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ally, the developed countries than in the stock market underpricing emerging industrial countries or regions is much smaller . Because the stock market relative to other developed countries, countries are more mature, and its underpricing rate of about 15%. And like Malaysia, South Korea newly industrialized countries such as the stock market underpricing rate of about 70% or even higher. Chinese stock market underpricing Geng Shibi emerging industrial countries is much more serious . Large amounts of data show that China's stock market underpricing rate is almost as high as 130 %, far greater than the global average underpricing . The following table shows some researchers regional IPO underpricing findings .

Chinese stock market newly issued shares of the reason why there is such a high underpricing , the domestic stock market institutional factors played a very important role. Institutional factors include tradable and government regulation and so on. Here focuses on tradable impact on IPO underpricing . Tradable refers issuing company 's stock is divided into two categories: tradable and non-tradable shares . Circulation stock is listed on the company's public offering of shares in the secondary market that part of that portion of shares held by the shareholders in the stock exchanges. Non-tradable stock is signed by the issuer in private transfer agreement can not be sold to investors in the secondary market traded on that part of the stocks, including the state-owned shares , legal person shares , employee shares and so on. Most stocks are non- tradable shares , according to statistics about all stock 1/3. The public offering of the outstanding shares of all the shares of only a few parts. Because the cost of buying stocks differ , the presence of non-tradable shares will affect the interests of holders of tradable shares . Listed companies tradable such a situation , only China's securities market to exist .

To address this institutional factors , in 2005 began the trial of China's capital market equity division reform . The government will become the original non-tradable shares tradable shares traded on the exchange . Protection of the interests of tradable shares , China 's stock market has been developing rapidly .
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