The new regulations on the reform of the new share issuance system will be implemented from this year 1. According to the CSRC, after the advance payment for new share subscription is cancelled, the fund will no longer be frozen, and the phenomenon of huge amount of funds will no longer exist, and the issuance of new shares will not have an impact on the market funds. According to the statistics of China Securities Regulatory Commission, when 25 companies collectively issued shares from 2065438 to early June 2005, the peak value of frozen funds was 5.69 trillion yuan. If the advance payment is cancelled, investors only need to pay 41400 million yuan of subscription funds. In other words, the phenomenon of "blood drawing" in the secondary market caused by IPO cluster subscription will disappear in the past, and investors may no longer have to worry about "playing new spells".

Thirdly, unlike two or more new shares issued on the same trading day in the previous two years, there will be no cluster subscription in the issuance of these new shares. According to the CSRC, considering that the new share subscription system has just been launched, in order to ensure the safe operation of the trading system in the initial stage of the implementation of the new regulations, the above seven companies will arrange the issuance one after another before the Spring Festival, and only 1 new share will be arranged in the whole market on the day of issuance. At the regular press conference on June 5438+1October 8, the spokesman of the CSRC said that in order to alleviate the pressure of new share issuance on the trading system under the new regulations and ensure the safe operation of the trading system, the initial IPO will be arranged according to the principle of balanced subscription on each trading day, and will be adjusted gradually in the future. Some market analysts believe that the balanced subscription of each trading day will help alleviate the market's concerns about the impact of IPO.

Although the number of IPO issuers before the Spring Festival is small, most of the companies to be listed are small-cap stocks, and the new subscription rules are implemented, some market participants still believe that IPO is not without risks in the current unstable market, which may bring certain psychological impact to investors. 65438+1On October 20th, the Shanghai Composite Index failed to continue the sharp rebound of the previous day and fell below the 3000 mark again, reflecting that the market is still sensitive to IPO.

Another view is that the attitude of the regulatory authorities has changed slightly from last July. At that time, in the face of continuous plunge, the regulatory authorities announced the suspension of IPO, focusing on stabilizing the market and stabilizing people's hearts. However, the plunge once broke through 2850 points, and a small number of IPOs were still approved, indicating that the regulatory authorities pay attention to organically combining stabilizing the market, repairing the market and building the market.

Of course, investors don't have to worry about the excessive expansion of IPO. 65438 10/8, the spokesman of the CSRC said that the issuance of new shares would be arranged reasonably according to the initial operation of the market and trading system and the principle of enhancing market vitality and maintaining market stability. In addition, Xiao Gang, Chairman of the China Securities Regulatory Commission, once again stressed at the National Conference on Securities and Futures Supervision on 10/6 that "the reform of the registration system is a gradual process and cannot be achieved in one step. The pace and price of IPO will not be released at once, nor will it cause large-scale expansion of IPO. " This means that the regulatory authorities will put market endurance in an important position to consider.