Pi Haizhou: The Chinese Style Registration System Should Not Take The Old Stock Market.

< p > "don't take the old stock market". This is the advice of Vice Premier Wang Yang to China's rural reform.

Vice Premier Wang, accompanied by Xiao Gang, chairman of the SFC, participated in the discussion of the Anhui delegation of the two sessions.

When it comes to agricultural reform, Wang Yang said: the new rural business operators should not take the old stock market. At the beginning, there are many basic things that have not been established. That is, the rules have not been set up. As a result, you have wasted many efforts on this basis, and have been cracking up in many cities. Finally, many of these companies are not standardized.

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< p > although the above speech of "a href=" //www.sjfzxm.com/news/index_c.asp "Wang Yang < /a" was heard by the delegation of Anhui, it was also heard by Xiao Gang.

In the same day attending the meeting of the Anhui delegation, Xiao Gang said in an interview with media reporters that we should carry out the reform of China's stock issue registration system in light of China's national conditions.

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< p > at least, the Chinese style registration system should not take the old stock market again.

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"P" "Chinese style registration system" is a new concept put forward by Xiao Gang.

Of course, speaking of "a href=" //www.sjfzxm.com/news/index_c.asp "Xiao Gang < /a", it is still helpful to dispel investors' concerns.

For example, Xiao Gang emphasized that it is a gradual process from stock issuance examination system to stock issue registration system. The implementation of stock issue registration system needs supporting measures to be in place, and the supervision ability is strengthened. It needs legal, administrative supervision, market participants and other mature conditions.

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Before P, Xiao Gang also said that the implementation of registration system should protect the small and medium-sized investors. "If we do not build a system of legal policies to protect the small and medium investors in the capital market, this reform will encounter great difficulties."

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< p > Chinese style < a href= "//www.sjfzxm.com/news/index_c.asp > > registration system < /a > how to reform in the end? The hearts of investors are still bottomless.

Although Xiaogang emphasized some common points in the registration system reform of various countries and regions, for example, the issue of stock issuance is not to be audited, and information disclosure is the core of the IPO audit, and the relevant supporting facilities in the capital market are complete. However, these measures are often easy to say and difficult to implement.

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< p > although the "Chinese style registration reform" is still in the fog, for managers and investors, they can only touch the stones and cross the river, but one thing we should remember is: don't take the old stock market.

Since the old stock market is a wrong way, leading to many problems in the stock market, this old road should be resolutely abolished.

Therefore, to carry out the reform of Chinese registration system, we need to set up the rules first so as to avoid "crackling on many cities, and finally many of these companies are not standardized".

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There are at least three such problems that need to be solved from the standpoint of "making good rules". < p >.

First, we should solve the problem of irrational ownership structure of listed companies, pform the excessive shareholding of controlling shareholders into preferred stock, instead of pferring the old shares to the public investors.

The two is to increase the punishment of illegal acts.

For example, for fraudulent listings, we should not only directly withdraw the listed companies from the market, but also the responsible parties must be severely punished.

Three, we should earnestly protect the legitimate rights and interests of investors, especially small and medium-sized investors.

In particular, it is necessary to solve the problem of compensation for investors.

It is a good thing that the parties can take the initiative to compensate investors for losses. However, when the parties concerned do not take the initiative to compensate investors for losses, the class action system is indispensable. Therefore, we must attach importance to the establishment of class action system in the protection of investors' rights and interests.

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