Column of the editorial leader of the media/new waves (Bkopleader)

As in the case of one country’s two highways, one charge is not charged, assuming that the arrival destination is the same, and that there must be a distinct traffic flow of two highways. Can this happen? Obviously, it is impossible. If administrative intervention is necessary, is registration? Obviously, this is an insurmountable one.

Following the small and medium-sized board, the entrepreneurship board and the new three panels, China is about to set up a new board, which is to be put in place. According to NSW, on 5 November, the Officer-in-Charge of the Institute indicated that the establishment of the calibrium was an important arrangement for improving the capital market system, stimulating market dynamism and protecting the legitimate interests of investors through the implementation of innovative, science- and technology-enhancing strategies, promoting high-quality development, supporting the construction of the Shanghai International Finance Centre and the Centre for Science and Technology Innovation. The board will take the lead in the pilot registration system. Widespread popularity ensued after the news was published. This means that the cardboard will serve as a pilot field for future registration in the Chinese equity market. The problem is that if the creation is not able to set effective restrictions to separate the board from the three other panels, it would be possible for the creation to be transformed from “testing field” to “two-track”. The analytical board will face three mainscans. If it is a test field, it is faced with a single bunker and, if it is a two-track system, with three goats that are difficult to cross.

Kami: Paradox between the end of the approval system and the long-term replacement of the registration system

The approval system has been used for the distribution of our stocks and for the marketing of companies. The purpose of the approval system is that the central Government finances companies and lists them. Once changed to registration, the implication is that the central Government will not go back. In the absence of a higher credit institution to replace government endorsement, it is clear that the company cannot directly absorb the funds. The international institution is called “investing banks”. In an environment where approval is long-standing, there is no investment bank. Chinese vouchers are self-sustained as investment banks, which are merely promotional slogans. As is the case of a medical college, a surgeon who has never received a surgical knife may also say that he is a surgeon.

When the boards are to introduce a registration system, there is a contradiction that approval is either continuing or only halting overnight without space for buffer. The so-called registration system is in fact an investment banking system. Investment banks are needed to replace government financing for companies. The problem is that an investment bank is not capable of changing tickets overnight. Well-known foreign investment banks have a centuries-old history, and many investment banks have been closed for centuries, suggesting that investment banks are the result of market excellence and trust institutions that have long been tested by markets. It is not simple to change the number of plates overnight. When investment banks are unable to substitute for government financing for companies in a very short period of time, they are equivalent to a “ vacuum” in the direct financing market, leading to market disruption. It is clear that this paradox cannot be resolved, and it is recognized that it is at least stronger. The large-scale registration reform initiated by my country in 2013, which was largely later found to be difficult to overstep.

Cunii: contradiction between two market-based mechanisms

Companies traded publicly with corporate shares through the distribution of equity financing, which was originally two issues. The country has long been confused. It is precisely because of the confusion that led to China’s lack of direct financing markets and stock markets today. When people talk about registration or approval, it is actually about whether the registration system for financing or the registration system or approval system for listing or listing. Under market economy rules, market regulators cannot judge the value of commodities, or they are not market economies. Thus, there is no authorization system for listing strictly and only registration. As our financing is subject to approval, it is also tied to finance, which has led to the fact that it has also been approved.

Financing should not be considered first. Once the boards are marketed, registration is introduced, while the other boards are still the approval system, resulting in the creation of a single market-market market mechanism in one country. In theory, all equity companies can apply for listing on boards, and market regulators do not have the right to restrict market participation in boards, except for companies with scientific and technological content. There will then be a large number of companies that are on the market without small and medium-sized boards and business boards. In the past, small and medium-sized panels and entrepreneurship boards did not yield good returns to equity owners, and there was also a large number of shareholders who were not able to board and trade in small and medium-sized panels. As in the case of one country’s two highways, one charge is not charged, assuming that the arrival destination is the same, and that there must be a distinct traffic flow of two highways. Can this happen? Obviously, it is impossible. If administrative intervention is necessary, is registration? Obviously, this is an insurmountable one.

Camp III: contradiction between two financing mechanisms

The most important of the reform of the registration system is the reform of the financial registration system. It is in fact an uninformed idea when one speaks of a pilot registration reform. Since finance is not related to equity markets, such as corporate finance, it is generally available. There are many non-market financing outside the country. Non-marketing is a right of shareholders, and non-market financing cannot always be said to be related to equity markets. It is correct to say that the pilot company finance registration system is reformed and then these companies can be placed on the boards (provisions that can only be marketed on board boards are problematic in themselves). Attention must refer to the reform of the financial registration system rather than to the reform of the pilot registration system.

Under the reform of financial registration, or with the creation of the boards, Chinese equity companies face two mechanisms, one registration and the other approval. The former are cost-effective, the same is two highways, and what is the result of a charge not charged? Obviously, will rational people make the right choice, equally for financing purposes, and will there be a choice of approval for a waiver of registration? Obviously, it will not be possible. As a result, a large number of unfunded companies would opt for a registration system and for an approval system. On the one hand, registration is overcrowded and, on the other hand, authorization is lost.

In the face of Kan II and Kam III, for the time being, there is a need for registration finance and open boards.