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Since 1994 , China carried out reform of the issue price , pilot bidding issue . Ha -year-old treasure, Joan gold plate A shares, Hua Xia electronics and Qinghai three general four pilot companies bidding auction distribution methods , entirely according to market principles to determine the IPO price, which fully reflects the market demand, a secondary market prices of basic standards , IPO achieved significant efficiency improvements. The mechanism of the defect is that investors are prone to "free ride " (free rider) behavior , and the number of investors involved in purchase there will be greater uncertainty , coupled when the stock market is too small , the stock supply and demand is extremely balance, ordinary investors the value of various stocks lack of proper and reasonable judgment , in case of overheating in the market are more prone to irrational declared value , resulting in severe "free rider" behavior , leading investors face greater risks. Xiamen Overseas Chinese Electronics and Qinghai three Poor's after the stock market fell below the issue price , investors quilt examples. Thereafter , the Commission suspended the kinds of distribution methods , the future no longer be used.

此阶段的IPO发行价格基本上是根据发行企业的没股盈利余和相对固定的市盈率水平来确定，即每股税后利润上市盈率。通常采用行政规定的固定市盈率。（13—16倍市盈率，平均为14.83倍）方法定价。

This phase of the IPO issue price is largely based company did not release EPS I and relatively fixed to determine the level of earnings , earnings per share on profit after tax . Administrative provisions usually fixed earnings. ( 13-16 times earnings , an average of 14.83 times ) method of pricing . Since PE has determined primarily by the actual issue price of each company's earnings per share to decide. EPS calculation method has undergone the process of gradual improvement , specifically, the calculation of net profit per share experienced three changes , so in this area is divided into four stages to illustrate:

税后利润，未明确提出标准：1996年12月以前，证券市场没有明文规定每股税后利润的计算方法，一般按发行当年稀释性每股盈余（Earnings Per Share,EPS）或者当年加权平均的EPS作为依据进行计算，也有用上年度EPS计算的，因此产生了EPS计算混乱的现象。

Profit after tax , is not clearly stated criteria: December 1996 before the stock market does not expressly provide after-tax profit per share calculation , generally at the issue then diluted earnings per share (Earnings Per Share, EPS) or the weighted average of EPS as a basis for calculation , but also useful EPS calculation last year , resulting in the EPS calculation chaos phenomenon.

Based on past performance : December 26, 1996 release of " China Securities Regulatory Commission on the stock issue certain provisions of the notice " expressly provided , IPO pricing no longer profit forecast is based on ( not previously mentioned in order to profit projections, and where such a statement , it seems unlikely appropriate ) , to the past three years has been achieved based on the arithmetic mean of EPS . Although the first unified IPO pricing method, but ignore the company's future prospects , so that those high-growth companies underpriced .

Both past performance and earnings forecast : In 1997 , the value of earnings forecasts issued Youyi weighted way back into the pricing model to go, so the issue price per share multiplied