IPO Reform Is Easy To Do &Nbsp; Zhu Congjiu'S Story Is Dark.

With the attention of the SFC, the reform of the IPO system has rapidly started a heated discussion in the whole market.

In Nandu, reporters listened to three people, including Geng Liang, chairman of the Shanghai Stock Exchange, Chen Dongzheng, chairman of the Shenzhen Stock Exchange, and assistant Zhu Congjiu, chairman of the securities and Futures Commission.

The most profound feeling is that most of the speeches on the market have already noticed that they are very willing to push ahead with the reform. However, the IPO reform is easy and difficult to do, and it needs to be weighed and weighed in practice.

Deep thinking and contradictions of regulators

In fact, for those regulators who have been immersed in the capital market for many years, they are not only familiar with the industry ecology, familiar with the operation mode, know the key points of their interests, but are well versed in the high-level thinking.

They are usually confined to the position of identity and the lethality of speech, and are cautious in speech.

But China's special market environment and ecology make the whole system endless. At the present stage, the attempt to anatomically can not achieve the convenience of Pao Ding.

From three place

At the meeting, a series of "valuable" data was prepared and a series of "valuable" data were prepared, but all the sensitive questions were avoided.

Chen Dongzheng, who smiles and ridicule constantly, is directly on the top level design perspective, trying to reach the "divine friendship" state with the auditors at a higher ideological level and political height. However, the obscure and circuitous expression in specific matters can only be surpassed by reporters.

Zhu Congjiu, as a practical operative of the IPO reform, describes in detail the advantages and disadvantages of many of these reforms, as well as the trade-off between them.

In particular, when confronted with the breakthrough of the press, which is clear about how to break through, there is no clear document. However, the related work has already been pushed forward, and the reporters at the scene have given some good ideas, no shirk and Tai Chi stance.

Many details from Zhu Congjiu can confirm that regulators are in deep thinking and contradictions.

If the stock market calls for issuance, he admits that the advantage is to solve the problem of circulation of shares. What is insufficient is whether it will help big shareholders to cash in and encourage PE corruption?

According to their data, most of them are

At the same time, he also saw that the price of the whole market was subject to many restrictions, and the degree of interest rate marketization was not enough, which made the operation of listed companies also affected by some non market factors.

From the software point of view, the accounting system and the governance of listed companies are slightly vague, but the summary is closely related to the above conclusion.

More than that, after the two amendments to the securities law in 1999 and 2005, the securities law has now reached the stage of adjustment.

Zhu Congjiu's story is dark.

In its view, suggestions and plans should take into consideration the present stage of development, and it is impossible to enter the ideal stage one by one. China's capital market has been developing for 22 years. We have unique trading characteristics and maturity.

All these, the general idea that Zhu Congjiu gives is, carry out step by step, comprehensive management.

For the onlookers, most market participants focus on their own points of interest and interest concerns.

Even so, Zhu Congjiu still said that the SFC's extensive discussions on the market were very encouraged and pleased to see such a situation.

Zhu Congjiu said frankly that reform has entered a deeper stage, and every measure has advantages and disadvantages.

In theory, it can be very thoughtful, but how to operate needs to be judged, when to do the right thing, but directly affects the final effect.

In the eyes of journalists in Nandu, the biggest problem before reform is not only finding a suitable way, but also how to push it forward.

Obviously, if the reform is thorough, it will arouse the collective interests of vested interests, and the complexity behind it will surpass what we see.

However, Zhu Congjiu, who was thought to be open-minded and prudent in his behavior, was steady and steady.

The Nandu reporter noted that in his speech, he once made a very understatement: we should punish those who reported high prices in the issue of new shares, so we have to find a way to try.

Although the scene is only slightly unintentional, but enough to make the relevant market deterrent, let the ordinary investors in the market full of expectations.

For this round of market discussion, the market has repeatedly wishful thinking to anticipate the subversive reform of the "top-level design" of the securities market.

However, from the perspective of comprehensive information, local dynamics will still be a single improvement or a greater probability of patching up the original system.

In any case, after the reform, ordinary investors only wish to have comprehensive conditioning and treatment, a large number of "fever" in the market can retreat, and the market will return to normal and rational health.