Guo Shiliang: Registration System Is Not Worth The Money.

What will be the impact of registration system on China's securities market?

In fact, the core of registration system is to cancel the continuous profit conditions of stock issuance and reduce the entry threshold for SMEs. Obviously, compared with the approval system, although the registration system will still have certain access conditions, it has greatly simplified the listing procedures, but also greatly reduced the entry threshold for the listing of enterprises.

In other words, registration is made for Marketization The highest degree of system emphasizes the core role of the market and makes the market decide the life and death of the enterprise. With this, Registration system In a comprehensive way, the myth of "stock market immortal" in China's stock market is expected to be broken.

At the same time, " Survival of the fittest "Under the environment, the" shell value "of junk stocks will be greatly reduced, or even worthless. Of course, in the early stage of the implementation of the system, or faced with a series of difficulties, and how to strengthen the mandatory delisting system, strict faith and other supplementary system, to a large extent, reflects the effectiveness of the registration system.

November 17th this year is an important day for Shanghai and Hong Kong to officially open to traffic. In fact, the opening up of Shanghai and Hong Kong links has laid a solid foundation for the overall promotion of the mainland registration system. It not only realizes the integration of the two markets in the trading system and transaction time, but also further strengthens the value investment concept of the market, further combating the malicious speculation of the junk stocks that exist in the mainland market for a long time.

To sum up, the author believes that the comprehensive promotion of Shanghai and Hong Kong's "opening up" and the registration system of the mainland market will bring profound changes to the mainland market. With the continuous improvement of the trading system and the structure of investors in the mainland market, the behavior of malicious speculation in the past market will be curbed. Junk stocks will be worthless at that time.

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According to usual practice, when the IPO is relatively concentrated, the central bank will release liquidity to the market appropriately. It is expected that the central bank will inject funds into the market by various means next week.

In fact, this week, the central bank invested 10 billion yuan in the banking system through open market operations. In addition to the 10 billion yuan 14 day repo operation on Thursday, there was Tuesday's 20 billion yuan 14 day repo, totaling 30 billion yuan. However, the 40 billion yuan repurchase that expires this week, the central bank actually invested 10 billion in a single week.

Obviously, 10 billion yuan will not work. Yesterday, there were rumors that in response to liquidity tensions, the central bank would provide financial support to banks through short-term liquidity tools within 50 billion yuan.

The position of the central bank also confirmed this possibility from the side. Its official said that when needed, the central bank will provide liquidity support in a timely manner through a variety of monetary policy tools.

Dong Dengxin believes that the central bank's "relief" rescue is only temporary measures. From the current ample liquidity of the banking system, the market is not short of funds. Therefore, the central bank's "drainage" will not be too great. Too much "drain" will only poison the poison and quench thirst. After all, forcing banks to speed up restructuring and optimize the credit structure is very important.