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April 23 of this year. A memorable event has been written in the history of China's securities development, PT Narcissus shares terminated their listing, becoming the first stock to be delisted in the domestic securities market, and Shanghai Narcissus Electric Co., Ltd. became the first listed company in China to be delisted due to consecutive years of losses.

This is a major event in the history of China's securities development, and it is also another major achievement in standardizing and developing the securities market since the beginning of this year.

Not long ago, the No. 1 leader pointed out that to develop a market economy, it is necessary to develop the securities market and establish and develop a healthy, well-ordered, and safely operated securities market, which will play an important role in optimizing the allocation of resources, adjusting the economic structure, raising more social funds, and promoting the development of the national economy.

Over the past 10 years, the central authorities and the State Council have also attached great importance to the development of the securities market and have promulgated many policies and measures to regulate and promote the healthy development of the securities market.

Relying on the macroeconomic environment of national economic development, China's securities market has made tremendous achievements in a short period of 10 years. By the end of last year, there were more than 1,200 listed companies at home and abroad, and the total market value of domestic stocks reached 4.8 trillion yuan.

Meantime. Through the incubation role of the securities market, a large number of outstanding enterprises have become a new force in promoting the development of the national economy, and their ability to participate in international market competition has been markedly enhanced.

However, compared with mature foreign markets, China's securities market started late and is still in the initial stage of development, the quality of market participants such as listed companies and securities companies needs to be improved, investors' risk awareness is relatively weak, regulatory means need to be improved, and the experience of managing the market is not yet mature.

In the Shanghai and Shenzhen stock exchanges, there has long been a phenomenon that listed companies can only live but not die. The delisting system is inscribed and undocumented, and the relevant laws and regulations lack operability.

The ST and PT systems, which were implemented after 1998, are a transitional system adopted by the securities regulatory authorities when the objective conditions do not allow the implementation of the delisting system.

Among the many listed companies, many boss companies wearing ST and PT hats have become a unique scene in the domestic stock market.

Although many ST and PT companies are trying to find a way out of restructuring, it is not a day's cold, and the economic performance of listed companies has deteriorated and it is difficult to return.

But what makes everyone feel incomprehensible is that despite their own poor performance, the stock prices of these listed companies often fluctuate intriguingly and are sought after by the market.

An important reason for the bad speculation of poor stocks is that there is no exit mechanism in China's stock market, so that the market makers have no worries, and can raise or manipulate the stock price regardless of the company's fundamentals, especially ST, PT and other listed companies are generally keen on asset restructuring, and there are many untimely, incomplete and even false elements in information disclosure, which creates a good soil for the market makers to speculate.

Based on this situation, the majority of investors are deeply disgusted by the evil village and strongly call for the establishment of an exit mechanism for China's stock market. A healthy stock market requires an exit mechanism. After more than 10 years of development, China's securities market has entered a period of great development, and both the market size and the level of supervision have the conditions for establishing an exit mechanism and delisting loss-making companies.

Since the beginning of this year, the departments concerned have promulgated a series of laws and regulations and policies to regulate the stock market and improve the quality of listed companies. A good public opinion environment has been created for the establishment of an exit mechanism, and in this case, the delisting of PT Narcissus is a matter of course.

However, the regulators are also under psychological pressure, worried that the introduction of the delisting mechanism will cause adverse reactions in the market, especially the fierce smashing of the market, which will bring a violent impact on the market, especially making investors feel uneasy.

For this reason, the leaders of the China Securities Regulatory Commission deliberately found Fan Wuxian before PT Narcissus was delisted, and asked him to help support the market, so as to avoid any uncontrollable situation, and he would be in a hurry to control it at that time.

Although Fan Wuxian agreed to this matter, his view of the stock market is much more rational, there is no stock market in the world that only rises and does not fall, that is abnormal, the stock market has to develop slowly in the ups and downs, this is normal. The government's behavior of entrusting the market is actually contrary to the laws of the market.

The introduction of a policy must be tested by the market, but this test is not a short-term phenomenon, but a policy that can withstand the test of a long-term situation.

"Alas, in the end, it's still a matter of making money—" Fan Heng said to Fan Wuxian when he mentioned this matter.

In fact, both father and son are very aware of the trick in this, China's stock market is the government's cash machine, this is not wrong at all, can you make money in the stock market? The answer is yes. But can most people make money in the stock market? The answer is definitely no.

The myth of getting rich overnight is often irreproducible, and the small gambling pleasure and big gambling are just legends, and the real reality is that the wealth of countless people has shrunk in the stock market and become the trophies of the bookmakers.

However, the delisting of PT Narcissus is obviously of positive significance, at least it has erected a warning sign for the speculation of underperforming stocks, and it is also conducive to guiding the establishment of correct investment concepts. After all, investors may face huge risks in speculating on those poor performance stocks that may be suspended, and the establishment of a delisting mechanism will also greatly curb the speculation of poor performance stocks, and it is difficult for the speculation of ST and PT stocks to form a trend again.

The establishment of a mechanism for the withdrawal of listed companies is a major measure to standardize the development of the securities market and a necessary way to ensure the overall quality of listed companies, and is also the inevitable result of the securities market giving play to its function of survival of the fittest. The value of a listed company's investment depends primarily on its future profitability as well as the growth rate of earnings. Therefore, companies with good performance and growth should have high market pricing and should be sought after by the market. Junk stocks, on the other hand, should be abandoned by investors due to continuous losses or small profits.

"However, since it is speculation, it is impossible to act in the intentions of the managers——" Fan Wuxian said to Fan Heng, "There are too few investment opportunities for Chinese to enter the stock market, most of the stocks in the Chinese stock market, and the enterprises represented by most of the stocks, do not have investment value, and the long-term system of no or less dividends makes investors unprofitable, how to invest?" So the Chinese stock market is a predominantly speculative market, and there are no other highlights that can attract people, otherwise why would I never take the initiative to enter the A-share market? ”

Although it is said that the stock market has the functions of raising funds, converting mechanisms, and optimizing the allocation of resources, most of the listed companies in China blindly attach importance to the fund-raising function of the stock market, and regard listed companies as a tool for continuously drawing funds.

The market investment philosophy has been chaotic and distorted for a long time, speculative stocks are rampant all over the world, while a few real high-performing stocks and blue-chip stocks have been neglected for a long time.

If we want to reverse this status quo, it is not possible to do it in three or two years, in fact, according to Fan Wuji's understanding, unless all listed companies are privatized. Only then will it be possible to achieve the possibility of a high proportion of dividends, and the domestic stock market will be able to change from a speculative market to an investment market.

At least for now, speculation in junk stocks is still a mainstream choice in the market, and this will not change because of the introduction of the market exit mechanism, of course, this requires the market makers to be more sophisticated, and the risk for investors is greater.

However, this is still somewhat useful, that is, once investors have suffered more losses, they will learn the hard way, and they will naturally understand what stocks should not be touched, even if they look beautiful. But that's just something that can only be seen and not touched, there is a saying that is very good, among the flowers, the poisonous flower is the most beautiful.

If you're not afraid of death, you can give it a try.

"In fact, if the problem of full circulation is not solved, the stock market will still be a mess." Fan Wuxian said.

"If we solve the problem of full circulation, we will definitely be able to get better?" In this regard, Fan Heng always had doubts in his heart.

When China's stock market was established, the system was relatively special, and a large part of the shares issued by a listed company could not be traded, that is, they could not be publicly traded on the exchange, including state shares, corporate shares, etc., which was the so-called equity division or full circulation problem.

The average investor buys tradable shares that can be traded, which causes a lot of problems.

For example, major shareholders are generally shareholders of non-tradable shares, and the shares in their hands cannot be sold anyway, so they do not care about the level of the stock price, they can do something that is beneficial to themselves but unfavorable to all shareholders, without worrying about the stock price will fall, such as transferring profits and guaranteeing loans for others.

From the second half of 1998 to the first half of 1999, in order to meet the demand for funds to promote the reform and development of state-owned enterprises and to improve the social security mechanism, we began to make exploratory attempts to reduce the holdings of state-owned shares. However, due to the gap between the implementation plan and market expectations, the pilot was quickly stopped.

In June this year, the State Council promulgated the "Interim Measures for the Management of Raising Social Security Funds by Reducing State-owned Shares", which is also a continuation of this line of thinking.

Therefore, some scholars have put forward the so-called reform of equity division, which is to let all stocks be freely bought and sold, that is, full circulation, so that the stock market can be improved in the system and let it play its normal role.

Of course, there are many difficulties in this reform, institutional, interest, operational, and so on, one of which is the redistribution of interests.

Because most of the non-tradable shareholders have a very low cost of holding shares. For example, when the former state-owned enterprises were restructured into joint-stock companies, they were converted into state shares at a discount to their net assets, and later when they were issued tradable shares, they were issued at a price several times the net assets.

Now, if it can be bought and sold, it will be very unfair to the circulating shareholders, which requires the non-circulating shareholders to pay a certain amount of compensation to the circulating shareholders to obtain the circulating rights, which is the so-called payment of consideration.

All in all, there are a lot of troubles, and this can only be a muddy account.

In addition to the turbulent stock market, TO is a very important topic for the vast majority of Chinese this year.

In fact, not everyone knows exactly what TO is, and even the best entrepreneurs don't see the drastic changes that are taking place.

One of the most surprising is that Wang Shi of Vanke Group, who has become a leader in the national real estate industry, swore that after joining TO, housing prices would fall by 15 percent, and the facts that happened later made his prediction a joke.

However, in this year of swordsmanship, there is still a downturn in the industry, that is, the Internet industry affected by the NASDAQ stock market crash and the U.S. economy, and those high-spirited IT heroes are experiencing the first big cold snap in their careers.

It seems that the biggest trouble is NetEase's Ding Lei, who not only has losses risen, but the Nasdaq has announced that NetEase shares have been suspended from trading on the grounds that there are doubts in the financial statements, while at the same time, there are rumors that NetEase is likely to be delisted because of the scandal, and a Hong Kong Internet company said in an interview with Dow Jones Newswire that it will buy the troubled NetEase.

Ding Lei later recalled that in fact, he was very confused during that time, and he even had the heart to sell NetEase. The reason for not selling is not that he doesn't want to sell, but that there is a problem with their financial audit and people refuse to buy it.

Later, at the suggestion of his major shareholder Fan Kang, he decided to start over and let NetEase transform, so NetEase announced that it would invest in the development of the online game "Journey to the West", and at the same time vigorously develop SMS services with mobile telecommunications companies.

Fan is appreciative of this, as Ding Lei's adventures prove that he is one of the most intuitive entrepreneurs in China's Internet industry, the kind of person who can find out where the money in an industry is hidden in the first place.

Alibaba's Ma Yun has not been as prosperous as Ding Lei, but Alibaba is also in a hurry this year.

Prior to this, Goldman Sachs, a well-known American investment bank, and SoftBank, led by legendary Japanese investor Masayoshi Son, had invested $25 million in Alibaba, and Jack Ma also held the first industry summit of China's Internet industry in Hangzhou last September.

At that time, there were many heroes in the Internet industry, and no one was convinced, and no one had ever been able to summon them together for a meeting.

Ma Yun knew that few people would come to post hero posts all over the place with his prestige, so he skillfully invited the martial arts master Jin Yong to sit on the altar in person.

Wang Juntao, Wang Zhidong and Ding Lei are all fans of Jin Yong who are very obsessed, and they even agreed to attend the meeting, which made the host Ma Yun addicted to the alliance.

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