Zhu Bangling: Information Disclosure Is The Soul And Core Of Registration System.

The listing of Ali has benefited from the highly inclusive and open stock issuance registration system in the United States, and its complaint also stems from the strict registration system in the US.

Registration system is a double-edged sword. It is not only a sharp sword for the listing of enterprises, but also a sword for Damour, who hangs on the top of the company.

Ali was accused in the United States that it is carrying out a registration system of A share market. Registration system should form a positive interaction with the capital market and form a benign interactive market ecosystem.

In this market ecosystem, regulators, listed companies, intermediaries and investors are all registered by the market players.

The framework constraint will make more targeted reforms in the ways of supervision, IPO policy, information disclosure, corporate governance, litigation system and investor protection.

Alibaba and other stocks are frequently accused and frequently short. The biggest reason is the fall and dislocation of domestic corporate governance and the US registration system.

Although these companies represent the essence of China's emerging industries, the domestic growth environment and corporate governance are far from the mature market supported by registration system.

The focus of Ali's complaint is not on the heated debate between domestic media and counterfeit goods, but also the "QQ" way to make American investors more aware of Ali through litigation.

American lawsuits bring class action directly to the core issue of registration system information disclosure.

The US law alleged that Ali did not disclose the talks with the SAIC before IPO and said that Ali and his executives made false and misleading statements in three aspects of the company's business operations, financial expectations and ongoing regulatory risks.

The litigation is based on the provisions of the Securities Act of 1934, that is, "false statements of important facts or omissions of important facts, so that people mislead in the prevailing circumstances."

Mature market investors are the most valued, and full and accurate information disclosure is the biggest protection for small investors.

If Ali exists the behavior of hiding information, it may affect the normal judgment of the investors and infringe their right to know and property.

In the A share market, the disregard of the right to know of investors in the A-share market has led to incomplete information disclosure. Over the years, serious information imbalance has led to the decline of the entire market, adverse selection of inferior products such as junk products, and forced excellent domestic enterprises to avoid listing A shares and choose to go abroad.

Information disclosure is

The soul, the core, the true, accurate, complete and timely disclosure of information is the cornerstone of the integrity of the securities market, and is also the basis for investors to make decisions.

The core of securities regulation in mature markets is information disclosure. All systems and regulatory measures are based on information disclosure.

After the IPO registration system is implemented, the A share market should also take information disclosure as the core and take the IPO sunlight as the goal, and strengthen the information disclosure obligations of listed companies.

If the registration system is implemented in the future, the supervision methods and ideas need to be changed first, so as to meet the regulatory requirements of the registration system.

Regulators need to be clear, complete information disclosure is not only for the listed company level, but also the regulatory department's obligations.

Before Ali, the Chinese stock market encountered frequent class action lawsuits, and frequently encountered muddy water and other institutions short.

There may be some mistakes in our understanding of this phenomenon. There is a natural aversion to the short selling mechanism, and even to the height of defending the national enterprises. In fact, it is a misunderstanding of the market operation and investor protection system under the registration system.

Short sellers are the scavenger of capital markets and they help clear up fraudulent companies in the market.

The existence of short sellers and the design of short interest pattern should be a late and important market deterrent force for the A share market.

It is not difficult to introduce the registration system draft. It is difficult to establish the core concept of information disclosure, improve the supervision mode, establish rigid investor protection and establish a convenient compensation system.

These are the premise of registration system, but it is not an excuse for delaying registration system.

The process of registration is also a process of continuous improvement of listed company governance and gradual improvement of A share market system.

The draft structure of the registration system can also be tried and improved in the practice of A shares, and the registration system can fully interact with the capital market.