On 30th November, the CSRC (China Securities Regulatory Commission) stated its intention to further enhance the IPO Reform by officially promote the transition of stock issuance from approval system to registration system. ANBOUND's research team points out that, although the CSRC has provided a road map, but there are still uncertainties pertaining to the execution of the reform plans. The stock market diversification in 2013 is likely to continue next year, but the execution of policies may lead to certain fluctuations. For investors, both risks and opportunities are likely to increase.