Li Xunlei: Without short-selling mechanism, the constraints on listed companies are limited

Li Xunlei: Without short-selling mechanism, the constraints on listed companies are limited
On May 24, Sauna Night held a series of salons focusing on capital market reform in the nationwide “Two Sessions Economic Policy”.Li Xunlei, chief economist of Zhongtai Securities, said that the A-share market is not mature enough, and it has only made 30 years of development. It has made great progress, but compared with mature markets, such as the US stock market has more than 200 years of history, A shares still haveMany shortcomings.Li Xunlei is cutting-edge, and needs to be further improved in terms of trading system, market rules, and the richness of products and tools.The registration system loosened the restrictions on the rise and fall, but T + 0 has not been implemented, and there are not enough short selling mechanisms.He said that conventional budget research institutions basically have no short-term research reports, which is still a significant gap from the mature capital markets such as the United States. If they dare not write short-selling reports, the restrictions on listed companies will be limited.In addition, the issue pricing should be market-oriented. The main board has not yet implemented a registration system. Many A-share companies are still issuing on the main board. If the pricing is not market-oriented, investment banks will not be able to fully compete and mature.At present, foreign countries are constantly coming in as they are opening up more.In the past, foreign participation in capital markets, especially overseas investment banks, was relatively small. The standard practices of some foreign investment banks in mature markets have not been fully reflected in A shares.We should also give these institutions room for fair competition, and also promote the capital market and intermediary institutions to develop together and make progress together.Sauna, Ye net Gu Zhijuan editor Chen Li proofreading Xue Jingning