April 28, 2012, the China Securities Regulatory Commission officially released guidance on the further deepening of the IPO reform, the implementation of a half months on the market “three high” issue quietly turn off the SFC agent “strong medicine”, is effective to inhibit the A-share IPO ills? The IPO system will consider abolishing the system of examination and approval? How can more effectively guide the investors? As one of the 2012 ministries online series of interviews, invited by the China News Network China Securities Regulatory Commission issued Liu Chunxu director of the Supervision Department and the Secretary for the Investor Protection Bureau Xiong, the new shares structural reform and investor protection “hot topics for the users make the interpretation.

host :2012-6-12 17:03

Today, our program among the “IPO Reform and Investor Protection related topics, for you to further eliminating doubt and confusion. The guests invited by our studio today is: director of the Ministry of Public Offering Supervision of China Securities Regulatory Commission Liu Chunxu; investor protection bureau of the China Securities Regulatory Commission Xiong Wei, you are welcome, Xiong Juchang

Xiong :2012-6-12 17:03

friends Friends, Good afternoon!

Liu Chunxu :2012-6-12 5:04 p.m.

should be said that indeed, more than 20 years of our entire stock market has been in the development and reform which up to today, As for specifically how many times, indeed I do not know the number of times is how to calculate, but it does on the new shares The issue of institutional reform is concerned, it should be said that from the early 1990s to today, we should say that in general after two major stages of reform.

Liu Chunxu :2012-6-12 5:05 p.m.

first stage, we are from the SFC was established in 1992, practiced on the issue of examination and approval system. The second stage to the “Securities Act” introduced the “Securities Act” provides for our audit should be approved. Therefore, from the division on the big stage, we implemented a reform to the system of examination and approval by the examination and approval system.

Liu Chunxu :2012-6-12 5:05 p.m.

is precisely the basis on April 28 this year, we are the China Securities Regulatory Commission extensively solicit the views of the community, launched this round of reform IPO guidance. It should be said that this guidance mainly from four aspects to determine the focus of the current round of reform.

Liu Chunxu :2012-6-12 5:05 p.m.

first aspect emphasized that the disclosure of information as the center, to promote the issue of institutional reform. The same time, to further clarify the issuance of securities which the responsibility of the types of market players, prompting market players, including issuers, intermediaries, and market investors, in accordance with the principle of return due diligence, duties, and this is The first aspects.

Liu Chunxu :2012-6-12 5:06 p.m.

second aspect is to further advance the inquiry, the pricing of market direction, individual investors as the object of inquiry, adjust online the ratio of net allotment, the introduction of such policies.

Liu Chunxu :2012-6-12 5:06 p.m.

second aspect is to further advance the inquiry, the pricing of market direction, individual investors as the object of inquiry, adjust online the ratio of net allotment, the introduction of such policies.

host :2012-6-12 5:07 p.m.

third aspect is for our market, there has long been some speculation of new shares, the introduction of a number of targeted measures to curb “speculation” behavior.

Liu Chunxu :2012-6-12 5:08 p.m.

fourth aspect is the focus on strengthening the regulatory process in which the whole process of issuing new shares, and issue process for the relevant parties in a variety of misconduct and illegal behavior sanctions.

Liu Chunxu :2012-6-12 5:08 p.m.

so it can be said from these four aspects of comprehensive reform, promote the system of issuing new shares to further deepen the reform of

host :2012-6-12 17:09

good, thank you! In fact, you just talked about the focus of this reform is also very thorough, and our market has great expectations for the IPO system. The second issue I would like to ask Xiong Secretary, the view is that issuing new shares should be abolished the system of examination and approval, to implement the registration system, and whether the Commission will consider changes in these areas?

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