The China Securities Regulatory Commission response to the current stock market five hot issues

Yesterday, the China Securities Regulatory Commission in charge of relevant departments said that the SFC to grasp the rhythm of new shares issued will take into account all views. At the same time, the stock fund positions has declined, to a large extent is due to the market value of fund shares led the decline, the day-to-day monitoring found no presence "Zapan" and other illegal acts. The person in charge said that the futures and financing Rongquan, such as the GEM and there is no timetable for innovation, but the preparation work is still going on. For Li Li electronic problems, the SFC has also asked relevant agencies and relevant departments to carry out verification. Size initiative on a number of non-extension of the lock period, the above-mentioned persons responded that this was "a lock to climb 2" on the basis of the shareholders to make arrangements for the lock period, the market is the conduct of its own choice.

To grasp the rhythm of new shares issued will take into account all views

The market of public opinion - the weakness in the market situation, the issue of new shares should be reduced, and strictly controls the refinancing of listed companies.

SFC responsible officials of relevant departments, said: "SFC to grasp the rhythm of new shares issued will take into account all views."

Root, from January to June this year, A shares of the IPO financing of 94 billion yuan, a year earlier to 136.3 billion yuan this year, financing for less than 70 percent of the same period last year. Public offering of 100 million shares over the market shares, issued from January to June last year, 11, funding 126.747 billion yuan, issued the same period this year only four, fund-raising 64.319 billion yuan, the issue of home financing for the same period last year and were down by 64% and 49 %.

When the financing aspect of the binding role in the secondary market will become more pronounced. January to June this year, the SFC approved the 88 companies refinancing, of which only 69 companies completed the refinancing, raising funds become available, while 19 companies had been approved get approval, but also approved by the approval of six months The period of waiting for the issuance of the window. For additional targeted to be implemented, because the secondary market fell more, we should also consider whether the reserve price adjustment issue. Above that, "This shows that the secondary market on the refinancing of listed companies is very strong binding."

"After years of reform and development, listed companies and financing the secondary market more closely, the movements of the secondary market financing bound by very real strengthened." Apart from the aforementioned refinancing market to a sharp bound, with the overall market this year Point-and price-earnings ratio of the decline, IPO enterprise sector companies with stock prices down, making the frame of reference of new shares issued decreased. Pricing has been issued from the results of the company, the SFC before the window guidance - such as small and medium-sized plate 30 times the issue price-earnings ratio - this year in real terms has been bound by the market mechanism to replace the standard form of pricing, the buyer and the seller has the mentality of the new shares Issue more fully in part reflected. At the same time, the first day of listing of new shares or indeed compared with the same period last year dropped more, issuers, underwriters and Request object in the IPO pricing also became more cautious.

The official stressed that the current Commission is also exploring ways to further deepen the reform issue, and further play the role of market mechanisms and give full play to the market in resource allocation in the role, and strive to promote the smooth development of the market.

Comments: June 22, the China Securities Regulatory Commission Chairman Shang Fulin said, to "adhere to market-oriented, reasonable balance between market supply and demand, orderly adjustment financing rhythm." Ultimately, the market boom cycle on the issue of binding effect is the last word. Do not forget that the 2005 to 2007 the average price-earnings ratio of new shares issued from 20.4 times to 28.2 times, representing an increase of 38 percent over the same period the secondary market average price-earnings ratio from 24.2 times all the way up to a maximum of 69.6 times, increases 127%, a lot of money hoarding in a new market, the public opinion that returnees were too low proportion of shares issued. Also not forget that in 2006 the market has also experienced Air break the embarrassing situation.

Stock value shrank found no impact on fund positions, such as illegal phenomenon Zapan

The market of public opinion - as the market weakness, the Fund's shares continue to drop positions, funds and other institutions should strengthen the supervision of, and advocate the value of investments.

SFC responsible officials of relevant departments, said: "This year, the stock fund positions has declined, to a large extent is due to the market value of fund shares led the decline."

The parties highly concerned about the market shares of the fund positions of the decline, the SFC responsible officials of relevant departments said that this year since the partial shares of the Fund's equity positions have indeed dropped, but many people ignored the stock market decline led to a decline in the positions Factors.

The analysis, even if a fund is not sold, when the index fell lead to changes in market value of shareholdings, as the Fund's portfolio in bonds and cash do not change, the Fund's equity positions will decline for the performance.

Regulatory departments of the Fund of the day-to-day monitoring shows that the recent fund companies were found between the Fund and other agencies or between each other Zapan, and other illegal acts, the fund investment ratio and stock positions also are in line with the contractual agreement.

These people said, regulators will continue to pay great attention to the future fund investment transactions, the existence of such illegal acts will be punished according to law. In addition, will also continue to urge the fund management companies establish a sound business sense, better fulfill its fiduciary duty to fund investors to provide better banking services.

"Fund as a capital market institutional investors, their investment behavior affected by many factors, including the Fund's own risk and return characteristics of style, the trend of the market, the fund manager's investment philosophy as well as their economic development and macro-control of the judgement And so on. As for open-end fund, the fund's purchase of the Fund to redeem the situation will have a direct impact on investment behavior. "The people believe that the above sense, the fluctuations in the market, fund management companies as a trustee of the property The administrator of the fund positions and adjust to the sale of shares of the decision-making, should be the norm.

Comments: The fund day-to-day transactions in recent years, the SFC and the Stock Exchange of trust in banks have been set up real-time monitoring mechanisms, focus on whether there is abnormal fund transactions, the proportion of positions, whether the required percentage of shareholding. Fund of further improvement, not only depends on the regulatory departments of supervision and guidance, also depends on market structure and function of further improved, more fund companies really depends on a "entrusted by the people, the generation financial management" concept.

Rongquan view that there is no timetable for the launch GEM

The market of public opinion - is the launch stock index futures, financing and the GEM Rongquan a good time.

SFC responsible officials of relevant departments, said: "(the innovation) has done a lot of pre-preparation work, but as soon as possible launch of the restricted number of factors. There was no specific timetable, but has been carrying out preparatory work."

The official stressed that the SFC has always attached importance to financial innovation and the promotion of institutional innovation, product innovation, the market system innovation, system innovation, the SFC has been the focus of the work. Promote the view that, financing and the GEM Rongquan, such as innovation, to examine their own system of readiness, technology readiness, risk assessment, improve the level of risk-control mechanism - "a very good thing, in preparation for improper arrangement of The launch will be a lot of problems. "

Similarly, "a good thing if the timing is not immediately launched, there are problems." The people that, in addition to the relevant decision-making mechanisms and decision-making procedures, the larger changes in the market environment this year, the international and domestic situation of China's economic impact on the formation of More uncertain factors. "These new situation, the need for careful assessment, when the introduction of the innovation, there is no specific timetable, but has been carrying out preparatory work."

Comments: June 20, Shang Fulin, in an exclusive interview with this newspaper pointed out, "To strengthen market infrastructure and institutional building a consistent manner on the strategic level, to resolve the institutional development of the market, the mechanism of the problem and improve the operation of the market The efficiency and overall competitiveness. "It should be said that the SFC to promote the system, the attitude of product innovation, is unwavering.

Li Li is the electronic verification issues

The market of public opinion - Li Li electronic exposed prior to listing the existing problems, and regulatory departments should be strict verification.

SFC responsible officials of relevant departments, said: "The media queries, the SFC has asked the relevant bodies and relevant departments to verify, in fact, the media questioned the issue of the SFC review of the IPO process, has been to focus on. Against the market Response, the Commission has once again its verification, verification is still in progress. "

It is learned that early in March this year, the legislature will introduce legislation on electronic ago, has its pre-disclosure of the company's assets, operations, personnel relations fully disclosed. SFC review process, also asked relevant agencies and parties issued a written opinion, and on June 18 published in detail in the prospectus for the disclosure. "Legislation by the legislature triggered by the electronic issuance of new shares the concern of the audit, in fact, the SFC has been the focus of attention. Legislature of the legislation in electronic, pre-disclosure to the SFC to further improve the system, from the second half of this year , We will advance to the pre-disclosure of the SFC feedback response phase, to strengthen all aspects of market constraints, strengthen the relevant audit. "

The official stressed that the SFC has been actively promoting the reform of the system of new shares issued: First of all, trying to play a more intermediary role. Improve the system as a sponsor, the sponsor institutions and increase the responsibility of the sponsor representative to the due diligence and internal control play a role. The SFC issued in the Department level, the disclosure of pre-launch system, increase transparency and restraint. At the same time, Fashen Wei from the beginning of the end of 2003 to reform, transparency and resolve pending issues of concern to some. In the rear part of the issue, pricing of the market-oriented reforms. But "the ultimate stock can be bought, or the investors to make their own judgement."

Comments: SFC Chairman Shang Fulin pointed out that the issuance monitoring system of direct financing system is the most important component of one of the sponsor system, Fashen Wei system, Request system constitutes a regulatory issue at this stage the basis of the system. SFC in recent years gradually push forward reform of the three systems, the ability of the sponsors, pricing power, the processing capacity and various kinds of intermediary institutions and comprehensively enhance the level of practice on the basis of issuing He Zhunzhi from the transition to the registration system方才with the conditions.

It must be pointed out that in the sponsor system in the course of the operation, the SFC has three sponsors of the agencies, 17 representative to the sponsors in a certain period of time will not be accepted or not accepted the recommendation issued by their listing applications, such as conversation reminded Regulatory measures.

Lock-size extended period of market behavior

The market of public opinion - some the size of the company offered to delay the reduction of non-measures, supervision and management departments should be encouraged.

SFC official said the relevant departments: the size of non-extension of lock-in "a lock to climb 2" on the basis of the shareholders to make arrangements for the lock period, the market is the conduct of its own choice.

"Strictly speaking, the size of the non-locked short period of good or good, depending on a listed company and its shareholders the specific case may be, there is no fixed standards." The people that in the course of the SFC shares changed based on the prevailing market Situation "a lock to climb the" requirement, some companies on the basis of this to make additional commitments, some shareholders of the company spent locked after the initiative to extend the lock period, "are made based on their own judgement, are the market Of the act. "

Comments: recent initiative to extend the size of the non-lock period of the motive, more of the parties. Regardless of their motivation, it is an independent shareholders, regulators did not give value judgement, but the bottom line for the corresponding clear that the size of the non-lock period only limit - "a lock to climb 2", there is no upper limit.