Registration System Is Good For The Development Of A Shares, And It Is Bad For Shareholders' Wallet.

The former A shares, the current A shares and the A shares in the future will not be satisfactory to everyone, because the capital market is not a place for investors to make money, but a place where some enterprises can get financing.

Of course, investors will not go and do not want to understand what A shares are. For them, as long as they lose money in A shares, there is a problem in the market; for them, as long as someone mentions investor education, they think it is fooling shareholders; for them, as long as some people dare to abuse the SFC, these people are the good guys who "think for the people" and "dare to tell the truth."

We must admit that there are many problems in A shares, such as imperfect system, loopholes, severe punishment, insufficiently pparent operation and so on, which is also known as an immature market.

Immature market is not an excuse for stock prices to fall. A shares have experienced several ups and down in this environment, and the stock market in mature markets can not be plain sailing, because the stock price of mature markets will also be supported by performance. When the performance of listed companies is not in line with the pre maturity, they are likely to be suspected by market funds.

What is the mark of the mature market? There are no so-called signs in the mature market. What we call the mature capital market is still self improving. They are not the vane of the successful market. Even if we are in line with the capital market of the developed countries, they can not be regarded as mature.

The real maturity of a capital market is based on marketization, and its main body is the market rather than the regulatory body. Its services target is listed companies rather than small investors.

Rather than urging share prices to rise.

What is marketization? Registration system is a form of marketization. Broadly speaking, as long as a legally compliant company is eligible for listing, it can raise funds in the stock market.

As a result, a large number of enterprises that lack capital and need financing can land A shares, which is the right of the company.

The right of shareholders is that they can choose the listed companies that they like, buy the shares of these companies, and then make profits and losses.

This is like choosing the number that the lottery users like, and winning the lottery without winning the lottery.

Under the registration system, it is difficult for the new shares to appear today's continuous word limit, not only the new shares are difficult to rise, but the long listed stocks will also suffer a lot of shocks.

Because the number of funds will be increased, the layout of funds will also be dispersed due to the increase of stock market volume, and the market, plate and stock price earnings ratio will also be gradually adjusted to a reasonable space under such circumstances.

In this environment, performance will become an important support for the rising share price of listed companies. Investors want to seize the bull stock. They need to study the basic situation of listed companies, study prospectus, performance reports and shareholders' meeting resolutions, instead of listening to gossip, listening to the stocks recommended by private stocks, and the bottom of all kinds of Hu Kan.

The development of A shares is positive because more and more enterprises will get financial support, contribute to macroeconomic growth, quality enterprises will become better and better, and inferior enterprises will be phased out by the market; the reason for these investors is bad, because the current high price bubble returns and funds shrink, which is inevitable.

So a lot of funds do not want the registration system to be implemented, and we hope to suspend IPO.

Suspending IPO is a kind of operation to quench poison and quench thirst. This mode will undoubtedly cut off the important road for financing enterprises. Although it seems that A shares will not lose blood temporarily, it will play a negative role in the development of China's macro-economy.

In exaggeration,

If the enterprises fail to finance, the longer the time is suspended and the more enterprises will be affected, then the upstream and downstream enterprises of the supply chain will be affected, which will further affect the GDP.

To put it in a bad word, the only thing we can do to suspend IPO is to temporarily keep the pocketbooks of shareholders. What we can't see is that some potential innovative enterprises may be destroyed because of the last financing difficulties.

Suspension of IPO is an administrative intervention, which is not marketization and is not conducive to the future development of A shares.

In the face of the collapse of the stock market, it is necessary to rescue the market, but the bailout policy is superfluous. Rescuing the market is a means. The state can call the available funds to stabilize the market situation, take the market intervention approach and recover the confidence of investors as soon as possible. The rescue policy is an intervention and a temporary solution. For instance, the reduction of the new deal seems to slow down the speed of outflow of funds, but it can not reduce the total amount of future capital outflows, but only delays the speed of market exploration, but does not give rise to the momentum of rebound and rise.

The future will remain dim.

Today, regulators of A shares seem to be swaying in public opinion. Policies that are introduced in the doldrums of the stock market are more likely to compromise with investors. Such a market will rise, but these rises will often be short-lived.

Instead of making so many measures, it is better to introduce a policy of "no rise or fall", so that those who complain about regulators will naturally be happy.

There are a lot of things to do in order to make A shares healthy and healthy. Among them, the main things include blocking various loopholes, eliminating all kinds of unfair trade practices, and making A shares the main body of the market.

If the public opinion is always the dominant factor and the so-called "A" will be perfected in this way, there will be no way out for the future of the shares.

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