| Nowadays, our country’s stock market is transferring from approval system to registration system, the Securities Regulatory Commission (SRC) is publishing more and more new policies to promote the development of our country’s stock market. However, because of the lack of analysis and practices, there are many questions during the progress of transferring which require further improvement of our scholars and practitioners.After the restart of IPO, during the progress of transferring from approval system to registration system, there are many problems in pricing and secondary offering. Many corporations are having problems of high IPO PE, high price and high raising fund ratio. At the same time, because of the imperfection of policy and the self-benefit driving force of the IPO corporations, the concept of secondary offerings is becoming a way for stock holders to cash out or withdraw their money. The most important example is the IPO of Aosaikang, this article is trying to find ways in the improvement of our stock market through the analysis of this case.This article mainly uses the method of case analysis, studies on the pricing and secondary offering problem, at the same time, this article analyses the financial and growth ability of Aosaikang Corporation, trying to find out the reason why those problems appeared. This article uses research methods such as comparison, induction, deduction, comparing the research examples of foreign countries’stock markets. In this article, we found that Aosaikang has unusually high level of gross profit margin and selling expenses, which means that its unusually high speed of development is unbelievable. As have discussed above, we question the reason why Aosaikang decided to issue its stocks in such high price and such high percentage of secondary offerings.Those problems found in the progress of IPO challenged our Securities Regulatory Commission’s abilities of making policies and supervision. In order to achieve the target of transferring from approval system to registration system, we need to learn from other countries and find a new way according to the reality of our own stock market. This article is trying to find some reasonable advices for both Aosaikang and our Securities Regulatory Commission, and accelerate the progress of our stock market’s transferring. |
