The reporter of economic information daily noted that recently, several companies planning to IPO on the Beijing Stock Exchange announced to adjust their public offering plans after entering the examination and inquiry stage, and actively lowered the planned number of issues and the base price. Industry insiders believe that reducing the issuance reserve price can improve the issuance efficiency, reduce the issuance risk and break probability. On July 7, konjak, which has experienced a round of inquiries from the Beijing stock exchange, announced that according to the situation of the securities market and the need to maintain the stability of the stock price, the company plans to adjust the number of shares issued and the base price of the issuance in the specific plan of the Issuance and listing, and decides to reduce the number of shares publicly issued to no more than 16.88 million shares, and the upper limit of the issuance under the full exercise of the over allotment option is 19.41 million shares, The stock issuance reserve price was significantly reduced from 23 yuan / share to 16 yuan / share, with a reduction ratio of 30.43%. On the same day, Haineng technology, which had previously received the inquiry letter from the Beijing stock exchange, announced that it would reduce the number of shares issued from no more than 23million shares to no more than 10million shares, and the base price of the issue would be reduced from 12 yuan / share to 10.88 yuan / share, corresponding to a pre issue P / E ratio of 16 times to 14.7 times. In addition, Zhongcheng technology also lowered the number of shares issued and the base price after receiving the first inquiry letter from the Beijing stock exchange. According to the inquiry letter, the base price of Zhongcheng technology is no less than 11 yuan / share, while the prices of the two directional offerings in 2020 are 4.65 yuan and 6 yuan respectively, and the issuer has not disclosed specific measures to stabilize the stock price. As a result, Zhongcheng technology immediately lowered the upper limit of issuance to 16million shares; The issuance reserve price was adjusted from 11 yuan / share to 7 yuan / share, with a reduction of more than 30%. In terms of stabilizing the share price, the company said that it would change its priority from repurchasing shares by preferred companies to giving priority to controlling shareholders to increase their holdings. And the company still lowered the issue price after the meeting. For example, langhong technology, after the meeting on June 29, held a general meeting of shareholders the next day, announcing that it would reduce the issuance base price from 18.1 yuan / share to 17 yuan / share, and the proposed public offering of shares would not exceed 9.8435 million to no more than 7.1 million shares. Previously, Zecheng electronics also lowered the issuance reserve price after the meeting. According to the inquiry letter received by the above-mentioned companies, the companies to be listed that reduce the issuance base price are required to explain the determination basis and rationality of the issuance base price, as well as the relationship with the directional issuance stock price in the reporting period and the early secondary market transaction price, as well as the corresponding price earnings ratio before and after this issuance. In addition, the Beijing stock exchange also requires enterprises to comprehensively analyze and explain whether the existing issue scale, issue base price, price stabilization measures and other matters have adverse effects on the public offering and listing. As for the reasons for the reduction of the offering price, the above companies all said in the announcement that it was based on the optimization of the company's strategy or based on changes in the market environment. Industry insiders said that there are several reasons for enterprises to reduce the issuance base price: first, when trading in the new third board market before, due to insufficient and inactive trading, the high price in the secondary market induced the company to be too confident, resulting in a high base price; Second, the overall valuation and P / E ratio of the secondary market of Beijing stock exchange fell; Third, new shares are frequently broken, causing pressure on the issue pricing; Fourth, the company lowered the price before the meeting to increase the probability of passing the meeting; Fifthly, the reduction after the meeting is to improve the issuance efficiency and reduce the issuance risk and breaking probability; Sixth, the primary market should take the initiative to benefit the secondary market and attract more funds for innovation. (Xinhua News Agency)