Pi Haizhou: Registration System To Speed Up The Issue Of New Shares Is Inevitable

On the Jin Qilin forum, Jiang Yang, vice chairman of the securities and Futures Commission, said that in order to implement the party's decision spirit in the third Plenary Session of the 18th CPC Central Committee and the requirements of the State Council, combined with the revision of the securities law, we should urgently study and put forward a reform plan for issuing the stock issue registration system, cancel the continuous profit conditions of stock issuance, and reduce the threshold for listing small and micro enterprises and innovative enterprises.

It can be expected that the reform of stock issuance registration system will not allow the market to wait too long.

It is precisely because of the reform of stock issuing registration system that we need to "pay close attention to the introduction". Some investors are worried that with the implementation of the registration system, the IPO will accelerate.

Because under the conditions of registration system, the condition of continued earnings of stock issuance has been cancelled, and the threshold of listing of small and innovative enterprises has been reduced, and more enterprises are going to go to the stock market to go public.

Moreover, the SFC did not carry out substantive examination of IPO company.

As a result, more enterprises will be listed on the A share market.

However, there is constant concern among investors in the industry.

For example, some investment bankers said that registration system does not mean new IPO acceleration.

At the same time, there are also public opinion that the registration system does not mean that new shares will be "unscrupulous" issue.

Some experts even believe that as long as the quality of the listed companies is good enough to attract investors, the stock market will not be short of money. The market is worried that the "bloodletting effect" of the IPO issue is a worry.

I am deeply puzzled about these explanations in the industry.

If we do not speed up the issue of new shares, then why do we lower the threshold of issuing and listing? Is it to let more enterprises queue up in the A share market? Is it too long for the IPO queuing team? And the State Council has listed the registration system reform as one of the ten major measures to solve the financing difficulties of small and micro enterprises. Is it possible for these enterprises to queue up for a few years to be able to solve the difficulty of financing and financing? I am afraid that some of these enterprises have collapsed in the queuing stage.

As for the "good quality of listed companies", it is self deception.

Under the auditing system, there are not many good companies listed on the stock market. Is it possible to lower the threshold of listing? Instead, the listed companies are all good quality listed companies.

In fact, some people in the industry do not have to avoid the issue of registration system to accelerate the issue of new shares, or even avoid the problem of poor quality of new shares.

On this issue, the vice chairman of the SFC, Zhuang Xin, can set an example for some of our industry.

When he attended the Phoenix finance summit in November 19th, a vice chairman of Zhuang Xin made it clear that the current situation of the distribution of enterprises in the domestic market is the reality that the regulatory authorities must face in the process of market reform, and is also a subject to be solved.

He said that the regulatory authorities are working together with all parties in the market to actively promote the reform of the registration system of stock issuance, and believe that the reform of registration system will help to solve the problem of queuing in enterprises.

To solve the problem of IPO queuing with registration reform, can we speed up the issue of new shares?

As for the new stock issuing company under registration system

The problem is not necessary to avoid, after all, the ugly daughter-in-law will eventually see the woman, can not hide a lifetime.

If we say falsehood on these issues, then the poor quality of the registration system is not only for the IPO companies, but even the quality of the people in the industry.

It should be said that

It is quite normal that some new problems will arise.

For some of these problems, the chairman of the SFC, Xiaogang, was in fact known for a long time.

As early as a year ago, chairman Xiao Gang made it clear that the registration system needed a series of supporting reforms and conditions.

Xiao Gang emphasized in particular that he should amend the securities law, and at the same time, he should clarify the responsibilities of various participants in the capital market and strengthen various kinds of participation.

Ability.

Finally, we should improve the reform of the judicial system, especially the reform of the civil compensation system.

In particular, it is necessary to protect small and medium-sized investors.

Xiao Gang said, "if the protection of small and medium-sized investors is not strengthened by the system, that is to say, if we do not build a system of legal policies to protect the small and medium investors in the capital market, this reform will encounter great difficulties."

Therefore, in the face of the "urgent release" of the registration system reform plan, the relevant parties, including the insiders, need to do something not to flout investors, but to actively create conditions for the introduction of the registration system reform plan and earnestly implement the supporting measures proposed by President Xiao Gang.

As long as the relevant supporting measures can be put into place, investors will not be worried about the problem of registration system.