Time (year)

Pricing system of new share issuance

1999

Strategic investors can participate in the pricing, and the issue price of new shares is decided by the issuer and investors through negotiation.

2000

Pricing system in which primary market pricing and secondary market investment are linked to gradually reduce the impact of price-earnings ratio.

2001.05

The online bidding is determined for the first time, and the black-box operation is effectively placed, which has a positive impact.

2001-present

Reset the pricing system of P/E ratio, and determine the issuance interval by preliminary inquiry. The IPO pricing breaks through the traditional P/E ratio limit, specifically adopting the practice of “a certain total amount, uncertain issuance volume, and the price only sets the base price, not the upper limit”.