Market Expectation Chaos Registration System Is Expected To Become Clear As Soon As Possible.

After the new year's day, the trend of A shares exceeded everyone's expectations, and it fell for 10 days in a row. It fell below 3000 points in one breath and 2867 points, only one step away from the 2850 point of last year's stock market crash.

The decline was 817, 22.17%, from 3684 to 2867 points a year ago.

Since the end of last year's 3539 point closing index, it also dropped 672 points, 19%.

This is undoubtedly the third stock market crash after last summer's 5178 - 3373 points and 4187-2850 points, which is totally out of place with the statement that "the Chinese stock market has entered the stage of self repair" in August last year.

The main reason for such a sharp fall is the confusion of market expectations.

If the two fuses that just happened on New Year's day were caused by the market's fear of large and medium-sized non centralized holdings and the depreciation of the RMB, then the following thousand shares fell to the limit, and fell to 3000 points in one fell swoop, almost 2850 points of the stock market crash were caused by the extreme fear generated by the undesirable expectations of the registration system.

Although last Friday and Wednesday, the SFC spokesman reiterated his attitude to the registration system at the two press conference, but still failed to eliminate the expected confusion of the registration system of the vast number of investors.

The main points of the press spokesman's latest statement are:

1, March 1st is not the starting point of the registration system reform. The specific time for the implementation of the reform will be announced ahead of schedule after the completion of the relevant system rules.

2, registration system reform is a gradual process, not one step in place.

3, the rhythm and price of IPO will not be released at once.

4, will not cause large scale expansion of new shares;

5, we will continue to do a good job in auditing the issue of new shares in accordance with the existing provisions, and the admissibility of new issue will not stop.

6, after the registration system is implemented, the existing queuing order of trial enterprises will not be changed to ensure that audit work is stable and orderly.

As a matter of fact, the market should buy the above statement instead of continuing to fear. But why is the market still afraid of registration system in a continuous way?

In my opinion, the two remarks of the press spokesperson made vague statements about the registration system, and did not give the market a clear expectation on the conditions, time, order, rhythm and scale of registration system.

First, since the registration system will not cause large scale expansion of new shares, why should we skip the NPC's legislative procedure to amend the securities law, and we can not wait to seek the special authorization of the NPC to advance the registration system ahead of schedule?

Second, since the registration system reform will not take place one after another, after the registration system is implemented, the rhythm and price of IPO will not be released at once. How long does it take to predict the implementation schedule and process table of registration system in order to completely release the rhythm and price?

Third, "after the implementation of the registration system, there is no change in the order of queuing in the trial enterprise." does this mean that the 755 (continue to increase) the queuing enterprise changed into the registration system, or that the existing 755 (or even more) queuing enterprises still use the application approval system, and after they are all listed, the new application for the listed enterprises to implement the registration system?

There are third questions that the market cares most about.

If the answer is the former, then institutions and investors will not dare to enter the market at once. Instead, they will take the opportunity of every rally and resolutely leave the stock market.

If the answer is the latter, then the market can figure out that 755 (or even more) queuing enterprises will end up at least 2 years with the approval system, so they will not fear the registration system again.

It is on this most crucial issue that the press spokesman did not answer in plain, clear language, but left many ambiguities and ambiguities in the text.

It is difficult for me to understand even the vast majority of investors. I am puzzled even by the degree of Ph. D. education and his work in writing.

It is hoped that the management can make a clear statement on this issue, so that the market will completely clear the expectation of the registration system and give the market a pition period of the revaluation of the valuation system and value center.

This will also be the key to the A share's failure and redemption. It is still the key to rejuvenate, keep healthy and stable, and move toward the slow cow.

The practice of reform and opening up for 38 years shows that any important

If we want to succeed, we must get the support of the masses. The most important thing is to bring benefits and benefits to the masses instead of hurting them, or even causing serious injuries.

As General Secretary Xi said recently, "people's hearts are the biggest politics".

Similarly, if the registration system has lost the support of the people and has not yet been implemented, it will be strongly opposed by the market. That shows that the design of the reform is problematic and inappropriate for the national conditions, at least for the time being.

After half a year's experience of three stock disasters, management should conscientiously sum up and reflect on the real disaster.

In my view, the most important problems are: under the strict legal system, the regulatory system and the construction of the basic system are seriously lacking and lagging behind, it is impracticable to follow the Western model and promote the so-called "financial innovation" such as capital allocation, financing, leverage, stock index futures, fuelling mechanism, registration system, and so on. In a hurry, the great leap forward in the capacity expansion has finally led to the biggest disaster in the stock market in the past 26 years.

I have not yet seen any special disadvantages of the IPO approval system.

If it is easy to generate money trading and corrupt practices, then whether the corrupt Chinese government should restructure all fields and departments? As long as a strict anti-corruption system is established, the approval system seems to be more in line with the current situation of China which is hard to eliminate by fraud.

It must be recalled that after the stock market crash in August last year, the chairman of the SFC has vowed that "we have the confidence, ability and conditions to maintain stable development of the capital market".

But six months later, the majority of investors lost their confidence and hope, and could not see the ability and conditions of the relevant parties to stabilize the market. On the contrary, they were deeply hurt and struck by the third stock market crash, and their wealth had generally shrunk by more than 1/3.

How can we push the registration reform under such circumstances?

If you think you have done it

So that every enterprise can have equal listing rights, it can cancel the listing performance standards stipulated in the securities law, "enterprises must be profitable for 3 consecutive years", and facilitate the financing of small and medium-sized enterprises. Then, whether they can be processed in accordance with the law or not, especially in Peking University Tsinghua University, can also engage in registration system instead of performance standards.

The reason is: everyone has the right to go to university and to go to Tsinghua University. If Peking University Tsinghua University and universities can't hold enough, it can expand the big leap forward like the stock market, turn Beijing into Peking University Tsinghua University, and build ten thousand universities in the whole country like China's stock market has become 10000 listed companies.

However, we are cracking down on the criminal law, regulations and collectives of counterfeiting listed companies.

The compensation system is a blank case, but vigorously promote the registration system. Is this card wrong? Has it ever occurred to you that if you rush into the registration system, the majority investors of the A share will escape in advance? Will the A share become the daily turnover of the 5000 listed companies of the new three boards, with only 240 million of those "dead markets"? Will it be like the scene where the more than 3 thousand companies of P2P have been fleeing and being severely punished by the regulators?

My conclusion: the registration time of China's stock market should be cleared up as soon as possible. First, from the beginning of the formulation of laws and regulations, with the approval, satisfaction and reassurance of the investors, the queuing system will be formally implemented in 2 years.