Global "Cattle", Why Do A Shares Fall?

In the first week of May, the daily line of the market was quadruple, and the weekly line was quadruple.

From April 7th to May 5th, only 19 trading days, the market fell 203 points, will continue for nearly 1 years, the slow down, 100 point platform move up and down the slow cow pattern collapse.

The stock index has fallen below five week average 3192 points, 60 antennas 3220 points, half line 3193 points, Friday's lowest point is only 3 points higher than the 3089 line of the annual line, and the market has returned to the bear market.

Such a dangerous trend is in the United States and European stock markets and Hongkong stock market has been a record high, the first quarter GDP growth of 6.8%, can not help but arouse the deep reflection of all parties in the market.

As we all know, the main responsibility of the CBRC is to strictly supervise the financial institutions, prevent and defuse financial risks, escort the healthy and stable development of the major financial markets, and create a safe for the majority of investors.

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But over the years, the supervision of the CBRC has been frequent.

In 2015, as the CBRC relaxed and tolerated a high proportion of off site capital, the stock market crashed 1, forcing the national team to use 2 trillion capital to save the market.

Subsequently, there was a large amount of umbrella trust funds, which must be forced to liquidate, and the market collapsed again.

In early 2016, the stock market crash caused by improper measures of fusing 3 was not related to the CBRC. However, since the April 2017, the financial force forced the deleveraging, cleaned up the outsourcing investment and cleaned up the financial products, resulting in a new fall, which is closely related to the measures of the CBRC.

People can not help asking: after clearing off the illegal funds and the umbrella trust violation funds, why did the CBRC not clear up the issue of outsourcing funds and financial capital into the stock market in time? Why did not leverage at 2638 points, and suddenly attacked 3295 points?

Can not be sure, since President Liu Shiyu took office in February 20, 2016, the stock index from 2860 points to 3103 at the end of the year, the Shanghai Composite Index rose 8.5%, new shares issued 248, and indeed achieved steady progress.

But in 2017, more than 4 months passed. By the end of this Friday, the Shanghai Composite Index closed at 3103 points and returned to the closing index at the end of last year.

The Shenzhen Component Index closed 10024 points, down 1.51% from 10177 at the end of last year, and the SME board closed 10997 points, down 4.24% from 11483 at the end of last year. The gem closed at 1818 points, 7.34% lower than 1962 at the end of last year.

The index has been seriously distorted, and the more than 1000 stocks have been lower than those at 2638 last year. Gem, small and medium sized boards, sub shares and high delivery stocks have generally fallen 50% to 70% in the first 4 months of this year, which is even larger than the previous 3 round of stock market crash.

All over the world

They are all in a bull market atmosphere, and only China's stock market is down and down.

Excuse me, is there a problem in China's economy? Obviously not.

Is there a problem with Chinese listed companies? Obviously not.

The annual reports and quarterly reports of listed companies have been disclosed, and their operating efficiency has increased steadily.

What is the reason? There is only one answer, that is, the regulatory system has gone wrong, which has damaged the popularity and confidence of the market, driven the active funds of the market, coupled with the expansion of the great leap forward, the unrestrained reduction of the size, the obvious blood withdrawal from the market, and the inevitable decline of the stock market.

At present, the biggest problem is that management only knows that 10 new shares will be issued on a regular basis and quantity unchanged every week. It will only be used to speed up the elimination of IPO dammed lakes to show their achievements, but do not know how to adjust the pace of expansion, so that investors can act as rivals and make A shares a market for investors to lose money.

The loss of popularity and confidence is hard to recover.

After President Liu Shiyu took office, he rarely commented on the stock market in public for at least half a year.

However, with the smooth issuance of new shares and the slow rise of stock index, it is easy to shout instead of institutional supervision.

This excessive propaganda and supervision has seriously dampened the enthusiasm of investors and led to a slump in the market.

Once again, the SFC strictly restricted asset restructuring, seriously interfering with the promotion.

The implementation of strategy.

From the perspective of global stock market, mergers and acquisitions of listed companies are the most important means to optimize the stock market structure, enhance the quality of the stock market, enhance the activity of the stock market, and better serve the real economy, and have great attraction and lasting charm for investors.

However, the SFC's new rules for reorganization have been strictly restructured, and the cross-border mergers and acquisitions of listed companies are prohibited.

According to this, the more than 3000 listed companies, traditional enterprises can only be "traditional" forever. Cyclical listed companies can only "cycle" forever. Companies with poor performance can only be poor forever. Companies with backward production capacity can only lag behind forever, and surplus enterprises can only be surplus for ever.

Does this not mean that "structural adjustment, pfer mode" and "pformation and upgrading" have become empty words?

Again, the most concern to investors is that the new regulation that the Commission has greeted the society a few months ago has been dragging on, and has not yet been followed.

As a result, the reduction of the size and the reduction of the stock price frequently occur, which makes the value center of the market decreasing day by day, and the collapse of the individual stocks continues to happen, which seriously interferes with the value judgment and investment decision of the investors.

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