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wu xiaoqiao, former vice president of renmin university of china and director of the china capital market research institute, pointed out that currently half of the companies go public not for the purpose of becoming bigger and stronger and developing sustainably, but to pursue the dream of getting rich overnight.

this view has prompted us to think deeply about the functions of the capital market.

in the capital market, the listing of companies is indeed seen as a way to quickly achieve wealth growth. when a company successfully goes public, its price-to-earnings ratio can often rise rapidly, even up to 20 times.

this means that the company's market value has increased significantly in a short period of time, and the wealth of shareholders has also skyrocketed. for many entrepreneurs, this is undoubtedly an extremely attractive way to increase wealth.

going public is not just a game of wealth. although going public can bring financial support and brand enhancement to a company, it also means that the company needs to bear more responsibilities and obligations.

a truly excellent company should be committed to expanding its production scale, improving product quality, and expanding its market share through listing, so as to achieve sustainable development. however, companies that go public just to get rich quickly often ignore these fundamental development factors, which may eventually lead to the decline of the company.

judging from the data, those companies that have truly grown bigger and stronger are often those that have maintained steady operations and continued innovation after listing. they have not only created generous returns for investors, but also contributed more value to society. in contrast, those companies that went public just to get rich overnight often find it difficult to gain a foothold in the capital market, let alone make lasting contributions to society.

we should look at the phenomenon of corporate listing rationally. for those companies that really have potential and ambition, we should encourage them to achieve faster development through listing. but at the same time, we should also be vigilant against those companies that go public just to get rich quickly, and prevent them from causing adverse effects on the capital market.

in this era full of opportunities and challenges, we should advocate a healthy and rational concept of listing. companies should not only go public to pursue overnight wealth, but also to achieve greater social value and sustainable development of the company itself. only in this way can our capital market develop more healthily and stably and contribute more to the progress of society.

as president wu xiaoqiu said: "going public is not the end, but a new starting point." let us look forward to those truly visionary and responsible companies writing a more glorious chapter in the capital market.