Will IPO Still Increase Speed?

IPO speed increase is the most practical problem facing the stock market since the second half of last year.

From every week's trading day, new shares are issued, and new shares are issued on every trading day until the "extreme" one day three rounds, which gives investors a real sense of IPO's speed.

Of course, the price adjustment is the price behind it.

Whether the IPO will continue to increase this year? Liu Shiyu, chairman of the securities and Futures Commission, has made an answer at a press conference held by the Information Office of the State Council.

For example, Liu Shiyu said that the capital market is the same as wearing this necklace. We should have good pearls, that is, high-quality listed companies, the number of pearls should be enough, that is, the number of listed companies will increase.

After the abnormal fluctuations in the stock market in 2015, the self repair of the capital market is better than expected, and it has the conditions to increase the IPO strength in a timely and appropriate manner.

From Liu Shiyu's relevant statement, even if the stock market goes into a downturn in the future, if we hope again that the regulatory authorities will give the market a chance to recuperate and survive, or stop being "realistic" by suspending the new IPO.

The speed of IPO in the whole market, of course, also includes the IPO speed raising problem of gem, but gem IPO is different from Yu Hushen's main board and Shenzhen SME board.

For example, before the new three Board companies pfer board GEM board of voices.

And, for gem, top executives still have high hopes.

For instance, in the 13th Five-Year science and technology plan of the State Council, we wrote that we should deepen the reform of the growth enterprise market, improve the institutional arrangements suitable for the development of innovative and growing enterprises, expand the coverage of the real economy, and objectively set the tone for the reform of the gem.

At the beginning of this year, at the forty-eighth session of the Third Council of the Shenzhen Stock Exchange, it was once again clear that one of the priorities of 2017 was to study and formulate a reform plan for the gem.

With regard to the reform of the gem, regulators put forward measures to widen the threshold, set a number of indicators, and reduce profits.

In the reform of gem, the first thing to do is to lower the threshold and speed up auditing.

In fact, the new IPO speed up, the audit also "speed up".

Statistics show that 51 companies won the SFC in December last year.

The company's average queue time is 771 days. In January this year, the average queue time of the 34 companies was 681 days, and the average queue length of the 24 enterprises from February to 653 days was 653 days.

In the last half year, the fastest technology in IPO company was only 420 days.

Therefore, IPO and audit show a double speed.

According to media reports, the Shenzhen Stock Exchange said

For example, after the reform, a particularly good company will definitely speed up the approval process. The fastest practical audit time may be only 6 months.

It's impossible to think about it in 6 months.

If it can really become a reality, Liu Shiyu, chairman of the SFC, said that it would be possible to solve the IPO barrier lake in two to three years.

For the current IPO speed increase problem,

It said that IPO had increased speed, but the audit standards had not been lowered.

The problem is, compared to the motherboard IPO, if the IPO time span of gem is shorter, how can we ensure the quality of listed companies?

Over the past few years, the issue of counterfeiting and listing of GEM has shown "prominence".

Such as Wan Fu Sheng Ke, Xin Tai electric, etc., are all members of the family board of gem, and are also typical representatives of counterfeiting and listing.

Despite its bad nature, great harm and deep influence, it is obvious that the regulatory authorities have reformed the delisting system in 2014. However, it is not impossible to exclude those who are desperate in the market.

There is no mistake in developing the gem to create the direction of China's Nasdaq, but how to make the companies listed on GEM is like Liu Shiyu's "Pearl" is obviously not a simple question.

Step by step, if the threshold of gem is lowered, then it is not ruled out that there will be "rotten pearls" mixed into the gem, so the "necklace" string up by such "pearls" will not be "good-looking".

The production of IPO dammed lake will lengthen the time of listing some enterprises, but there is no advantage in the long queue.

As some enterprises appear to be full of growth characteristics when queuing up, but with the extension of queuing time, they often can not stand the test of time. Finally, they have to quit because of performance and other reasons. In 2016, more than 90 enterprises withdrew voluntarily from queuing teams, indicating that these enterprises did not meet the requirements of listing.

Therefore, IPO dammed lake can also play a role in self screening of listed companies.

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