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Regulation paves the way and everything comes naturally.
Recently, according to the official website of the Shenzhen Stock Exchange, Marco Polo holding Co., Ltd. (hereinafter referred to as "Marco Polo") held a meeting on May 16. This is the first meeting of the municipal committee since the introduction of the new "National Nine articles", which also means that after three months, the new shares will finally restart.
After the Spring Festival this year, A shares have not been reviewed by the listing Committee of IPO for three months in a row. The most recent meeting of the exchange's municipal committee was on February 6th, that is, no IPO enterprise meeting has been scheduled for three months.
So, what are the signals from the IPO audit restart?
After the introduction of the new "National Nine articles", the supervision also proposed to IPO companies and intermediariesSlotsHigher requirements have been made.
On the positive side, the restart of IPO audit shows regulators' confidence in the stability and healthy development of the market, which will inject fresh blood into the A-share market, bring new investment opportunities for newly listed companies, and increase the vitality and attractiveness of the market. Of course, the IPO, refinancing review restart, but also to the IPO queue of many enterprises to inject a shot in the arm.
Since the beginning of this year, A-shares have obviously tightened their supervision over the fraud and trust of market companies, and the delisting mechanism has become increasingly perfect, reflecting the regulators' determination to promote the high-quality development of the capital market, as well as the policy guidance of strengthening the market's function of survival of the fittest and protecting the interests of investors.
From the perspective of policy regulation, "3"Slots.15 "Supervision once again emphasizes the first and second levels of counter-cyclical regulation," 4Slots.12 the new "National Nine articles" has been issued, and the listing standards of new shares have become stricter. On April 30, the Shenzhen Stock Exchange and the Shanghai Stock Exchange respectively issued revised "Stock listing rules" and "Stock issuance and listing Review rules" and other business rules to further clarify the positioning of each sector and listing requirements.
Wu Qing, secretary of the party committee and chairman of the CSRC, said at the "May 15 National Investor Protection publicity Day" that investors are the foundation of the market, and investor protection should run through the whole process of capital market system construction and supervision and law enforcement.
Wu Qing said that in order to further promote the improvement of the quality of listed companies, stricter institutional arrangements are being established, from "entrance" to continuous supervision to "export" of listed companies. The aim is to resolutely keep counterfeiters out, implement the requirements of openness and transparency in the whole process of company information disclosure, integrate the concept of respecting and rewarding investors into various mechanisms of corporate governance, and resolutely clear the market of "zombie enterprises" and black sheep. At the same time, the CSRC will optimize institutional arrangements such as issuance and listing, mergers and acquisitions, and equity incentives to meet the needs of the development of new productive forces.
The capital market is becoming more and more perfect, but there is no inevitable connection between the restart of IPO audit and the rise and fall of the market. Inventory A-share market previous restart IPO market performance, there is no obvious rule. According to Oriental choice, IPO has been suspended nine times in history. IPO restarted in December 1994, June 1995, November 2001, January 2005, June 2006, September 2008, December 2013 and November 2015, with the index rising and falling.
For investors, will the restart of IPO audit have these effects?
First, the emergence of new opportunitiesSlotsNewly listed companies often represent new industry trends and innovative technologies, providing investors with new investment choices.
Second, the enhancement of market vitality: the entry of new enterprises will help to enhance the activity of the market, increase liquidity and provide more trading opportunities for investors.
Third, the return of value investment: the strict audit mechanism helps to screen out the enterprises with real potential and guide investors to return to value investment.
Fourth, risks and opportunities coexist: although new opportunities continue, investors should also be vigilant against the risks of "speculation", rational analysis and prudent decision-making.
