2012年2月23日星期四

Must a clear-cut stand to sing

He's name and the chairman of the Shanghai index for CSRC during ten years or zero (year-on-year, to the inauguration date dispute), coincidence indescribable scene. But the Shanghai index for are not the A share market circulation and the full circulation in the transformation of little sense. Here is a snowball net friends @ idea of making a listed company total market value and current market prise contrast figure. The red line above, ten years to measure of China's capital market wealth most significant changes. Visual, it is known that the A share market of new wealth level as China's real estate market,cheap new era hats and no less than other emerging economies. To participate in the secondary market for retail investors, unfortunately, the wealth, basic all return to the sasac and at all levels of formerly non-tradable shares. This error is the distribution of wealth is rooted in the process of A share of the year "temporary not circulation" approach, the process of wealth with secondary market price of huge ebb tide. Although historical mistake has set up a file in the people at great cost and resources is serious mismatch get finally correct, but can't ignore the new error continues: even if has come to the full circulation of era, CSRC still paranoid that when new shares to the old shares held by the shareholders lock the longer regularly to the greater the protection of tradable shares. Unless the put on this view, the head of all cut down, this error correction not know at that time. However, big mistake has been corrected. Figure of two curve never coincide (even shorten the lock, the market is still regularly non-tradable existence, only will be less and less), but when both close to to a certain level, that is not the size of the reform of non-tradable circulation, only for new shares listed lock, after the distance between the two will be relatively fixed. Since then, in the issue of examination and approval the major premise unchanged, under the premise of market already is basic to normal. From "temporary not circulation" to "the full circulation of reform" the system after correction, the story will be different with the previously. In the middle of the full circulation of reform, some people in the name of VC/PE, participate in enjoyed before changing the feast of non-tradable shares or feast in the water. And in the reform is completed, that now is the time, still poured into the VC/PE industry that a group of capital, because the flock effect, the future and current situation of the already enter the cooling of the secondary market players than its income convergence or at a disadvantage-unless they can quickly adjust their own goal and with regulators success bo game,cheap oakley sunglasses the activity center transferred to the secondary market, the m&a activities. The market has can play. The next time the scale of the disaster will occur at or by CSRC to give ShenPiZhi issue. As you can imagine, if that day comes, affirmation is the whole country toward progress direction was a big step forward. Imagine the future disaster can with such a great nation fortune inflection point, that now and what the hesitation?

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