< p > 2014 China < a href= "http:// m.pmae.cn/news/index_c.asp" > listed company < /a > Risk Management Summit Forum was held in Beijing in July 19th. Yi Aiyan, partner of star stone investment company, said in a keynote speech that the registration system reform will not have a major impact on A shares which are already in the bear market. Only by completing the registration system reform, A shares can usher in a good market prospect in the future.

< /p >

< p > Yi Yi said that although China's stock market has been falling down in recent years, but the "a href=" http:// "m.pmae.cn/news/index_c.asp" > gem "/a" is thriving. This independent market does not mean that gem is a good growth enterprise. It is just a first-class Internet Co. They are not listed on A shares. They are three or four companies in the market. Although the valuation is high, the company can not support this valuation.

< /p >

< p > if the registration system reform can be completed in the future, it will play a great role in suppressing the speculation of false growth stocks. For investors, when the valuation of the company matches the growth of the fundamentals and future growth, the market is a healthy market.

< /p >

< p > for the premise of the implementation of < a href= "http:// m.pmae.cn/news/index_c.asp" > registration > /a >, it is necessary to emphasize that there must be a more perfect delisting system.

Historically, there are few enterprises in the A share market that are really delisting. If there is no more stringent delisting system, for A shares, it will only be where it is. Because of the continuous listing of new shares and no bad companies going out, the A shares of the city will become stagnant water, unable to activate, and ultimately will hurt all two tier market investors.

< /p >

< p > for the impact of registration system on retail investors, Yi believes that registration system is not a panacea and can not solve all problems in the stock market. For retail investors, the registration system is mixed.

< /p >

"P > surprise is that the reform of the registration system will bring more chances of making money; the worry is that, first of all, it will not be sure to make a profit. In the future, with the registration system, the growth shares of Chinese medicine, science and technology and cultural pmission will split up, and the good will continue to grow, but there are some bad possible fluctuations in its stock price.

< /p >