Financial commentary
  • Recently visited:
Published on 2018-04-14 21:45:48 Share it web version
                                    The exchange has also taken out the new rules of "cutting the leek"! The licensor’s actions will be strictly controlled
Source: Daily Economic News

Following the release of the “Guidelines for the Information Disclosure of High-Transfer Information of Listed Companies (Draft for Comment)” last week, there are also new versions of the placards. Under the new regulations, the phenomenon of “buy but not lift”, “masked placards”, “fast forward and fast harvesting leeks” will be greatly limited.

On Friday (April 13) from the afternoon to the evening, the Shanghai and Shenzhen Stock Exchanges issued the "Guidelines for the Information Disclosure of the Acquisition of Listed Companies and Changes in the Equity Interests (Draft for Comment)" to further regulate the acquisition of investors and their concerted actors in listed companies. Information disclosure in the relevant equity interest movement activities.

The Daily Economics reporter noted that the Exposure Draft will regulate the issue of the approval of changes in equity, including acquisitions, from six aspects, the most important of which is that the exchange intends to reduce the information disclosure interval of large shareholding changes from 5% to 1%. In addition, the exchange also issued three major regulatory measures to crack down on rumors, confiscation of the owner and other suspected violations.

  What circumstances need to disclose changes in equity?

The draft of the Exposure Draft covers the six major aspects of the issue of changes in equity such as acquisitions. The most important thing is that the exchange intends to reduce the information disclosure interval of large shareholding changes from 5% to 1%.

After the equity shares reach or exceed 5% of the issued shares, each time the increase or decrease is 1%, the investor shall immediately notify the listed company and disclose the notice of announcement on the next trading day, but there is no need to suspend the transaction before and after the disclosure.

The second is to stipulate that the first major shareholder of the shareholding is less than 5%.

If the equity-owned shares do not reach 5% of the issued shares, but become the largest shareholder or actual controller of the listed company, they shall immediately notify the listed company and disclose the notice of announcement on the next trading day. In addition, considering that the impact of the largest shareholder on the investment decisions of listed companies and investors is significant at this stage, investors are also required to explain the purpose of the change in equity, the source of funds, and make plans for the increase in the next six months. Description.

The third is to clarify the obligation to control the rights and interests of both parties under the control of the two parties.

If the share of the investor’s equity is less than or equal to 5% of the shareholding of the listed company’s largest shareholder, and the investor’s shareholding with the listed company’s largest shareholder reaches or exceeds 10%, it shall be timely Disclosure.

The fourth is to increase the penetration disclosure requirements, clearly stipulate the applicable situation of penetration disclosure, and also clarify the penetration subject and penetration criteria. Investors should penetrate the disclosure of the equity structure at all levels until the final investor, and ultimately contribute The source of people's funds. In addition, it also refines the content of the disclosure, requiring investors to disclose their internal agreements on profit distribution, loss commitment, investment decisions, equity ownership, etc., in order to judge the investor's control.

The fifth is to clarify the equity attribution criteria and merger principles of the asset management products. For the cases in which the investors in the previous market practice repeatedly use various channels to actually control the shares of the listed company, the rights of the assets under the control of the shares of the listed company are clarified. The vesting criteria, that is, the party that actually controls the voting rights is regarded as the vesting party. In addition, it is also clear that the number of shares held by the social security fund, pension fund, enterprise annuity, and public fund holding the same listed company is not combined.

The sixth is to clarify the commitment and performance of the shareholding plan and the reorganization plan. The plans for the increase and decrease of the plan and the reorganization plan disclosed in the documents such as changes in equity should be clearly defined. If there is no increase or decrease in the plan and the reorganization plan, The time limit for not implementing the above plan should be clarified.

In addition, the Exposure Draft further stipulates the signing and performance of the concerted action person and the voting power entrustment agreement, and requires that the concerted action person or the voting power entrustment agreement must have a clear time limit.

The new regulations are also seen as a system improvement of the capital market opening to the outside world. According to the news reports, the current Hong Kong market requires shareholders holding more than 5% of the shares to have an integer change in the percentage of their equity shares, that is, they need to be disclosed every 1% of the ratio, and existing regulations in the A-share market exist. Differences lead to inconsistencies in disclosure of the same equity change. After the completion of the rules, the disclosure rules for changes in market rights in the two places will be basically unified.

  "Three Supervisions" Strictly Masked and Concealed

According to the Shanghai Stock Exchange, from the perspective of practice, the acquisition and the changes in the equity of large shares will help to play the role of price discovery and resource allocation in the securities market, and help to improve the internal governance of listed companies. On the other hand, there have also been some outstanding problems that investors have reacted strongly and need to attach great importance to.

For example, some market entities use the advantages of capital and information to “buy and not lift” and “fast forward and fast out”, causing abnormal fluctuations in stock trading. They are questioned by the market as “cutting leeks”, seriously damaging the rights of small and medium investors; some acquisitions Behavior, excessive leverage, and mismatched use of funds have caused major hidden dangers for the subsequent development of listed companies, jeopardizing the stable operation of the market; there are also shareholders of listed companies, concealing the identity of activists, abusing voting rights, and circumventing information disclosure obligations. Get improper benefits.

The Shanghai Stock Exchange will continue to conscientiously implement the “three regulatory requirements” for “masked placards”, “hidden ideologies” and the supervision of illegal acquisitions and control rights violations, and effectively protect investment from the following three aspects. Legal rights and interests.

The first is to continue to insist on the immediate review of the acquisition and the change of equity, focusing on the existence of the first largest shareholder holding ratio, the controlling shareholder's equity pledge ratio is high, the existence of control rights competition, the main business shelling, etc. In the case of a listed company, it is necessary to inquire about the sources of funds for acquisition, the plan for asset injection, whether it is intended to compete for control, the relationship of people acting in concert, and the increase or decrease of intentions. At the same time, play the role of media and market supervision. In the case of changes in equity, involving major media queries, listed companies are required to hold media briefings.

The second is to implement linkage supervision, which closely combines information disclosure supervision, market transaction monitoring and on-site inspection of dispatched agencies.

Stock trading is the direct cause of information disclosure of acquisitions and changes in equity. Doing a corresponding supervision requires more comprehensive implementation of information disclosure supervision and secondary market monitoring, and on-site supervision and off-site supervision; There are many problems such as “masked placards”, stock price manipulation, and large funds “fast-forward and fast-out”. They are “questioning” through the supervision of the letter, “monitoring” by the market, monitoring the “nuclear” on the spot, and responding quickly. Joint action.

The third is to promptly punish violations, and will continue to strictly monitor such information disclosure violations to ensure normal market acquisition and trading order.

Throughout 2017, the Shanghai Stock Exchange has taken nearly 30 disciplinary measures, including criticism and public condemnation, on various irregularities in the acquisition and changes in equity, involving more than 50 shareholders. The types of violations mainly include: concealing the concerted action relationship, over-proportioning over-holding, short-term trading, violation of the pre-disclosure provisions for the reduction of holdings, violation of the increase and decrease of holding commitments, concealing the transfer of control rights, and the disclosure of information by the purchaser.

In this regard, Shanghai Qianbo Assets said its all-round daily economic news reporter:

The refinement of this large-scale shareholding information disclosure standard has adapted to the inherent requirements of the regulatory authorities to strengthen information disclosure, and the change in the information disclosure interval for large-value shareholding changes from 5% to 1%, which allows investors to understand shareholders more clearly. The change in level also facilitates the timely understanding of major changes at the shareholder level by ordinary investors, so that timely and appropriate reasonable response is beneficial to protect ordinary investors from participating in the securities market.

In particular, the first major shareholder with a shareholding ratio of less than 5% is included in the scope of information disclosure obligors. It is also easier to grasp the timely change of information on strong shareholder changes, and is also conducive to the further improvement of corporate governance structure and weaken management insiders. Control and other securities markets are ill. The launch of this measure further consolidates the development foundation of China's securities market. In the long run, it is a major benefit to the securities market.

Published on 2018-04-15 14:22:46
                                                I really want to prevent the words of cutting Philippine. More than 5 million funds are bought. Must be t+5 to sell, and announce the top 50 seats for daily buy and sell. Shareholders holding more than 0.01% must be announced one month in advance. This is fair to retail investors.
Published on 2018-04-15 22:29:37
                                                The national team is a big tumor in the market.
Published on 2018-04-15 18:02:34
                                                The A-share market should be renamed as soon as possible, and there is basically no characteristic that the stock market should have. It should be renamed as “No Back to Financing”.
Published on 2018-04-15 16:04:12
                                                It won’t be normal, I believe it’s a ghost.
Published on 2018-04-14 22:11:05
                                                A market that does not rely on the annual profit distribution of listed companies as the main return shareholder's income, can not escape the fate of "chives" being harvested year and month. If investors want to make a profit in the Chinese securities market, they only have to select stocks of listed companies with a long-term “dividend rate of 4% or more”. They have long-term holdings and let them want to “cut the leeks”.
Published on 2018-04-14 22:11:05
                                                A market that does not rely on the annual profit distribution of listed companies as the main return shareholder's income, can not escape the fate of "chives" being harvested year and month. If investors want to make a profit in the Chinese securities market, they only have to select stocks of listed companies with a long-term “dividend rate of 4% or more”. They have long-term holdings and let them want to “cut the leeks”.
Published on 2018-04-14 23:17:10
                                                Go buy garbage five thousand!
Published on 2018-04-15 10:14:55
                                                This is really good, I admire the most.
Published on 2018-04-15 10:15:58
                                                Please make suggestions for the revision of the "First Issue and Listing Measures" as soon as possible, in order to really rise!
Published on 2018-04-15 10:16:40
                                                World famous technology is good
Published on 2018-04-15 10:19:11
                                                Give a small scattered date, rest assured to be cut
Published on 2018-04-15 10:23:27
                                                I want to advertise the world name technology
Published on 2018-04-15 10:27:56
                                                Regularly disclose the top 20 or 50 major shareholder registers!
Published on 2018-04-15 10:32:01
                                                As soon as the new regulations came out, the new shares were more active.
Published on 2018-04-15 10:44:24
                                                Those who recognize "chives" are the biggest losers in the market. The stock market is a kind of capital market. All capital markets have only two kinds of people, one is investors and the other is trend speculators. The long-term holding of the bond market after buying is an investor; the hedging of the futures market is an investor; the fundamentals of a stock market research company are investors. As a trend speculator, you must pay attention to the stop loss, and there will be no such thing as "chives". If you make a mistake in positioning, then you are not suitable to participate in the capital market, please leave quickly.
Published on 2018-04-15 10:59:26
                                                Upset
Published on 2018-04-15 11:01:03
                                                Great for the sky! Wait and see
Published on 2018-04-15 11:17:39
                                                Do not look at the advertisement, see the effect.
Published on 2018-04-15 11:18:11
                                                603878 It’s so good.
Published on 2018-04-15 11:19:21
                                                Don’t run the leek, it’s good
Published on 2018-04-15 11:25:17
                                                Only when the new sector is up again can the A-shares rebound, and next week the new monsters will be the focus.
Published on 2018-04-15 11:28:13
                                                In this way, market participation will surely decline, and it will not be stable. Will it lead to a stagnant water in the whole market, or another hot money and a lot of opportunities for entry and exit, and the small scattered participants
Published on 2018-04-15 11:36:03
                                                Make money mainly
Published on 2018-04-15 11:37:21
                                                Relax
Published on 2018-04-15 11:38:52
                                                Who believes who is stupid
Published on 2018-04-15 11:45:47
                                                It should be said that in the case of the overall huge loss of the index innovation and low market, gjd has earned a lot of money, and it is difficult to escape the major suspicion and strong questioning of controlling and cutting the leeks in any market in the world!
Published on 2018-04-15 11:47:16
                                                Focus on 300563 tomorrow
Published on 2018-04-15 11:47:45
                                                Good
Published on 2018-04-15 11:48:38
                                                It means that you can't cut it, you have to cut it slowly, or who is the leek?
Published on 2018-04-15 11:52:05
                                                I don't understand. Is this rule out, not forcing all bookmakers and some big families to show their original shape? Who dares to buy stocks? Who is still capable of pulling up stocks?
Published on 2018-04-15 11:53:55
                                                Shareholder information is published once a month, fair and open, and there are no technical problems, unlike financial reports that require professional requirements.
Published on 2018-04-15 11:53:55
                                                The regulatory layer should limit the reduction of shareholdings of major shareholders of listed companies with continuous decline in performance. Let them know that it is not good to manage the shares in their hands like waste paper.
Published on 2018-04-15 11:53:56
                                                The regulatory layer should limit the reduction of shareholdings of major shareholders of listed companies with continuous decline in performance. Let them know that it is not good to manage the shares in their hands like waste paper.
Published on 2018-04-15 11:54:03
                                                The regulatory layer should limit the reduction of shareholdings of major shareholders of listed companies with continuous decline in performance. Let them know that it is not good to manage the shares in their hands like waste paper.
Published on 2018-04-15 11:54:47
                                                When is the strict regulation of reduction? Reduce the holdings, but also become unreasonable! What is this market?
Comment on this topic
The post is gone! How to do?
Author: You will not be publishedlog in |5 seconds registration Author:, welcome to leave a messagedrop outPost a new topic
            Tip: All information, comments, etc. published by users in the community represent only personal opinions, and are not related to the position of this website, and do not constitute any investment advice for you. Users should make their own decisions on securities investment and bear the corresponding risks based on their own independent judgment."Review of Self-discipline Management Commitment"