Pass in the first half of 2015 for Shanghai and Hong Kong contributed revenue of HK $ 115 million of the stock exchange of Hong Kong. CFP information
Registration extended, new share suspension not hair, still queue up in the IPO of listed company go from here?
On September 25, 2015 in Shanghai, China's financial innovation Forum, HKEx's Chief China Economist BA shusong gives an idea. Fix 2014 GDP of China grew 7.3%, and 0.1%
BA recommends, you can pass mechanism with Hong Kong and Shanghai, and allow overseas investors to participate in the release, "this will give channel a sustainable financing of listed companies. "
BA believes that there is a need to study the pass extends from the secondary market to expand to Shanghai and Hong Kong market. In addition extends through to Shenzhen from Shanghai and Hong Kong, or commodities, derivatives.
On the same occasion, Li Xunlei, haitong securities Vice President and Chief Economist, said Tong after the Shanghai and Hong Kong should have the Shenzhen Tong, Shenzhen Tong should be followed and more countries to establish such a mechanism, so there's capital markets.
"China, as an emerging market, whether it is India, and Korea, their openness far exceed our capital markets, we QFII's market value is now 1.5% to 2% throughout the market, they had reached 20% and 30%, but our market is already the world's second-largest. "
Li Xunlei said the openness of the Chinese market is so low, it is clearly unreasonable.
Watched a share registration system, two experts also gave some advice.
"Late registration launch than we expected. "Li Xunlei, to realize the true meaning of a registered business, estimated to be two to three years, market pricing, distribution at that time.
Li Xunlei believes that a very abnormal phenomenon, once before the IPO, there are trillions of Yuan new shares purchase Fund, even the central banks to provide liquidity, which is the need to reflect on.
BA shusong said the current limit orders issued to the secondary market and retail have some system of bonuses: "especially in 2012, through artificially low price, large proportion on the call-back mechanism, the interests of investors transferring to secondary market investors. "
Li Xunlei believes that registration system launch, should not limit limits, hopes combining registration system introduced with the reform of the Exchange.
BA shusong said the registration system under the condition of IPOs from sponsors, accountants, lawyers, these agencies are not eligible, published by the Agency.
"Exchange is the Agency's opinion of the audit, to verify the program, repeated questions, reasonable doubts, it is to think the investors. "BA shusong said, for example, in the Hong Kong stock exchange, was rejected can also have complaints mechanisms, complementary mechanisms of material, is not met because of a company's life and death.
BA shusong said the story here: Chairman of domestic listed companies is a woman, read out at Porc votes, cry, because the pressure is too great. After Defense Committee vote, have the conditions to apply through an IPO, began to cry, the second is exciting.
BA concluded that, under the registration system, the whole process depends on the adequacy of the information provided by you, an intermediary responsible, if the exchanges and regulators question wrong, you can correct, you can discuss with it.
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