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The 519 market and the extended Internet market are the landmark market in the era of non-tradable shares. The biggest change of this round of market is the promulgation and implementation of the Securities Law on July 1, 1999, and the capital market has entered the era of rule of law.2. Share reform market

3. Reform of comprehensive registration system2. Share reform marketThe mature stock market is registered, which is linked with the developed short-selling mechanism of individual stocks. The high elimination rate of Nasdaq and a large number of fairy stocks in Hong Kong stocks are all formed under the joint action of the developed short-selling mechanism of individual stocks under the registration system. The registration system makes the issuance and listing of new shares convenient and easy, and will be short-listed and rarely become a "shell resource".

The mature stock market is registered, which is linked with the developed short-selling mechanism of individual stocks. The high elimination rate of Nasdaq and a large number of fairy stocks in Hong Kong stocks are all formed under the joint action of the developed short-selling mechanism of individual stocks under the registration system. The registration system makes the issuance and listing of new shares convenient and easy, and will be short-listed and rarely become a "shell resource".After the share reform, the stock market has gradually entered the track of "marketization, legalization and internationalization". However, our issuance system has long been an approval system, and the international practice is the registration system. We have promoted the reform of the comprehensive registration system after piloting the GEM and science and technology innovation board. Although there have been some problems criticized by the market, the general direction of this reform must be correct. The comprehensive registration system is an inevitable choice for comprehensive marketization and a fundamental reform of the capital market system.3. Reform of comprehensive registration system