The registration system and the normalized delisting go together to optimize the stock market ecology

  Words of a Family

  To optimize the stock market ecology, on the one hand, the goal can be achieved by relaxing the conditions and restrictions by listing companies, on the other hand, establishing a normalized delisting mechanism is also indispensable.

  A few days ago, the Financial Committee held a special meeting to study and deploy related work arrangements for the financial system.

In terms of capital market construction, the meeting emphasized the need to strengthen the capital market hub function, fully implement the stock issuance registration system, establish a normal delisting mechanism, and increase the proportion of direct financing.

I personally believe that the normalization of the registration system and delisting will help optimize the ecology of the stock market.

  The establishment of the Science and Technology Innovation Board provides the best place for the pilot registration system.

Objectively speaking, the capital market had not only misunderstood the registration system to a certain extent, but was also full of fear.

The core of the registration system is the issuer's information disclosure. The registration system did not start the pilot program before the Sci-tech Innovation Board. Many investors believed that as long as the issuer fulfilled the obligation of information disclosure, it might be listed on the stock market.

In this way, the listing of a large number of new shares will bring tremendous pressure to the capital market.

The facts show that the registration system is not a scourge.

  The pilot registration system for the Science and Technology Innovation Board is progressing smoothly, creating conditions for the reform of the ChiNext.

Since the listing of the first batch of registered new shares on the Growth Enterprise Market, the registration system has been operating smoothly on the Growth Enterprise Market.

In fact, the three-step registration system in the A-share market has already revealed its clues.

From the science and technology innovation board to the ChiNext, and then to the full spread of the entire market, the current situation mainly depends on the pilot situation of the ChiNext.

Therefore, it can be said that the ChiNext will play a key role in connecting the past and the next during the pilot registration system.

It is believed that in the near future, with the smooth progress of the pilot registration system for the Growth Enterprise Market, the A-share market will truly enter the era of registration system.

  Judging from the pilot registration system on the Science and Technology Innovation Board and the Growth Enterprise Market, the implementation of a more inclusive listing system in both sectors is undoubtedly a major focus.

A more inclusive listing system means that companies that were previously unable to list on the A-share market, such as same-share non-equity companies, loss-making companies, and red-chip companies, have no institutional barriers to listing on A-shares.

After my country's capital market has entered the era of registration system, the Shanghai Stock Exchange Main Board and the Shenzhen Stock Exchange SME Board will also implement a more inclusive listing system in the future. I think it is very possible.

  Under the background of the registration system, a more inclusive listing system is implemented. The capital market will be able to provide services for enterprises of different types, industries, sizes, and needs, and will also help the capital market to optimize the allocation of resources.

More importantly, the joining of more new enterprises, especially new economic enterprises and high-tech enterprises, will further optimize the ecology of the capital market.

For example, the pilot registration system has made Ant Group's domestic listing a reality. The A-share market has also changed the history of no large-scale Internet high-tech companies going public, and ended the history of US stocks monopolizing high-tech companies' IPOs.

Moreover, with the listing of Ant Group, it can trigger a demonstration effect in the market, and it does not rule out the possibility of other Internet giants returning to A shares in the future.

  To optimize the stock market ecology, on the one hand, the goal can be achieved by relaxing the conditions and restrictions by listing companies, on the other hand, establishing a normalized delisting mechanism is also indispensable.

Through the two ports of corporate listing and delisting, allowing new companies to enter the market and clearing out inferior companies at a faster speed are two complementary aspects of optimizing the stock market ecology.

  In fact, through the reform and improvement of the delisting system in recent years, the delisting of listed companies has shown diversified methods, and there are many companies delisting every year.

Even so, the capital market is obviously still a long way from the normalization of delisting.

At present, the Shanghai and Shenzhen stock markets have a large number of listed companies that have long-term performance losses or serious financial conditions, or have long become zombie companies. However, due to the shortcomings of the current delisting system, such listed companies cannot be swept out. These companies have also become "phoenixes" in the stock market.

Therefore, there is still a long way to go to achieve normalized delisting.

  Optimizing the stock market ecology will not only help improve the quality of listed companies, increase the investment value of the A-share market, and enhance the attractiveness of the market.

Moreover, a good stock market ecology is also conducive to protecting the interests of investors.

Of course, to optimize the stock market ecology, in addition to attracting more companies with good performance and growth potential in the capital market, and clearing out inferior companies in a timely manner, it is also necessary to further strengthen the concept of strict supervision, crack down on market violations, and let capital The development of the market has entered a virtuous circle environment.

  □Cao Zhongming (financial commentator)