Although the introduction of these two new regulations cannot completely eradicate illegal activities such as insider trading, false information disclosure, and stock price manipulation in the stock market, it does create the possibility of curbing these illegal behaviors that investors hate, and it has indeed achieved good results.

This is regarded as the second fire burned by Duan Yu's new official after taking office, and this second fire burns bigger than the first fire and has a wider impact, which also makes the outside world more curious and expectant about where Duan Yu's third fire will burn.

In fact, Duan Yu already has a direction in his heart about where his third fire will burn, the optimal allocation of capital market resources, asset restructuring is only one aspect, and there is a more important aspect, that is, initial public offerings (Initial Public Offerings, referred to as IPO).

As an important way and channel for stock market financing, the importance of IPO to the stock market is self-evident, and it has always been the most concerned issue in the stock market, and it is also the most controversial issue.

On the one hand, enterprises have a strong demand and desire for IPO listing, and the IPO review list of the CSRC waiting for IPO listing companies will always be in a long queue, because the benefits of listing for enterprises are indeed great, in addition to raising huge funds for the future development of enterprises, it can also improve corporate visibility and employee identity, and is also conducive to improving the enterprise system and facilitating management.

Therefore, many companies now regard the IPO listing as an opportunity for enterprises to leap into the dragon gate, and try in every possible way to squeeze in, such as the previous Xintai company, in order to be able to go public, it can be said that it has spent all its efforts, and even does not hesitate to take risks, and it is also necessary to go public through fraudulent issuance of financial data. At the same time, for the country, the benefits of IPO listing can enable more enterprises to develop, thereby promoting the country's economic development.

But on the other hand, for ordinary investors, for the IPO is resistant, the new lottery rate is too low, more difficult than winning the lottery, the benefits are not their turn at all, but it will make the already very tight market funds more scarce, so ordinary shareholders often call the IPO the stock market blood, the IPO is too strong to hit their investment confidence greatly, almost every round of IPO issuance will be interpreted by them as the stock market bearish, resulting in the stock market fall, the shareholders have a lot of complaints, that the IPO is the main culprit of the stock market decline, damaging the interests of investors。

It is no wonder that shareholders think so, there are indeed many companies IPO listing for the purpose of impurity, in order to make money in the stock market, distorting the essence of value investment, especially in the 90s of the 20th century, about one-fifth of the company's shares eventually fell below 10% of the issue price. Most of these companies should not be allowed to be publicly listed at all, they are some "three no" companies - no funds, no products, no hope, many shareholders in these "three no" companies lose all their money, so at the same time, the IPO is also very easy to breed interests transfer, corruption and other problems, so investors have such a resistant attitude towards the IPO.

In the past two years, there have been tens of millions of shareholders who signed a large number of signatures, demanding that the China Securities Regulatory Commission stop issuing new shares. The suspension of the IPO incident, and the China Securities Regulatory Commission is under pressure, for a period of time must not suspend the IPO, but this is obviously not the fundamental solution to the problem, because the suspension of the IPO will also affect the liquidity of the stock market, so that it loses its vitality, and for those bad companies for the purpose of collecting money, even if they lose the financing channel of the IPO, they can also refinance and other ways to circle money from the stock market, in fact, the amount of refinancing in the stock market has always been several times the amount of the IPO, regardless of whether the IPO is suspended, the shameful behavior of the stock market to circle money has not stopped。

The country's economic development needs can not let the IPO indefinitely, which leads to the Chinese stock market into a vicious circle, the stock market fell, the China Securities Regulatory Commission was forced to suspend the IPO, the stock market warmed up, the IPO and refinancing efforts will be increased, from the stock market to draw blood, it will hit investor confidence, the stock market fell again, so the IPO for a while suspended, a while restart, but the stock market has always been in turmoil, can not really achieve healthy and sustainable development.

This also put the China Securities Regulatory Commission in an extremely embarrassing situation, suspending the IPO, the company is not satisfied, the opinion is big, the IPO is restarted, the shareholders are not satisfied, the stock market is falling, no matter what you do, it is a good idea.

Therefore, IPO is also the most headache for the previous chairmen of the China Securities Regulatory Commission, for which the successive chairmen of the China Securities Regulatory Commission have also thought of a lot of ways, the IPO review procedures are becoming more and more strict, more and more perfect, and the IPO of enterprises needs to go through acceptance, meeting, questioning, feedback meeting, pre-disclosure, preliminary review meeting, issuance review meeting, sealing, post-meeting matters, approval of issuance and other ten links, but this has given rise to new problems such as excessive cumbersome procedures and high costs.

In this regard, many insiders in the industry have appealed, believing that the Chinese stock market should learn from the West and change the IPO approval system to a registration system, that is, the securities issuance examination agency will only conduct a formal examination of the registration documents, not make substantive judgments, and hand over the right of choice and judgment to the market, so that the China stock market can truly achieve complete marketization, and the state's top level has long made it clear that the registration system will be the general direction of stock market reform.

However, this has caused greater concern among investors, the current stock market, listed companies information disclosure fraud abounds, investors only based on the IPO company itself disclosure information is difficult to make the right investment decision, and the existing delisting system is also very imperfect, some companies basically have no revenue, poor performance but never delisted, once the IPO approval system is changed to the registration system, it is likely to make the stock market circle money phenomenon more serious, so that the stock market is already "anemic" "blood loss" The more serious, the more chaotic the market, and it is likely that there will be an uncontrollable situation.

In fact, the market is also very sensitive to the implementation of the registration system, and the stock market has plummeted when the news of the feasibility of the implementation of the registration system has been discussed.

As early as the beginning of Duan Yu's tenure, the second chief also specifically mentioned this issue when he talked to Duan Yu, asking him to consider it carefully and not to be in a hurry.

It can be said that the registration system is a major task under the top-level design of the Party Central Committee and the State Council on the long-term and healthy development of the Chinese capital market, and it is also the most important test for Duan Yu, the new chairman of the China Securities Regulatory Commission, so Duan Yu has to be cautious, and he also believes that the time is not ripe for the implementation of the registration system, because the registration system must be based on the premise of a sound multi-level capital market system, and the current Chinese stock market obviously does not have such conditions.

Of course, not having the conditions does not mean that Duan Yu can't do anything, on the contrary, he needs to focus more on IPO reform and launch his own new IPO regulations, so as to create more favorable market conditions and environment for the registration-based reform.

However, Duan Yu can't try it at will, because no matter what kind of new IPO rules he launches, it will inevitably have a huge impact on the stock market, and there will be many new problems that were not expected before, and it is likely that there will be an uncontrollable situation.

Therefore, as early as the beginning of his tenure, Duan Yu regarded IPO reform as the top priority of his work, and it was the most difficult exam question during his tenure.

Duan Yu didn't know where to start for such a major issue for a while, he had been thinking about this issue all this time, and even the intensive research stopped, because when he went down to ask for opinions on this issue, he heard two completely different opinions, which made it more and more difficult for him to decide.

During this time, the staff of the China Securities Regulatory Commission were surprised to find that Duan Yu, who had been in sight since he took office, rarely appeared in the office every day, commuting to and from work on time every day, and in addition to reviewing documents in the office every day, he consulted a large amount of information, and rarely went out.

Unlike other officials of the China Securities Regulatory Commission, Duan Yu rarely takes his own car to and from work, but walks, for which he also deliberately moved his home to the vicinity of the Securities Regulatory Commission, Dong Wenhai and they are all secretly laughing at Duan Yu's love to show, Xu Xiaofeng also persuaded Duan Yu several times, but Duan Yu still goes his own way, walking to work not only exercises his body, but also allows him to use the walking time to think better, who stipulates that the chairman of the Securities Regulatory Commission cannot walk to work?

On this day, Duan Yu came out of the office from work and was about to go home, and when he passed the square in front of the Securities Regulatory Commission, the two middle-aged men sitting under the huge golden bull sculpture in the square caught his attention.

The two middle-aged men were dressed in Mao suits, and one of them carried a large leather handbag, which was indeed a bit strange in the capital, and their accents were also very strange, with a strong accent, like the local accent of Dapu City, Namunmo Province.

Dapu City and Lishan City are not far away, so Duan Yu can understand some of their words, Duan Yu has been away from Nanyun Province for a long time, and he naturally feels very cordial when he hears the local voice in the capital, so he stops.

"County Magistrate Xu, let's go back, I said earlier where it is so easy to go public, we ran for nothing this time......", the one who spoke was a middle-aged man who looked very honest with a weathered face.