After All, China'S Stock Market Is Not Mature.

With the implementation of the new IPO regulations, enterprises will become more and more easy, and even 64% of the companies whose individual performance is down will pass the examination and approval of the issuance examination committee smoothly.

This situation makes the market full of worries, which will increase the investment risk of new shares.

Especially when the registration system is implemented in the future, the investment risk of the new shares will increase significantly.

In response to the concerns of the market, Zhang Xiaojun, a spokesman for the securities and Futures Commission, responded in January 29th that the SFC has always insisted on two principles: first, it is concerned about whether the decline in performance results in the issuer's failure to meet the issuing conditions; and the two is whether the reasons for the decline in performance are fully disclosed and whether the risk is fully disclosed.

As long as it does not affect the issuing conditions and fully disclose in the prospectus, it also fully reveals the risks, which will not constitute a substantial obstacle to IPO.

First of all, there must be severe punishment measures for the listed companies and the deceit of performance.

In the course of conducting the IPO audit, the CSRC is concerned about whether the decline in performance results in the issuer's failure to meet the issuing conditions. In this case, some performance changing companies are not excluded to meet the issuing conditions.

The possibility.

For such companies, they must be directly delisted.

Second is to increase the punishment of false information disclosure and illegal activities in the process of information disclosure, so as to ensure the timeliness, authenticity and accuracy of information disclosure.

After all

During the audit process, the SFC is concerned about whether the reasons for the decline in performance are fully disclosed and whether risks are fully disclosed.

Therefore, if the information disclosure is not true, the risk of disclosure will not be revealed, which will inevitably bring huge investment risks to the new stock investment.

In addition, the investor protection measures involved in the performance of the company are also needed as soon as possible.

A very realistic problem, a performance change company listed, information disclosure is also in line with the requirements, but the company's three consecutive years of loss after the listing led to the delisting of enterprises, in this case, how to protect the interests of investors has become a problem.

But this problem must be solved.

Otherwise, the performance of the company will be the ultimate damage.

Interests bury hidden dangers.

It should be said that in a mature market, performance change does not constitute an obstacle to IPO.

For example, in the US stock market, even the performance loss companies can be listed on the stock market, let alone the decline of performance companies.

But this corresponds to the maturity of the US stock market and strict law.

But China's stock market is, after all, an immature market. As the chairman of the securities and Futures Commission Xiao Gang said, China's stock market is immature, immature traders, incomplete trading systems, imperfect market systems, and inappropriate regulatory systems, including loopholes in the supervision of the SFC, improper supervision and ineffective supervision.

It is indeed a severe test for Chinese stock market to allow performance to face the company's listing in such an immature market.

This requires more strict laws to protect.

Therefore, the A share market needs to be seriously treated in the face of the issue of listed companies' performance.

On the one hand, we should try our best to avoid or reduce performance and face the listing of companies. On the other hand, we should speed up the construction of relevant legal system.

Investors should not be allowed to become buyers of listed companies whose performance is changed.