Registration System: Information Disclosure Itself Needs To Be Standardized

The reform of stock registration system has a significant impact on the stable development of Shanghai and Shenzhen stock markets. Any information disclosure related to this should be standardized so as not to cause market fluctuations. Last Saturday, the major websites launched a report on the registration system in March next year. The core of registration system is standardization and legalization of information disclosure. Then, the information about the registration system reform process itself should be standardized and legalized. The same is true of media publicity.

First, because of the significant impact of the registration system on the Shanghai and Shenzhen stock markets, all relevant information should be released through the SFC website, press spokesman or authorized department of the State Council. Last Saturday, the report on this issue was reported through an investment website, which is more like a seminar record. At noon on the second day, many websites cancelled the report. However, what the meaning of the report is, the market is deeply puzzled, and doubts are uncertain.

Second, before the implementation of the registration system in Shanghai and Shenzhen stock markets, it is necessary to amend the securities law. If the amendment of the securities law is too slow, it is necessary for the State Council to take legal authority to solve it. At the very least, this issue should be officially issued by the National People's Congress or the State Council, while the general management department can not have the right time to announce the time and how to revise the stock issuing method stipulated in the securities law.

Thirdly, many websites and experts are right. Registration system There are some misunderstandings in the US. Why is it that listed companies in other parts of the country are not in a mountainous position? Why do many enterprises regret that they want to withdraw from privatization after Chinese companies have gone to the US market? Because registration system does not mean the requirement of loosening standards for enterprises listing, but the regulatory methods of regulatory departments and all sectors of society for listed companies, and the public and implicit costs of listing are changing. With regard to this area of expertise and China's practice of registration system, it is necessary for the SFC and relevant departments to publicize and guide them in a standardized way.

Fourthly, some irresponsible media say that after China implements the registration system, the stock market is facing great changes, and many share prices will be two or seventy percent off. Gem The share price will collapse and the bubble will burst. The listing price of the new three boards listed at present will be referred to the future listing price of the main board. The judgment of this statement is totally unfounded. Step by step, if China implements the registration system, it accounts for 80% of the small and medium-sized stocks, not to mention two or seventy percent off, that is to say, a double break is also a big stock market disaster, and it is also a great calamity of China's middle class. This reform can not be the original intention of the Central Committee of the State Council, nor is it consistent with the SFC's measures to stabilize the stock market.

In short, China's financial reform, such as interest rate liberalization, exchange rate marketization, Banking reform The reform of mixed finance and Internet finance is a steady and accelerated development with Chinese characteristics. It is by no means destroying the original mechanism and causing great losses to the market to innovate. It is a gradual reform in accordance with the national conditions and taking into account the interests of all parties. The registration system on the Shanghai stock market also needs smooth stock market stabilization.