1. The three prerequisites for the reform of the IPO registration system: a mature investor structure, a strict delisting punishment mechanism, and a sound investor protection system. We are slowly making progress in all three areas, but we are far from reaching the ideal state we imagined, especially the first condition is particularly critical and important.
2. If the IPO is regarded as an examination, then the IPO is a selection examination rather than a passing examination. Just like the college entrance examination, you can't go to college with a score of 60, let alone 985, because 985 resources are limited. Similarly, the resources of listed companies are also limited, so it is not possible to go public at 60 points.
3. The basic logic of IPO is to screen the best companies in various industries and under various modes to be listed as public companies and share the dividends of enterprise development with investors. To some extent, it is the IPO that makes it possible for ordinary investors to take a free ride on excellent companies, rather than the fact that IPOs provide convenience for various companies to harvest investors.
4. Information disclosure is a necessary but not sufficient condition for the registration system. The IPO registration system inevitably requires sufficient information disclosure, but sufficient information disclosure does not represent the entire IPO review.
5. Any boss will go through a very complex and long process to achieve the IPO stage of any enterprise, and the IPO review should also be a very complex, systematic and intelligent thing. It is impossible for an IPO review to be without a substantive judgment, and someone must be held accountable for that judgment.
6. The IPO and all other reforms in the capital market must fully consider the cognitive level, maturity and responsibility of Chinese investors, otherwise everything is a dream on an empty shelf without any foundation.
7. When the law does not have enough deterrent power, it is a fool's dream to think of using a higher moral level to regulate the capital market. Everyone is equal in front of interests, especially in the face of huge interests, the law is not easy to enforce, let alone talk to me about morality and dedication.
8. You can let me leave late after work, but the year-end bonus will make me take one dollar less, and I will work hard with you. Then if you take millions or even hundreds of millions more, my life is yours. Therefore, the goal of IPO reform is to completely rely on the consciousness of issuers and intermediaries to control the quality of listed companies, which is obviously not easy or even unrealistic.
9. It seems that I haven't seen a typical case of financial fraud in IPO companies for a long time, is it true that there is no fraud?Definitely not. Why not, guess what?
10. In anything, if you are down-to-earth and realize a small dream every time, then you will move forward steadily. If you just sing high notes and empty the gun every time, it looks good and exciting every time, and the result is that you go around in circles, and even the chicken feathers in one place get worse!