Pi Haizhou: Let Loss Companies Go On The Market Must Be Cautious.

< p > if the A share market's investment function is not improved, continue to reduce the threshold of gem listing, so that deficit companies can also log on to the gem.

The move still highlights the financing function of the stock market, which means that China's stock market is getting deeper and deeper in the market.

This will only make investors less confident of the A share market.

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< p > the threshold of gem listing is getting lower and lower.

According to the recently issued regulation on IPO and listing on GEM, the profit requirement of gem for IPO has been reduced to "one year's profit in recent years, and no less than fifty million yuan in the latest year". Moreover, there is no specific requirement for the "recent year's profit" index. From a literal point of view, even if it is only a dollar, it is also in line with the listing conditions.

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< p > of course, this is not the lowest threshold.

The ultimate goal of gem is to allow deficit companies to go public as well.

This is the open secret of China's stock market.

Because in recent years, the SFC has repeatedly said that the growth enterprise market should lower the threshold and support deficit and eligible Internet Co and technological innovation enterprises to enter the growth enterprise market.

In fact, in May 19th this year, the SFC convened the research meeting to study and implement the "new country nine" work conference, the chairman of the securities and Futures Commission Xiao Gang put forward "Xiao eleven".

It is clear that it is necessary to study the establishment of a separate level in the growth enterprise market, and support the Internet and high-tech enterprises that have not yet made profits to the gem after a listing of the new three boards.

This not only set up a bridge between the new three boards and the gem, but also made a path arrangement for the loss of Internet and high-tech enterprises in the growth enterprise market listing.

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< p > perhaps, in the view of < a href= "//www.sjfzxm.com/news/index_cj.asp" > management < /a >, from the perspective of supporting the development of small and medium-sized enterprises, it is a general trend for the gem to accept the listing of unprofitable enterprises.

However, from the actual situation of the A share market, it is prudently necessary for the gem to accept the loss companies to go public.

After all, the Chinese stock market has been established for more than 20 years, and has always served the financiers. Therefore, the A share market has left a notorious title of "cash in the market".

If A share market's investment function is not improved, continue to reduce the threshold of gem listing, so that deficit companies can also log on to the gem.

The move still highlights the financing function of the stock market, which means that China's stock market is getting deeper and deeper in the market.

This will only make investors less confident of the A share market.

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< p > and for the current < a href= "//www.sjfzxm.com/news/index_cj.asp" > gem < /a >, there is no shortage of listing resources in itself.

In particular, the gem listing has abolished restrictions on nine industries, which means that more companies can apply for gem listing.

At present, some profitable enterprises are still queuing up to wait for the market to go public, and when the threshold of gem listing is lower, more enterprises will come to the gem to list.

In this case, it is a long wait for profitable enterprises to go public. How does this turn to the listing of deficit companies? < /p >

< p > and on the list of the listed companies of loss making, it is mainly designated as the Internet, high technology and high growing company, but in addition to Internet Co, there are difficulties in identifying technology companies and growth firms.

In fact, many of the so-called technology companies listed on A shares are pseudo technology enterprises.

As for growth firms, if it is not established for a long time, its growth can hardly be reflected. But after several years of establishment, the company still loses money. How can such a company be identified as growth firms? < /p >

< p > especially important is that if we allow "a href=" //www.sjfzxm.com/news/index_cj.asp > loss company "/a" to be listed, this will make the A share delisting system in a difficult position.

For example, the current delisting system stipulates that the loss of listed companies for three consecutive years will be delisted.

But if a so-called technology company is losing money on the market and not making profits in the next two years, is this company going to have to withdraw from the market? Further, is it possible for the technology company to continue listing on the gem when it is out of the market? In this way, is the delisting system and listing system of the gem become a trifling matter? How can the interests of investors be protected? < /p >

< p >, therefore, for loss making enterprises to appear on the growth enterprise market, management must be cautious.

In particular, all aspects of the system should be coordinated, especially in protecting investors' rights and interests.

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