The Registration System Implemented By A Shares Will Also Be Registered With Chinese Characteristics.

Of course, the registration system implemented by A shares will also be registered with "Chinese characteristics".

The registration system reform may be mainly a formal reform. The SFC will return to the role of regulators, but it also needs to regulate the issue rhythm and issue price to a certain extent.

Recently, the draft approved by the Standing Committee of the State Council to be submitted to the Standing Committee of the National People's Congress has been clearly approved. Within two years from the date of its decision, the bill will authorize the registration system for public offering of shares to be listed on the Shanghai and Shenzhen stock exchanges.

There is a view that registration system should be implemented within two years, and the implementation time will be very flexible.

I believe that this view is not fully aware of the urgency of the coming registration system.

Investors should face up to the reality of registration reform, abandon speculative gambling and invest in real value.

At present, some investors are still speculating about their illusions. They think the registration system is far away. Before the registration system is implemented, they can also speculate and make a few rounds of speculation.

But the registration system is advancing at a speed that many people do not expect. The implementation time mainly depends on the progress of the SFC's preparatory work.

One of the main tasks is to formulate regulations on the administration of stock issuance and registration.

The author estimates that the registration system can be formally implemented as soon as possible after 3~4 months. Once implemented, it can be implemented for two years under the temporary framework.

The implementation of registration system will help improve the efficiency of the capital market in serving the real economy, realize the balance and coordination of investment and financing functions and long-term, stable and healthy development of the capital market; on the other hand, it will also have an impact on the current market valuation system. As the IPO and small cap stocks continue to be listed, the value of the listing qualification will be significantly reduced, and the valuation of junk stocks and small cap stocks will be significantly reduced, which is worthy of great attention by all parties.

7, after the stock market crash in August, stock market stocks, junk stocks, shell stocks and so on, the stock price of these stocks even hit a record high.

Carrying out the registration system reform may create a huge stock price impact on such stocks.

But without the registration system, the distorted A share market will be more difficult to get out of the vicious circle.

Therefore, eliminating barriers to interests and resolutely implementing registration system is the only choice.

Of course, in order to prevent the registration system from causing a huge impact on the market, the key is to slow the release of related risks in advance.

For this reason, the relevant departments should step up policy propaganda, and inform the market parties of the steps and the possible impact of the registration system on the market, so as to give precautionary measures to investors, especially speculators, and do a good job of risk warning in advance.

To make a long story short,

We should start from now, abandon speculative gambling thinking, and always bear in mind the principle of buyer's conceit.

If we are obsessed with stock speculation, all losses can only be borne by ourselves. There is no reason to go to the government to stabilize the market.

Of course, the registration system implemented by A shares will also be registered with "Chinese characteristics".

The registration system reform may be mainly in the form of reform, the SFC will return to the role of regulators, but also the rhythm of the issue.

To a certain degree of regulation.

The author believes that the registration system with Chinese characteristics is temporary and will eventually be pferred to a fully marketization system.

The author suggests that the pition period should be shortened as soon as possible, otherwise the rhythm of the listing will be controlled, and the listing qualification is still a "treasure". The speculative wind of the junk stocks, shell stocks and small cap stocks will also rage.

The benefits of registration reform will also be low.