The News Of IPO's First Application Is Highly Valued.

From cross-border mergers and acquisitions to IPO audit tightening, market warming signal emerged recently, the market warm wind blowing, the stock market has more or less to enhance the impact. At this point, when the stock market enters the sensitive area, the change of market information will also have a significant impact on the subsequent direction of the stock market. As a result, it also reflects the characteristics of the typical "policy market" in China's stock market.

In the long run, although the registration and approval system is a major trend and a general direction, registration system needs to be established and a mature market operation mechanism must be established. Thus, at this stage, the stock market still does not have the basis for spreading the registration system, and restoring stock market confidence is still the most important task at present. Obviously, the recovery of the market and the boost of confidence in the stock market can not be achieved overnight, and this may be a relatively long and painful process.

If we can maintain a balanced development of market investment and financing functions and gradually improve the equity and rationality of the re allocation of stock market wealth, then what is the time to launch the long delay registration system? In fact, from the recent market news, the two markets are highly concerned.

Among them, three companies cross border mergers and acquisitions have been conditionally approved by the SFC, and these three companies include Shenghua bek, Beibu Gulf port and Leo shares. However, when the news was confirmed, it also dispelled fears that the previous market rumors "halted cross-border mergers and acquisitions". However, looking back at the trading performance of these companies is not optimistic. Among them, Lio shares all day fell by 8.6%.

In fact, as early as the middle of this month, there was news of Caixin net that the SFC had halted the cross-border growth of listed companies, and involved four industries, including Internet finance, games, film and television, and VR. At the same time, mergers and acquisitions and refinancing of the four industries have been halted. However, in view of this news, in fact, there was a heated debate in the market at that time. During the period, more market participants responded, and projects such as game, film and television industry increased or refinancing behavior, which was not completely halted, but showed a trend of tighter regulatory standards.

Looking back to the recent period, although some cross-border mergers and acquisitions of listed companies have been rejected, the three companies' cross-border mergers and acquisitions have been conditionally approved by the SFC, which in fact reflects the previous market's doubts about the "one size fits all" attitude of the SFC. However, from the analysis of a series of events, the regulatory mode of the future market will tend to be more prudent, while the regulatory standards are more stringent than before. However, there will still be some room for cross-border mergers and acquisitions with some projects reaching the target and good earnings expectations.

In addition, last week, 3 enterprises. IPO The news of the first application has also attracted the attention of the market.

In fact, after last week's 3 enterprises' IPO first application was denied, it means that 5 enterprises in the year IPO's first application was rejected. Perhaps, judging from the recent rejection of the initial application, the IPO audit and the market regulation mode will be more prudent. This also means that the direct impact of IPO on the market will be weakened or further, which will be an indirect benefit to the stock market.

In my view, with the sharp rise in the number of initial applications for a single week rejected, it has released a signal of tighter regulation and tightened IPO audit. At the same time, with the tightening of IPO audit, in fact, it has a positive impact on the short-term stock market.

However, for the time being, there are still 754 companies seeking IPO to queue up. Trial meeting It accounts for less than 20% of the total. It can be seen that at present, the IPO barrier lake problem in the A share market is still grim. In the background of the IPO barrier lake problem, it has further intensified the concept of shell resources in the A share market, which is not conducive to the rational return of the stock market's overall value.

It is worth mentioning that, during the recent period, although A share market The approval mode is still in use. However, in the process of examining and approving the issuance of enterprises, the issue of authenticity, disclosure and adequacy of risk disclosure is gradually put on a more important position. At the same time, as the market regulation mode becomes stricter, the Commission has tightened its checks on enterprises. It can be seen that under the current environment of less intense stock market investment, the idea of strict supervision and comprehensive supervision by regulators has become increasingly apparent, which has positive influence on the long-term development of the stock market.

It should be noted that according to the contents of the 13th Five-Year plan outline, we will create conditions to implement the stock issuing registration system. At the same time, as early as March 1st this year, China's stock issue registration system reform has set a two-year mandate. In this regard, during this period, how to "create conditions" to implement the registration system will be the main task of the regulatory agencies, and improving the market matching mechanism, strengthening the stock market's survival of the fittest and strengthening the ability of market supervision and punishment is undoubtedly the main preparatory work in the process of creating conditions.