If you look at the China stock market from the perspective of foreigners, what is the most incredible place?

When foreigners look at the China stock market, the most incredible things are as follows:

1. Go up and ask questions, go down and ignore them, or go to the little black room if you don't obey.

The domestic stock market goes up and down, no matter what, if you don't obey, you will close the little black house.

This is not available in the global stock market, but it is also original in the domestic stock market, right?

It is allowed to fall and not to rise, which makes the majority of shareholders and friends very hurt.

If there are three or five daily limit, you have to explain the reason. If there is no reason to continue to rise, it will be stuck. After a while, there will be several daily limit.

Speculation is not allowed here, and speculation is not allowed there. I wonder what Kay's stock market is for? Can we only raise funds for shareholders to legally reduce their holdings and cash out?

Can foreigners not be surprised?

2. False information is everywhere.

There are too many false information in A shares, many of which are incredible. The funniest thing is that the pig starved to death and scallops ran away. ...

This is to verify the IQ of investors, right?

And some so-called big white horses. Suddenly tens of billions are gone, disappearing into the air?

Some warehouses still have goods worth hundreds of millions, which means that without goods, there is no goods.

In short, in A-shares, there is nothing that these listed companies can't do, only investors can't think of it.

Except for the retail investors who lost money, they all made money.

The stock market, which is usually an investment market, has become a speculative market.

Not only do retail investors chase up and down, but institutions sometimes chase up and down.

It stands to reason that most of the investment should be earned, but in household A, except for retail investors, it is basically earned. And retail investors, but also two flat and seven losses, most of them are losses.

It's incredible that so many people are losing money in such a financial market!

4. Advance more and retreat less

At present, there are only about 4,000 US stocks listed, while there are more than 4,000 A-share listed companies in a few years. This year, 386 companies have gone public, with a daily average of more than 1 company.

19 companies were delisted this year. In the 30 years since the establishment of the stock market, less than 65,438+000 companies have been delisted.

How many listed companies can such a big pool hold?

In a few years, there may be tens of thousands, and foreigners have never seen so many listed companies, right?

In a word, those foreigners who didn't come in didn't know, and they would be shocked if they came in. This place is absolutely suitable for starting a business and setting up a company, and then trying to go public. As long as the listing is successful, it is too easy to build a bunch of billionaires.

Personal opinion, for reference only!

If you look at the China stock market from the perspective of foreigners, you will find some incredible places.

First, the stamp duty on securities transactions, the securities market has long been paperless, all in the form of online transactions, this tax is nameless, and you can't collect taxes like this if you want to.

Second, only talk about financing, not talk about the return on investment. The scale of iPo issuance ranks first in the world, and the financing ratio ranks first in the world, but the return on investment ranks lower in the world. It's incredible that financing can be achieved smoothly under the condition of huge risk of return on investment.

Third, all kinds of frauds emerge one after another. Enterprises in China are particularly bold in listing, dare to forge and cheat, and the punishment is light. Almost all the crimes are borne by shareholders.

Fourth, large institutional funds are slow to enter the market, and the market is driving away retail investors. The securities market is a good investment occasion, but some large domestic institutions are reluctant to enter the market. The reason is puzzling. For the masses who are willing to take their own risks, the idea of de-retailing is adopted.

Fifth, there is a market that enters and exits, and the way out has not been smooth. Some shell companies and junk companies have occupied market resources for a long time, and some listed companies are still active in the market with only a few people working.

Six, the market has a long-term rise, there are risks, and the decline is the inherent thinking of opportunities, which runs counter to the thinking that only a general rise in the securities market can resolve all risks.

Seven, the regulatory authorities guide the market operation and stock trading, and guide everyone to invest in value stocks and speculate in long-term stocks, instead of letting market participants play freely according to their own stock trading habits and ways of thinking.

Eight, the typical policy market, the influence of policy on the market is beyond the market's own ability.

Nine, there are too many kinds of plates, which are dazzling. There are so many trading rules that people who are hard-headed can't remember how to trade, and there are various thresholds.

In a word, I hope the China stock market will become more and more perfect and market-oriented.

How to treat the four most incredible strange phenomena in China stock market?

After 30 years' development, China stock market has entered the "30-year-old". Thirty years have provided financing channels and possibilities for a large number of listed companies. At the same time, the number of listed companies in China has reached 4 100, ranking third in the world, covering all 90 industries of the national economy. Although the number of companies only accounts for one tenth of the total number of enterprises in China, the total profit is equivalent to about 50% of enterprises above designated size.

At the same time, whether from the perspective of the further healthy development of China's capital market, or from the perspective of providing long-term financing channels for listed companies, or from the perspective of providing more diversified investment channels for the public, there are four chaos or four strange phenomena in China stock market that deserve attention and reflection:

The first strange phenomenon, stock market investment is called stock speculation, which shows that the short-term speculation characteristics of stock market investors are more obvious.

I want to know why. China stock market investment has always been called "stock trading". The word "speculation" expresses the characteristics of China stock market to the fullest.

As an important place in the capital market, the stock market generally has two functions: investment and speculation. Investment tends to be long-term investment and value investment, which has the function of stability and ballast. Speculation is the characteristic of short-term funds and hot money, which strengthens the activity of the stock market and the turnover rate of transactions.

However, institutional investors and retail investors in China call stock market investment "stock trading", which shows that both institutional investors and retail investors lack the characteristics of long-term investment and value investment, and they are short-term investment and speculation. This is a very strange phenomenon.

Investors who excessively pursue short-term interests always hope that the stock price will skyrocket in the short term. In order to meet the needs of investors, listed companies can only cooperate with the hype of various themes, which leads to abnormal fluctuations in the stock market price.

Earlier this year, Charlie Munger, a close friend of Buffett and vice chairman of Berkshire Hathaway, said of China investors: "They like to gamble on stocks, which is really stupid. It is hard to imagine anything more stupid than the way China investors hold stocks. "

The second strange phenomenon is that the enthusiasm of retail investors does not match the financial strength, and the enthusiasm of retail investors to open accounts is much higher than that of retail investors.

Another big phenomenon in China stock market is the excessive enthusiasm of retail investors. It seems that if you don't speculate in stocks, you are already a particularly backward person. If you don't buy stocks, you are embarrassed to talk about the capital market at the dinner table.

As long as the stock market situation is not good, the enthusiasm of investors to open accounts in the market is greatly stimulated.

Every time the stock market is booming, new investors will flood into the market. The data shows that in March 20 19, the number of newly opened accounts in Shenzhen was 2.99 million, setting a new high in the number of monthly accounts opened in the latest year, which was 109. 1% higher than that in February and 26 18 in March.

Since the beginning of this year, with the popularity of A-shares, new investors are running into the market again, and A-share investors broke through the 65.438+0.7 billion mark for the first time, hitting a new record high.

According to the data released by China Clearing, there were 2,426,300 new investors in A shares in July, up 56.6% from1549,000 in June. This is not only the largest number of accounts opened in a single month since 20 18, but also because A-share investors broke through the170 billion mark for the first time, and the number of A-share investors reached a new high.

The data shows that by the end of 10, the number of domestic stock market investors has increased by14.87 million this year, exceeding the number of13.24 million added last year. Since March this year, the number of new investors has exceeded 1 10,000 for eight consecutive months.

A large number of investors open accounts to enter the market, which is of course the stimulus of staged bull market dividends. However, a large number of stock market investors will inject new funds into the market, but the performance of the stock index is difficult to match the enthusiasm of investors, which shows that the investment enthusiasm of investors is stronger than the financial strength.

The third strange phenomenon, "cutting leeks" is popular. The unprofessional retail investment in China stock market has become an endless stream of "leeks" for professional institutions and an important phenomenon of "chasing up and killing down" in the stock market.

In China stock market, "cutting leeks" has become a buzzword, which is not only a true portrayal of retail investors' investment income, but also the inevitable result of the chaos in China stock market.

New accounts are naturally accompanied by the bull market dividend in the stock market. After all, the myth of making wealth in the stock market has been going on. More importantly, people hope that this myth will continue and come to them.

But every time investors run into the market, the number of accounts opened reaches a new high. Can they share the bull market dividend or become the new leek in the stock market? The conclusion may be just the opposite of the expected wish. Many people think that how many new investors represent how many "new leeks" enter the market may be very reasonable. After all, most investors are unprofessional, and more importantly, they are very unprofessional, so they often chase up and down, follow the trend of investment, and become the leek of institutions.

The famous economist Zhu Ning reminded retail investors that the bull market has arrived, but in the next 6-65438+February, retail investors are more likely to lose money; Guan Qingyou, the founder of capital, reminded investors that bull market is often the killer of retail investors' investment losses.

The data shows that compared with the initial equity wealth from July 20 14 to June 20 15, the bottom group lost 28% of its capital, while the richest group gained 3 1% of its profit. The 0.5% investors with the largest amount of funds made a fortune when the bubble burst, while the bottom 85% paid a heavy price.

For retail investors, the bear market loses money and the bull market does not make money. This is the tragedy caused by being the largest investment group and extremely unprofessional, and it is also the basic phenomenon that it is difficult for China stock market to develop healthily.

The fourth strange phenomenon is that financial fraud of listed companies in the stock market has been repeatedly banned. The low cost of counterfeiting and the lack of compensation and protection for investors have become the biggest obstacles to the healthy development of the stock market and investment enthusiasm.

Financial fraud of listed companies has become a strange phenomenon in the securities market. Financial fraud has seriously challenged the seriousness of the information disclosure system, seriously damaged the integrity foundation of the market, seriously damaged market confidence and seriously damaged the interests of investors. It has also become a' cancer' in the securities market. What is even more strange is that the financial fraud of listed companies is not only repeatedly prohibited, but also the root cause is the low cost of fraud and poor punishment.

In only 20 19 years, Kangdexin inflated its profits by11900 million yuan in four years, making it the biggest profit fraud case in the history of A-shares. Xu Dong Optoelectronics has nearly 20 billion monetary funds, but it is unable to pay 2 billion due debts, which makes people question where the deposits have gone; Fenghua Hi-Tech evaded bad debt provision through false fancy of accounts receivable, inflated profits by 60 million yuan, and was fined 400,000 yuan by the CSRC, and 26 company personnel involved were punished. The illegal matters of Zangge Holdings include: falsifying operating income and profits, inflating accounts receivable and prepayments, and concealing the fact that major shareholders occupy huge amounts of funds of listed companies. In 20 17 and 20 18, the total profits were inflated1280,000 yuan and 477 million yuan respectively. The most classic case is the case of Zhangzidao scallop running away. Scallops say they want to run and come back when they come back, which has become a famous "scallop" phenomenon.

Since 20 19, the CSRC has investigated the financial fraud of 22 listed companies, imposed administrative penalties on 8 cases, and transferred 6 cases to the public security organs. Since the beginning of this year, 12 listed companies have been punished for financial fraud or received advance notice of administrative punishment.

The low cost of fraud and light punishment are undoubtedly the important reasons for the proliferation of fraud in listed companies. Under normal circumstances, it is difficult to really punish counterfeiters and protect investors' rights and interests by imposing fines and delisting on listed companies that make fakes, giving warnings and fines to relevant responsible persons, and taking measures to prohibit them from entering the market.

Listing fraud, financial fraud and fraud have penetrated into the whole process before and after listing. At present, regulators and policy makers have repeatedly stressed the fight against capital market fraud, and have zero tolerance for market fraud, which has released the signal of strict supervision, hoping to crack down on the strange phenomenon of financial fraud of listed companies through more severe punishment. (Qi Jian)