Pi Haizhou: China'S Stock Market Lacks The Soil For The Existence Of High-Quality Companies.

Lao PI can understand the mood of the accuser, but can not help but point out that the accuser's idea of retaining Alibaba is totally self serving and even a kind of unrequited love.

Because Alibaba has never had a crush on the A-share market, Alibaba's lover is the Hongkong stock market, and finally chose to marry the US stock market. What does it matter about the A share market? Why should so many market people suffer from "Acacia disease"? It can't be said that Alibaba is a big beauty. Do you want to share it with yourself in the A share market? If you want to retain the A share market, you will have to be interested in yourself, so that people will not see you at all, and if A shares want to stay, is it not the toad's desire to eat swan meat? This only shows that the accuser lacks self-knowledge.

From the actual situation, Alibaba also did not see the A share market from the beginning.

In other words, Alibaba was born on the basis of its decision not to belong to the A share market.

Because the A stock market has been established for a very short time. At the present stage, it can only be listed by domestic enterprises, but Alibaba has chosen its registered place in the British Cayman Islands to make itself a "foreign capital company".

It can be said that from the very beginning, Alibaba has subscribed itself to the overseas market, which is destined to marry overseas markets instead of the Chinese stock market.

Moreover, the Alibaba has set up a shareholding structure with the same rights and different rights for itself.

It is out of tune.

It can be said that from the very beginning, Alibaba did not position itself in the A share market, so we still have to be self-conscious about this issue, right?

Don't talk about Alibaba. In fact, since Alibaba has been listed in the United States, there is no point in tangle.

Therefore, we might as well have a meaningful discussion.

The topic is sublimated, for example, why the A share market can not retain high-quality companies.

Such a discussion may be more practical.

This is actually related to the stage of A share market development.

After all, the A share market is only 20 years old, and the establishment of the A share market is launched as an experimental field. Its purpose is to help the state-owned enterprises out of poverty.

And now, it has been a great progress to accept the listing of private enterprises and the listing of private enterprises.

Because of this, Chinese companies can be listed on A shares, and before 2009, the state-owned enterprises are the main companies. Baidu, Alibaba and other "foreign companies" can not be listed on A shares.

Secondly, China

The positioning of the money market also led to bad money in China's stock market and banished good money.

On the one hand, even in the environment of such a money market, even if there are high-quality companies listed on A shares, it can not reflect the quality of their high-quality companies.

PetroChina should be a very good quality company, but because of the high price issue and speculation, China Petroleum has become the most popular stock in the A share market.

Although its annual dividend is rich, its rate of return is not even higher than that of bank deposits because of its high price distribution.

On the other hand, it is precisely because of the money market, so some bad enterprises prefer to stock money in the stock market, so the A share market has a IPO barrier lake.

For some non high quality companies, they have to be listed, and only Huashan listed on the domestic market.

As a quality company, in order not to miss opportunities for development, they choose to go overseas.

In addition, some high quality companies also disdain to develop in such a bad environment of domestic stock market and take the initiative to choose overseas listing.

Therefore, in order to retain the quality companies listed in China, the whole environment of the A share market needs to be improved, rather than simply the IPO system. It is also not the problem of "supporting the Internet and high-tech enterprises that are not yet profitable" after the listing of the new three boards to the gem for a year.

The so-called "orange producing Huainan is orange, while Huaibei is a trifoliate orange".

If we do not cultivate the soil of survival quality companies, it is very difficult for A share market to retain high-quality companies.

Just like the little swallow that had soaked in flowers, no butterfly was attracted, but a group of stinging wasps were attracted.