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The super-large market from 1998 to 6124 is usually called "share reform market", because the stock market before 2005 was the era of split share structure, and the listed part was tradable shares, while the state-owned shares and legal person shares were in the hands of the major shareholders. The share price of the tradable shares changed, and the legal person shares could only be transferred but could not be listed and circulated. The rise and fall of the share price had nothing to do with the major shareholders of legal person shares. The biggest problem in the stock market was that the major shareholders occupied the funds of listed companies, and the limited amount of tradable shares was prevalent.(Write something casually whenever you want to keep it for yourself.)In the "share-trading reform", the major shareholders obtained the circulation right by giving consideration to the minor shareholders, and the market entered the era of full circulation. During the time limit when "non-size" obtained the right of circulation, the market formed a super bull market, which was the end of the era of non-tradable shares and the welcome of the era of full circulation.

(Write something casually whenever you want to keep it for yourself.)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.1, the relationship between 519 market and policy change.

(Write something casually whenever you want to keep it for yourself.)3. Reform of comprehensive registration system3. Reform of comprehensive registration system