Xu Yi Li Talks About The Pre Disclosure Of IPO So Terrible.

< p > here the world is < a target= "_blank" href= "http://www.91se91.com/" > dress < /a > a target= "_blank" href= "_blank".

< p > IPO comes again to investors in a way that is not brilliant.

In the evening of April 18th, the Securities Regulatory Commission suddenly opened the floodgates for IPO pre disclosure and announced 28 pre disclosure lists for the listed companies.

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< p > this directly led to another sharp fall in the two markets today and the stock index fell 1.52%.

Continuous decline and new low, it seems that A shares finally welcomed the popularity of the valley.

On the latest data: the number of shareholders of 1063 listed companies with comparable data has reached a new low since 2010, reaching 7 million 350 thousand shareholders.

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< p > there is no stock market that only falls but does not rise.

But A shares seem to be a wonderful thing.

It is hard to imagine why houses are restricted, stocks are scarce, inflation is down, interest rates are cut, and the economy is bottoming out.

The stock market is still going down? Why do the shareholders lose a lot? < /p >

< p > this is not only the one hundred thousand reason for A shares and shareholders, but also for the securities and Futures Commission. I am afraid that the reform of the SFC is not hard, and the yardstick is not bold.

However, today's data have declared that this reform has not made the market buy.

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People with less professional knowledge would think: < a href= "http://www.91se91.com/news/index_c.asp" > A shares < /a > Why are new investors low? Why do shareholders lose? Mainly because the stock market has no money making effect, and funds will naturally withdraw from these hard to make large share stocks, and the funds pferred from them naturally buy the financial products that banks and other financial institutions issue in the form of P.

This is why many small cap stocks increased last year.

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It is no wonder that in the past two years, the number of bank financial products has erupted more than 10 trillion, and the growth of trust and financial products has reached more than a few times to 10 trillion. The growth of insurance and financial products has also been at least 10 trillion. The time that the outbreak of these financial products is corresponding to the stock market's big slump is p.

At the same time, the public fund products in recent years, poor earnings, the scale of entrusted assets has shrunk dramatically, and the securities and information management products are also extremely competitive. They are over 1 trillion.

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Dare not say that the decline of the stock market has nothing to do with these financial products? On the basis of this fact, it is better to say that the Shanghai and Shenzhen stock markets are being marginalized rather than marginalized, that is to say, in the current capital market pattern, investors are becoming more conservative and more inclined to fix the earnings market, while at the same time, they are gradually away from the stock market. P

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< p > this is indeed the case.

But there are internal causes for external causes.

When money is away from itself, blame strangers, can't you find the reasons for yourself? < /p >

Why does p? A stock lack attraction? Is the essence problem not the A share itself? < /p >

In the past few years, the attractiveness of A shares has been losing. In recent years, the progress of fair market system construction has been slow, unable to meet the market demand or even misplaced the demand of the market is highly related. P

In fact, IPO is actually a very typical example.

The IPO of A shares, in the final analysis, is actually a microcosm of the whole supervisory attitude.

IPO suspended the year before, aiming at the pressure of IPO expansion for the whole market.

After the suspension of the IPO, the SFC began to reform the IPO mechanism drastically.

Reform of many other structural factors affecting A shares is very limited.

Until the beginning of this year, IPO restarted and the market went down again. The SFC wondered, why did the market not give face to face? Why? "/p".

< p > in fact, the whole IPO's suspension and restart process is what we see is the confusion of regulators regarding the status quo of A shares. It is naive to try to promote a global change with a single policy reform, whether from the starting point or from the current results.

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< p > reform is just a bit less than the other characteristics, which is the same as the whole society's GDP data.

Do you think it's a long time for the qualifying stock to call for a long time? Let's put it out for a long time. Can't banks and other issuers not qualify for a round? Refinancing of real estate, I'm saving the market and saving the economy from fire and water. Isn't there a qualification? A mistake of the SFC that, as long as the reasons and the ostentation are enough, the A shares won't have too many negative reactions. What kind of logic is it? As a result, we can see that a market that only weighs less than the rest of the market, and the market of a listed company with large capital raising efficiency and poor capital utilization, its future is clear, but it will eventually lose its health and sustainable development ability. The reform since the new year seems to be a perfect trading mode for A shares. In fact, the only thing that the SFC does is to further rationalize the money: IPO, it is not enough for me to change so hard.

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< p > investors can not make money, even organizations are hard to make money, and listed companies are still constantly expanding their money, let alone with obvious policy needs, such as real estate enterprises refinancing, for example, before the time of preference shares almost changed to the size of non soliciting contributions, for example, the seven departments jointly issued a document to support eligible IPO enterprises in poor areas.

We can see that both the SFC and the more senior administrative departments are actually doing one thing -- maximizing the use of stock market funds to revitalize the economy. What we see is the Tang Seng meat of the A shares. The listed companies have to circle the poverty alleviation policy. We must make a circle of the land production industry, and the banking industry that wants to chew too much will also have to make a circle.

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At P this time, it is absolutely ironic to ask why A shares are falling.

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Compared with P, the US economy is a Wall Street dominated economic mode. In this case, capital is a real market mode operation, and the government's reliance on the whole capital market is beyond imagination.

Only in this way can the complete system and the government highly respect the securities market in the US.

In contrast, China's capital market has never been an economic leader. China's economic dominance is government behavior and real economy. The capital market has become a gorgeous fig leaf, but a small but significant component of Tang Seng meat.

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Under the difference, the thinking mode of the government and enterprises is not how to revitalize the stock market to revitalize the economy, but how to make use of the surplus value of the stock market to revitalize the economy. Therefore, we finally form a farce that we see in P.

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< p > anyway, < a href= "http://www.91se91.com/news/index_s.asp" > capital market < /a > is still the foundation for maintaining a market. It is precisely because of this marketization and the clarity of the operation system and economic status of China's securities market that it finally leads to the whole social capital away from this fortune's meat grinder.

In the end, that is what we see, the deteriorating market value of A shares and the dismal popularity.

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