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”. |