A Shares Urgently Need A Strict Delisting System To Escort Them.

In the past more than 20 years, A shares have been delisted by only 70-80 companies. Nor have they seen any direct delisting because of fraud and fraud. There is no "strict law" to protect the stock market. The registration system can only bring more fraud and fraud to the stock market, and the stock market will only eat and pull, and the result will only accelerate the A stock to "die."

As the eighth head of China's securities market, Mr. Liu Shiyu took the first week of his office, and now he fell 1000 shares. After a week, the Shanghai Composite Index and Shenzhen stock index dropped 3.25% and 5.79% respectively, and the market value loss was nearly 2 trillion yuan.

This is certainly a great blow to hundreds of millions of investors who hope that the new chairman will bring a new atmosphere. I believe President Liu himself is not happy.

In fact, Liu Hongru, the first chairman of the SFC, has said: "no one can live long enough to sit on the crater."

The regulator of any market in the world has never heard of such a statement? Please see that the chairman of the China Securities Regulatory Commission should be responsible for the stock market (assuming too many political tasks on the stock market) and being responsible for the next (seven losses, one win, two draws, or even nine losses and one win, most of the shareholders' grievances), and the left and right sides should look at the face of many ministerial level, vice ministerial level central enterprises and large state-owned enterprises that are on their equal footing; the right ones need to take into account the faces of dozens and hundreds of local governments, and when they meet, they will return to the stock market or A or H-share listing, and also have to deal with the regulators of the international capital market. Why is the chairman of China's SFC alone sitting on the crater?

It can be said that both the inside and outside are hoping to make mistakes without any mistakes.

To write here, I really sympathize with the chairman of the Commission.

Obviously, this 1000 stock limit is not the act of chairman Liu or omission, but the market is already in a state of chaos and chaos. For example, on the day of Thursday's crash, there was a market rumor that the gem will cease to be audited from March 1st, followed by the registration system. In fact, as the SFC spokesman said, "I would never have studied the registration system of the second board independently, and there was no arrangement for a comprehensive review of the growth enterprise market in March 1st."

What does not exist has become a short heavy shell. How fragile is the market?

But the registration system is indeed the sword of Damour and Chris on the top of hundreds of millions of investors.

The reason is very simple. At the end of last year, the Standing Committee of the National People's Congress passed the authorization decision on the registration system reform of stock issuance. The implementation period of the decision is two years and will take effect as of March 1, 2016.

In March 1st, next Tuesday, the A share market will enter a sensitive period.

Now we can return to the theme: what is the most needed in the A share market? We need the laws and regulations that match the registration system, especially a strict and operational delisting system.

This is like the 2005-2006 year share reform. Why did the stock market decline to 998 points before the share reform? That is, the stock market is worried that a large number of state-owned and legal person shares will be listed, and a market will expand to three markets. Then, the non tradable shares will be introduced quickly, and the time limit and quantity of the listing of non tradable shares will be strictly regulated. The market will soon fall to 6124 points.

A strict delisting system is the biggest obstacle to local governments.

Everyone knows that once a company is out of the market, the billions of debts owed by local banks and other financial institutions will be wasted. This will have a great impact on the local economy. If we keep the shell and not withdraw from the market, the relevant stakeholders will also include local governments, so that we can get the most benefit from all kinds of capital games.

Eighth, the chairman of the SFC dare not stand up to pressure and dare to strike hard. Let's wait and see.

and

Never seen a registration system.

After the new shares are not audited, a large number of stocks will be listed. There must be a lot of rumors, and the market is not completely collapsed. There is already a large block of registration system shadow. I heard that "starting from March 1st, the growth enterprise market will be completely stopped, and the subsequent registration system will be implemented".

In fact, the implementation of registration system in international stock market is accompanied by strict punishment and strict delisting system.

Take the United States as an example, from 1995 to 2012, all 3052 companies in NYSE were delisted, and Nasdaq had 7975 companies.

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From 2003 to 2007, the NYSE had an average annual delisting rate of 6% and Nasdaq average annual delisting rate of 8%.

On the contrary, in the past more than 20 years, only 70-80 companies in China's stock market have been delisted, nor have they seen any direct delisting because of fraud and fraud. There is no "strict law" to escort them. The registration system can only bring more fraud and fraud to the Chinese stock market, and the stock market will only eat and pull, and the result will only accelerate the "A" stock.