According to a report, China's reform IPO registration system is expected to be conducted in 2015, yet the timetable is unsure. For ANBOUND think tank scholar, it is a controversial reform that can produce a butterfly effect, but now the best window is coming, the government should promote the process. Simultaneously, regulation is needed to supervise the illegal behaviour. An open, fair and equitable market environment is one of the necessary conditions to ensure the reform’s positive consequence.