A-share registration system refers to the establishment of IPO audit system with information disclosure as the core and market constraints as the auxiliary. Because of its subjectivity and uncertainty, the traditional issuance review system can no longer meet the needs of market development, which seriously affects the efficiency of IPO and the toughness of capital market. Therefore, China Securities Regulatory Commission began to explore the reform of the registration system from 20 14, and officially launched the registration system pilot in September 20 19. The core idea of the registration system is to simplify administration, decentralize power, reduce issuance examination, strengthen supervision, cancel the issuance examination system, establish a market restraint mechanism, protect the interests of investors, improve the efficiency of market operation, and promote the healthy and stable development of the capital market through information disclosure, appropriate management of investors and transaction restrictions. The implementation of the registration system will make the IPO market more transparent, fair and standardized, and give full play to the role of the capital market in resource allocation. According to the information disclosed by relevant departments, the A-share registration system will be fully implemented in 2022. At present, the CSRC is stepping up the improvement of relevant supporting systems and technical means to ensure the smooth progress of the registration system.
How does the implementation of the A-share registration system affect ordinary investors? The implementation of A-share registration system will have a positive impact on ordinary investors. On the one hand, strengthening information disclosure and investor suitability management under the registration system can improve investors' understanding of enterprises and risk identification ability, and better protect their legitimate rights and interests; On the other hand, optimizing market ecology and improving market operation efficiency can increase market liquidity and provide investors with more investment opportunities and better return on capital. However, investors still need to be cautious when choosing investment targets, pay attention to risk control and diversification, especially in the process of initial public offering, pay attention to important factors such as the company's financial situation, market prospects and competition pattern, and avoid blindly following the trend and speculative psychology leading to investment losses.
Implementing the A-share registration system is an important measure of China's capital market reform, which is of great significance for improving the capital market system and promoting economic development. Investors should adapt to the new market environment, strengthen investment knowledge and risk awareness, choose high-quality targets, avoid risks and realize long-term investment value.
Legal basis:
Measures for the Administration of Securities Issuance of Listed Companies Article 3 When a listed company issues securities, it may publicly issue them to unspecified objects or privately issue them to specific objects.