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wever, placing Inquiry legal mechanisms already close Inquiry fundamentally mixed with a fixed price mechanism , specifically using the " Request interval ; accumulated bidding inquiry ", " total certain , uncertain circulation , the price only set the reserve price , no limit "and other practices . Once fueled the IPO price-earnings steadily pushed up in 2000 by Fujian Electric Power IPO price-earnings ratio of Fujian Electric Power IPO price-earnings ratio is 88.69 times to hit a historical record . Although the IPO market pricing to some extent to curb some stocks speculation, but did not achieve the desired results . Relax with dilute earnings from the way the situation IPO , the IPO discount at this stage is still as high as the average level of 155% .

In general , this hybrid mechanism to mobilize institutional investors both to gather information and to reveal the true value of the company 's initiative to guide rational and long-term investment theory , you can also make individual investors to participate in the IPO , thus taking into account social justice, especially for moving towards mature or developed using emerging markets , China Hong Kong stock market is the issue of the application of this mechanism typical. However, this market-based mechanism for issuing the purposes of the IPO market in the country and are expected to drop , has appeared in corporate shares placing "black box operation " as well as strategic investors are not " strategic " unreasonable and, therefore, from the second half of 2000 and apply it to gradually reduce , and later in a number of major super market shares such as Baosteel , Sinopec and other issue of adoption.

After the second half of 2000 , with the legal placement and the gradual reduction of the secondary market placement , Internet pricing issue has gradually become the mainstream of Chinese IPO market offering mechanism . However, with access to the Internet before 1999 have a fixed price issue to see a significant difference , underwriters and issuers in the earnings release and other issues have more choice autonomy , the formation of a higher degree of market mechanisms for a fixed price sale . IPO market trend at this stage , and in 2001 the formal implementation of the approval system has considerable relationship fully reflect the China Securities Regulatory Commission for the implementation of the approval system , to achieve a secondary market price convergence to solve the Chinese IPO market high discount rate and other related issues . After July 2001 , the stock market continuing to decline, showing a lot of new price highs trend , the market for high-priced shares issued in case of conflicting emotions, in November 2001 after the basic stop using this approach .

Since late 2001, state-owned shares caused the stock market fell sharply, by almost all market pricing of the IPO shares have fallen below the closing price on the first day , so that investors involved in purchase of new shares bear a lot of risk , leading the Commission had to re- thinking IPO pricing is appropriate. Therefore, with the second half of 2001 , the Commission decided to adopt the method of controlling earnings . Compared with the original PE pricing , new ways to make changes in two ways : The first is the issue price range down by about 10% ; secondly is to require no more than 20 times the earnings release . Under