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A few days ago, the Finance Committee held a special meeting to study and deploy related labor arrangements for the financial system. Regarding the construction of the capital market, the meeting emphasized the need to strengthen the axis function of the capital market, fully implement the share issuance registration system, establish a standardized exclusion mechanism and increase the proportion of direct financing. . Personally, I believe that standardization 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 some extent, but was also full of fear. The core of the system of record is the disclosure of issuer information. The registration system did not initiate the pilot program in the Scientific and Technological Innovation Board. Many investors believed that as long as the issuer complied with the disclosure obligation, it could be listed on the stock market. In this way, the listing of a large number of new shares will put tremendous pressure on the capital market. The facts show that the registry system is not a scourge.
The pilot registration system for the Science and Technology Innovation Board is progressing smoothly, creating the conditions for ChiNext reform. Since the listing of the first batch of new shares registered in the growth company market, the registration system has been working smoothly in the growth company 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 expansion of the entire market, the current situation mainly depends on the pilot situation of the ChiNext. Therefore, it can be said that 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 growing enterprise market, the A-share market will really enter the registration system era.
Judging from the pilot registration system of the Sci-tech Innovation Board and the Growing Business Market, implementing a more inclusive listing system in both sectors is certainly an important focus. A more inclusive listing system means that companies that were previously unable to list on the A-share market, such as companies with different rights to the same shares, companies with losses, and red chip companies, have no institutional barriers to listing on the market. shares A. After China’s capital market entered the registration system era, the Main Board of the Shanghai Stock Exchange and the SME Board of the Shenzhen Stock Exchange will also implement a system of more inclusive listing in the future. I think it is very possible.
Under the registry system, a more inclusive quote system is implemented. The capital market will be able to provide services to companies of different types, industries, sizes and needs, and will also help the capital market to optimize the allocation of resources. More importantly, the incorporation of more new companies, especially economic startups and high-tech companies, will further optimize the ecology of the capital market. For example, the pilot registration system has made Ant Group’s national listing a reality. The A-share market has also changed the history of going unlisted large-scale Internet high-tech companies, and also ended the history of US stocks monopolizing the IPOs of high-tech companies. Plus, with the Ant Group listing, you can not only trigger a demonstration effect on the market, but you also don’t rule out the possibility of other internet giants returning to A shares in the future.
To optimize the ecology of the stock market, on the one hand, the objective can be achieved by relaxing the conditions and restrictions when listing companies, and on the other hand, it is also essential to establish a standardized exclusion mechanism. Through the two ports of listing and corporate delisting, allowing new companies to enter the market and eliminating inferior companies at a faster rate are two complementary aspects of optimizing the ecology of the stock market.
In fact, in recent years, through the reform and improvement of the foreclosure system, the foreclosure of listed companies has shown diversified methods, and there are many companies that are delisted every year. Even so, it is clear that the capital market is still a long way from delisting normalization. At present, the Shanghai and Shenzhen stock exchanges have a large number of publicly traded companies that have long-term performance losses or severe financial conditions, or that have already become zombie companies. However, due to the shortcomings of the current foreclosure system, these listed companies cannot be eliminated. These companies have also become “phoenixes” in the stock market. Therefore, there is still a long way to go to achieve normalized exclusion.
Optimizing the ecology of the stock market will not only help improve the quality of publicly traded companies, it will improve the investment value of the A-share market and enhance the attractiveness of the market. In addition, a good ecology of the stock market also favors the protection of investors’ interests. Of course, to optimize the ecology of the stock market, in addition to attracting more companies with good performance and growth potential in the capital market, and liquidating the inferior companies in a timely manner, it is also necessary to further strengthen the concept of supervision. strict, crack down on market violations and let the capital Market development has entered a virtuous circle environment.
Chen Li, editor of Cao Zhongming (financial commentator), corrected Li Shihui
