Kunpeng Project Question 1: Do you have confidence in China?
Wu Xiaoqiu: I have confidence in China's economy and China's capital market in the long run. Of course, our confidence is built on the basis of reform, on the basis of seeing the problems, and on how to judge and analyze the causes of these problems.
Therefore, China's capital market or ** market is indeed in a state of unoptimism, and everyone's confidence has been greatly shaken. However, we have to analyze the reasons behind this, and the core reason behind this is how to position China's capital market, whether it is a financing market or an investment market. Of course, a more accurate answer may be based on the investment market for financing. In the past, we only paid attention to the financing function, although this market in China is deeper than financing, but it must grow in investment, that is, this market must have the effect of wealth management, so this concept must be changed.
Question 2: What is the reason for hindering the stabilization and rebound?
Wu Xiaoqiu: Many of our rules have major flaws, and we need to institutionalize them. Our regulatory authorities have realized that some rules are problematic, including **, I hope that this ** rule will be further improved and institutionalized, except for example, those that are lower than net assets, lower than the issue price, and less than three years of dividends that do not reach 30%, can not be **, but also add a proportion of the profits he created and his past financing scale. In the past, if your first and second hair melted 2 billion, then you have to **, if you don't create 2 billion profits, you can't**, you will freeze in that place. I call this the second share sharing reform, and this is what needs to be done.
At the same time, we must correctly understand the function of IPO under the registration system, and we cannot VC the funds of the IPO under the registration system, and we cannot let the company go public here to save lives and provide relief, and these concepts must be significantly changed. Of course, it is also necessary to resolutely implement the so-called "refinancing" securities lending mechanism in the past.
In my opinion, these are very important, including the truthful disclosure of information by listed companies, and we must do these things well, and I don't believe that this market will not be good.
Question 3: How do you view the entry of long-term funds into the market?
Wu Xiaoqiu: China's reform does not lie in mobilizing any investment, but only after the reform of the asset side system is completed, and in his eyes it is also a loophole, a trap, and a risk.
So, the valuation of this market is very low, and the long-term capital is not known to be low, why doesn't he come? The core is long-term funding, but also a fair environment.
Question 4: What is the path to a financial power?
Wu Xiaoqiu: His path can be summarized in these three points: one is to take the road of marketization, because only the road of marketization can make our finance better and high-quality to serve the needs of the real economy and resident investors.
The second is to take the road of rule of law, financial confidence and expectation come from the perfect rule of law, and financial transactions are essentially a contract transaction, so perfect law is its cornerstone.
The third is the road to internationalization, because the finance of a financial power must be highly internationalized, its RMB should be a freely tradable international currency, and its market should be an international financial center.
Therefore, from these perspectives, it can be seen that marketization, rule of law, and internationalization are the only way for a financial power. It can also be seen from here that in the process of achieving a financial power, a developed, healthy, transparent and growing capital market has become the most important, and it is the carrier of a financial power.
Question 5: In the development of the capital market, what can go through the cycle?
Wu Xiaoqiu: Uncertainty is not terrible, what is terrible is that this uncertainty has no underlying logic, there is no basic logic, and the uncertainty we want is predictable uncertainty, so the vitality of the future also lies in a predictable uncertainty.