Finally, The Registration System Of "Eating Away" Is Not "Goodbye".

In the government work report made by Premier Li Keqiang to the four session of the twelve National People's Congress on 3 5, the registration system topics of concern from all sectors of society were hidden, while the draft "13th Five-Year plan" unveiled at the same time put forward "creating conditions for the implementation of stock issuance registration system".

This means that the registration system, which has recently been seen as a curse by the market, should be slowed down for a relatively long time.

Investors can finally take a breath and rest.

Why should the registration system be slowed down for a relatively long time? The reason is that the conditions for implementing the registration system in the A share market are far from mature.

The following is the text of "A registration system is far from mature".

With the advent of the "two sessions", registration system has become the focus of attention in the 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 the CSRC and even the top executives have great determination to launch the registration system, they even obtained the authorization of the NPC. In March 1st, the registration system reform can be carried out in principle. For this reason, the interest groups representing the issuers' interests and the endorsement people actively promoted and launched the 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 illegal.

Rampant garbage market.

As an important symbol of the immaturity of the A stock market, it is the lack of strict law.

Registration system is essentially a product of marketization, and marketization needs to be protected by legalization.

Marketization and legalization are the two legs of the stock market.

However, the problems faced by the A share market are the serious lack of legalization, including the registration system authorization can be launched in March 1st, which is beyond the introduction of the new securities law.

That is, registration system does not have the new securities law to 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 enterprises are listed.

Putting it on the stock exchange makes it easier for companies to counterfeit and junk companies to go public.

In this way, how can the current "tofu law" escort 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 the information. How can this guarantee the quality of information disclosure of the issuer? If the quality of the information disclosure of the issuer is not guaranteed, what is the meaning of the so-called "information disclosure centered"? Is it not self deception?

At the 2016 national securities and futures supervision conference held in January this year, Xiao Gang clearly stated that 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 Securities Regulatory Commission, and inappropriate supervision.

Not competent.

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

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

Moreover, as an important sign of immature A share market, the stock market system 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 reform of registration system is not only to speed up the issue of new shares, but also to facilitate the listing and financing of enterprises, and this starting point also exposes the immaturity of the stock market regulators. At the same time, it shows that the registration system of the A share market is not mature.