It Is A Risky Investment To Allow Listed Companies To Lose Money.

As early as August 1st this year, the SFC news conference announced ten measures to improve the growth enterprise market system, establish a separate level on the gem, support the Internet and high-tech enterprises that have not yet made profits to the gem after one year listing, and further support the financing needs of independent innovation enterprises.

After 2 months, the CSRC recently issued 15 opinions on supporting Shenzhen's capital market reform and innovation. Among them, once again, it is emphasized that Internet and technology innovation enterprises that are not yet profitable for certain conditions will be listed on the gem after 12 months of listing in the SME share transfer system.

It can be seen that supporting the listing of deficit net enterprises is a general trend and has entered a substantive stage.

In fact, Internet companies based on Tencent, Baidu and Sina are also seeking funds for development at the beginning of their development. Unfortunately, in view of the relatively slow development of the domestic capital market at that time, the relatively narrow financing channels in China could not meet the development needs of this kind of Internet enterprises in time. In desperation, this kind of Internet companies will go overseas to seek a better way when they can not find financing funds at home.

More than ten years later, these Internet companies, which were once not valued, have become the most influential Internet companies both at home and abroad. Their scale of development also shows a geometric growth.

In the past, the mainland market missed the Internet companies such as Tencent, Baidu, Sina, Sohu and so on. Now it has missed the famous Internet companies such as Jingdong and Ali again. At this point, accelerating the liberalization of the entry threshold of the mainland market and catering to the listing needs of Internet companies will become the top priority of the management development strategy in the future.

In addition, in view of the high entry threshold of the mainland market, management has vigorously promoted the registration system reform to cater for the listing needs of some enterprises.

According to recent news, it is expected that the IPO registration reform plan will be launched by the end of this year, and the relevant work is in progress. Obviously, the registration system has been approaching us step by step, and in the new environment of registration system, some enterprises with high growth will get enough room for development.

With the gradual implementation of registration system and related systems, the way of losing Internet companies will become smooth. However, in the future, when a large number of listed companies lose money, will they disrupt the normal operation order of the market?

Among them, allow Loss net business Listing will greatly reduce the entry threshold of enterprises, which may lead to some enterprises that are badly in need of listing but not related to Internet and other related fields.

For now, with the new three boards Listing The rapid growth of the number of enterprises, which belong to the Internet and high-tech enterprises and many, or occupy the entire new third board market more than half of the share. At this point, with the accelerated implementation of the new three board transfer board policy, enterprises in related fields of the new three boards will successfully achieve the purpose of the listing of the transfer board. In addition, there may be some companies that are in urgent need of listing but not in the Internet and in the field of high technology. At that time, because of the gradual lowering of market threshold and the greater easing of policies, the number of enterprises that eventually got the qualification to transfer to the board was significantly increased, which made the growth enterprise market and even the entire A share market a big pressure to expand.

It is worth mentioning that at present New three boards The entry threshold of enterprises is very low. According to the regulations, the non-listed company's application for shares to be listed on the agent system must meet the requirements of the establishment and renewal of the business for two years, clear business and clear ownership.

According to incomplete data calculation, the expansion speed of the new three board market is accelerating at the present time, or in the next 5 years, the number of enterprises listed on the new three boards will reach more than 4000, involving a total market value of up to one trillion.

In addition, the loss of Internet companies will be the focus of market attention. At the same time, it is not ruled out that some of the loss net enterprises seek to cash in the name of the transfer board listing. The final policy can not encourage the healthy development of the loss net enterprises, but speeds up the chaos of executives' cash flow.

The author believes that allowing the loss of Internet enterprises to be listed should be carefully considered. If we relax the threshold blindly, it will easily lead to large quantities of Internet and the transfer of high and new technology enterprises to the market. However, the real purpose of these companies is not clear, or I am afraid that they will turn into a new round of making rich games.

It is undeniable that the successful mode of famous Internet companies such as Alibaba and Jingdong is hard to duplicate, and the domestic market lacks the soil for cultivating excellent Internet companies. Therefore, on this basis, I am afraid that the number of excellent Internet companies that can really develop into the mainland market will be very few. Obviously, allowing blind Internet companies to go public blindly is indeed a risky investment.