Research On The Reasons And Countermeasures Of ASR Microelectronics Co.,Ltd.’s IPO Break Under The Registration System

Underpriced Chinese stock issuance has historically been a fairly normal occurrence,and new listings frequently come with ongoing price increases.As a result,applying for new shares on the Chinese stock market frequently entails minimal risk and great reward,and the majority of investors have always been interested in "buying and selling new stocks".The IPOs of newly listed businesses on the Chi Next and STAR Board,however,have started to break through and increase in frequency in recent years.Large-scale IPOs are certain to have a detrimental effect on the stock market,but the development of IPO breakdowns symbolizes the sensible return of the capital market.The appearance of the new stock breaking wave has hurt the interests of many participants,made it more difficult to finance newly listed firms later on,and is not good for the orderly and steady growth of the capital market.Based on the above background,This paper mainly adopts the case analysis method,selects ASR Microelectronics Co.,Ltd.,the most serious IPO breakout in early 2022.As the research object,using information asymmetry theory,internal value theory and other theories to study the case events.First of all,introduce the background of the case,the status of ASR Microelectronics Co.,the IPO issuance process and the breaking process,and sort out the case events.Secondly,from the perspective of investors,issuing companies and the stock market,the author analyzes and expounds the consequences of ASR Microelectronics Co.’s IPO break.Thirdly,this paper divides the reasons for breaking into internal and external factors and analyzes them.Through the research,it is found that the main internal reasons for breaking of ASR Microelectronics Co.are unreasonable IPO pricing,insufficient market competitiveness,poor profitability,and serious financial risks of enterprises;the main external reasons are that the new rules for inquiry have an impact on pricing,related industries are weak,and new shares are broken frequently.Finally,aiming at avoiding large-scale breaking tide and reducing the adverse effects caused by IPO breaking phenomenon,this paper puts forward corresponding risk prevention suggestions from the aspects of effectively identifying corporate value,improving the quality of listed companies,improving the professional ability of underwriters,and improving the information disclosure system.Through a case study of the IPO of ASR Microelectronics Co.,Ltd.,this article seeks to examine the issues with the IPO of ASR Microelectronics Co.,Ltd.,offer pertinent opinions for various market participants,and provide specific assistance for preserving the steady growth of the capital market.