Xiao Gang, Chairman Of The Securities And Futures Commission: IPO Registration Reform Draft Promulgated At The End Of The Year

< p > in November 30th last year, the China Securities Regulatory Commission issued the CSRC opinion on further promoting the reform of IPO system, which is an important step to gradually promote the pition from approval system to registration system.

During the two sessions in 2014, Xiaogang also indicated that one of the main tasks of the SFC in 2014 was to study the implementation of registration system.

Because the premise of implementing the registration system is to amend the securities law, it is definitely not possible to implement this year. If the securities law of 2015 is amended, the registration system will be implemented.

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< p > previously, according to the China Securities Journal, Xiao Gang held a learning conference recently. He invited the chief executive officer of Hongkong exchange Li Xiaojia to introduce the Hongkong market system and discuss the reform.

Xiao Gang said that we need to conduct in-depth research on the balance of supply and demand in IPO market and the development trend of stock issue registration system.

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< p > then, the SFC will conduct several thematic studies on this topic.

Analysts believe that registration reform is difficult to achieve overnight, and needs further research to identify the reform path.

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Li Keqiang, premier of the State Council, chaired the six executive meeting of the State Council on March 25th, and put forward the following measures for further promoting the healthy development of the capital market. The first one pointed out: "we should actively and steadily push forward the reform of the stock issuing registration system, speed up the construction of multi-level stock market, encourage the merger and reorganization of the market, perfect the delisting system, enhance the efficiency of the listed companies, and enhance the ability of continuous returns to investors" P.

It can be expected that the effective promotion of the delisting system is one of the important conditions for the successful registration system reform.

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< p > in addition to introducing the market situation in Hongkong, Li Xiaojia specifically discussed the evolution of IPO market structure and the implementation of registration system.

In his view, IPO has no natural particularity. The balance between supply and demand is the basis of market equilibrium. The imbalance between supply and demand is the root of all imbalances. Breaking the vicious circle will inevitably bring about short-term pains.

Compared with the US and Hongkong markets, the proportion of mainland retail investors and institutional investors is small. The total market capitalization of securities accounts for a small proportion of GDP, and the gap between banks and insurance business is too large, which makes it difficult for regulators to get rid of the dilemma of "pipe pricing", "control structure" and "cake sharing".

Registration system to return the market to the market, so that the normal supply and demand relationship between the market determines the market game and the distribution of interests, is an important means to change the IPO ecosystem and bring the market to rebirth and rise.

Registration system will impact on the existing market logic and interest pattern, and the pains brought by it will inevitably be underestimated.

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< p > for Li Xiaojia's exposition, Xiao Gang said that the practice of < a href= "//www.sjfzxm.com/news/index_c.asp" > registration system < /a > is not exactly the same in different countries and regions, but some of the points mentioned are worth further study, such as < a href= "http:// www.sjfzxm.com/news/index_c.asp" > IPO > /a > market supply and demand balance, and stock issue registration system development trend.

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The information disclosed at the < p > shows that in addition to this study, the a href= "//www.sjfzxm.com/news/index_c.asp" > the SFC < /a > plans to organize several thematic learning to understand the experiences and practices of other countries and regions in implementing the registration system.

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< p > Xiao Gang said in an interview with the media that registration system does not mean that no trial is allowed, and that junk stocks can be randomly distributed. The IPO registration system in different countries and regions of the world is not exactly the same. However, there is a basic characteristic, that is, distribution should be centered on information disclosure.

That is to say, securities regulators should examine the accuracy, comprehensiveness and timeliness of information disclosure of issuers, but do not judge the company's investment value and continuous profitability.

One of the important tasks of the SFC in 2014 is to study the reform of the registration system of stock issuance.

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