Most Investors Fear The Registration System.

Recently, a rumor of registration system came again, which immediately attracted the attention of the market.

Specifically, in recent days, there are rumors that the chairman of the securities and Futures Commission Xiao Gang said Securities Law "The amendment is postponed, and the State Council may adopt legal authorization to issue opinions, and make every effort to register the system in March next year. At the same time, it is also said that first release the rhythm, then release the price, shorten the release process (3 to 6 months), give the enterprise clear expectations, etc.

Although this rumor was finally clarified by the market, it actually conveys such a signal to the market, that is, the full spread of the registration system in the A share market is not far away.

It is undeniable that under the registration system mode, the "human feelings" troubles of listed companies will be well solved, and the phenomenon of power rent seeking in the past is expected to change gradually. At the same time, under the registration system, it will also effectively alleviate the phenomenon that IPO queuing time is too long. This will effectively solve the dilemma of financing difficulties for a large number of SMEs, so as to better assist the development of the economy.

However, under the registration system mode, if the relevant supporting measures can not be refined and perfected, it will still bring immeasurable impact on the market.

Under the registration system, it has completely changed the previous situation of the "issuance of power" by the issuance examination committee, and the market oriented distribution mode will largely test the responsibility of the intermediary organization. Whether it can fulfill its obligations conscientious or conscientious will directly affect the final quality of the issuing enterprise. Of course, for regulatory authorities, it is even more necessary to further strengthen the supervision after the event in the future registration system. Investor The work of protection is to adapt to the future development trend of registration mode.

In fact, since the beginning of July this year, the A share market has been suspended for over 4 months due to the stock market turmoil. At the same time, the revision of the securities law of the A share market has to be further postponed to perfect more rules to regulate the development of the market.

Over the past 4 months, the A share market has gradually returned to reason, and the market trend has gradually stabilized. Recently, the A share market has resumed the IPO for more than 4 months, and has resumed the speed of new stock audit to speed up the landing process of the registration system.

It is worth mentioning that for the 28 Enterprises issued within the year, the form of pre paid purchase will still be adopted, and under this "old mode", it will also have a certain degree of diversion effect on the stock capital of the A share market. However, for next year's IPO, we will adopt a new model under the new IPO regulation, that is, the cancellation of the pre payment mechanism. In other words, in the new mode, it actually indicates that investors do not need to pay the funds in the new process, and can sign the payment after signing it. It can be seen that under the new mode, there will be a vigorous new wave of the whole nation.

Nowadays, IPO reboot has become a reality. Next, the registration system's landing will become a key task for the next step of management. Obviously, in the current market environment, registration system has become an inevitable trend.

However, for the majority Investors? They fear the registration system.

The reason is whether they will worry about whether the pace of IPO issuance will continue to accelerate in the future, and even worry about whether the future will speed up the issue of IPO in order to adapt to the full spread of registration system. On the other hand, we worry about whether the intermediary institutions in the registration mode can fulfill their due diligence obligations, and whether regulators can enhance the intensity of supervision in essence, thus affecting the fairness and rationality of the market.

In fact, for registration system, there are many differences between the registration system and the approval system. Among them, registration system will not conduct substantive examination of the declared materials of listed companies. In other words, for a listed company, if its declared materials meet the requirements and disclose all the information disclosed, the listing will be judged entirely by the market.

I believe that the introduction of registration system is already a trend. However, when the registration system is in full swing, we must also improve the relevant supporting measures in an all-round way and speed up the revision and improvement of the securities law, thus laying a sound legal foundation for the official registration of the registration system. In addition, in the future registration system, managers need to enhance the wisdom of the city governance, reasonably control the issuing rhythm of IPO and the frequency of IPO issuance, so that the investment and financing functions of the market can be balanced, so that Chinese shareholders will no longer be afraid of registration system.