The Industry Calls For The Registration System To Come Out Soon.

The SFC also made a new statement on the issue of new shares. On the 12 day's regular news conference, Deng Ge, a spokesman, said that the SFC is actively promoting the registration system reform and appropriately and appropriately increases the supply of new shares on a certain basis.

The remark is that the bull market is expected to open, so will the tempo of IPO accelerate?

The SFC's position on IPO is revealed by Xiao Gang, chairman of the securities and Futures Commission, when he learned the spirit of the central economic work conference in the Party committee. In the issue of new shares, the SFC spokesman Deng Ge said that registration system reform is the focus and the rhythm of IPO will change.

Deng Ge: actively promote the registration system reform, keep the monthly issue balance and stabilize market expectations, appropriately increase the supply of new shares, establish and improve the basic arrangements, guide long-term capital into the market, and urge the information disclosure obligations of listed companies.

Timely and appropriate increase in the supply of new shares is, in the view of the industry, echoing the demand of the market.

Hu Ruyin, chief economist of Shanghai Stock Exchange, said that the recent hot A share market just showed that the supply of new shares was insufficient.

Hu Ruyin: the market is so hot now that it is the result of the imbalance of supply and demand. From the perspective of financing and investment, there is a demand for new shares.

But what the market would like to see is that the stock issue registration system can be introduced as soon as possible. The regulatory authorities will reduce the administrative control over the issue of new shares, and shift the focus of supervision to the fight against insider trading, and strictly check the fraud of listed companies.

From the perspective of healthy development of market demand, we should reduce administrative control of new issue.

It is widely expected that the IPO registration scheme may be formally launched after the completion of the securities law in June next year.

If a modest increase in the supply of new shares will impact the bull market? Dong Deng, director of the Institute of financial and securities research of Wuhan University of Science and Technology, said that promoting the registration system and appropriately increasing the amount of new shares issued will help to improve the value discovery ability of the blue chip market and will not affect the bull market pattern. The two tasks are synchronized.

Dong Dengxin: raise the price of big blue chip, suppress

And the price of junk stocks will be cheaper in the future, and investors will get cheaper new chips. This is a win-win situation.

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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.