world of tanks power leveling 2 - JML

Responsible person of the Shenzhen Stock Exchange on provisional suspension mechanism for the improvement of IPOs press recently, Shenzhen Stock Exchange release on improving the initial public offering of shares of the first notice of the temporary suspension system (hereinafter referred to as "the circular"), it is concerned about some of the key issues in the market, an interview with a reporter's responsible person of the Shenzhen Stock Exchange. Reporter: we pay attention to managementRepeatedly stressed the need to curb recent IPO hype, fried Exchange repeatedly prompted investors to participate in a new risk, please briefly introduced the circular background. Shenzhen Stock Exchange: the adjustment of IPOs in the provisional suspension system, designed to inhibit IPO hype, achieving the reform of shares system goals. New hyped phenomena for a long time are more prominentNot only distort price formation mechanism, and encourages illegal activities, impede the normal functioning of capital markets function, and immediate harm to the fundamental interests of the vast number of investors. IPO hype is typical of "drumming flower games", new stock shares to the market of listed companies in the industry average return is inevitable, high took over the vast majority of medium and small investors will be "stuck"This "game" of the final victims. I financial innovations lab statistics show in early 2010 to the end of February this year, 583 new listings in Shenzhen has 497 below the first day closing price, in 34 first-day closing up more than 100% new shares, 33 have dropped below the first day closing price, 23.15% decrease in the average, maximum, or 64.4 per cent%, Have generated a higher fall too hard. In addition, mostly individual investors to buy IPOs and loss, of which $ 100,000 individual investor losses below the 60.75%. Accounted for an overwhelming proportion of small and medium enterprises and small and medium-sized investors is the important feature of the Shenzhen stock market, small and medium-sized listed shares liquidity in small, fried a new phenomenon is more likely to occur, small and medium-sized investmentChinese Fried new also is more likely to be victims. These two "small" is the main service object, curb the hype of new shares, maintaining the market order, is I have to fulfil one's own responsibility a top priority. Since the 2004 SME Board started, especially since the reform of shares system, I have been exploring the means and methods of inhibiting IPO hype. Gem KaiDuring the launch IPOs in the interim suspension system, 9 were frequently involved in the big hype to the dash implementation measures limiting account transactions; regular fried new empirical data and real cases revealed to the market risk, only in February this year has so far published more than 8 consecutive alert articles through implementing investor suitability of securities companies management, multi-party risk literacy, and so on.These measures had some effect, but a variety of factors leading to easy fried new phenomenon of repeated. Recent IPO reform results emerging, primary market prices gradually come down, but the secondary market speculation of new winds are on the rise. Since mid-February, Shenzhen and Shanghai 8 IPOs to market gains of the two cities to expand dramatically, rose to an average of 62.65%, 60% stock gains Super-50%, of which 3 stocks rose more than 80%. On March 7, I have influence on IPOs through a false declaration intentionally opening of "Qu" account for a period of three months of restrictive trade measures. This release of the notice, is to build on the original work exploring taking further effective measures to provide rules for constraint forces at work in the market systemDisability, inhibit IPO hype, achieve the fundamental objective of IPO restructuring. Press Conference: improving the SME Board, an initiative of the gem on its first day of trading mechanism, the circular provides a framework for what? Shenzhen Stock Exchange: since 2005, I have four different times and in different sectors trading features, the SME Board, the growth enterprise market listingTrading system was changed from the first day world of tanks power leveling, established the IPOs ' temporary suspension mechanisms. This time the early in-depth analysis of recent IPOs in Shenzhen and transaction characteristics on the basis of, according to rule 2011 update of the transaction) 4th. 3.5 article authorization, temporary suspension mechanisms was further improved. The circularMainly consists of the following three areas of content: one is the temporary suspension of the dishes of index thresholds. When the initial public offering of stock market debut of one of the following two circumstances occur, I can impose temporary suspension to 14:57: (1) sold for more opening up or down for the first time to meet or exceed 10%, (2) exchange rate meets or exceeds 50%�� Here special attention of the investors is if Exchange rate on stock transactions in the auction bidding phase has reached or exceeded the 50%, 9:30 I started 14:57 to its temporary suspension. After the second, during the temporary suspension and resumption of appropriate treatment. (1) in the provisional licence, investors can continue to declare or revokeDeclaration. (2) the closing stages of trading rules have not changed, at 14: 57 in the temporary suspension of shares on resumption and to declare resumption of collection that has been accepted bid, then a closing call auction, the two collections were recently the scope of effective bidding bid prices up and down 10%. Third, scope. The circular is mainly used in the initial public offering of sharesOn its first day of temporary suspension of the dishes, but restored after suspending price free price on its first day, and other restrictions in stock temporary suspension, also will take into account the implementation of the above provisions. Reporter: compared with the existing rules, the circular did what change? Shenzhen Stock Exchange: and I have the trading rules (revised 2011) 4th. 3.5 first paragraphThan, the circular has done the following two main areas of adjustment: first narrowing the price of temporary suspension. Before starting September 2009 gem, I based on the opening price on the first day of new listings on GEM sets wot power leveling, 20% and 80% of the third price of the temporary suspension mechanisms, February 2011 into the trading rules, the SME BoardApplication of this provision. Summary of the assessment of the effect on the basis of provision, effective suppression of IPOs for further speculation risks, adjusted to the once they reach or exceed the 10% implementation of the interim suspension to 14: 57. Was released the second temporary suspension in stock exchange rate indicators. Small IPOs ' changing hands to a certain extent wot power leveling, because you can sell shares has drastically reducedSmall, large swings in the new share price is very easy. To avoid the short-term supply and demand imbalance caused stock prices soaring, the circular added to temporary suspension mechanism of exchange rate basis, when IPOs when the exchange rate reaches or exceeds 50%, implementation of the interim suspension to 14: 57. Need to be reminded of is that after the implementation of the circular issued, original of the trading rules (2011Set) 4th. 3.5 first paragraph is no longer performed. The IPOs ' temporary suspension mechanism adjustment in larger, involving the SME Board, the growth enterprise market as well as recovery of listed stock, hoped that the vast number of investors pay close attention to and fully understand the above contents of the notifications, participate in new stock carefully and restore listed stock trading. Reporter: restrain new stock speculation, ShenzhenWhat's next moves? Shenzhen Stock Exchange: it should be noted that cause fried a new phenomenon is multifaceted, inhibition of new stock speculation is a systems engineering, cannot be done overnight, all aspects of support and efforts are needed, you need to constantly explore and improve, the Shenzhen Stock Exchange also sincerely hoped that market participants for their valuable comments and suggestions. Next, I will follow the Chinese cardDeployment of the IPCC, and continued to research measures to curb IPO hype: a is for minority investors in auction bidding period issues such as excessive false declarations, which shares the opening price on the first day, study-9: 15 to 9: 20 can withdraw form requirements; the second pay for IPOs are now a large number of small features push up stock prices, after research and improve new listingsTransaction minimum declared quantity over time third is further strengthened to investigate unusual transactions such as irregularities, improve investor suitability classification management, increasing practical effects risk disclosure and guide the rational investment, compliance. In addition, many fund companies in recent years has introduced a number of tracking stock index Fund Board or gem for investors to prudent investment of small and medium-sizedStock provides a variety of options. 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