China built into the ipo is undoubtedly one of the recent market hot topic. With before new shares "set limit to not limit" different is, China already built into the limits the number of issued no more than 1.6 billion shares, and not more than 5 billion yuan or junk-rated commitment. The "double limit" the issue pattern, obvious inhibition of new shares to appear generally excellent offering phenomenon. China built into issued announcement, this issue size eventually shrink to 1.349 billion shares, in addition to change absorption road &bridge construction, strategic investors subscribed to the online and offline and issue, the main underwriter, also underwriting about 102 million shares. In the public of seo, share placements refinancing manner, by the underwriter, the surplus of the underwriting is not uncommon, but in the new issues appeared in the lead underwriters underwriting is rare.discount sunglasses China built into the lead underwriters joint Lord underwriting phenomenon, but also A share from 2005, the inquiry system for the first time since the IPO of "special case". The number of 102 million shares lead underwriters underwriting obviously many, besides its also promised to underwrite part of the lock regularly for 3 months. Although 5 billion yuan financing limit can also bring expensive cost lead underwriters underwriting income, but because the underwriting, Lord of the interests of the underwriters and releases the price, and the off-line allocated institutions and online be the lucky number the interests of investors in the bound together. After the IPO market reform, the new "three highs" issue is popular, in addition to the defects in the design of the system, and the issuer packing whitewash besides, the underwriter (guarantor) use advocacy is also not be ignored in the factors. The main underwriter not participate in new shares placement, and high prices also by other investors take risks, the higher the issuing price more because, Lord of the lead underwriters for the more underwriting fees, lead to the new promotion, road shows process, in order to achieve the purpose of the issuance price, racked his brain trying to mislead investors, so that the ipo p/e ratio is high. China built into the lead underwriters in the underwriting phenomenon, a sense for us to restrain new shares "three highs" releases offer new ideas. The China securities regulatory commission to office, guo, push the ipo system reform. Some time ago, in the way in which determine the ipo price, market is modified the Dutch auction system and the American ZhaoBiaoFa debate. But "company law" the one hundred and twenty-seventh regulation, with time the same kind of stock issued, each share shall be issued conditions and prices the same; Any units or individuals for the shares shall pay the same price per share. This marked the A share market in implementing the "the highest bidder wins" American ZhaoBiaoFa there are legal hurdles, with shares issued more accord with current pricing to the reality. In this context, the new issues in the lead underwriters underwriting the Lord is very necessary. The release of how to reform the system, market no shortage of ascension of the proportion of the off-line allotment voice. The author suggest,nfl jerseys cheap and improving the proportion of part, by the underwriter, underwriting, and the lock to increase the regular six months or more. So, letting the interests and the underwriter ipo price close hook; 2 will lead underwriters misled inquiry agencies can blow for the high cost of impulse. Of course, change the new issue of the "three highs" pattern, just out of the lead underwriters underwriting measures are not enough, still need to reform from various aspects of, can achieve a goal.
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