Xiao Gang: Promoting Registration System, Balancing And Issuing Stable Expectations

The securities and Futures Commission disclosed that Xiao Gang, chairman of the securities and Futures Commission, said that it would actively promote the reform of the stock issue registration system, and appropriately increase the supply of new shares on the basis of maintaining the balanced issuance of new shares and stabilizing market expectations on a monthly basis.

The SFC will promote the steady and healthy development of the stock market, do a good job of risk warning and education for small and medium investors, strengthen the supervision of information disclosure by focusing on the listed companies with persistent abnormal fluctuations in stock prices, strengthen the front-line verification and self-discipline management of stock exchanges, and crack down on all kinds of illegal activities.

We should establish and improve the basic institutional arrangements of the market, and continue to guide the entry of long-term capital into the market.

To urge

Fulfilling information disclosure obligations, strictly implementing accounting standards and financial reporting systems, and enhancing sustained returns

Ability.

At the same time, the SFC will strengthen the construction of a multi-level capital market system, enrich the products and levels of stock exchanges, further reform the GEM market, accelerate the improvement of the share pfer system of small and medium-sized enterprises in China, standardize the development of regional equity markets for small and micro enterprises, and carry out the pilot scheme for raising public financing of stock rights.

We should actively develop the inter agency bond market of stock exchanges and accelerate the expansion of credit assets and enterprise asset securitization business.

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Ye Tan believes that the establishment and exit mechanism of stock market is the guarantee for the implementation of IPO registration system.

The root of this statement is to enforce strict laws in the stock market.

Those companies that dare to fake and their intermediaries must be punished most severely.

Now, it seems that even in the trial system, if China can implement drastic punishments and exit mechanisms in a big way, China's stock market may be much better than it is now.

At the very least, those companies that only speculate in speculation will avoid the stock market.

In the final analysis, the foundation of the establishment and development of the stock market is the rule of law environment and the lack of a rule of law environment. Even if the IPO system is changed, the long-term development of the stock market will not help.

At present, there are many reasons why it is difficult to effectively improve the rule of law environment in stock market. But as financial commentator Su Pei Ke said, the role of the SFC in playing the role of "referee" and "athlete" in the stock market should be a very important reason.

From the issuance trial system to the registration system, the securities and Futures Commission of the SFC will split the relationship with the listed company from the source of the market.

On this basis, we can hope that the SFC will be able to take the hard and merciless cleanup when facing the "children" who are spoiling in the market in the future.

In view of this, today's reform of the IPO system and the introduction of IPO registration system are the first steps to ensure the "clear and bright" and healthy of the stock market.

Just after this step, we still have many steps to go.

Obviously, the implementation of IPO registration system requires judicial traceability, compensation mechanism, class action system and other systems, so that the exit mechanism can be truly implemented.

At the same time, the necessary severe laws and meticulous law enforcement departments are also the basis for ensuring the healthy and orderly development of the stock market after the advent of the "registration era".

Without these matching systems, even if the IPO registration system is launched, the effect will be difficult to play, or even more notorious.

What is most worrying is that once the lack of matching system guarantees, leading to the notorious IPO registration system, the IPO system is likely to be brought back to the trial system with very high sounding reasons.

We have gone through too many reforms.