Issue of reform and strengthen the buyer's attention to small shareholders in binding

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Pricing of the stock market is expected to further the abolition of window guidance

Introduction at the overall issue of reform ideas, Zhu said, the Commission heard the views of all

parties, to see some of the most urgent need to improve or reform. After comprehensive

consideration, the existing issued shares of the idea of reform embodied in the stock

market-oriented pricing to further strengthen the buyer's binding, taking into account the

interests of all parties, such as three aspects.

Zhu said that the evolution of the system at issue in our country the stock market has set up a

more market-oriented distribution mechanisms, including the RFQ and the sponsor system, but with

the development of the market also increasingly inadequate. "We are, after all, there are some,

such as window guidance control with the contents of color inside, and further market-oriented

pricing mechanism on the issuers, investors, underwriters have a very strict constraint."

Response to a reporter's question Does this mean that the abolition of window guidance will issue,

Zhu said that the so-called for further market-oriented pricing is bound to weaken the executive,

in fact window guidance to re-consider. In addition, he also revealed that potential investors

would purchase price quotation and linking to allow the market to really take on the responsibility

of the main form of the game between the main players in the market.

Zhu said that the issue of structural reform, the Commission hoped that the buyer be able to

strengthen the binding, because the further market-oriented pricing has required a relatively

strong binding to match the buyer, which is the distribution market will be an effective checks and

balances.

For the parties to the demands of different interests, Zhu said that the issue of structural reform

will be at the risk of clear case of balanced, especially the small investor's interests. On the

one hand, we should note that after the listing of new shares may be issued at a price below, must

exist to fight the risk of new shares; On the other hand, from a longer period, the IPO price,

compared to the listing price will have a discount, will be lower in the secondary market price,

purchase of new shares in general the larger the possibility of profit.

To improve the distribution system more timely start IPO

Prior to this, the SFC has indicated that the responsible person, IPO when the restart with the new

distribution system is closely related to. A reporter asked, Does this mean that the issue before

the implementation of structural reform will not restart the IPO, Zhu replied: "first to perfect

the system, the right time to start re-IPO."

Since last year, the SFC in accordance with market conditions carried out on the issue of rhythm

control and rhythm on the issue should be considered by the master or监管层decide the market there

are also different views. In this regard, Zhu explained that the ideal state are to the market, to

judge solely by the market, but the market is not always effective, in the event of a crisis, the

Government has the responsibility to maintain the market order, in the market and the government

exist between the role of some point of balance.

Resumption of the IPO have required about what kind of market conditions, Zhu said that the parties

to an integrated view of market confidence to carry out analysis, we must put the difficult

short-term and long-term prospects for combining and consider issuers, underwriters and investment

in the will of people .

Zhu also said that the ongoing structural reform issue will also apply to the GEM.

Grasp the issue of structural reform and stability in the relationship between market

A reporter asked, how to put the issue of the ongoing structural reform and stabilize the market

moves in harmony? Zhu said that the capital market reform, development and stability to the three

simultaneous, three-pronged.

Zhu said that the SFC recent measures taken, including the stock issuance system, are based on the

recent market is conducive to boosting confidence in the market system is conducive to long-term

purpose of the building. He believes that the introduction of these measures must respect the laws

of the market, paying close attention to the situation of running the real economy, the economic

situation of the entity and the relationship between the stock market should have reasonable

expectations, then careful attention to market risk, and thus form a stable mentality to deal with

the development of the market encountered situation.

He said that the short term, to a rational concern about the volatility of the market; the long

term, on China's economy and capital markets should establish the firm's confidence