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Retail investors welcome IPO reform in price fixing
By Louise Ho |
April 17, 2012, Tuesday
|
Online Edition
Online Edition
MORE institutional and retail investors should participate in the subscription of initial public offerings, said a report in today's China Securities Journal, citing speakers at a forum on IPO reform held yesterday by the Securities Association of China.
"More institutional and retail investors who have a strong ability in pricing and risk control should be encouraged to participate in the subscription of new shares," an unidentified speaker was quoted as saying.
"Retail investors who take part in IPO price negotiation should meet certain criteria, for example, they should have a certain amount of assets and have investment experience," he said.
Other forum participants said it is a good move to increase the proportion of IPO shares that retail investors can buy from 20 percent to 50 percent.
China's securities regulator is soliciting public opinion on proposed changes to IPO rules in response to the criticism that high IPO prices hurt small investors. One of the proposals is encouraging underwriters to invite five to 10 individual investors to take part in the pricing process.
The Shanghai and Shenzhen stock exchanges have started mock IPO pricing trials with retail investors this month.
"More institutional and retail investors who have a strong ability in pricing and risk control should be encouraged to participate in the subscription of new shares," an unidentified speaker was quoted as saying.
"Retail investors who take part in IPO price negotiation should meet certain criteria, for example, they should have a certain amount of assets and have investment experience," he said.
Other forum participants said it is a good move to increase the proportion of IPO shares that retail investors can buy from 20 percent to 50 percent.
China's securities regulator is soliciting public opinion on proposed changes to IPO rules in response to the criticism that high IPO prices hurt small investors. One of the proposals is encouraging underwriters to invite five to 10 individual investors to take part in the pricing process.
The Shanghai and Shenzhen stock exchanges have started mock IPO pricing trials with retail investors this month.
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