Abstract
The capital market is an important channel that serves companies with financial needs. On February 17, 2023, China Securities Regulatory Commission (CSRC) officially announced a detailed mechanism and regulations for a registration-based IPO system across the A-share market. This reform marks the shift from the approval-based IPO system in China for many years to a registration-based IPO system. This paper studies and analyzes the features of China's capital market, including the historical development of China's capital market in five stages and the reasons why the same company is valued higher in the A-share market than in other markets. The research also presents forecasts under a registration-based IPO system across the A-share market.
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