The A Share Market Will Not Be Allowed To Test Fields.

The SFC changed hands and many people had expectations. The A share market was welcomed at the first time.

So far, the chairman of the securities and Futures Commission has all come from the banking system, starting from a layman, and never getting familiar with it. Will the market pay the tuition fees again? It really gives investors the joy of worrying, and the market's slump also reflects investors' concern.

A share market from scratch, from small to large, should be attributed to Deng Xiaoping.

In the face of controversy over social surnames, Deng Xiaoping said: "for the stock market, we should try boldly. If we fail to shut down, we can shut down half of it."

Today, the A share market has already passed the test field stage, not only can not be closed, but also continue to grow and expand.

But in some people's eyes, the A share market still seems to be an experimental field. Many so-called innovative methods that have not been fully demonstrated are constantly being tested, so that the state and investors pay a heavy price.

Now, never again.

As a test field, the cost of trial and error is already unbearable.

Although the 28 new shares were divided into 3 batches and extended to one and a half months, the purchase of the shares still had a significant impact on the market trend.

At that time, people realized that when the market is weak, they simply can not afford any trouble.

Considering that the 28 new shares were originally issued for only half a month, although they have been extended to a month and a half, they still make the market difficult to resist. Therefore, the conclusion that the so-called supply of new shares is in short supply is simply unreliable.

We only rush to judge according to the new speculation in the two tier market, and only come to the wrong conclusion.

In fact, the new deal of IPO eliminated the biggest move of large funds, and whether it could boost the two market trend is not the task of IPO's new deal at all.

Take the IPO reform that people are most concerned about, IPO and

Is there any relationship between the trend? Of course, there are relations, but some people think that it does not matter, there are high weights.

In May 15th last year, when Xiao Gang, chairman of the securities and Futures Commission, went to the "12386" hotline, he said: "the impact of IPO on stock price is not very big, and it can not decide the rise or fall of stock index. Especially in the medium to long term, the change of stock index is mainly determined by other factors. The difference between IPO and price changes should be seen."

This is probably based on this understanding, the first half of last year, the issue of new shares soared.

At that time, the A share market was bullish, and one new stock was launched on the IPO, and five pairs were fired.

It seems that the issue of new shares has little to do with the trend of the two tier market. Many people are still scarce in the analysis of new shares, and more new shares should be issued.

As a result, the issue of new shares has changed from January to June in the two installment, and new shares are still hot. Therefore, the new stock market has gained more momentum.

But with the stock market crash, the so-called "bottom up" suddenly became deflated. Too many new shares were overvalued, and the call for IPO was a wave.

But the voice of investors is obviously out of step with that of regulators. In the late June of last year, second batches of 28 new shares were still issued in the wake of the stock market crash, and revealed that the first batch of IPO in July was also planned, but the number would be reduced.

Fortunately, the State Council immediately halted the 28 new issues. It is clear that the State Council believes that IPO will add to the weakness of the two tier market, which need not be tested again.

However, Xiaogang's cognition has not changed, and it wants to test again. Therefore, in November 6th last year, the Shanghai composite index just broke through 3500 points, and then it could not wait to restart the IPO, first resuming the issue of 28 which were stopped at the end of June last year.

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Originally, the new IPO could take a new approach without funds to purchase, but it came to a new and old one. The 28 new stocks still need to be purchased according to the old method.

The most worrying thing now is the registration system. It will not be clear until it is tried.

People's worries are reasonable. From the current public information, the regulatory authorities delight in the fact that the government no longer endorsed the IPO company as a declaration of disclaimers.

It is hard to understand that the securities market is a problem that the government has to open up, and how the government can avoid it. This is like a large shopping mall. Although the merchants who enter it may come from all corners of the country, if the business fraudulent consumer behavior occurs, the shopping center will bear joint and several liability.

How did this reason come to the registration system?

If we understand the registration system so well, we won't have to try it. We will not be able to get it done, and the market will be completely destroyed.

If the registration system is understood to be a reduction threshold, many companies that originally did not meet the requirements of listing could also be IPO, which means that the expansion of new shares would not be necessary.

At present, supervision can not be controlled in advance. How can we manage it after supervision? The cost of trial and error can not be borne by the securities market.

The trial and error of the fusing mechanism made the A share market not yet slow down.

If the registration system is tried again and again, it may be pernex.