wot power leveling Really can't. Just like entrance exams not Einstein - YLX

Need to develop overall programmes, make careful arrangements, the key breakthrough, comprehensively promote reporter Qing Southern (micro-blogging) Cai Zongqi Watson a few days ago, an economist of China Securities News (Twitter) reporters interview, release approval system reform is another historic major system changes of China stock market requires comprehensive advance. If only new listingsPrice or release rhythm, and so at any point, the consequences will bring a very distorted. In his view, the artificial prices are not available world of tanks power leveling, market-oriented reform should not revert, but-free listing of registered just a utopian fantasy, does not exist in the world. Secondary stock system reform is to make the stock market, need to develop overall programmes, make careful arrangements, focusing on breakthrough, push.Institutional reform will be a major institutional change in China Securities News: at present, the IPO reform discussion, why be so concerned? Watson: now to deepen the IPO market-oriented reform, mainly because two years ago the IPO pricing reform occurred after the release of "three high" phenomenon, caused the market widely questioned. In order to alleviate the "three high", Increase supply, accelerating the expansion of the market economy means to ease imbalances between supply and demand, resulting in higher cash and a falling market, index ten per cent a year zero, investors greater discontent.����Investor grievances, "three-high" into the receiver tube, therefore forced out of new stock issue reform.����China Securities journal: How do you think the IPO reform should promote? Watson:Indeed, release approval system is an interrelated whole. Now, new share issue, the issue, the bond refinance, assets reorganization and redistribution, and delisting system of Fund for buyer Agency, seller agency brokerage wot power leveling, market eligibility as well as sponsors and channel, everything is to be approved. In this environment, if a new stock issue reform, caused by contusion and laceration andNew twist. So, want to make is that the entire system of the "great battle", instead of the IPO "small wars". In this regard, we have lessons, IPO market-oriented pricing is a good thing, market distortions and other aspects of reform of the structure of situations that are not in place, just individual independence, it is difficult to successfully, also attracted a variety of so-called "false market"Attack.����It can be seen that if the entire old system intact, only fixed offer price, there will be "three-high"; an artificial suppression issue price, there will be new shares jumped to fry; if you let go of only issuing rhythm, it will lead to a big expansion and stock markets tumbling. Therefore, only from a certain point, always bring a very distorted results. In 2009, before the reform, I in the China Securities dailyTable has an article entitled the new stock issue reform, several articles of the core issues, pointed out that reform must be whole, just let go of pricing, "due to market-oriented reforms will inevitably lead the IPO offering price of extreme differences in earnings, a number of small-capitalization technology stocks will release earnings soaring, this makes the issue price/earnings ratios of Hsuan Ho to the extreme, causing the reform was too much ofFocus and torture ". Therefore, I suggest that if a certain price release can be started from the motherboard. Now it seems that this is the case. Is also a marketing inquiries, Inquiry Board market share only times earnings, lack of subscription, gem of small-capitalization shares times price-earnings ratio. Therefore, inquiry mechanism, of course, room for improvement, but that's not the real problem is, modifiedLeather not individual independence, technical fix to no avail.����Market-oriented reforms should not go back to China Securities journal: now the focus of the discussion is the offer price was too high, do you think there is any good way to get new stock price down? Watson: If you just want to drop down price, that was too easy, before the reform was such that administrative "window" Guide setReset issued a 20 times earnings "ceiling".����But steps out of the market-oriented reform, no return has no future. By various means and if the artificial prices issue they will be nothing more than a low point, but gain more from the first day, this is the "seesaw", press the calabash gourd floating. For example, langma information abort after the release, the issuer has learned, and brought the moneyGeding down point, but a sale going up again 80%, secondary market investors have high disk access, resulting in worse. If the high price issue, at least in listed companies, now go away the money for new, less net worth, enterprise development stamina of even worse, listing soon had to refinance. So, do not take name of deepening the reform of distribution "backwards"������China Securities journal: on the issuance of the stock in the market and broker independent placing the right discussion of the special, the price for new shares if there is inhibition?����Watson: the introduction of stock issuance will only make the original shareholders more cash in advance. I have always resolutely opposed introducing independent placing the right at this stage. Autonomous power of placing in the West, because the new shares cannot be sold, helm played andPlacing rights to brokers ', which is to sell listed companies.����In the case of Chinese shares gain so much, it is a privilege, who sponsor institutions and issuers, well, they who share placement, which only adds black box operation and rent of space. Now if the introduction of placing the right, including placing under the net, is the seller's addressProgramme moved into a buyer's market, is completely upside down. Only when the shares cannot be sold, to the brokerage placement right.����Now is to support the buyer, seller agency rights should not be increased. China Securities journal: we are talking about new stock prices are too high, what prices are high, what is low?����How high do you think the price is appropriate? Watson: the problem has been asked toOn the idea. Price determination of height not the other, but rather determined by the market. Therefore, price is the right price on the secondary market, because it is a product in the supply-demand balance in the current market conditions. Now many people are judging the new shares are priced too high. They say that new shares is trading up dozens of times at every turn, but the secondary market is more than 10 times average earnings. Bluntly stated, thisA comparison is entirely wrong. Chang an street price is twice times the average house in Beijing, which speak of Chang an street price is not reasonable? Now say industry price-earnings ratio is used to guide pricing, the mark a little, but still problematic. On the stock market in China, even though the enterprises belonging to the same industry, the market price of stocks and small stocks vary greatly. Current CSI masterOn the Board, the total share capital, a total market capitalisation of small stocks of small, dozens of times as times earnings and more than 100 times. Gem on the new enterprises dish a much smaller, better texture, but the price is not higher than similar enterprises in the Board, why do you say it is expensive? It was also stated that many prices fell after one year of new listings, description had fixed up. Problem is, last year in a bear market, old priceOne year fell a large. If you encounter a bull market, everyone is up, it shows pricing low? Visible, seeing only a superficial discussion was very much alive, give the IPO reform roots, was an accident. If the problem is nothing and figured out, unable to grasp the crux, how could actually promote reform and solving the problem of stock market? I have saidAnd market-oriented pricing of the mirror out of our structural distortions in the market, it's not the fault of the mirror.����If only around the mirrors move, that's putting the cart before the. Deepen the reform, there is no shortcut to China Securities journal: do you think the Commission should take what role in the issuance examination?����Is to be like in the future United States implementing the registration system? Watson: media hot IPO does notNo, certainly not within the framework of the existing market. A lot of people say, issue of reform is simple, registration system had already let go of permission marketing.����If you really do, you can sign up for a listing of China now has tens of thousands of enterprises, will inevitably lead to market a huge fall and shuffling, so couldn't use a three-day renrenhanda. Really want to reduce and cancel the approval, cannot rely on high sounding,Shouting slogans, and to find solutions to the problem of the path. Now meet the conditions, listed companies is not a small micro-enterprises, tens of thousands of homes. If you cancel the approval, are on, they are queued on shake? If register announced approval-modified, market crash, less natural to go to enterprise, but this loss was to compensate investors who consider yourself unlucky or is? So we cannotSpeak to stand without pain. Many people questioned: approval will be able to do good business? Really can't. Just like entrance exams not Einstein, you can cancel the college entrance examination, by a secondary school principal sponsor?����So critics who are wot power leveling, the problem is to come up with alternatives. A lot of people say, not alarmist, if the registration system, the market would solve the problem. This is easy lazy boyThought. Who is the market? Representatives at the enterprise you want to market? Rely on sponsor?����Sponsor institution does not approve the establishment of almost all? In fact, free listing registration system is the imagination of utopia in the market, does not exist in the world. United States if you are registering a company can be listed, so many private enterprises in China need to United States over the counter buy shells listed and then try toTransfer plates? United States Securities and confirmation of (declare effective) and the China Securities Regulatory Commission feedback letters are worlds apart? Hong Kong is a free port in the world, did not dare to give up now for approval, we can imagine millions of investors throw a "free to register-listed market"? We do not jump from one extreme to another. History cardStates that wanted to take short cuts tend to fall into the trap.����Delisting systems cannot be simplified Chinese Securities News: delisting companies little in recent years, now favored to perfecting delisting system. Watson: I've been a dozen years ago, called on exit system, I have never advocated delisting system of binding, but never simplistic, so don't expect a delisting to resolve a lot of problems.We have to see that the exit system implemented in China must have been on a small scale, did not return from the last few years, can return to a year, dozens of families, it would be extraordinary. In addition to legal and cultural conditions, massive delisting also needs to be based on market structure. United States stock market 85% more transactions are done by institutional investors, they a year delisting hundreds of companies in recent yearsDelisting of companies more than listed. If the retail market in China, that means that every year millions of investors wiped out. In a certain sense, delisting on the loss of large shareholders of listed companies is limited, because they raised funding before, ventures after delisting them. Delisting is primarily social investors pay the blood price to "the long memory", don't expect to haveA single tool can solve the problem of our markets.����China Securities journal: how to view system reform and market relations? Watson: it should be said that market reforms and no contact, but in General, when the market downturn, the causes and people are looking for a scapegoat, then calls to reform higher. In turn, the markets, people are busy with the hypeAnd reform sounds small. Therefore, existing system in China's stock market issues, and cultural issues.����Lead to a collapse of reform is certainly not popular, it would be difficult to implement. China Securities journal: How do you see the market valuation?����A stock market investment value now? Watson: can confirm that, compared with 10 years ago, a share of bubbles have dispersed. China's economy continued highGrowth on the basis of 10 shares of the future will be a satisfactory return. But it should be noted that now remains a serious distortion of market structure, market speculation, hype atmosphere great. Even blue chips, from the perspective of unit rates, return on investment is still low, and outside there is a big gap between mature markets. These hamper long term such as the social security funds in the stock market. From the speculative stock market speculation in ChinaOriented investment into value, still depends on the campaign to reform market infrastructure and system reform of culture. China Securities journal: more than 10 years ago, earlier you raised the issue of share-trading reform, and actively participated in and promoted the stock reform process as a whole.����Do you have any suggestions for reform today? Watson: share-trading reform implementation in the form of Chinese stock market and international market maturityRail, it is more important to complete the quintessence of system integration. Secondary stock of China Securities market release approval system is the core of fundamental change, it means nothing less than the share-trading reform. Therefore, and the last stock, need to develop overall programmes, make careful arrangements, breakthroughs, and comprehensive support. I personally after the land issue in the hands of the end, if there isNeeds, consider writing a master plan of the reform of this article. Two sessions, market focused 20,122 for financial reporting