The science and technology innovation board has been running smoothly for more than March, but the market supporting securities companies and investment system has attracted a debate recently.
At the 10th Caixin summit held on November 9, Bi Mingjian, chief executive officer and chairman of the Management Committee of China International Finance Co., Ltd., said bluntly that the compulsory follow-up investment system adopted by science and technology innovation board does not conform to the basic principles of market operation.
In Bi Mingjians view, the problems exposed in the development of science and technology innovation board need to be solved in a market-oriented way. In the past, in the process of IPO pricing, the relationship between securities companies and issuers was relatively close, not so close with investors. Therefore, it is easy to form systematic errors in the pricing level, leading to the imbalance between the buyer and the seller. At present, the way that the science and technology innovation board takes to deal with this problem is to force the securities companies to follow the investment. There is no market in the world that does this and does not conform to the basic principles of the market. We are intermediaries that should balance buyers and sellers..
On April 16, the Shanghai Stock Exchange issued the guidelines for the issuance and underwriting of science and technology innovation board shares of the Shanghai Stock Exchange, which stipulates that securities companies should subscribe for 2% to 5% of the issuers initial public offering shares according to the scale of the issuers initial public offering shares. It is also clear that the lock-in period of follow-up shares is set as 24 months, which is longer than the shares held by other shareholders except the controlling shareholder and the actual controller before issuance.
According to wind data, when the scientific and technological innovation board has been operating for 100 days, 18 securities companies participating in the follow-up investment of individual shares in the scientific and technological innovation board have a total book profit of 1.758 billion yuan. But in contrast, in September, the book profit of securities companies follow-up investment shares once exceeded 2 billion yuan. In the recent trend of the break of individual stocks in science and technology innovation board and the low rise of new shares on the first day of issuance, the market heat is not as high as it was three months ago. It remains to be seen whether the floating earnings of securities companies follow-up investment shares will further shrink.
With the investment, the stock market (overall price) is relatively low now. In the future, the stock market (overall price) will be relatively high. How can we do it one by one? . Bi Mingjian spoke up at the meeting.
Bi Mingjian said that since the establishment of domestic securities investment banks, they have not experienced the process of internal balance, there is no business to offend investors overseas.. Therefore, he proposed to learn from the mature experience of overseas markets, adopt a more market-oriented approach in the science and technology innovation board market, and strengthen the ability of securities companies to serve institutional investment, so as to solve the problem of imbalance between the buyer and the seller in the issuance of new shares. For example, in the process of securities issuance, it provides more rights for securities companies to place shares.
Shang Fulin, chairman of the Economic Commission and former chairman of the China Banking Regulatory Commission, has different opinions.
Securities companies have one shoulder and two ends. But in a sense, securities companies should pay more attention to investors and make high-quality listed companies for investors. The follow-up investment system is the constraint mechanism formed under the current market. Shang Fulin said.
Shang Fulin pointed out that the foundation of Chinas capital market construction is different from that of developed countries. China is a capital market established through reform and opening up under the long-term planned economic system, while overseas developed countries are capital markets established after the long-term development of joint-stock enterprises. Under the planned economy, the issue of stock and debt depends on the national credit, not the credit of the enterprise itself. This leads to the relatively poor reputation of domestic listed companies, and the number of individual shares participating in the dividend is also small.
In addition, there are also violations of laws and regulations within the domestic securities companies. Investors in the capital market are mainly short-term investors, lacking long-term investors. All of these are the reasons why some compulsory policies are adopted in the development of capital market.
It may face short-term difficulties in policy, but in the long run it is beneficial to realize an open, fair and just market.. Shangfulin said.
Source: editor in charge of interface news: Wang Xiaowu NF