With the imminent implementation of the registration-based IPO system in the securities market, improving the pricing efficiency of IPOs to better serve listed enterprises, stabilize the capital markets, and protect the interests of small and medium-sized investors has become an urgent research topic. Research led by Zhenying Gao (Chairman of Xiangcai Securities) and Zhan Jiang (Professor at SAIF), was recently selected as a 2022 Securities Association of China (SAC) Key Research Program. It was entitled "Empirical Research on the Pricing Efficiency of IPOs under the Registration-based IPO System".
To promote the implementation of a registration-based IPO system and to better serve development of the real economy and reform of capital markets, SAC has set the research theme as "High-quality development of capital markets and the securities industry under a registration-based IPO system". SAC received a total of 476 program applications, with 183 key programs being formally approved after a comprehensive evaluation. Professor Zhan Jiang's selected program focuses on the emerging issue of IPO pricing efficiency. Taking public market data as its sample, it studies methods to improve IPO pricing and valuation scientifically and accurately through in-depth analysis of IPO pricing.
"Market-based pricing mechanism and science and innovation enterprises are emerging. In this context, we hope to understand the main and difficult points in the IPO pricing by conducting this research. By forming targeted solutions and policy recommendations on IPO pricing, we hope to provide empirical references for listed companies, small and medium-sized investors as well as policy makers." Zhan Jiang said.
At present, the research team jointly formed by Xiangcai Securities and SAIF is collaborating on specific issues of the study. The program is expected to be concluded in early November of this year.
