Registration System: It Is A Good Thing, And Will Not Be Implemented In One Step.

In 13th Five-Year, the plan was introduced this week, and there were less than 100 words in the capital market. The "registration system" has caused a great stir in three words.

Planning promulgated second days (November 4th), Shanghai and Shenzhen two cities rose more than 4%, the brokerage sector across the board.

Does the "registration system" sounded the bugle of the brokerage sector soaring?

Li Xunlei said that after suspending the issuance of IPO, we should reconsider "

"The pace of issuing new shares is greatly accelerated, and the scale of direct financing can be enhanced.

However, he stressed that "registration system will not be implemented in one step". It needs an orderly and steady development process to avoid greater impact on the market.

Whether it is "one step in place" or "prudent", he thinks that registration system is a good thing and a great benefit to the overall economic development.

Although the index of the brokerage sector is rising compared with that of last year, it has declined from the real share price, compared with last year, so there is "a demand for inflation".

He believes that before the collapse of brokerage stocks is mainly the stock investors are too worried about systemic risks, and now it seems that systemic risk is basically avoided.

Once the market stabilizes, securities companies will inevitably face a round of adjustment.

The case of Zai Hei capital was buoy, and private placement seemed to be labeled "illegal operation" and "opaque".

In an exclusive interview, Li Xunlei predicted the future environment of private placement: a comprehensive and standardized capital market.

He analyzed that the financial management of Chinese residents has gone through three stages: the first stage is the saving phase (before 1999), and the residents spend a lot of money on banks, with a single investment mode; the second stage is the purchase stage (2000-2014 years), and the wealth of the residents has poured into the real estate in real estate. The real estate accounts for about 65% of the residents' capital allocation; the third stage is the era of financial products (after 2014), fewer houses are bought, and there are more financial products, trust products, P2P and stock markets.

The third stage is a good opportunity for the development of private placement and public offering.

But Li Xunlei also stressed: "if private equity products are not effectively regulated, the risk is still relatively large, which may damage the interests of investors".

Therefore, the future private placement must be effectively regulated and become a standardized market.

For the stock market crash of June this year, Li Xunlei believes that the capital market needs to reflect on several points:

First, excessive financial controls.

So far, our distribution system has not yet completed the development of registration system.

Two, the structure of market investors is mainly based on individual investors, and all aspects of pension have not yet fully entered the market, and institutional investment is relatively weak.

Three, our openness is very low. At present, QFII and RQFII account for less than 3% of the market value, but almost 30% of them are like Korea and Taiwan.

Four, we have not fully considered the potential risks under the general trend of financial integration. The direct cause of the stock market crash is due to the high leverage ratio, excessive leverage and excessive leverage.

The reason why the off-site increase so fast is that it is uncontrollable and unmeasurable, so it poses new challenges to our supervision.

Value investing is a significant gap between China and western capital markets.

Value investing has become almost ironic in China's stock market, and the locked up retail investors often mock themselves to "fry stocks into shareholders".

However, value investing is very popular in the West. Buffett, in the long term investment in decades, not only "fry stocks into shareholders" but also became super rich.

China in the future

Will there be a batch of "Buffett style"?

Li Xunlei thought it was very difficult.

Li Xunlei believes that Buffett's success lies in selecting a number of excellent enterprises and holding them for a long time.

However, China's economic pformation is very fast, and enterprises with original investment value may decline in a few years.

Coupled with the current economic downturn, many listed companies are struggling.

"So how many companies are worth investing?"

He believes that investors should keep pace with the times, choose companies that have growth potential and choose new industries, but it is very difficult to judge the sustainability of new industries.

Therefore, it is very difficult to make a "Buffett style" value investor in China, and there are too many uncertainties.

Li Xunlei believes that China's stock market has its own rules of the game, which will not change in 10 years.

He stressed that "China's capital market is an emerging market", there are many non-standard, is a highly regulated financial market, "in this market, you can not fully learn from Buffett, mature market practices, or to understand our emerging market rules of the game, so that we can win the market."