P > some larger companies are also required to reduce the size of the issue.

Coupled with the overall restrictions on the number of new shares held by the SFC before this year, a series of measures will add up to a significant reduction in the IPO a href= "//m.pmae.cn/news/index_cj.asp" fund raising scale < /a > during the year.

But in the long run, the administrative mode instead of market self regulation may bring more negative effects.

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< p > investment bankers say that some sponsors have submitted the issuance plan according to the new requirements.

"We can't seal the book if we don't do it according to the new requirements."

A Bao Dai said.

Sealing the volume is the last procedure before the issuing Committee has approved the issue approval.

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< p > May 19th, the SFC carried out a number of work in order to implement the "nine new countries". In order to balance the needs of registration reform and stabilize market expectations in the issue of stocks, the SFC plans to issue 100 new shares from June to the end of the year, and will be listed on a monthly basis.

The move is considered to be "reversing", abandoning the principle of market timing decided by the market.

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< p > "in accordance with the new requirements, basically do not need to inquiry."

The capital market department of a investment bank said.

"According to the latest window guidance requirements, the issue price is no longer required to be determined by inquiries from the buyer's organization. It only needs to raise the scale of the fund plus the underwriting expenses, and then divide the number of shares issued.

In addition, if this result exceeds the average price earnings ratio of the industry, the issue price must be further reduced.

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< p > on the issue of window guidance or market pricing, regulatory authorities once tended to reform the pricing of the market, and took specific steps.

In 2009, the SFC cancelled the window guidance on Issuing pricing while introducing the growth enterprise market.

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< p > after that, due to the interruption of IPO, reform has also been repeated.

In 2012, < a href= "//m.pmae.cn/news/index_cj.asp" > SFC < /a > required that the issue of pricing must refer to the industry average price earnings ratio, and the price level exceeded the average level of the industry by 25%.

By the end of last year, the new version of the new share reform proposal had abolished the "25% threshold", but required that the company that had raised the subscription would reduce the old stock accordingly.

The effect of this policy is that the "super raised" funds have not been listed in the listed companies, but are acquired by the old shareholders.

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< p > January this year, when a href= "//m.pmae.cn/news/index_cj.asp" > IPO < /a > after the restart, some of the relatively high priced new shares arranged for the old shares to be resale according to the reformed opinions. Some of the new shares, such as the gold company's sponsorship and the sale of the old stock of ORSO Kang (300361), were much higher than the new share issue.

Public opinion criticized the old shareholders' "high price cash", the securities and Futures Commission immediately halted the issuance of orcex, and launched a survey of the IPO roadshow and inquiry fraud.

The findings of ORSO and CICC have not yet been released.

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< p > under the supervision requirement, this January IPO to the beginning of February this year, there was a large proportion of the securities companies rejecting the high offer orders in the net placing. The lower order was easier to get the rationing; a few issuers were unwilling to lower the issue price and chose to disclose the pricing risk for three consecutive weeks and postponed the issue.

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After P, the SFC conducted a review of the policy on the sale of the old shares, and publicly stated that the management of raising funds was unreasonable.

Subsequently, there are some new trends of reform, such as allowing a certain degree of over raising, and listed companies can make up the shortage of working capital by raising funds.

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< p > "now, the" supplement flow "(which is used to raise funds to replenish the working capital) has also been cut down.

The policy has come to a 180 degree turn.

A Bao Dai evaluation said.

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