The new and changed registration system is the prelude to a new movement in the capital market
The recent big news of the Ma Fangye capital market is the non-Science and Technology Innovation Board and the registration system with the same frame. This big news also frequently sparked topics with representatives of the two members.
On March 3, Xiao Gang, a member of the National Committee of the Chinese People’s Political Consultative Conference and former chairman of the China Securities Regulatory Commission, stated at the CPPCC resident site that the Science and Technology Innovation Board is a fundamental institutional reform of the capital market and a major strategic layout to promote the development of the capital market.Implementation will be very important for the development of the market.
So, what new and changes will the registration system “important for market development” bring?
First, under the registration system, the capital market will gradually become a “booster” for China’s economic structural transformation and industrial upgrading, as well as an “incubator” for entrepreneurial innovation.
At the same time, with the development of the “two devices”, the old economy and the traditional economy will present a pleasing market-oriented clearing of superiority and inferiority.
What has broken through is the major progress of the new economic and financial supply-side structural reforms that we look forward to.
Looking at the successful experience of the global Nasdaq market, especially in the United States, we have discovered that it is only for the new economy and new economy companies that we have just seized the high-energy innovation capital that was formed under the Nasdaq registration system to “get on and get off.”Only after completing the incubation and boosting, did Apple, Google and other companies turn from small carrots to technology giants.
On the contrary, because the existing Chinese capital market has not implemented a registration system, BATJ, the peacocks representing the new economy, have no choice but to fly overseas.
Without the support of the new economy and the capital that the new economy enterprises deserve, the path of China’s economic structural transformation and industrial upgrading will go very hard and hard.
Therefore, the trial of the registration system on the science and technology board will accelerate the advantages and disadvantages of enterprises, and will be more conducive to the accelerated formation of new economic industry leaders.
In fact, under the registration system, participants in the market will undergo significant new changes, and the rules of the market will also change dramatically.
The innovative capital represented by VC, PE, etc. will enjoy the important development period brought by the era of equity investment.
At the same time there will be more smooth exit channels, more flexible exit deadlines and even imaginative returns.
For the securities firms, it will form a significant repulsion mechanism, that is, the securities firms in China must 南宁桑拿 become real investment banks, they must become professional and create value, and they must improve their ability and level of resource integration.
For law firms and accounting firms, more awe, more responsibilities and responsibilities must be achieved in signing the prospectus and conducting important audits on the accounting and auditing of the enterprise.
After all, the authenticity and preliminaryity of proprietary information disclosure is an important part of the registration system.
Therefore, while the supervisory agencies are clearly distinguished from the market boundaries, the responsibilities of the intermediary agencies will naturally increase.
For companies, IPOs will become easier and more efficient, and the sunshine and rain of receiving capital will be smoother. Of course, delisting will also become the norm.
At the same time, the process of eliminating the superiors and disadvantages of enterprises will also accelerate, and industry leaders such as unicorns will also accelerate their growth and expansion.
For investors, institutional investors led by funds will gradually expand the entire market, and their long-term investment and value investment concepts will gradually prevail.
At the same time, it will force institutional investors to transform into truly excellent asset management companies.
The investment path of a single retail investor will become increasingly severe, and its wealth will gradually have to be changed to be managed by professional funds or other wealth management companies.
In short, the pilot of the registration system will be a major event with predictive significance in China’s capital market.
As a new thing, the reform of the registration system will definitely have a gradual process, which requires more tolerance and understanding from the market.
However, all kinds of evidence show that the fundamental institutional reform of China’s capital market, represented by the registration system, must be “stable and steady.”
It can be imagined that the new and changed brought by the registration system is a prelude to a new movement of the Chinese capital market that is standardized, transparent, open, energetic and valuable.