Registration System Can Get Through The Direct Financing Of The "Governor Two Pulse".
Li Keqiang, premier of the State Council, chaired the executive session of the State Council on December 9th. The meeting adopted the draft decision that the NPC Standing Committee authorized the State Council to adjust the relevant provisions of the securities law in the implementation of the stock issuance registration system reform.
This means that the IPO registration system is already in the firing line.
The stock issue registration system is a general principle of mature market.
In the US and Japan, for example, the time for new shares to be registered through registration is about 3~4 months.
In China, the approval system will take 1 years.
It seems that strict and thorough approval has made the stock market a scarce resource. The main body of the market is counterfeiting packaging, giving the approving organization "good impression" to get the listing qualification.
With administrative approval, there will be power to rent.
The approval system makes the open stock market a closed interest field.
Regulators tried hard to keep the door open, but they were changed by the main body of the listed company.
For years, regulators have been patching up and checking illegal subjects, but they have not formed a standard, perfect and stable system foundation.
From last year to now, the loose adjustment of monetary policy in many decision-making levels is aimed at benefiting three rural areas and small and micro enterprises, and solving their financing difficulties and financing problems.
But every time the "targeted" clear monetary policy is released, most of the liquidity flows to the stock market, becoming a stimulant for the stock market speculation.
The more stringent the monetary policy, the more volatile the stock market will be.
Public entrepreneurship or innovation is a structural hindrance or capital.
To this end, the Chinese stock market must be truly the home of financing for all market players.
The main theme of this reform is to let power go and let market players compete fairly.
This is not only an important achievement of decentralization, but also a "two governor's pulse" for the "public entrepreneurship and innovation" to get the market full competition and get financing.
In short, the broad entry of the market threshold means more rigorous supervision of the whole process. In the past, it would be all right to enter the market. Even if it became a "zombie enterprise", the source of energy would continue to siphon capital from the stock market, and the registration system would no longer exist.
Strict supervision of the listed entities and supervision of the intermediaries should be strengthened and the duty of information disclosure should be implemented.
From approval to
register
A shares will usher in a new change in market governance.
This year is the year of great changes in the stock market.
Intensity
And breadth is unprecedented.
However, once the registered valve is opened, market participants will enter.
equity market
The speed will accelerate.
The whole stock market will usher in an unprecedented new change, and the flow of funds will also change.
For the subjects of listing, under the more intense market competition, whether it is information disclosure or profitability, in addition to following the rules of self-discipline, there is also a multidimensional supervision among the listed entities.
This is the power of market rebalancing. Under the premise of resource fixation, more players participate in competition and rush to eat.
Registration system opens the valve of open access for listed companies, but stock market regulation is not a flood spoil, but a regulation that is more in line with market rules and systematic supervision.
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The Reform Of Registration System Has Attracted The Attention Of The State Council.
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