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ng to price and time priority principle , generated by the high- set low subscription winners and the actual issue price and purchase price for the success of the issue price. This issue opens the way for future online issue of precedent. However, this way of information transparency is poor, too many uncontrollable factors , coupled with the development of the securities market in China was just getting started , the market size is still small, the supply and demand imbalance in the issue price sensitive bid up , so that investors bear great risks , therefore, in 1994 Kazakhstan Shirble other three stocks after the trial no longer be used . At that time China 's securities market conditions in different areas is still very immature , really not suitable for the highest degree of market bids release mechanism .

June 10, 1995 for an IPO Bohai Chemical became the first company to implement Internet pricing issue . Lead underwriter of the issue price will be scheduled according to the underwriters of the IPO lead underwriter in exchange for all of the input stock accounts , investors in the specified period of time through exchanges subscription payment system purchase, this approach reduces the cost of issuance and convenient , in April 1998 , most of the new issues are implemented this way .

July 28, 1999 , the Commission states: the total share capital of the company at 400 million yuan or more , still using Internet pricing , full prepayment , and savings -linked manner . Total equity in companies with less than 400 million yuan investment in people can use the Internet for general corporate issuance and placing on the combination of methods , in April 2000 to cancel a $ 400 million credit limit , the company can issue shares to the legal placement . Involved in the process of placing strategic investors including institutional investors , securities investment funds and general corporate . In practice this mode of operation has two modes :

IPO market capitalization refers to the placing of new shares issued , it will be a certain percentage ( first placement market capitalization ratio of approximately 50% ) public offering of new shares by the Internet changed the placement to secondary market investors , investors according to their shareholdings in listed the market value of shares outstanding may be converted into the number of subscriptions , voluntary purchase of new shares . China 's securities market has been implemented twice before placing IPO market :

It is estimated that there are about 250 billion yuan of funds devoted to the stagnation of the market in a subscription of new shares , resulting in a market on the secondary market funds crowding is not conducive to the sound development of the secondary market . To improve this situation and maintain the interests of holders of tradable shares , so share in the equity shareholders of tradable shares tradable , low levels of market pricing of new shares in case of a market purchase of new shares forming the excess return in February 2000 and the China Securities Regulatory Commission issued trial " offer of shares to tradable market investors approach " document. When all IPO companies are measured using 50 % Market placement, 50% of the purchase price for the Internet , investors hold shares outstanding 10,000 yuan converted into a market with a number , according to the ballot with the number involved in