To serve the real economy, the reform of capital markets, and the development of the securities industry, the Securities Association of China (SAC) organized research for key subjects in 2022. SAC received a total of 476 applications, of which 183 were listed as key subjects. Finally, 59 subjects (submitted by 34 brokerages, 1 fund company and 1 regulatory agency) were selected to be designated as an Excellent Key Subject.
The subject “Empirical Research on the IPO Pricing Efficiency under the Registration System - The Protection of Small and Medium Investors” led by Zhenying Gao (Chairman of Xiangcai Securities) and Zhan Jiang (Professor at SAIF) was included on the Excellent Key Subject list.
Based upon the development experience of China’s capital markets, Zhan Jiang’s group focused on the specialization of local pricing mechanisms under the registration system. Starting with regulatory rules, market mechanisms, and enterprise characteristics, they identified problems and explored solutions for the pricing mechanism related to IPO by combing theoretical research and empirical analysis.
In the future, the group will continue to conduct in-depth research to improve the effectiveness of financial support for science and innovation, and to enhance the effective allocation of resources. Except for IPOs, they will focus more on the improvement of the system and mechanisms related to M&A and Restructuring.