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First, the relationship between the big bull market and the great changes in the capital 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".3. Reform of comprehensive registration system

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.3. Reform of comprehensive registration systemFirst, the relationship between the big bull market and the great changes in the capital market

3. Reform of comprehensive registration systemSQDIIce the reform and opening up, China's stock market has started from the original over-the-counter trading, and developed into the second largest capital market in the world for more than 5,000 listed companies. With the promulgation and implementation of the Securities Law, the capital market has entered the era of rule of law, and the issuance system has gone through the evolution process of examination and approval system, approval system and registration system, the change from the share-trading era to the full circulation era, and the process from unilateral market to the start of margin financing and securities lending, the establishment of stock index futures options index ETF options and other financial derivatives to become a bilateral market.SQDIIce the reform and opening up, China's stock market has started from the original over-the-counter trading, and developed into the second largest capital market in the world for more than 5,000 listed companies. With the promulgation and implementation of the Securities Law, the capital market has entered the era of rule of law, and the issuance system has gone through the evolution process of examination and approval system, approval system and registration system, the change from the share-trading era to the full circulation era, and the process from unilateral market to the start of margin financing and securities lending, the establishment of stock index futures options index ETF options and other financial derivatives to become a bilateral market.