First of all, brokers, because brokers are the main regulatory targets of the CSRC and the exchange. Without brokers, they have no food. However, to make money, brokers can't earn much from trading commissions, mainly by underwriting securities. We should know that the commission for issuing new shares is very high, and a growth enterprise market is tens of millions of commissions. In order to earn underwriting fees, brokers are trying to find ways to list packaging companies.
The second is VC, which is venture capital. Most of them have government background, even social security investment, of course, some of them are private, but it is difficult for private venture capitalists to catch a listed one. When they catch a project and go public, they earn several times. Such huge profits quickly gave birth to all kinds of so-called "venture capital companies", which are actually buying original shares and finally packaging them for listing. This kind of venture capital company will become the performance stage of local governments at all levels, so this vested interest group can not be ignored.
The third is the CSRC itself, because the financing structure in our country is very unbalanced, and most of them rely on bank loans. Banks are so bloated that they hand over the heavy responsibility of social financing to banks, because banks are responsible to depositors and dare not lend to small enterprises, but only to large enterprises, state-owned enterprises and local governments. Therefore, it has caused financing difficulties for small and medium-sized enterprises, and usury is rampant. Therefore, the CSRC is obliged to carry out direct financing. The best way is to issue stocks and junk bonds to solve the financing channels for SMEs. Objectively speaking, the high valuation of Growth Enterprise Market and Small and Medium-sized Board has given the majority of SMEs hope for equity financing, which has alleviated the financing difficulties of some enterprises to some extent. If a perfect multi-level capital market can be established and the capital market can give a correct valuation to small and medium-sized enterprises with low credit, the CSRC can also be regarded as a great achievement. Therefore, the CSRC itself is the main force to promote the listing of new shares.
Which of the above three interest groups can shareholders compete with? You said you wouldn't send it? The best way is not to buy a small and medium-sized board. Voting with your feet is the only option.