Implementing Registration System Is Still A Long Way To Go.

The purpose of A's attempt to push the registration reform is to speed up the issue of new shares and facilitate the listing and financing of enterprises. However, this starting point exposes the immaturity of the stock market regulators. It also indicates that the conditions for the A share market to launch registration system are not mature enough.

Registration system has become a focus topic in the recent capital market.

Even the rumours surrounding registration system are numerous.

And every time the rumor about registration system comes out, the stock market will have a concussion.

Registered rumor has become an important killer in the stock market.

It should be said that it is a normal thing for the market to turn a blind eye to the registration system.

Although from the SFC and even the senior level, the decision to launch the registration system is very great, and even for this reason, the NPC has obtained the approval of the NPC.

In principle, the registration system reform can be carried out from March 1st this year. For this reason, interest groups representing the interests of issuers and endorsements are actively promoting the registration system.

But in fact, the current A share market registration system is far from mature.

The result of the strong push registration system is a kind of violence against the A share market. It can only push the A share market down and make the A share market a junk market with rampant violations of laws and regulations.

Registration system should be the product of market development to a certain extent.

Not only investors are mature, but also financiers are very mature.

Investors invest rationally and financiers rationally finance.

But the A share market, which is only 20 years old, is still a highly speculative market. It is far from a mature market.

An immature market and registration system are totally inconsistent with the requirements of the soil.

Therefore, in such an immature market, it is impossible to produce healthy fruit of registration.

As an important sign of immature A share market, it is the lack of strict law.

However, the problem facing the A share market is the serious lack of legalization, including the registration system authorization, which can be launched in March 1st. This is beyond the introduction of the new securities law, that is, the registration system does not have a new version.

Escort.

The existing securities act is only a "tofu law", and even a fraud on the listing of enterprises, so that fraud becomes a popular phenomenon in the A share market.

Under the background of registration system, the listing threshold of enterprises is reduced, and the right of examination and approval of enterprises listed on the stock exchange has been put down to the exchange. This makes it easier for enterprises to counterfeit and the listing of garbage companies.

In this way, how does the current "tofu law" protect the registration system? Although the registration system emphasizes information disclosure as the center, but because there is no strict law as a guarantee, even if the issuer releases false information, it can not get the weight of it. How can this guarantee the quality of the issuer's information disclosure? If the quality of the information disclosure of the issuer is not guaranteed, what is the significance of the so-called "information disclosure centered"? Is it not self deception?

Moreover, as another important sign of immature A share market, it is

Immature.

For example, in the ownership structure of A share listed companies, "single dominance" is a common phenomenon.

This "dominance" not only seriously affects the improvement of corporate governance structure of listed companies, but also directly regards the stock market as a cash machine for large and small companies.

Every enterprise listing will bring the market at least 75% of the company's capital stock.

An important purpose of the registration system is to speed up the listing process and allow more companies to go directly to the stock market.

In this way, when enterprises are listed on a large scale, they also bring more sizes to the market. Therefore, the size is not becoming more and more difficult for the stock market to bear.

It is based on the major drawbacks of the Chinese stock market from legislation to system construction, which makes China's stock market far apart from the mature market, which directly leads to the immature conditions of the registration system.

In fact, the purpose of the A share market's attempt to push the registration reform is not only to speed up the issue of new shares, but also to facilitate the listing and financing of enterprises. However, this starting point also exposes the immaturity of the stock market regulators, and also indicates that the registration system is not mature in the A share market.