**10,000 Fans Incentive Plan
Post-registration era
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February 17, 2023, ChinazjhOfficially released the relevant documents for the full implementation of the ** hairstyle registration systemIn fact, the registration system is not a topic that has only begun to be discussed now, as early as 8 years ago, when I was still in college, ZJH had already begun to brew the implementation of the registration system. So why has it been delayed for so long and now it has been fully implemented? My answer is: the time is not ripe, and the impact of registration-based issuance is multifaceted. Below, let's first learn about the historical changes of China's first-class issuance system.
90-year approval systemIt's officially openThe approval system is undoubtedly the most stringent, according to the planned issuance indicators and quotas issued by the state to review the enterprises to be listed, and those approved by the relevant departments will recommend listing.
01 year approval systemStart to implementUnder the issuance approval system, the administrative examination and approval rights have gradually weakened, and compared with the approval system, the transparency of the issuance has been greatly improved.
The third stage is:Registration, benchmarking overseas mature markets, in developed countries are mostly the implementation of the registration systemThe registration system is essentially a system with information disclosure as the recommended standard for listing, and the regulatory authoritiesNot trueThe investment value of the enterprise is judgedInstead, it is up to investors to judge whether the company to be listed has investment value based on public market information, which also greatly lowers the threshold for listing.
From the above figure, we can see that A-shares have already piloted the registration system in a small area, with the pilot registration system of the Science and Technology Innovation Board in November 2018, the pilot registration system of the Growth Enterprise Market in August 2020, and the pilot registration system of the Beijing Stock Exchange in November 2021.
So, under the comprehensive registration system, can you still speculate? What is the impact on the ** friends of A-shares? With these questions, Buffy Chen will answer them for you one by one.
In general, after the implementation of the full registration system,RightThe impact of A-shares is negative in the short term and good in the long term。Why is it short-term? If there are more ** listed, there is more money in the circle, and the domestic capital pool has not increased significantly, and each ** will get less funds, so it is negative in the short term. So why do you say that it is good for the long term? The comprehensive registration system is the only way for mature markets, we can not go against the trend, in developed countries such as the United States, Japan, etc., after the implementation of the comprehensive registration system, have ushered in the first long bull, for poor performance (such as the black five categories said by Mr. Xiao), naturally do not get the attachment of funds, become weak stocks, zombie stocks; WhileFor the growth of outstanding performance, it is spring coming, and countless funds will pour into this category, value investors will occupy the mainstream in the A** market, and the pattern of institutional entry will intensify.
In the face of the future market, what should we do as the best?
Don't touch the ** that has no liquidityAfter the implementation of the comprehensive registration system, some of the best companies with poor efficiency will be gradually abandoned and reduced to zombie stocks, which may not be traded all day long, and even face the risk of delisting.
The IPO myth is about to be shattered, brainless new will become a thing of the past. After the implementation of the full registration system, there will be more and more A-share breakouts, and whether or not to subscribe for new shares will require investors to judge the investment value for themselves.
**Speculation turns to value investingchange。If you are still a ** investor, you have two ways out, one is to hand over the funds to ** companies and other large institutions, and they will do it for you, and the other is to change your investment style and gradually move closer to value investors.
After the full implementation of the registration system, the delisting system is more perfect, and it is becoming more and more difficult to survive in the financial marketGradually, facedEliminated, institutionalInvestorsThe proportion increases, the previous ** accounted for 60%, and the institutional account for 40% will no longer exist. Compared with the mature markets of Europe and the United States, the United States** institutions accounted for more than 80% in 2020, and we may follow up, and our big A market will gradually mature.
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