优化新股发行定价机制重在平衡各方利益

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued opinions aimed at enhancing the protection of small and medium investors in the capital market, emphasizing the need to optimize the new stock issuance pricing mechanism as a systematic project that balances various interests [1] Group 1: Regulatory Framework - The opinions consist of eight main areas for protecting small and medium investors, including new stock issuance, trading environment, operational institutions, combating illegal activities, diversified dispute resolution mechanisms, enhancing the role of protection institutions, company delisting, and legal guarantees, totaling twenty-three articles [1] - The first article focuses on optimizing the new stock issuance pricing mechanism, highlighting its significance in the capital market [1] Group 2: Historical Context of Pricing Mechanism - The pricing of new stock issuances in the A-share market has evolved through multiple stages, initially determined by the issuer and underwriters based on price-to-earnings ratios, with variations above and below industry averages [2] - The introduction of the inquiry mechanism in 2005 allowed pricing based on inquiry results, but issues persisted, such as high issuance prices and high price-to-earnings ratios, leading to a distorted financing function in the capital market [2] Group 3: Proposed Measures for Optimization - The new opinions propose several measures to optimize the new stock issuance pricing mechanism, including linking allocation ratios to lock-up periods, restricting inquiry institutions that intentionally inflate or deflate prices, and enhancing supervision of investment value reports [3] - The measures aim to address specific issues in the pricing mechanism, ensuring a more balanced approach to the interests of all parties involved in the issuance process [3] Group 4: Balancing Interests - Optimizing the new stock issuance pricing mechanism is crucial for balancing the interests of issuers, underwriters, inquiry institutions, and secondary market investors, as the pricing directly impacts the financing needs of issuers and the market's resource allocation [3] - A reasonable pricing strategy should meet the financing demands of issuers while preventing resource wastage in the market, representing an optimal solution for all stakeholders [3]