IPO Speed Up Is Good For Market Ecosystem.

Chinese shareholders have a psychological belief that the decline of the market is caused by the issue of new shares. This is not the case at all. Looking back on the history of A shares, you will find that the ups and downs of the market are not directly related to the speed of the issue of new shares.

But in the past, we always indulged in this mentality, so we always stopped. The loss caused by a stop is even greater than the loss of rhythmic issuance, because once the stop is released, the new thaw will be created and new problems will arise.

If the IPO market will fall, the market scale will never be expanded, which will be more beneficial to the vested interests of the shell companies and refinancing companies.

The primary market must be expanded to achieve leveraging and adoption.

To finance, not issuing new shares is not acceptable.

The one or two tier market can not be simply regarded as an opposite relationship. The financing function of IPO is smooth, which will further promote the operation of the market ecosystem. For example, the IPO of small and medium sized enterprises is a good exit for PE, VC and angel investment, and the profits of these financing channels will help more SMEs hatch.

It can not be regarded as a registration system or an approval system. It can only be said that the factors of market distribution are increasing, which is the preparatory process of registration system.

The registration system I understand is independent of the SFC, and the conditions are determined by the exchange to decide whether to go public or not.

But do not engrave the registration system, let alone the registration system and the approval system.

Registration system is not equal to no censorship. The registration system in the United States still needs to be examined. It depends on whether the company meets the listing standards. Only when it meets the requirements can it be listed.

The registration system reform did not shout slogans, nor did it come up with any promotion timetable, but it was a solid and silent connection with the registration system. Since we were afraid of the three word registration system, we would not mention it.

The so-called registration system is very simple, IPO rhythm marketization, pricing marketization, and finally IPO audit right down to the exchange, it is really in place.

President Liu Shiyu also said that the exchange should bear part of the audit functions and regulatory functions, which is a new formulation. I think this is to prepare for registration system docking, but also for the psychological construction of investors, gradually in place, do not allow investors to generate too many negative emotions.

Registration or approval is all a means, not an end.

Some securities market systems may be very good in other countries, but if they do not match the quality, ability and level of market participants in China, they will not be able to play a good role.

For example, the listing system in the United States is registered, but we do not have so many.

Lawyers can not initiate so many lawsuits on listing issues. If we fail to do so, we will not be able to copy the US registration system.

So I think the substantive registration system is only a matter of name. What matters is whether the system can improve efficiency.

Although the SFC has eliminated a number of black sheep through financial verification, it has not established a long-term mechanism to prevent financial fraud.

Secondly, small non investors have no risk to make profits. Many venture capital institutions and brokerages directly invest in the company. They can always choose the company's shares before they hit the market, and then they will be allowed to run away for a year after they are held in a small capacity. They will earn a full pot without any risk. This is not investment, this is rent-seeking.

Finally, the pricing of new shares, although the inquiry mechanism, but the final price of the inquiry is "comprehensive parties to determine the price."

What is the price of the parties? What is the comprehensive formula? No one can say clearly, so the price set up by the comprehensive plan is clear that the similar stock can be bought at a lower price in the market, but the organization must give a higher inquiry, without credibility.

All these problems must be solved.

Now there is an unfair thing about IPO, that is, the success rate of individual accounts is too low, just like the lottery.

The new shares have left many large households and many offline placing applications.

The current market, making money is in the primary market, who can get shares in the primary market, who is risk-free income, this phenomenon is very unreasonable, so I propose to issue 100 stocks every day, and to reduce the offline placement, to give ordinary shareholders the opportunity. Only bulk issuance can solve the contradiction between the primary market and the two level market.

Secondly, the price of the primary market and the two tier market should be balanced, and the prices of the two markets should be consistent. But now the two tier market has several more price rises than the first tier market, and the ordinary people will be able to buy it at a high price. Can they not lose money? If we can make the first tier market issue 10 yuan, the two market will start at 9 yuan, and there will be a break, so that no one will rush to the first class market.

Now, the stock market is a scarce resource. Many people are calling off the issue of new shares. As a result, new shares are stolen immediately and they are fighting for the first tier market. This is not normal.

I even suggested that the IPO should be executed by the system of equities, and the number of shares issued would be divided into the number of shares in each account and how many shares each account could be counted. At that time, large investors with large capital would lose interest in the purchase because of too few shares.

This "single dominant" ownership structure not only causes regulatory difficulties for listed companies, but also allows all the affairs of listed companies to be determined by large shareholders, and the interests of small investors are difficult to guarantee.

More importantly, this "single dominant" ownership structure has made the stock market a large shareholder's ATM. The listing of the stock market will bring the stock market with no less than three times the size of the first tradable shares, but in the case of new shares issuing at a high speed, this will lead to a sharp increase in the number of restricted shares.

After a year or three years, large shareholders lifted the restrictions on these restricted stocks, which immediately brought great impact to the market.

The root of these two problems is the price restriction of new issue, and the price can not be released.

There are too many companies changing their performance after listing.

These companies, which are listed through financial fraud, will be added to the two tier market investors after IPO. The real shareholders will get a lot of wealth through capital operation and substantial reduction.

For example, making use of the "yin yang contract" to make fictitious income, manipulating profits through asset impairment, pferring the premium through non-performing assets, adjusting the proportion of equity investment, inflating assets and leaking liabilities, and making use of "non affiliated pactions" are all commonly used financial means of these enterprises.

Because of the growth rate of IPO now, those companies that are barely qualified have also taken chances. The increase in these companies has resulted in a decline in the quality of new shares.

Seeing that the speed of IPO is accelerating, many enterprises are applying for IPO to join the queuing sequence. Although financial data may not reach the level of application, they believe that with the advance of queuing process in the future, their financial data can be better and better, so that when they can really offer shares, they can produce the brightest statements, which is a cost saving practice, but the quality of listed companies is relatively poor.

China's current delisting system from

The concept is relatively advanced, and even can be said to be unassailable. From mandatory withdrawal to active exit, from single financial indicators to diversified financial indicators, there is no problem in delisting system technically.

But why is it so hard to carry out it? Because the approval of IPO is too difficult for an enterprise to spend 3~5 years to get a listing qualification. The enterprise may have only half lives.

Therefore, some enterprises choose to overtake cars in corners, and buy them directly from the market. These are the enterprises that do not allow junk stocks to withdraw from the market, and the more rubbish they get, even if they are dirty shells, they are willing to spend huge sums of money on reverse takeovers, and when assets are injected, they are listed as a whole. This practice is a waste of resources caused by the system, and also directly leads to the difficulty of listing and delisting.

The solution is also very simple, that is, the implementation of the registration system, making the market easier to withdraw from the market, one is one of the two brothers of the milk compatriots in the market. To solve the problem, one must solve the other at the same time.

Our laws and regulations have been very perfect, and the key is execution.

It should be said that delisting is not easy.

First of all, many shareholders do not agree, because this will cause them great economic losses.

On this issue, first of all, we must take good care of the listing and then make good performance. We must not give a yellow card warning. If we fail to do so, we will not be able to withdraw from the market again. We must never go back to the shell, reorganize and turn over the faces. We must retreat from the delisting. This is a matter of implementation, not a matter of laws and regulations.

For more information, please pay attention to the world clothing shoes and hats and Internet cafes.