There Is A Pitional Period In The Implementation Of Registration System.

Last night, the Executive Council of the State Council announced that the registration system reform may be implemented before the revision of the securities law.

The SFC's statement put forward the concept of "pition period". The implementation of registration system has a pitional period, and the supply and demand balance should be well done in the pitional period.

The explanation is also proposed

We must fully understand that the reform will not be completed in one step, and the pace and price of issuing new shares will not be released at once.

How to combine reform with market acceptance is the foundation of market stability. It is also an important rhythm that we need to grasp in the registration system reform. The grasp of this rhythm is very important for us to judge and understand the market after registration system.

I don't think there will be a major concussion after announcing the news.

The registration system has finally arrived. In the beginning of the pition period, the registration system should be understood as "

"

I do not think the registration system has just begun to carry out a major impact on the market. How to make the market slowly accepted, understood and used is the key to the implementation of registration system.

Here, I urge that maintaining the balance between supply and demand is the only way to maintain the healthy and stable development of China's securities market.

The issuance rhythm mentioned will not be released at once, and will not cause large scale expansion of new shares, which has been reassuring for the market.

And the original queue order remains the same, rather than many people do not want to queue up, which is very important for maintaining the existing order of the market.

Another important aspect of the registration system is to insist on pparency and strengthen supervision afterwards.

Regulation is moving from the front to the middle and post. It is a good change to trace back to some fraudulent issuance, opaque and fraudulent practices.

The initial audit is often not enough. If we can improve the post regulation or strengthen the process, it will be relatively effective.