Registration System Will Not Be In Place. The A Share Market Needs Equity And Efficiency.

The three exchanges announced the implementation of the index fusing mechanism from next year.

In the previous November 27th, the relevant responsible person of the SFC said that preparations for the registration system reform are being carried out in an orderly way.

This shows that the registration system is already in full swing.

The registration system will bring the shock of capital market, which will have a far-reaching impact on non professional investors, and may also accelerate the pace of the entry of some endowment insurance funds into the market.

Although the registration system is clear, it will also solicit market opinions for specific implementation plans, but it is not necessary to wait until the overall revision of the securities law is completed. The implementation time is obviously faster than expected, which is consistent with the previous report of Caixin.

The acceleration of registration system may not be groundless.

At present, the IPO will be restarted according to the old and new methods, and the IPO will continue to be audited in the year. In 2016, the answer will be at the moment. If the SMEs use the traditional listing threshold, they will run counter to the spirit of entrepreneurship and the spirit of contract.

Next year's continuation of the reform in the micro field will be a big probability event.

The economy has forced the new deal of the stock market to enter the deep water area. The state of affairs is comparable. It is impossible to wait for two years to finish the process slowly. Instead, we need to see the results of reform in recent years.

The long-term change of the system is not the immediate distribution of profits, but will not increase the stock index immediately.

The A share market needs equity and efficiency rather than controlled index.

The bull market with false fire and the bear market deliberately suppressed are not the blessing of the market.

Now the market is worried about two points: first,

After that, will there be a large number of companies rushing to go public, leading to the fall of the index and the loss of confidence in the market?

Second, will there be an interest chain after the registration system to drive up prices and high prices, deliberately control the price of shell companies and entrap small and medium-sized investors?

The first question is clear.

Registration system will certainly increase the number of listed companies, but it will not be more difficult for the market to bear. No one is more worried about the next stock market turmoil than the policymakers.

Turbulence means that the direct financing of the stock market is lagging behind, which means that the registration system has to pause, which means that the deleveraging of listed companies will become a dream.

After the registration system is implemented, no one knows the number of specific listed companies, and everything depends on the affordability of the market and the magnitude of the shock.

Although the registration system is based on the authenticity, comprehensiveness and timeliness of the data, it is necessary for the regulators and exchanges to monitor the data and the willingness to keep pace with the pace of the proposed listing companies. Besides, some of the main board companies do not have a strong market color.

According to the experience of the United States and other markets, the A share market will fully implement the registration system from the main board to the gem, and it will take more than ten years to improve the basic system such as delisting, collective action and reconciliation.

It is reasonable for enterprises that adapt to innovation and entrepreneurship to take the lead in registration system, and conform to the laws of the market.

The answer to the second question lies in the regulatory level, which is how much money the counterfeiters will pay. Otherwise, the registration system or the approval system may be reduced to cannon fodder system.

For non professional investors, the risk of chasing shell resources is on the rise.

Registration system takes the lead in the implementation of the gem and so on is a big probability event. If the gem registration system is IPO, allowing the delisting, then the shell resource premium will drop from 300 million ~4 billion yuan to 20 million ~3000 yuan, which is the current price difference between the A shares and the new three board backdoor.

The price of the new three board shell is due to the artificially generated premium of the delisting mechanism. If the listing is synchronized with the delisting, it is not as smooth as the listing now and delisting.

Will further decline, and the shell of listed companies will be matched with the current three new boards.

Before and after the stock return and registration system, the price of some shell resources will rise sharply, and some shell resources will eventually be worthless. Most non professional retail investors can hardly endure the sharp fluctuation of prices in the new deal process, which may usher in a "shuffle" process.

But we should also see that there is no new.

It is difficult to guarantee the smooth operation of the new system.

Just as market investors "shuffle" before, regulators first shuffle is a truth.

Without clean new regulators, there will be no new market.

The overall premium of shell resources still exists, and the low financing cost is always welcome. The companies that want to list on A shares are far greater than the market's endurance, which means that as long as they own the stock market tickets, they usually have a premium.

If the total listing is controlled, the government tends to merge and restructure to reduce social costs, and shell resource premium will rise.