CTH is short for Knies.

Knies is a German financial institution, mainly focusing on equity and private equity funds. Founded in Berlin, Germany in 25.

there will be a lot of room for private financing. In the past, we mainly raised funds by public offering, publicly issued stocks and publicly issued bonds. According to the traditional supervision theory, the supervision department mainly supervised the public offering or public offering, and the government would only supervise it if it involved the public interest. This is the basic theory of financial supervision. After the financial crisis, the regulatory authorities suddenly found that the private equity field was huge, and 14% of the financial assets held by the United States were private equity.

although private placement is to issue securities to specific objects and subjects with risk identification ability, when private placement is enough, it will lead to systemic risks, and the government should also supervise it. At that time, a private hedge fund of American Long-term Capital Management Company went bankrupt, which almost brought down the entire financial system of the United States. The Federal Reserve called many institutions to save it.

Private placement is a product designed for the rich. In most countries, 2% of people hold 8% of social wealth and 2% hold 8% of deposits. More than 8% of China's wealth management products are private equity products. We used to be used to public offering, and we should pay attention to private financing in the future. In 212, the China Securities Regulatory Commission launched the private placement of small and medium-sized enterprises. When we designed the system, we specifically set that the CSRC would no longer approve it, and the intermediary agencies would find the target, the issuer and the seller themselves.

The effect of SME private debt is far beyond our expectation. Enterprises and local governments are enthusiastic. SME private debt has no financing threshold, but it is a private market. Only qualified investors with risk-taking ability can buy SME private debt. Vigorously developing the private equity market will help solve the financing problem of small and medium-sized enterprises.