"IPO Barrier Lake" Has Become A Big Worry Of The SFC And A Stubborn Disease That Has Plagued The Market For Many Years.

The registration system, as the name implies, is based on the principle of marketization, requiring the price of new issue, the number of companies issued and the number of shares issued. It must be determined by the market, and it is by no means a person holding only two market shares to purchase new shares.

Can these be done now? Or can we say "can we create conditions" step by step?

Data show that in the first half of this year, there were 67 IPO households, raising 33 billion 200 million yuan, and according to statistics, since the second half of this year, 145 enterprises have been approved to issue, and the scale of fund-raising is expected to reach 103 billion 600 million yuan.

Both the number of approved families or the scale of fund-raising exceeded two times in the first half of the year.

Especially in November.

Approvals were changed from January to Monday, and 38 IPO enterprises were approved in the first three weeks, raising 22 billion 100 million yuan.

With the speed of IPO increasing, the number of declared queuing enterprises has decreased from nearly 900 to 780.

Therefore, some people believe that the "IPO dammed lake" SFC's heart trouble and the stubborn illness that plagued the market for many years have seen signs of digestion recently.

The registration system can be put on the agenda.

Wrong! At present, it is far from a good time for the registration system to launch. If forced to launch, it will lead to the second stock market crash.

Why do I say so? Although the IPO is speeding up, the queuing companies are decreasing, but there are two more rapid paces behind it.

First, the trial will speed up the audit.

Since July, when the SFC announced that it had strictly supervised the issuance of new shares, there were 11 meetings in August, 9 meetings, 13 meetings in September, 11 meetings, and 12 meetings in October, all of which were over; November (25 days) would be 28, and 23 would be over; it was estimated that there would be more than 30 in November and one month equivalent to the previous three months.

The two is the surge in the number of declarations: 17 in August, 33 in September, 39 in October, and 47 by November 22nd.

The A share market has been listed for nearly thirty years, and it has always been a great profit. If we can get a code, the performance will be worse, and then we can deceive ourselves.

Because of this, as long as the SFC slightly loosed the hole, the water of the dammed lake will become more and more full, and the more terrible the more!

The seriousness of the problem is not just here.

Now

More and more, why can the market still be in a slow market situation? Because three have not let go: first, 23 times the issue price earnings ratio has not been released. Once released, there must be a large number of over raised or even 148 yuan of hype.

Two, the proportion of new shares issued has not been released, that is, according to the lower limit of the securities law, the total share capital is less than 400 million yuan issued 25%, and the total capital stock is 400 million yuan or more, issuing 10%.

You see, the Bank of Jiangsu originally planned to issue 2 billion 600 million shares, actually issued 1 billion 150 million shares; the Bank of Shanghai originally planned to issue 1 billion 200 million shares, actually issued 600 million shares; the Bank of Hangzhou originally planned to issue 400 million shares, actually issued 260 million shares, all of which were issued at a minimum of 10%.

Similarly, almost all shares under 400 million are issued 25%.

The original intention of this is to reduce the scale of financing for each new share and increase the number of issuing households, that is, "row row sitting and eating fruit".

But it leaves behind a big problem: how can we manage the remaining 75% or 90%? That's why there are tens of billions of dollars in the size of the system every month. Third, we can't let go of the market value distribution.

The bottom is waiting for the Yaohao, which is the important foundation for the market to maintain stability and slow down.

Another big problem is delisting.

A healthy market must go in and out, but now we send hundreds of new shares a year, delisting up to three.

Is a market that only eats and keeps healthy? Is it in line with the market, legalized and internationalized market?

Why can't the registration system be launched now? Let me quote the chairman of the board of supervisors of the state key financial institutions of the Banking Regulatory Commission two days ago: "at present, 6.7% of GDP growth in China is mainly driven by investment in government infrastructure and real estate, and this pattern is difficult to change in the short term.

The growth and consumption of services can play an important role, but once the growth rate of investment declines, China's economic growth will surely be greatly affected.

As we all know, infrastructure investment is the main role of the government. Large projects must be examined and approved by the development and Reform Commission. The real estate market seems to be marketization, but the primary market, the land leasing market, is under the control of the government.

In short, our real economy is mainly about government and plan. How can our capital market cross the registration system one step at a time?