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By Chen Daofu & Li Ganlin, Research Institute of Finance, DRC

Research Report, No.237, 2021 (Total 6302) 2021-9-1

Abstract: In the first half of this year, 36 companies had gone public on US stock market despite unreasonable arrangements made by US regulators. In general, the sluggish reform of across-the-board registration system in China cannot meet the demand of domestic capital market for high-quality development, which is what behind the reason for Chinese concept shares to go public overseas. At present, there are some problems in China’s capital market, for example, the inadequate coverage of the reform of across-the-board registration system, the institutional environment of the capital market cannot meet the demand of the original shareholders, delayed function of price discovery and value enhancement, and the lack of legal constraints on the administrative supervision of the securities industry. The above-mentioned factors have affected the advancement of across-the-board registration system reform. Therefore, we need to resolutely and fully implement the policy of enhancing system building, non-intervention in the affairs of stock market and zero tolerance toward the breach of regulations, promote a market-oriented and legalized comprehensive registration system reform centered on information disclosure as soon as possible, further refine the basic institutional environment of capital market that is conducive to the implementation of registration system, enforce the legal constraints of administrative management, and improve the predictability of securities supervision.

Keywords: Chinese concept shares, reform of across-the-board registration system, institutional environment, legal supervision