What to wear, what shoes go road

IPO question of reform of the system, in the final analysis, that is, what shoes to wear? What road go? What shoes to wear? Red Shoes. Now, finally on this issue has been more or less the same answer. The introduction of Hong Kong's "Red Shoes" system, although it is to safeguard the interests of small and medium investors took a small step, but it seems at the vast number of investors, it was precisely the issue of new shares to the market-oriented reform of the system of a step in the right direction. However, what shoes to wear to solve the problem, does not mean taking what is not a problem on the road. Issuing new shares in our country's history on the reform of the system, there are some "take the old path by wearing new shoes" lesson. To say the least, to take stock after the breaking of old and new zoned for example, old and new zoned off as a landmark event in the sponsor system and the implementation of inquiry system, not only did not give the subsequent issuance of new shares arising a new phenomenon, but to facilitate a large capital and large organizations to carry out the interests of transmission and exchange of interests entrap the vast numbers of investors. In this regard, the absurd and not just that "there is much to ask jun愁, like 48 yuan Mancang oil." IPO system of the principal contradiction, and not just the pricing of shares and distribution problem, in essence, market positioning and the benefits are targeted questions. Today, the new distribution system must be reformed because, it is necessary to correct the positioning of China's capital market set the wrong one on the start of the mistake and correct positioning in the market dislocation caused by resource allocation and distribution mechanism for the interests of injustice mistake and correct the fundamental and institutional defects of fatal mistake. To sidestep this crucial point, even if one put on a pair begin on the "Red Shoes," what is the use? It or "take the old path by wearing new shoes"? IPO system of the most fundamental is the most simple and effective reform is that the complete abandonment of any form of complex audit system, the implementation of market-based registration system. This means that the issue of new shares and pricing power returned to the market, and resolutely to give up the rhythm of administration on the issue of regulation, to give up on including specific issuers, issuers and other interest groups and their associated benefits to safeguard the interests of the mechanism, to give up on the resulting artificially caused by the twist mechanism for the maintenance of market transactions. In other words, the issue and listing of the standard should be developed and implemented Stock Exchange, the SFC as the filing office and regulatory bodies, and resolutely out of "human interest" role, this is the supply of shares issued out of control at the administrative constraints of At the same time, transfer out of benefits and benefits in exchange for moving toward market-oriented fundamental way. The key issue of pricing reform is to eliminate the gap between the 12 markets, changes in treating the primary market, secondary market, the pattern of pay. Otherwise, the existing pricing details on some changes, pricing can only make the image seems to become more near some people's aesthetic concepts, with the market within the meaning of fair trade is still a matter of fact there is a big gap. Issue pricing reform to go the path of market-oriented, there is a need to introduce market-maker mechanism, so that there is an open market on behalf of those who come forward with the issuer for the game. Formalism in order to prevent the fair so that market-oriented pricing going through the motions, not only must make any inquiry that may affect the pricing of the bids of participants is the responsibility he must bear the actual purchase price, but also to strictly prevent and crack down on market manipulation, including the issuer, including interest groups to carry out transmission and exchange of benefits acts. Simply get rid of the sole, financing Service misconception, streamline financing and the relationship between the return on investment is a measure of the IPO reform of the system are lost as the sole criterion. On this premise, not only the size of non-, size limits do not exist or can be full circulation flow of man-made obstacles, and not only the incremental distribution problems will be issued stock falls away, the market for the IPO they have nothing to fear? ! Otherwise, all .