"Chen Jie, what did you just say? Pausing IPOs? ”

Shang Fulin thought that he had heard it wrong, so he turned his head and confirmed it to Chen Jie.

The significance of the existence of the China Securities Regulatory Commission is to solve the problem of financing difficulties of listed companies, rather than to provide a platform for investors to make money.

If the IPO is suspended because the stock market is falling, will their work still be carried out?

In the conference room, the representatives of the institutions, who were already preparing to dismiss the meeting, heard the conversation between the two, and instantly cheered up again, and focused their eyes on Chen Jie.

"That's right! Our stock market has fallen from 6,000 points to the present, the index has been completely cut in half, and the trading volume has also shrunk sharply, in this extremely bad investment environment, there are still new shares listed, and every time a new stock is listed, it is to extract liquidity in the market, which is very unfavorable to the recovery of market confidence, and will only cause a vicious circle, so that the stock market will fall endlessly, and it will not be able to bottom out for a long time. ”

"Therefore, I personally propose that in addition to reducing stamp duty, when the market is below 5,000 points, all new share issuance should be suspended to show the government's confidence and determination to boost the stock market!"

Chen Jie said impassionedly, ignoring the faces of some people, and told all his thoughts for a while.

With his current status, he doesn't need to worry about offending anyone at all.

Although the stock market plummeted mainly due to the outbreak of the global financial crisis, the decline of A-shares was simply a roller coaster, which clearly exceeded the scope of normal adjustment.

Otherwise, there would be no talk of a "bailout" now.

Judging from the trend of A-shares this year, A-shares are obviously sick, and the illness is not light.

The main reason for this crux is "lack of funds" and "lack of confidence". ”

Among them, the root cause of the "lack of funds" lies in the IPO issuance.

The stock market is listed to extract the stock funds, and most of the stock funds are trapped, and they are forced to lie flat and not move, so the stock market cannot rise at all, even if shareholders want to go long, they are powerless.

A healthy financial market is self-healing.

But the premise of all this is not to let it continue to "bleed".

"Chen Jie, your proposal is theoretically feasible, but according to your point of view, the market can only restart the IPO if it rises back to more than 5,000 points, will this benchmark be too high?"

"Can you take a step back, say, down to four thousand? Isn't it more appropriate? ”

Li Jiange caught a glimpse of the faces of several people from the Securities Regulatory Commission, so he could only snort and bargain with Chen Jie with a smile.

If he can sit in the position of chairman of CICC, he naturally cannot be an ordinary person.

Who here doesn't know these old problems of A-shares?

Intellectually, at the current stage of the market, he recognized Chen Jie's proposal, but the truth is not so simple at all.

For example, CICC, the most stable source of income is not the client's trading commissions, but the investment banking business.

Every securities company has an investment banking department, which specializes in helping enterprises to finance and go public, underwrite sponsorship, mergers and acquisitions, and restructuring, and the securities company collects corresponding fees from it.

However, the investment banking project cycle is long, the workload is large, and the risk is large, and the small and medium-sized brokerage team cannot produce a project in a year.

Therefore, the investment banking business of the entire stock market is basically taken over by these leading brokerages.

And those who are qualified to come here for a meeting today are basically the top brokerages in China, and they don't need to vote to know that the vast majority of people will oppose the suspension of the IPO.

Besides, since the establishment of the Huaxia stock market, it is not without a precedent for suspending IPOs, but it is also a last resort when the market is in extreme danger.

Although the broader market index has been cut in half, it has not yet reached the point of urgency to burn the eyebrows.

If you come up and play the hole cards, then if there is a problem later, how to solve it?

This is not in line with our national conditions, nor is it in line with the consensus of the interests of the majority of the people.

At this moment, even Wang Guobin and several other brokerage representatives who had a good personal relationship with him persuaded Chen Jie, hoping that his requirements would not be so harsh and would be more feasible.

However, Chen Jie still "toughly" insisted on his own view, believing that the IPO must be suspended before the stock market can be saved.

Shang Fulin had no choice, so in order to show fairness and justice, he had to symbolically initiate a vote.

After a round of votes by show of hands.

The final result came in, twenty-two to six.

With the addition of Chen Jie, there are only six institutions in total that agree with this proposal, and they are basically medium-sized brokerages with little investment banking business.

The suspension of IPOs has had little impact on them.

This result is not surprising to everyone.

Shang Fulin looked around at the expressions of everyone, and probably had a bottom in his heart, before he smiled at Chen Jie and said: "Chen Jie, I know that you desperately hope that the market can get better, but the stock market has fallen like this, and the IPO is not the main problem." ”

"Didn't your Infinity Fund redeem a large number of shares from clients last year?"

"If you can take the lead in self-purchase at this time, I believe that the recovery of investor confidence will have an immediate effect."

Shang Fulin's remarks were immediately recognized by most institutions.

Last year, the market rose to more than 4,000 points, and the stock market was very good, but the Infinity Fund suddenly notified customers to redeem the purchased funds as soon as possible through phone calls, text messages, etc.

I don't even want to earn management fees.

This abnormal operation also caused a lot of controversy at the time.

Many people also once believed that the market had peaked.

However, as the broader market index soared and reached new highs, people gradually relaxed their vigilance against risks.

Looking back now, they realized what a prescient operation it was for the Infinity Fund to retreat bravely at more than 4,000 points at that time!

As of April, the bull market has gone, and most of the public and private funds have seen a cliff-like collapse in yields, and only the Infinity Fund still retains the fruits of the bull market.

If at this time, Chen Jie can stand up and call on shareholders and basic people to re-enter the market, then the market rebound is not just around the corner?

It is precisely because of Chen Jie's unique influence and the strong capital power behind him that the CSRC treats his personal opinions so carefully, otherwise where would it be necessary to discuss with him so "carefully".

Chen Jie originally wanted to negotiate terms with the Securities Regulatory Commission, but he didn't expect that the other party was an old fritter at all, and kicked the ball back to him as it was.

He sighed: "I would like to take out real money to save the market, but there are still many problems in the market that have not been solved, and it is impossible for me to risk the trust of investors." ”

"Chen Jie, if you have any other ideas, you can put them forward, and while everyone is here, discuss and discuss together." When Shang Fu said this, he was already smiling very reluctantly, and Chen Jie's "trouble" was beyond his imagination.

He has already made up his mind that as long as the other party does not continue to ask for the suspension of the IPO, he can discuss and solve some non-major issues of principle.

"Good! Since Chairman Shang has said so, then I am embarrassed to go around in circles again. Chen Jie was waiting for this sentence, he smiled, took out a stack of pre-printed documents from the document bag he was carrying, and distributed one to everyone in the conference room.

Shang Fulin grimaced, picked up the document and only glanced at it, and immediately felt a little numb in his scalp. (End of chapter)