A Share Registration System Has Great Influence On Hong Kong Stocks.

The impact of the A share registration system on the Hong Kong stock market will be presented next year. The DDT China National listing business group held a media conference in Shanghai on 9 May and said that the first time in the first quarter of 2015, the amount of new share financing of the Shanghai Stock Exchange (Finance court) for the first time exceeded the Hongkong exchange or even replaced the New York stock exchange, which had long been in the leading position.

Guotai Junan judged the process of registration system promotion: in 2015, the securities law was amended to solicit public opinions for improvement.

DDT China A equity capital market leader partner

It is expected that in the coming months, the market will pay more attention to the time and mechanism for the formal implementation of the new share registration system in the A share market.

The full impact will be presented next year.

Guotai Junan believes that the possibility of progressive registration system in China is more likely.

The chairman emphasized the principle of gradual and steady implementation.

The overall promotion of registration system needs to be improved in 4 aspects: 1) perfect and strict requirements for legal supervision after and after the event.

2) mature and rational investor environment.

3) a responsible intermediary structure.

4) perfect corporate governance.

The perfection of these 4 backgrounds will be a gradual process in China.

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According to the current SME's listing of new three boards and the data from market makers, the price earnings ratio of the new three boards is at a high level.

And the development direction of the new three board will bring more change factors to the whole capital market. It is expected that many new quality companies will enter the gem through the pfer board in the future.

After a surge in the market, whether the gem has generated bubbles has aroused heated debate in the market.

Today, DDT held a media conference in Shanghai. Wu Xiaohui, the leading partner of China's A share market of DDT China listed business group, said that according to the current gem price earnings ratio of up to 90 times, it has been at a relatively dangerous stage.

However, under the influence of the implementation of the book system and the landing mechanism of the new three boards, the valuation of the gem will return to a reasonable scope.

Since the beginning of this year, the gem has been showing a unilateral upward trend, but suddenly plunged by over 5% yesterday, and it dropped more than 5% in early trading today, then hit the bottom and picked up 0.33% at the end of the session.

Wu Xiaohui said that after half a year's inflation, the gem price earnings ratio has reached 90 times.

According to the mainstream view of the market, when the P / E ratio is close to 100 times, it is more dangerous. At present, no market can see the price earnings ratio is 100 times the plate.

In addition, China's capital market is capital driven at present, and a lot of capital is backlog on the gem of capital market.

As a result, the rise in share prices of many companies has nothing to do with performance.

In addition, Wu Xiaohui believes that from the perspective of P / E ratio, the risk of gem is higher.

But it is undeniable that there are still higher quality enterprises, and there will be room for further increase in share prices in the future.

However, for the vast majority of enterprises, they will face adjustment stage.

"The future registration system and the implementation of the new three board joint venture board pfer mechanism, the growth of the gem will be very large, and the value of the shell will be lower and lower.

Ultimately, gem valuation will slowly return to a reasonable extent. "

Wu Xiaohui said.

The impact of the new three boards on the gem will be mainly on the pfer board.

Wu Xiaohui said that at present, the first step of the new three boards must be docking with the gem, while the pfer board enterprises are mainly similar Internet companies.

Specific rules need to wait until the end of the year registration system to implement the rules.

The pfer board will increase the supply of gem.

In the latest regulations issued by the securities and Futures Commission last year, it is shown that enterprises can independently choose the listed exchanges and the size of the issue, and only need to write clearly in the prospectus.