The decline of stocks in the secondary market, especially the issuance of new shares, has brought certain challenges. The reason behind it, the current background may be more important.
First, because the whole market is in a fragile and sensitive special stage, whether it is the North Stock Exchange, A shares or the international capital market, it will have a great impact on the issuance of new shares and stock prices.
Second, for the North Exchange itself, the previous policy dividend release is a relatively concentrated and sufficient state. If the market enters a calmer, more rational, even too calm and rational state, it will actually be a new challenge for all new shares.
Third, it is the new shares of the North Exchange. From its attraction, its scale, its quality and its scientific and technological content, it should be said that there are really no more surprises for investors. Under the above background, if it is not more attractive than expected, the pressure of issuing new shares is still relatively greater.
Since February this year, the issuance of new shares of the North Stock Exchange has continued. Today, Colette has achieved online subscription. Some investors believe that the recent breaking of new shares will affect investors' enthusiasm for new shares, and playing new funds may not be as good as previous new shares.
Some investors suggested that Beijing Stock Exchange could be in line with A-shares when innovating, and adopt the market value placement method to stabilize the confidence of the secondary market while innovating; Some investors believe that it can be bought by lottery in a credit account just like convertible bonds.
In Fu Lichun's view, the successful issuance of new shares is still in the enterprise. "If we enrich the IPO pricing method and IPO placement method under the above background, we can actually expect it, and there may be such a connection. But fundamentally speaking, it is still in the enterprise itself, according to the whole stage and background of the market and policy, to adjust the pace of its issuance and the level of pricing and valuation. "
Zhu, a veteran of the New Third Board market and general manager of Guangdong Electric Power Equity Investment Fund Management Co., Ltd., said that the public offering of convertible bonds by the North Stock Exchange is better than the market value placement.
Compared with the creation of a new and stable secondary market by market value placement, Zhu believes that hundreds of billions of new funds should be introduced for on-site transactions, and gives detailed suggestions:
First, introduce long-term funds. There is no new Public Offering of Fund issue after the eight Beijing Exchanges issued in Public Offering of Fund. The stock exchange declared by CITIC Jiantou (25.070, -0.53, -2.07%) has been declared for several months and has not been approved yet;
Second, reform the system of new shares, and implement the system of combining market value with full cash for new shares. All-cash market value is the most scientific, which allows all parties to maintain market value and introduce running water. The specific market value can be studied. For example, if the market value of the North Exchange is 654.38+10,000 yuan, you can participate in the subscription of new shares of the North Exchange. Specific subscription or cash. As it is now, the more funds there are, the more placements there will be.
Three. Announce the detailed rules for the public offering of convertible bonds. Judging from the Measures for the Administration of Securities Issuance and Registration of Listed Companies issued by the China Securities Regulatory Commission, listed companies on the North Stock Exchange can issue convertible bonds in a targeted manner. However, at present, the North Exchange only issued the Detailed Rules for Listed Companies to Issue Convertible Corporate Bonds to Specific Objects, and suggested that the North Exchange issue the Detailed Rules for Listed Companies to Issue Convertible Corporate Bonds to Unspecific Objects as soon as possible, so as to facilitate the public issuance and transfer of convertible bonds. In order to place convertible bonds, investors had to allocate shares in advance, and the stock market of the North Stock Exchange rose. This is how the technology innovation board market is activated.