“IPO之王”易会满：任期内发行1908家IPO 募资2.22万亿

Core Viewpoint - The article discusses the significant impact of Yi Huiman's tenure as the chairman of the China Securities Regulatory Commission (CSRC), highlighting both achievements and criticisms during his leadership, particularly in relation to IPOs and market stability [1][3]. Group 1: IPO Achievements - During Yi Huiman's tenure from January 2019 to February 2024, a total of 1,908 IPOs were issued, raising approximately 2.22 trillion yuan, averaging over 10 billion yuan per day [4][5]. - Yi's tenure saw new stock issuance numbers and fundraising amounts far exceeding those of the previous eight chairpersons, with his tenure accounting for 35.43% of total IPOs and 41.59% of total fundraising since 1990 [5]. - The implementation of the registration system for the Sci-Tech Innovation Board and the ChiNext Board was a key factor in the surge of new stock issuances [5][7]. Group 2: Market Challenges - Despite the increase in IPOs, the delisting mechanism did not keep pace, with only 151 companies delisted during Yi's tenure, which is less than 1/10 of the IPOs issued [5][6]. - Significant net selling by major shareholders occurred, with a total net reduction of approximately 2.27 trillion yuan during Yi's term, raising concerns about the impact on market stability [6][8]. Group 3: Regulatory Changes - Yi Huiman's term included the launch of the Sci-Tech Innovation Board in July 2019 and the expansion of the registration system to the ChiNext Board in August 2020 [7][8]. - Major reforms to the delisting system were implemented in late 2020, aimed at improving the regulatory framework [8][10]. - The introduction of new regulations to curb excessive share reductions by major shareholders was initiated in August 2023, indicating a shift towards more stringent market controls [11]. Group 4: Market Performance - The A-share market experienced 20 significant "defense battles" around the 3,000-point mark during Yi's tenure, reflecting ongoing volatility and investor sentiment challenges [12][13]. - The Shanghai Composite Index saw fluctuations, initially rising to 3,288 points but later falling below 3,000 points multiple times due to various economic pressures, including U.S.-China trade tensions [14][15]. - Despite the challenges, the market showed resilience, with a notable recovery towards the end of Yi's term, culminating in a rise above 3,800 points shortly after his investigation was announced [18][20].