According to the economic transformation research collation and release, Wu Xiaoqiu, dean of the National Institute of Financial Research of Renmin University of Chinese, pointed out in a speech at the scene of the "National Forum: 2024 Annual Meeting" that why are listed in China's capital market are queuing, in the past, before the reform of the registration system, there were seven or eight hundred, and then we thought that the problem of the dammed lake could be solved through the reform of the registration system, and we originally thought that the listing speed was slow, and then after the pilot of the registration system, three or four hundred per year, this is very fast, and now there are seven or eight hundred. It can be seen that this has nothing to do with the speed of listing, because these companies in the queue are taking risks, and many of them do not meet the requirements for listing, and cannot meet the requirements for investment and financial management.
So I think we have to think deeply about why there is a queue phenomenon, why there is a phenomenon of breaking through, why a considerable number of companies go public, and after three years, the lock-up period will start as soon as the **, it is difficult to have long-termism here. He made himself a billionaire through institutional arbitrage, don't think that the billionaire is worthy of our worship, a lot of it is done through institutional arbitrage, queue up to break through, it's good to break through, tens of billions of enterprises through ** and sell shells, etc., it doesn't matter if you don't succeed, take the materials back, and declare next year, we can't tolerate this kind of thing. Therefore, the registration system has a premise, the first is a strict punishment law, and if you want to cheat, you will be punished for bankruptcy. Fraudulent listing and false information disclosure is a major crime that disrupts the market. Now the punishment is too light, the materials will be rejected, and then he will come back the next year, he thinks that the cost is too low, so it is very important to succeed in the registration system, and there is also to let them know that as a listed company, statutory information disclosure cannot be violated. This is a statutory obligation, not a selective obligation, and the fairness of intermediaries is also an important guarantee for the success of the registration system.
Speaker Wu Xiaoqiu is the former vice president of Renmin University of Chinese, the dean of the China Capital Market Research Institute, and @人大重阳a first-class professor of finance