What Is The Relationship Between Registration System And Amendment Law?

In the third Plenary Session of the 18th CPC Central Committee, we proposed that we should improve the multi-level capital market system, push forward the reform of stock issuing registration system, and promote equity financing through multiple channels.

The implementation of registration system has put forward very strict requirements for regulators, listed companies, intermediaries and investors.

First of all, the registration system marks the return of regulators, and focuses on monitoring the disclosure and trading behavior of Listed Companies in an open, fair and impartial manner.

Secondly,

The implementation means that the listed company as the first responsible person should disclose the information in a real and complete way; the intermediary service organization should fulfill its credit responsibility and ensure the true and complete information; investors should be able to rationally judge the value of the enterprise and make reasonable pricing.

This requires a good incentive mechanism and strict market discipline to ensure that all market participants return to their duties.

First of all, we need to improve the listing mechanism of listed companies, optimize the structure of listed companies, and gradually resolve the high valuation of the market, so as to slow down the market's concern about the downward trend of valuation.

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In order to encourage the development of the company and optimize the structure of the existing listed companies, it will improve the overall profit level of the listed companies and substantially reduce the problem of the high price earnings ratio.

Secondly, we should reform the pricing mechanism of stock issuing, so that the market can really play the role of price discovery.

The capital market is a direct financing market, which is based on the real and full disclosure of the fundraisers.

It is up to investors to improve the market pricing mechanism.

Secondly, we should develop multi-level capital market and cultivate more high-quality listing resources.

The development of capital market should provide every joint-stock enterprise with a seamless docking place for investment and financing.

We should develop a regional equity market, improve the system of non-public offering and non-public trading, organize equity pactions, and expand the definition of securities.

The key problem of capital market is to expand the definition of securities, develop OTC market and establish a networked bidding information system.

It is suggested that the new third board market should be the experimental field issued by our registration system.

Approval procedures must be carried out for publicly traded public investors.

Finally, we must establish a strict delisting system.

Without delisting, there will be no healthy market.

We must create a good market environment by strictly executing the law and playing a role in the market mechanism.

The implementation of the US registration system relies on strict supervision after the event. The severe criminal punishment in the United States is good for protecting investors.

At present, there is no definition of crime in China's criminal law, and criminal law must be amended at the same time.

It is necessary to guide and safeguard the reform process with amendments, and the law should be carried out as soon as possible.

Without a strict law, the risk of registration is enormous.

The participants in the market will be very careless.