and protect the legitimate rights and interests of investors.

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(Article source: Securities Daily)

Published on 2018-11-09 07:20:52
                                                Ok, good!
Published on 2018-11-09 07:39:34
                                                Stunning my A
Published on 2018-11-09 08:06:48
                                                From 2017 to October 2018, a total of 528 companies were listed through IPO financing, raising a total of about 355.4 billion yuan. A total of 409 enterprises completed refinancing during the same period, and the total amount of funds raised was approximately 1.12 billion yuan.The results are remarkable and obvious to you.
Published on 2018-11-09 08:06:49
Published on 2018-11-09 08:09:36
                                                Great!
Posted on 2018-11-09 08:22:10
                                                Transparent management, tell the truth. awesome
Posted on 2018-11-09 08:28:02
                                                It is possible to buy cheap stocks, as long as the dividends are paid.
Published on 2018-11-09 08:31:09
Published on 2018-11-09 08:33:45
                                                Recommendation: Once the performance of the new annual announcement is reduced by more than 20% or loss from the previous year, the size may not be reduced within 3-5 years after the expiration of the lifting period.
Published on 2018-11-09 08:35:25
                                                The size is not afraid of the retail investors like, embracing the low-priced stocks in the small cap.
Published on 2018-11-09 08:36:26
                                                Once the stock price (after reinstatement) is lower than the issue price for 20 consecutive trading days, the size may not be reduced within 5 years after the expiration of the ban period.
Published on 2018-11-09 08:47:28
                                                it is good! A big one! ! !
Published on 2018-11-09 08:47:28
                                                it is good! A big one! ! !
Published on 2018-11-09 08:47:28
                                                it is good! A big one! ! !
Published on 2018-11-09 08:59:27
                                                High-tech industry is preferred, supporting the development of private enterprises and technological innovation
Published on 2018-11-09 09:06:43
                                                What is normalization?
Posted on 2018-11-09 09:12:52
                                                There is no risk in the stock market, and it is bold to enter the market.
Published on 2018-11-09 09:13:40
Shareholder jyfbiu :
                                                            Once the stock price (after reinstatement) is lower than the issue price for 20 consecutive trading days, the size may not be reduced within 5 years after the expiration of the ban period.
                                                What should I do after three or five years? The fundamental approach is to reduce holdings and paying dividends. More dividends can be reduced, no dividends are not reduced. The total amount of reduction shall not exceed the total amount of dividends multiplied by the shareholding ratio. No need to set a ban
Published on 2018-11-09 09:14:16
                                                It’s great, not good.
Published on 2018-11-09 09:38:58
                                                Most companies are listed, so congratulations!
Posted on 2018-11-09 09:53:08
                                                The predictability of the company's issuance and listing has increased, and where is the investor's profitability predictable?
Published on 2018-11-09 10:10:46
Published on 2018-11-09 10:17:19
                                                Supporting the real economy, what is normalization, all companies that meet the listing conditions can be listed.
Published on 2018-11-09 10:21:53
                                                The issuance of new shares should be based on the trend of the broader market. This will ensure the stable operation of the stock market.
Published on 2018-11-09 10:24:18
                                                good job
Published on 2018-11-09 10:38:19
                                                The number of listings does not matter, the key is to reduce the holdings after three years. Should be limited. According to the dividend, how much market value can be reduced. Prevent false high income. Stir high stock price.
Published on 2018-11-09 10:39:31
                                                The two problems are not resolved, A shares will not have a bull market! First, the stock market positioning problem, we must change the financing-oriented market to an investment market based on optimizing resource allocation! Second, the size is not reduced! Massive zero cost or even negative cost is not allowed to be reduced in the secondary market! In addition to this, what stamp duty reduction, what T 0, what to let go, etc. are all clouds!
Published on 2018-11-09 10:56:05
                                                The company's profitable dividend payout ratio is not less than 50% of the profit. Only the Chinese stock market can be healthy. The stock price is lower than the issue price and the stock price cannot be reduced. Therefore, the impulse to cash out can be suppressed. The stock price is lower than the net value. The company must buy back. So the company can grow. The company's refinancing must have an average growth rate of not less than 30% for three consecutive years, so that resources can be optimized.
Published on 2018-11-09 11:31:33
                                                The beautiful 50 three-weighted Ping An, Maotai and China Merchants Bank led the decline, and the three dividend returns were 0.95%, 1.94% and 2.91%. At present, the average cost of social funds is about 3.6%, so the dividends of the three major weights are difficult to support the high stock price. It is unrealistic to expect the SSE 50 to lead the market out of the bottom.
Published on 2018-11-09 11:35:58
Busy call :
                                                            The company's profitable dividend payout ratio is not less than 50% of the profit. Only the Chinese stock market can be healthy. The stock price is lower than the issue price and the stock price cannot be reduced. Therefore, the impulse to cash out can be suppressed. The stock price is lower than the net value. The company must buy back. So the company can grow. The company's refinancing must have an average growth rate of not less than 30% for three consecutive years, so that resources can be optimized.
                                                Add one: Once the company announces that the annual report performance of the year is more than 20% or more than the previous year, the size is not reduced within 3-5 years after the release of the ban.
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