Pi Haizhou: The System Of Gem Is More Important Than System Innovation.

The achievement of gem 5th anniversary is obvious to all.

However, there is great hope that the Chinese people will place their hope on the growth enterprise market.

Therefore, when the gem was set up 5th anniversary, the topic of institutional innovation on GEM has also become a hot topic of gem 5th anniversary, such as the listing of non profit Internet companies, legalization of gambling agreements, promotion of VIE framework enterprises return, pilot multiple voting rights, liberalization of equity incentive restrictions and other related policies, all of which have become an important part of the gem system innovation.

Although these institutional innovations may not be entirely true, allowing unprofitable Internet companies to enter into the gem of the technological innovation enterprises has been written in black and white.

In the early October, the SFC issued "opinions on supporting the reform and innovation of Shenzhen's capital market", the SFC proposed that it actively study and formulate plans to promote a special level in the growth enterprise market, and allow Internet and technology innovation enterprises that meet certain conditions and have not yet made profits in the new three boards after listing for 12 months.

At a news conference held by the SFC in October 17th, press spokesman Zhang Xiaojun also said that the SFC is further studying the rules for setting up special rules for the growth enterprise market.

It can be said that the innovation of the gem system is an unavoidable event in the next step of the growth enterprise market.

It should be said that it is necessary to innovate the system on the growth enterprise market.

If the A share market was once an experimental field for China's market-oriented economic reform, the gem is the test field for the A share market. Therefore, some breakthroughs and innovations in the implementation of the gem are the logical reasons.

In fact, on the issue of institutional innovation, gem has made a successful attempt, for example, the small refinancing system of gem is a successful example.

However, from the media coverage, the next step in the institutional innovation of the gem is not only a big breakthrough in the stock market system, but also more focused on the IPO link, in the final analysis, it serves the listing and financing of enterprises.

Whether it is to allow the Internet and technology innovation enterprises that are not yet profitable to meet certain conditions, to issue the listing on the gem after 12 months of listing, or to legalize the gambling agreement, to promote the return of VIE architecture enterprises and to test multiple voting rights, are actually creating conditions for the convenience of various types of enterprises listing and financing. Their starting point is for financing, financing and financing. They are not designed from the perspective of investors.

Therefore, such institutional innovation will inevitably hurt investors.

Of course, investors are understandable about such institutional innovation.

Because the outflow of a large number of excellent Internet companies such as Alibaba, Baidu, Tencent, Jingdong mall and so on, really needs to be considered in the A share market. Therefore, the institutional innovation of the gem is also aimed at retaining the Internet companies such as Alibaba, Baidu, Latin America and shopping mall in the future. This also allows investors to share the fruits of the growth of these enterprises.

So on the author's own viewpoint, the gem is going on.

Innovation is acceptable.

But more importantly, the gem should improve the existing system.

If the existing system of gem is not perfect, the system innovation of gem will lose its foundation.

Blindly carrying out institutional innovation will become a new problem on the way of development of gem and become a factor hindering the development of gem.

For example, allow unprofitable Internet and technology innovation enterprises to issue to gem.

If there is no corresponding basic system to convoy, then we can not exclude the possibility that the gem will accelerate to become a junk board. Therefore, the gem will deviate from the direction of healthy development, and the interests of investors will be further damaged.

So after five years of rapid development of gem, we conscientiously sum up the problems exposed by gem in the past 5 years, and therefore improve the existing system of gem, which is necessary for the next development of gem (including institutional innovation).

For example, we must improve the ownership structure of the listed companies of gem, control the shareholding ratio of the controlling shareholders to about 1/3 of the shares of the listed companies, and avoid the listed companies becoming large shareholders' ATM.

For example, we should further improve the system for reducing the sale of restricted shares, and strictly prohibit the sale of restricted stocks when the performance of listed companies has dropped substantially or losses. At the same time, when controlling shareholders' shareholding ratio is reduced to 20% of the company's shares, the controlling shareholders shall not reduce their shares through the two market and bulk pactions, but only through the OTC paction, they can pfer the shares to the industrial investors or other institutional investors who are willing to take over the company's management or operation.

In especial

We must increase punishments for illegal activities, such as illegal listing and illegal disclosure of major information. We must resolutely withdraw from the market and compensate investors for losses. At the same time, we should introduce a class action system to protect the legitimate rights and interests of investors and pay a heavy price for illegal listed companies.

Only on this basis, the innovation of the gem system is meaningful.

In fact, the process of perfecting the system is also an important part of institutional innovation to a certain extent. More importantly, on the basis of institutional innovation, the gem can bid farewell to the money market, so that the gem can better serve the financiers and investors.

The reason why the US stock market can accept all kinds of listed companies such as Alibaba is not because it has a sound basic system as a guarantee.