Listed companies issued a reduction notice does not necessarily mean that the company has a problem, there is no need for this too much interpretation.
From May 26, the Securities and Futures Commission issued "a number of provisions of the shareholders of listed companies, Dong Guan Gao reduction of shares" has more than 140 days. The new regulations to improve the original reduction of the provisions of the sword refers to the clearance reduction, "precision" reduction, bridge holdings and other market chaos. Shen Wanhong Securities chief analyst Gui Haoming said that from a few months of practice, the reduction of the new rules for the fight against "clearance-type reduction" impulse effect is particularly evident.
Indeed, from the reduction of the new regulations after the introduction of the situation, the positive results began to appear, some listed companies to reduce the shareholders have to adjust or terminate the reduction plan, the adjustment plan mainly related to reductions and reductions. However, with the market sentiment warming, listed companies holdings in September there has been a certain degree of recovery.
In this regard, a brokerage analysts on the "Securities Daily" reporter said that relative to the A-share market more than 3,000 listed companies, announced the reduction of the number of listed companies is not much, especially the "clearance-type reduction" The scale has dropped significantly. At the same time, listed companies issued a reduction notice, does not necessarily mean that the company has a problem, the major shareholders because of equity pledge, short-term cash flow, their own funds and other factors, are likely to reduce, therefore, no need to over-interpretation.
CICC analyst Wang Hanfeng that the reduction of the new regulations require more types of shareholders to reduce the behavior of the reduction (the main increase is the previous increase or starting to enter, but the shareholding ratio of less than 5% of the shareholders), need to disclose The base of the announcement of shareholders has improved. Of the 49 new reduction announcements announced from August 15 to early September, 31% were disclosed as a result of the new regulation, and the actual size of the reduction was not significantly increased during the period. Proof.
Despite the reduction of the new regulations, the listed company's holdings have declined, but it can not be ignored is that violations of the behavior still exists. In this regard, the Shanghai and Shenzhen exchanges continue to maintain a high degree of concern. To the Shenzhen Stock Exchange every Friday, for example, "Securities Daily" reporter after statistics found that since May 26, at least 10 companies because of illegal reduction, the Shenzhen Stock Exchange issued a regulatory letter. For example, in the October 13 notification, Yunyi Electric Holdings Limited Xuzhou Yunyi Technology Development Co., Ltd. in the company in the first quarter of 2017 report disclosure of sensitive period through the bulk trading system reduction of the company shares.
And it is noteworthy that, in the October 13 press conference, the Securities and Futures Commission spokesman Chang Depeng informed: Shandong Molong case, Zhang Enrong, Zhang Yun three as a listed company controlling shareholder, chairman, general manager, abuse Information advantage and holding position, a significant loss in the listed company before the release of information inside the company to sell stock, fish market, the plot is bad, is "eating" ugly typical case, a serious violation of the legitimate rights and interests of small investors.
In this regard, Chang Depeng reiterated: for a similar large shareholder of listed companies, Dong Guan high illegal reduction or even clearance reduction and related violations, the Commission will be heavy treatment, crack down.