Under The Registered Bonus, RMB Fund Withdrawal Will Usher In The Key Point.

As the most mainstream way of domestic private placement exit, IPO withdraws from the market is ushering in new changes.

On June 10th, at the fourteenth annual China investment annual summit, Chen Jie, the founder and chief executive of the information industry and a partner in capital management, said that on the one hand, due to the uncertainty of Sino US relations, Chinese companies wanted to list in Hongkong or the two time in Hongkong. There will be a wave of privatization in the future.

On the other hand, in the A share market, from last year's science and technology board to the gem registration system that will be launched this year, the future IPO exit will become more and more spacious, but at the same time, the two level differentiation of market value is becoming clearer.

Xiao Bing, chief financial officer of Da Chen, said from the perspective of RMB fund that the withdrawal of RMB funds is now at a critical time. The reform of registration system will have an important impact on the development of China's capital market and the withdrawal of the private sector.

"At present, the threshold of China's capital market is declining, inclusiveness is stronger and certainty is stronger. We must seize the opportunity to push the listed companies to go public as soon as possible. For the fund, the smooth exit will further encourage LP, bring more capital and promote a virtuous circle of the industry. He said.

Registration brings the last policy dividend.

Xiao Bing recalled that in the past 20 years, the development of RMB funds has been greatly affected by the capital market. In 2006, the stock market changed the entire circulation to save the RMB fund. In 2009, the gem made RMB fund withdraw more smoothly in the A share market. Last year, the launch of the science and technology board was far beyond expectations.

In the past, if companies wanted to be listed on A shares, they might face adverse factors arising from the trial system and the IPO suspension. There are mainly two uncertainties in the trial system. One is the uncertainty of the time to market, the two is what kind of companies can be listed indefinite, behind a certain window guidance and implicit threshold. At the same time, the repeated suspension of IPO also has great impact on RMB funds.

Based on the registration system, the scientific creation board solves the above uncertainties. First, the time to market has been basically determined for six months, and now the efficiency is higher and higher. Second, it is also very sure whether we can go public. Basically, companies will be able to pass the science and technology board, and enterprises that do not meet the requirements of listing will be informed when they begin to accept materials.

"The two most serious problems we have criticized are basically solved in the" Chuang Chuang "board. And I also believe that China's capital market will no longer suspend administrative shares IPO, IPO will certainly normalize. " Xiao Bing said.

In addition to the registration system of the Chuang Chuang board, the registration system of the gem is also about to be implemented. The healthy competition between the two exchanges will push the whole capital market forward. "This is the last policy dividend of China's capital market. We must grasp the conditions and make full preparations for entrepreneurs. After that, the Chinese market is basically in line with the international market, and there will be no such major reform measures. He said.

Watch out for pre-IPO project investment risk

Xiao Bing said that most enterprises have already acted and actively prepared for the registration system of gem. In the next one or two years, the number of IPO will explode in China, and IPO is still the best way to exit. It is estimated that in 2021, China's IPO will exceed Nasdaq, setting a new historical record.

But he also believes that in the next one or two years, the IPO market will gradually become more rational and mature. After that, mergers and acquisitions will gradually become the main exit channels.

"Investing in Pre-IPO projects is very risky now." Xiao Bing said that it could take 35 years from investment to exit. After 35 years, the dividend of capital market is gone, and the valuation system of the whole market will also undergo profound changes. At that time, many projects that may be invested now may not necessarily make money. So this time, the investment should be calm instead of being dazzled by IPO fever.