Xiong Jinqiu: New Shares Can Speed Up The Pace

As the stock market takes the bull, the speed of IPO is gradually accelerating.

Statistics show that since 2015, the SFA has reviewed the first application of 62 companies. Among them, 57 were passed, 2 were not, 3 did not vote, the overall pass rate was 92%. However, only in the first three weeks of March, the company reached 32, indicating that the audit has accelerated signs.

According to the relevant provisions of the SFC, the financial information recorded in the IPO enterprise application documents is valid for 6 months. If it fails to renew the 3 months overdue, it will be terminated. Some registered accountants will work overtime before and after the Spring Festival, so as to finish the materials earlier and let the IPO enterprises return to normal audit.

Recently, the stock market is hot and abnormal, and companies are competing to go public. However, it is hard to say whether the main purpose of some listed companies is to raise funds or not. These enterprises often do not lack money in their hands. Before the listing, they still lay a large amount of cash. They also raided money on the eve of IPO. Some of the investment projects were even made for listing, and many capital flows to the bank financial products after the listing.

If the stock market alienated the resource allocation function, the prospect will be worrying.

As the stock market became hot, the manipulation of the market became popular again. Some time ago, the SFC set up an investigation on the agencies and individuals involved in the manipulation of the 18 stocks, but it was uncertain whether the market manipulation would have an effective deterrent effect. Some institutional makers have begun to commit crimes against the wind. Listed company The management level is relatively general, and even the management is very poor, but under the concept packaging, the stock price is still higher, so the listed company's refinancing high price will cause the waste of resources.

current Downward pressure on economy Larger, of course, the government wants to play the role of stock market financing to expand direct. Financing scale To promote economic transformation and upgrading. However, the Chinese economy needs "quality growth" and the stock market also needs to have a quality rise. Only by ensuring the healthy operation of the stock market and ensuring a healthy bull market can the positive role of the stock market be fully realized.

What is a "quality bull market", according to the Xinhua commentary: first, the rising market has a solid economic foundation; secondly, the rise of the stock market has a long duration of sustainability; third, the stock market's investment climate is active but not fanatical. At present, the stock market speculation has heated up, and some stocks have been rapidly rising in a short time, which is not in line with the standard of "healthy cattle" or "sub healthy cattle".

If the market price signal is distorted, although it can bring financing convenience to the enterprise, it will eventually lead to mismatch of resources, which will bring harm to the long-term development of the real economy and stock market. At the same time, some retail investors will abandon rational investment concepts and get bogged down in speculation.

In order for the stock market to form healthy cattle, the key is to let the stock market form a healthy price discovery function. For enterprises, there is no excessive valuation bubble, so as to form an effective incentive mechanism for enterprises. For this reason, we must strengthen supervision and law enforcement. The most important thing is to strengthen the crackdown on market manipulation. For this reason, the regulatory authorities can not hesitate to hesitate, we must quickly sacrifice heavy punches and crack down.

The stock market is hot, and IPO can certainly speed up the pace, but it can not affect the health of the stock market. Only a bull market with quality can ensure the optimal allocation of resources.