Since The Restart Of IPO, The Continuous Registration System Has Been Losing Money.

Since the SFC announced the resumption of IPO, the topic of registration system has been flooded with all kinds of securities media, especially in the registration system.

If in November 21st, a "Securities Law" was revised to postpone, the State Council may adopt legal authorization to issue opinions and resolve all the efforts to make the registration system have the result in March next year.

In December 2nd, there was a new version of the story. The registration system was launched earlier than before the securities law was amended.

In December 3rd, the possibility of early arrival of registration system was discussed in the industry.

Why is the registration system going to be "false start"? This is indeed due to the stock market crash this year, resulting in the delay of the second instance and the three instance of the amendment of the securities law. On the other hand, it also reflects that the relevant departments and some interest groups are too late to launch the registration system, so that there are always people advocating various reasons on the issue of "false start" in the registration system.

In particular, China's stock market needs more rule of law, and even strict law to ensure the healthy operation of registration system in China's stock market.

The reason why some people advocate the "false start" of registration system is to avoid strict laws so as to achieve the purpose of fish in troubled waters.

Such a starting point itself is not pure motives.

Moreover, there is no need to "run away" on the issue of registration system, because even if "false starts", it is impossible to add more shares to the stock market.

Because even if we go through normal procedures and are well prepared, the new securities law is likely to be introduced in two sessions next year.

It is expected to be introduced in the two quarter of next year.

Therefore, even if "snatch", it will not take more than half a year to snatch.

stay

In the case of normal operation, how many more companies can be issued on the basis of the registration system in the six months' time? Even though it can issue more than twenty or thirty enterprises, it has limited significance to support China's economic development.

In fact, registration system "false start" is not necessary.

This first involves the rule of law in the capital market.

After all, on the issue of registration system reform, in recent years, including management, it has always been the first revision of the securities law, followed by the introduction of registration system.

The reason why this is emphasized is not only that the introduction of the registration system should be based on the amendment of the securities law, but also that the implementation of the registration system needs to be protected by the securities law.

In addition, this is also a reflection of the legal awareness of the capital market.

And if we push the registration system vigorously through the way authorized by the State Council, this is obviously "

Under the feet.

Under the background of Chinese society going to legalization, this practice is not desirable.

Although there are professionals who say that the State Council has authorized precedents, "the three single authorization of the Standing Committee of the National People's Congress on the authorization of the State Council to reform the industrial and commercial tax system and the issuance of the relevant tax bill" is the first time that the State Council has formulated interim provisions or regulations, and when the conditions are ripe, the National People's Congress and its Standing Committee shall make laws in 1984.

But on the issue of rule of law, China 30 years ago was totally different from the present China.