The path of the listing of securities _1168

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The path of the listing of securities

Paper Keywords: Securities company; listed; IPO; shell abstracts paper introduces the situation of the listed securities company, through the IPO and listing of the comparative analysis of shell that present for most securities companies, shell to better meet its listing requirements. As China financial industry's further opening up, China's securities firms are facing strong competition from multinational financial groups, while mixed operation as an international trend, are bound to China's financial system is the ultimate choice. In the mature stock markets, the financial market has become a business practice, and financial firms listed companies usually account for of considerable proportion. I. Overview of China Securities Companies listed a comparatively late date of the securities market, financial companies listed on the slower pace. Shenzhen Development Bank in 1988, listed on the Shenzhen Stock Exchange, is the first Bank of China stock market shares. 1999 Shanghai Pudong Development Bank listed, beginning the wave of China's financial institutions listed on the prelude. But until 2003 the successful listing of CITIC Securities, China's only appeared on the first truly professional listed securities company. Listing of securities companies is not only slow the process of large state-owned enterprises listed on the process, it can never bank, Insurance and other financial companies. Second, IPO comparison with the shell, directly or indirectly market to divide the listed securities market listing and the shell can be divided into the IPO market. Currently, the vast majority of listed securities companies are listed through the shell to the second half of 2007, IPO market began to be sought after; 2007 Securities listed after the article discusses mostly support the IPO listed securities company, the Securities Industry Association also published [/u] statement will support high-quality IPO listed securities company, announced the anticipated listing of new securities companies have expressed through IPO market. However, I believe that some time in the future, the shell is still suitable for most of the broker listing the path to market. (A) IPO one of the difficulties faced by dilemma: IPO Listing on the management, operation and profitability of demanding, only a few high-quality securities companies meet the conditions. Normal circumstances, listed companies should choose the IPO approach, because the conditions of relatively high IPO, regulators are more stringent, it will encourage enterprises to improve corporate risk management system, deepen the internal governance structure is conducive to the development of enterprises in the future. But according to the China Securities Regulatory Commission,[link widoczny dla zalogowanych], and accumulated more than 3,000 million and net profit to net profit before non-recurring basis for calculating the lower. are important reasons. 2007 the implementation of the new accounting standards, securities companies through the adjustment made in 2004, transferred in 2005 to a loss of earnings financial statements, in addition to late 2005's bull market, securities companies in 2006 and 2007 are quite profitable Feng, Have a number of securities companies had begun IPO market, China Merchants Securities, Orient Securities, Everbright Securities, Huatai Securities, Guotai Junan, which has accepted the listing broker five counseling. However, after the end of the bull market, bear market arrives, the profitability of securities firms in the existing circumstances, can achieve profit condition? On the whole, IPO Listing on the management, operation and profitability of demanding, in general, the majority of listed companies considering IPO is a leader in the industry, and have good prospects for development of an effective management team. Therefore, IPO is a narrow road, can only accommodate small businesses go. From the current situation, can be approved only a handful of high-quality securities companies. Plight of the two: the current market environment in China, the regulatory environment is not listed with the Securities IPO. First, China's money supply capacity of investors has been overdrawn. Mainland China in 2007 over the IPO has been overdrawn money supply capacity of Chinese investors, plus the beginning of 2008, China Railway Construction IPO in Shanghai Stock Exchange, raising the amount of 50 billion U.S. dollars, in 2008 the stock market weak follow-up funding. IPO in 2007 large enterprises on the stock market also had a negative impact. April 2008, below the issue price of oil in China, most investors suffered serious losses.