Since the establishment of China�s securities market in 1990s, the stock issuing\nsystem has experienced many times of changes. In most of the time, the\ndistribution mechanism was a kind of audit system, which led to many enterprises\nto list on queuing, which is combined with several times of IPO pauses,\nmaking it harder to go public. In such background, listing qualifications of\npublic companies have become a scarce resource and shell trade has become\npopular. From 18, 2013, however, China central government had put forward\nregistration system reform for the first time. The scarcity of shell resource\nstarted to be striking. A widely concerned question is that under the background\nof registration system reform, what changes will happen in the value\nof shell resources and how the shell resources will be traded. This article will\ncombine the history with Chinese stock issuing system. Difference between\nChinese and foreign. Shell resource value constitutes several influence factors.\nThis article try to study how these factors will change and how shell resource\nvalue will be affected during and after the process of registration system\nreform, and provide some useful advice about how to handle these changes.
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