IPO Registration System Is Getting Closer And Closer.

The purchase of new shares officially ended in 2014.

In the 125 new shares issued last year, its performance in the two tier market far exceeded the performance of the index in the same period.

The average increase was 43.24% on the first day and 148.21% on average since the listing, even if the first day's increase was 104.97%, much higher than that of the Shanghai Composite Index of 57.63%, or even more than that of the gem index 24%.

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The main factors that affect the current stock speculation are whether the supply and demand is tight and whether the market liquidity is loose.

Due to the suspension of more than a year of IPO before the restart of IPO in January last year, the market is more hungry for IPO, which makes supply and demand more tense.

On the other hand, on the premise that the price of small and medium board and gem is generally low and easy to hype, the average price earnings ratio of new shares is 23.91 times that of the gem and 70 times of the gem and 46 times earnings of the small and medium-sized board. The two class market small cap stocks are significantly higher than the new IPO price earnings ratio, resulting in a large influx of funds into the new and new wave of speculation.

Among them, Lanshi reload, Zhongke Shuguang, nine strong creatures, ustin travel, CO forging shares, garden bikes, energy saving wind power, startled sky, Tianhua super net and aberson are among the top ten new shares in last year's list, and their lowest rise is over 300%.

Market pairs

Expectations are stronger.

It is estimated that the registration system will take three steps in advancing the progress. In early 2015, the reform plan was introduced, and in the middle of 2015, a pilot test was conducted at the specialized level and individual sectors of the growth enterprise market, and the full implementation of the system began in 2016.

Throughout the global stock market, there are mainly three kinds of issuing systems: approval system, approval system and registration system.

The examination and approval system is a completely planned distribution mode, and the approval system is the interim form from the examination and approval system to the registration system. The registration system is a widely used distribution system in the mature stock market at present.

The establishment of registration system is the direction of the development of China's trial system.

In the third Plenary Session of the 18th CPC Central Committee, the decision put forward the requirement of "promoting the registration system reform of stock issuance". In early 2014, the new "nine states" proposed to actively and steadily push forward the stock issue registration system reform; in November 2014, the Executive Council of the state Council put forward the reform plan for issuing the stock issue registration system.

The registration system will solve the serious imbalance between the supply and demand of new shares and the serious wave of new speculation.

The United States has the largest and most concentrated securities market in the world, and efficient securities issuance system plays an important role in it.

Since 1980, the US stock market has maintained a high level of issuance, with an average annual circulation of more than 300.

Compared with China's stock market, the number of new shares issued in the US market is 2~3 times the annual number of new shares. In the average issue amount of each stock, China's new share is significantly higher than that of the United States.

It can be expected that after the gradual issuance of the registration system in the Chinese stock market, the size and scale of the new issue will be closer to the mature market of developed countries each year.