IPO Registration System, A Share Good?

< p > < strong > return from "gambling" to "investment" < /strong > /p >

< p > with the change of this rule, the current stock investors' greatest fear of "three new high shares" -- "high issue price", "high price earnings ratio" and "super high fund-raising fund" will be fundamentally dealt with.

Some investors in the Internet say that the stock market will return from "gambling" to "investment".

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Before P, China's IPO system was implemented by the examination and approval system, and the supervision department made a "best choice" for queuing IPO enterprises, which made IPO enterprises a scarce resource.

Dong Dengxin, director of the financial and Securities Research Institute of Wuhan University of Science and Technology, told reporters: "for example, under the current IPO approval system, if 1000 enterprises are in line with the hard index conditions of listing, but because of the audit process of regulators or the consideration of market affordability, enterprises must queue up for listing, and the regulators should be excellent, and only a small number of enterprises can be lucky to go through customs."

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< p > he said that under the circumstance of fewer listed companies, more investors and less money, the "three high" and other chronic diseases of the IPO will be cured for a long time.

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< p > > a href= "//www.sjfzxm.com/news/index_c.asp" > registration system < /a > mainly means that when issuers apply for issuing shares, they must declare all kinds of information disclosed to the securities regulatory authorities in accordance with the law.

The securities regulatory body makes formal examination of the comprehensiveness, accuracy, authenticity and timeliness of the declaration documents, and does not make substantive examination and value judgement on the qualification of the issuer, leaving the good and bad of the shares of the issuing company to the market.

Whether an enterprise can be successfully issued is decided by investors including shareholders and institutions.

In this case, investors will return more to rational investment.

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< p > the operation of capital markets with relatively high degree of marketization abroad shows that investors' speculation and new shares issuing "three high" seldom occur, and even if they are caught for a short time, the market will automatically correct the miscarriage of justice.

Facebook is the best example of the US social networking site. When it was listed, investors were warmly sought to become the largest Internet Co IPO case in the history of the United States. But after the listing, investors gradually returned to their senses, and their prices plummeted.

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< p > < strong > > a href= "//www.sjfzxm.com/news/index_c.asp" > stock market < /a > short term pressure will benefit in the long term < /strong > /p >

< p > although the industry applauded the registration system reform, ordinary shareholders have their own concerns.

Some investors believe that once the IPO registration system is implemented, there will be more companies going public. The surge of listed companies may make us vulnerable to the "A" market.

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< p > to this, Qin Xiaobin, strategist of galaxy securities, told reporters that after the implementation of the registration system, the larger the number of listed companies, the greater the choice of shareholders. Now those companies that are overvalued have no attraction at all, which will be a heavy blow to those companies that are seriously overvalued.

"Some time ago, the gem and small cap companies went up crazily, and the executives' crazy reduction in many companies well illustrated the actual value of those companies. Now the policy comes out, which will lead to a significant return of the value of those stocks that have been wildly reduced."

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< p > and for those companies that are seriously undervalued, performance growth and stable dividends at the same time, value investment will return to the mainstream market again. The pformation of investment style will be a long process.

At the same time, as expected a large number of companies will be listed in the future, the value of shell resources will become lower and lower, which will also be a serious blow to the share prices of those *ST and ST companies.

"Therefore, the securities market may have a downward trend in the near future."

Qin Xiaobin said.

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< p > and for those companies whose share price has been much lower than those of H-shares, it will be a great advantage. Of course, the premise must be undervalued, and the dividend after tax is much higher than that of the fixed deposit interest rate in the same period.

"There are some such companies in A shares, but not many."

Therefore, the implementation of registration system of < a href= "//www.sjfzxm.com/news/index_c.asp > IPO < /a" will be a long-term market of value return.

A small part of the undervalued stock will go up, and more than 90% of the stock will continue to return.

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< p > < strong > step by step introduction < /strong > < /p >

< p >, when will the stock registration system really be launched? < /p >

There is no specific timetable for < p > new "nine states".

However, during the two sessions this year, Xiao Gang, chairman of the securities and Futures Commission [micro-blog], once said that one of the main tasks of the SFC this year is to study the implementation of the registration system.

At the Boao Forum on Asia, Shaw revealed again that the IPO registration reform draft was introduced at the end of the year.

Regarding this, Wu Xiaoqiu, director of the Institute of Finance and securities of Renmin University of China [micro-blog], thinks that it is possible to draft the draft at the end of the year.

However, due to legal modification, the stock registration system is fully launched, at least a year later.

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< p > in fact, change is already happening.

With the recent restart of IPO, the SFC has announced more than 400 pre disclosure enterprises, and the pre disclosure documents are no longer audited, but are directly linked to the Internet to receive public supervision.

Qin Xiaobin said that this is the pition to the registration system.

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