Clothing Companies Need To Be Positioned In The Capital Market.

Looking back in 2015, though

After the ups and downs of the stock market and the unrest of IPO, several sets of data show that the scale of China's capital market is expanding rapidly.

According to PWC's recent statistics, the Shanghai and Shenzhen stock market IPO reached 219 in 2015, up from 125 in 2014, and the financing scale was 158 billion 600 million yuan, higher than the level of 78 billion 600 million yuan in 2014.

In addition, PWC expects that 400 enterprises will be listed for the first time in 2016, and the scale of financing will be about 250 billion yuan -3000 billion yuan, and the scale will be the first in the world.

The Standing Committee of the National People's Congress voted on December 27th to approve the decision of the State Council to adjust the relevant provisions of the "People's Republic of China Securities Law" in the implementation of the stock issuing registration system reform.

The implementation period of this decision is two years and has been implemented since March 1, 2016.

According to the document, it can be implemented within two years from March 1, 2016.

That is to say, the earliest registration system will start in March 2016 and late in March 2018.

Registration system is a fundamental reform of the stock issuing system.

The current approval system is prior supervision. The issuance of new shares is verified and judged by the executive authorities on the authenticity of the disclosure content, and the value of the disclosure is judged.

The stock registration system is a matter of supervision after and after, and its value is judged by investors and the market.

At the beginning of 2016,

The implementation of the fusing mechanism has led to market turbulence. After examining the securities and Futures Commission, the securities and Futures Commission decided to suspend the implementation of the fusing system.

During this period, a "Registration Scheme" settled in the news soon, and then the Shanghai Daily quickly refuted rumors.

There is a view that the acceleration of the registration system has amplified the volatility of A shares.

In the short term, the launch of any new thing will not be smooth sailing, or even pay a price.

The implementation of registration system is urgent and not excessive.

After the adoption of the decision, the SFC also indicated that it would conscientiously implement the work requirements of the State Council regarding the implementation of the registration system reform of stock issuance, and make good preparations for the formulation of the supporting rules and other preparatory work, and actively, steadily and steadily promote the registration system reform in accordance with the authorization of the NPC.

It can be predicted that the introduction of the registration system does not mean that the new shares will expand in a large scale, and will take into account China's national conditions and reality and step by step.

This new regulation of A shares issued on the new year's Day reflects this point.

The SFC said that from January 1, 2016 onwards, IPO will be implemented in accordance with the new system.

When investors purchase new shares, they do not need to pay in advance. Small cap stocks will be issued directly, issuing audit will pay more attention to information disclosure requirements, and issuing enterprises and sponsoring agencies need to shoulder more obligations and responsibilities to protect investors' legitimate rights and interests.

The SFC emphasizes that the new IPO system is based on the approval system, which reflects the spirit of registration reform, but not the beginning of the registration system.

For the clothing industry, the introduction of registration system enables more qualified enterprises to visit the capital market, but compared with the past, the relationship with the capital market has changed greatly.

before

We must strive to land in the capital market through auditing, which is similar to "strict promotion and wide out", which leads to the phenomenon of generally high valuation of new shares in A share market and the appearance of performance changes. The fundamental significance of implementing the registration system is to guide the capital market to change the nature of long-term investment and value investment, so that good companies can be eliminated from the high valuation corresponding to the high valuation.

In the final analysis, clothing enterprises should do well in the main business, consolidate the assets quality of enterprises, promote their pformation and upgrading through capital market, and enhance their valuation in capital market through the continuous growth of their own enterprises, so as to achieve a virtuous circle of industry and capital.