The Study On Ipo Denied And Case Tracking Under The Registration System

Under the background of promoting reform toward a registration-based stock-issuing,the speed of IPO is extremely fast since early 2016 after implementing the new rules in China.Especially in the fourth quarter of 2016,almost one new state is issued on every trading day.In 2017,IPO is accelerating offerings,and twenty-four shares have been issued in two weeks,which means that the stock issuance registration system in China has been in a war without declaration.Compared to the approval system,the listing qualification seems to be no longer scarce after the reform of the registration system,which makes a large number of small and medium-sized enterprises as well as private enterprises possess great opportunities to compete fairly with large enterprises in order to obtain fund.Accordingly,the number of listed companies will increase significantly.As we know,the ultimate goal of small and medium investors is to obtain investment income,therefore,the primary problem for small and medium investors is how to select the valuable company in the face of so many investment targets.One of the characteristics of the registration system is lowering the listing threshold.Therefore,some enterprises with no investment value will become “fish in troubled waters”,which will cause losses to small and medium-sized investors who do not have the professional abilities of analysis.In this paper,the cases of IPO failed and the case of delisting about Xintai electric were analyzed,and close attentions were focused on the audit process of the regulatory departments,with the purpose of providing a reference for small and medium-sized investors.The first part of this paper mainly includes the research background,research significance,research purpose,research contents and research methods,which introduces the current progress in the reform of stock issue registration system and its impact on the small and medium investors.The second part is literature review,and the literature review has been analyzed from four angles.The third part mainly introduces the characteristics and differences between the stock issuance system and registration system.After comparison,the small and medium investors are capable of better understanding the concept of registration system.In addition,this part also analyzed the cases of IPO failed in nearly 6 years though descriptive statistics including the number andmain reason.Each reason corresponds to one case to give enlightenment.The fourthpart is the focus of this paper,selecting Xintai electric as the main case,which attributes to its following particularities:(1)Xintai electric was rejected by the Commission in the first IPO;(2)it becomes the first stock delisting after its second successful listed shortly because of financial fraud of IPO.This indicates the supervision of supervision department is effectiveunder the approval system.As a consequence,some inspiration can be brought to the small and medium investors through analyzing the case.Even though they have no abundant professional knowledge,certain references can be listed when choosing investment target.The fifth part is conclusions and enlightenment.By analyzing the whole case,valuable information can be found from the materials provided by the listed companies under the registration system from the perspectives of small and medium investorsto help them reduce investment mistakes and avoid investment risks as far as possible.