Although it is impossible to achieve complete objectivity and fairness, it can still reduce the factors that hinder objectivity and fairness in the IPO review process to the greatest extent possible, and exclude from the IPO gate those inferior companies with impure listing purposes, only want to make money in the stock market, do not have sustainable profitability, have no development potential, and have backward management levels.

Thinking of this, Duan Yu smiled at Xu Zhimin and said: "Comrade Zhimin, I have also been a county magistrate, I understand your mood very well, I also think that the prospects of the maca planting industry are very good, and Yulong Biological Company also has great potential for development, but do you really think that with the current management level of Yulong Biological Company, it can adapt to the changes after listing? In fact, what Yulong Biological Company needs is financing, you can rest assured that I will introduce enterprises to invest in this project, and the funds you need will be ......solved soon."

Saying that, Duan Yu called Su Yun in front of Xu Zhimin, and now Su Yun has integrated all the assets invested by Duan Yu to establish Tianlong Investment Group, and the main business is no longer limited to traditional industries such as real estate and rubber, but has become an investment company similar to angel investment, as long as there is a project with development potential, they are willing to invest, so Duan Yu told Su Yun about the situation, and Su Yun immediately agreed to send someone to inspect the investment.

Xu Zhimin was overjoyed, scratched his head a little embarrassed and smiled: "Chairman Duan, I'm really sorry, I was so rude just now... You are right, Yulong Biological Company is indeed not suitable for listing now, and pulling out seedlings to promote the long-term development of Yulong Biological Company is not beneficial, and we will take the initiative to apply for the withdrawal of IPO application materials ......".

Duan Yu has gained a lot from this trip to Yulong, he has already thought of a way to solve the IPO blockage, he can't publicly announce the suspension of the IPO, but he can find a way to reduce the attractiveness of the stock market to listed companies, strict IPO review standards, so that those companies that are not suitable for listing take the initiative to withdraw IPO application materials.

After returning to the capital, Duan Yu officially launched his new IPO rules, and the media can be regarded as seeing Duan Yu's third fire, Duan Yu's third fire burned bigger, more fierce, and more shocking than the previous two, Duan Yu's new regulations were later called "the strictest IPO new rules in history" by the media.

Duan Yu's new IPO regulations mainly include five aspects, the first is to simplify the review process, strict review standards, simplify the original IPO review process of more than a dozen procedures to eight, remove some unnecessary procedures, increase the industry jury process, and at the same time put forward higher requirements for the sustainable profitability and management ability of the reporting enterprises.

The second is to increase the punishment of violations of listed enterprises, major shareholders and listed companies with illegal acts of more than 10 million yuan will be regarded as a major information disclosure violation of the delisting, increase the intensity of delisting, all those who touch the provisions of the delisting system will be rigidly delisted, so that the delisting system is legalized and normalized, and in accordance with the relevant provisions to compensate investors for investment losses. Strictly implement the system of reporting the list of insiders of inside information, and for listed companies that violate the rules and regulations and disclose undisclosed inside information in advance, it is necessary not only to severely punish the parties, but also to implement "joint sitting", investigate the responsibility of the company's chairman, general manager and other major leaders, and give corresponding penalties to the company.

The third is to strictly reduce the shareholding of shareholders of listed enterprises, so that the original shareholders of listed companies can no longer easily convert the book wealth into real money, cancel block transactions, all reductions are completed through the secondary market and agreement transactions, and the shares obtained through agreement transactions are locked for three years, and after three years, they will be treated according to the restricted shares of the original shareholders, and the reduction of the original shareholders in the secondary market within one year cannot exceed 1% of the total share capital.

Fourth, increase the punishment of violating the subject, the current economic penalty is generally hundreds of thousands of yuan, the new rules stipulate that the financial fraud of listed companies no matter in which link, will be fined 30% of the amount involved, and the sponsor institutions to implement a "joint sitting system", in the same amount of fines.

Fifth, strengthen judicial docking, no matter which link is the financial fraud, the amount of more than 10 million yuan will be handed over to the judicial organs. If the major shareholder of a listed company embezzles more than 1 million yuan of the interests of the listed company, it will also be handed over to the judicial organs, and it will no longer be simply returned as in the past, and it will not even be returned to the end of a warning letter.

As soon as Duan Yu's new IPO regulations were introduced, it set off an uproar, and many bosses of listed companies hated Duan Yu's new IPO regulations to the core, believing that this was purely "chaos" and a "massacre" of listed companies, and privately called Duan Yu a "butcher of the stock market", and even many bosses of listed companies with deep backgrounds used their connections to suggest to the central leadership through different channels that Duan Yu should be removed and replaced, otherwise if he is allowed to mess around, the stock market will inevitably get worse and worse, and it will affect the country's economic development.

Li Songle, who is attending the Davos Forum abroad, put forward a different view in an interview with foreign media, believing that Duan Yu's move is a historical regression and will make the Chinese stock market farther and farther away from the road of comprehensive marketization.

On the contrary, shareholders have applauded, believing that Duan Yu's move is the biggest benefit to the stock market, and the stock index rose in response, hitting a new high in the year, and many news media also believe that Duan Yu is very creative in the reform of the IPO system, and will have a very good effect on the governance of the current IPO chaos and cracking down on IPO violations, which is conducive to the healthy development of the stock market, and the stock market will usher in a new round of bull market.

How much impact Duan Yu's new IPO regulations will have on the long-term development of the stock market, I am afraid no one can predict in a short period of time, but the most intuitive effect is that many IPO companies have quietly withdrawn their IPO applications, and the number of companies waiting for IPO listing has dropped sharply from more than 600 to more than 100.

Not only is there a lot of controversy among the public opinion on Duan Yu's new IPO regulations, but even the central high-level has different views on Duan Yu's actions, some people think that Duan Yu's actions are blatantly contrary to the central government, and they are dragging down the country's economic development.

Although the central government has not made a clear statement, the pressure on Duan Yu can be imagined, and his pressure is not only from the country, but also from abroad, the chairman and chief executive of MSCI, a US index provider, said that if China continues to use administrative means to "grossly" interfere in the stock market and affect the process of stock market marketization, the process of ChinaAMC's full inclusion in the MSCI index may be stopped.

MSCI is the abbreviation of MSCI, a well-known index compilation company in the United States, and is a provider of equity, fixed assets, hedge funds, and stock market indexes, which are the benchmark indexes most used by global portfolio managers. MSCI estimates that more than 90% of institutional international equity assets in North America and Asia are benchmarked against MSCI indices. There are as many as 5,719 fund companies tracking the MSCI index, with a total of $3.7 trillion in funds.

It is precisely because MSCI has such an important position in the global securities market, so in ChinaAMC from ordinary investors to industry professionals, are very much looking forward to the inclusion of ChinaAMC stock market into MSCI, and even become a vane that affects the direction of the stock index.

The benefits of including ChinaAMC in the MSCI Emerging Markets Index are obvious, as international investors can track the MSCI Index to allocate A-shares, thereby attracting long-term foreign capital into the market, which is undoubtedly a big positive for ChinaAMC.

Judging from the experience of the stock markets of several surrounding countries included in the MSCI Emerging Markets Index, it is indeed beneficial to the development of the stock market to be included in the MSCI Emerging Markets Index. For example, in South Korea, which is adjacent to China, after MSCI included the Korean stock market into the index, the proportion of foreign ownership has increased significantly, and the impact of foreign capital on the market is also obvious. The investment style of foreign investors has had a number of positive effects on the Korean market, such as increased linkage with the global market, a significant reduction in the stock market turnover rate, and a significant reduction in stock market volatility.

Because of this, the successive chairmen of the China Securities Regulatory Commission have taken the inclusion of the China AMC stock market in the MSCI Emerging Markets Index as an important task during their tenure, and have made a lot of efforts to this end.

Although MSCI has repeatedly announced that it will not include A-shares for the time being, it still retains A-shares in its review list and has repeatedly released positive signals, which has not completely closed the door to the inclusion of ChinaAMC in the MSCI Emerging Markets Index.

However, the statement of the chairman of MSCI this time is completely different from the positive signal released before, and Duan Yu, the chairman of the China Securities Regulatory Commission, also has to pay attention to it, because once MCSI completely closes the door to include the Chinese stock market in the MSCI emerging market index, it will not only have a negative impact on the newly improved Chinese stock market, but also become a major failure during his tenure.