From 1999 to 200 1 the first half of the year, the price-earnings ratio control was gradually relaxed, and the inquiry mechanism was tried. In terms of sales methods, legal person placement was introduced and pilot market value placement began.
200 1 from the second half of 2000 to 2004, the regulatory authorities strictly controlled the P/E ratio of issuance again. Market value placement is fully implemented. In the way of offering, companies with a certain scale of offering can choose online offering and offline placing. Off-line distribution was carried out in 20061October11and purchased by progressive bidding in May 2002. After May 2002, all the new shares issued by the company were placed according to the market value, and after the new and old shares were cut over in 2006, they were resumed as capital subscription; Before the introduction of the inquiry system at the end of 2004, offline distribution always adopted the way of legal person placing.
Since 2005, IPO has followed the inquiry system. After 2005, according to the adjustment of the law and the change of the market environment, the regulatory authorities carried out major reforms on the IPO system and introduced the inquiry system. The issue price of new shares is determined by the cumulative bidding inquiry of six types of institutional investors such as fund companies. The regulatory authorities no longer approve the IPO price, but only give appropriate guidance when necessary. In the way of issuance, after the inquiry system is implemented, before the deadline for new and old shares, new shares are still issued by market value placement.
In 2006, after the new and old were cut off, the market value placement was cancelled and replaced by the issuance method combining offline inquiry placement and online fund subscription. Both online and offline are fund subscriptions.