129742938845937500_186 <a href="http://www.power-leveling.co.uk/runescape/items.html">buy runescape items</a>The 1th page: brokerage 11 recommendations "reading:" reform of regulator, promote the IPO 2nd page: brokerage 11 recommendations "reading:" reform of regulator, promote the IPO 3rd page: Investment Bank on behalf of thousands of excess trouble page 4th brokers build 6 major sponsor system initiatives to strengthen the 5th page: brokers build 6 major sponsor system initiatives to strengthen the 6th page: new listings "Running out of time "reconstruction fund prices of interest 7th: new" dark battle "reconstruction fund prices of interest Editor's Note: adhere to the" market-oriented "direction is recent IPOs in the securities industry reform in China since the formation of consensus. Main recommendations of the securities company are: 1. right to explore placing pilot; 2. introduction of a stock-issuing system; 3. expanded network Xia placing ratio; 4. improve issued abort of threshold; 5. on inquiry process and time gradually relax; 6. established inquiry institutions of constraints mechanism; 7. Cancel on shares inquiry institutions placing shares 3 months ban period of provides; 8. implementation storage frame issued system; 9. allows adjustment non-open issued price; 10. introduced Hong Kong stock non-open issued of "FlashPlacing "; 11. strengthening information disclosure of listed. Over time, regulatory actions in the IPO system frequently. Securities times reporters learned from the many brokerages, centering on IPO reform discussions in the industry, has been due to the 11 recommendations submitted to the regulator. This reform of the 11 recommendations are expected to become China's new share issueImportant directions.
����Investment Bank autonomy or expand broker made 11 recommendations, "cancel shares inquiry agencies placing 3-month lockup period provides that" this proposal most worthy of attention. Brokerage recommendations, regulators set the lockup period, whether set the lockup period duration of the powers given to the issuer and the underwriters, issuers and underwriters of the rootReasonable set according to market conditions, fluctuations in effective control of the market after the new listings. In addition, strong controversial "right to give the broker independent placing" this proposal has been raised again. Brokers suggested that regulators give the underwriters of a certain proportion of self-placing the right. For example, you can try some better research, pricing, capacity and service level of brokeragePilot placement system, starting from a lower proportion of placing first, and gradually form an inherent constraint of the market mechanism.
����At the same time, underwriters are encouraged to establish and nurture its own sales network, strengthen main dealer sales price. These two proposals, some investment banks also raised concerns. Its main reason is
runescape items for sale, given investment bank autonomy while placing the rightAnd if the "new" body 3-month lockup period, investment banks may have a room for rent, easy breeding of insider trading and transportation and other issues of interest, increased regulatory supervision more difficult. Improves it was surprised that the threshold issue suspension, this IPO in the reform proposals submitted by the brokerage, also includes improving the IPO suspension thresholds proposed�� Brokers said, in order to increase the first (IPO) validity of the pricing mechanism, let the IPO price fully reflected the true wishes of institutional investors, propose to increase the threshold to issue suspension. For example, 400 million shares will be issued to the following effective inquiry 20 objects issued to abort threshold increased to 30, prompting underwriters cultivating its own sales network, form the issuer, underwritingTrilateral game checks and balances as well as institutional investors. Improve the abort threshold will increase the difficulty of brokerages underwriting shares issued.
����In response to this recommendation, told reporters of the expression does not agree with the views of a number of investment banks. "This proposal is indeed baffling, once implemented, a considerable portion of the situation of small and medium sized investment bank is more difficult. "A large Beijing brokerageCapital markets Department said under the environment of the relatively thin market at the current level, improve the suspension of release threshold is not appropriate. At the same time, investment bankers also pointed out that, this recommendation and give the investment banks independent of placing the right recommendations there are discrepancies. "If the underwriters to be self placing out, you should let go of inquiry bodies limit the number, rather than improving itA threshold.
����"A large brokerage investment bankers in Shanghai said. "Lightning placing" prevent share price change introduced some brokerages recommendations issued by the Hong Kong stock market closed "lightning placing".
����This is also less by talking about a reform. The so-called "Flash placement", refers to the at the time of convening the annual general meeting of shareholders of listed companies, which gives the DirectorWill more or less non-public offering of less than current 20% proportion of shares of stock.
����Issuer at any time according to the actual situation in the offer price determined on the basis of the issue or placing, increased circulation and placing of shares listed. In view of this, introducing brokers recommended that regulators "lightning placing" ways to shorten the cycle of non-public offerings, reduce price ahead of releaseDew shares as a result of changes to avoid loss of minority shareholders ' interests. In accordance with the provisions of the measures for the administration of securities issuance and underwriting, issuing price of the non-public offering of shares in the Commission, is no longer allowed. To this end, broker recommendations, allowing issuers to fulfil legitimate programs can be adjusted on the basis of non-public offering price, avoid getting non-public offering documents,Could not be issued because of poor secondary market conditions. "The main objective of the two proposals, and was further given the autonomy of the Bank on the private placement. "Such a large brokerage markets in Beijing said
rs items for sale," adjusting the offering price and lightning placing investment banking underwriting private placement projects have chosen release window, when issuingPoints right. "In the eyes of bankers, if these two proposals adopted by the regulators, will benefit the non-public offering of investment banks underwriting business.
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