sugarcrushgame| The implementation of the most stringent new regulations on reducing holdings in history is expected to promote a fairer and more equitable market

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Original title: every hot review | the landing of the strictest new rules on shareholding reduction in history is expected to promote a more fair and just market

Wang Yandan, a commentator of every classics

After the close on May 24, the Securities Regulatory Commission formally issued the interim measures for the Administration of share reduction by shareholders of listed companies and relevant supporting rules. According to a press release from the Securities and Futures Commission, the new rules will be the original.SugarcrushgameThe normative documents have been upgraded to regulations, and the relevant contents have been improved in view of the outstanding problems reflected by the market: first, strictly standardize the reduction of holdings by major shareholders, it is clear that the controlling shareholder and the actual controller shall not reduce their holdings through centralized bidding trading or bulk trading under the circumstances of breaking, net breaking, substandard dividends, etc. The second is to effectively prevent detour reduction, to make it clear that all parties continue to abide by the reduction restrictions after the division of shares due to divorce, dissolution, division, etc.; third, to refine the terms of liability for violations, it is clear that measures can be taken to order the illegal reduction to buy back and hand over the price difference to the listed company, and enumerate the specific circumstances that should be punished.

Although the CSRC publicly solicited opinions from the public on the first draft of the new regulation as early as April 12, its real landing still aroused widespread concern in the market and was called "the most stringent new rule on shareholding reduction in history."

The author believes that the reason why the new regulation has attracted much attention from the market is that it is based on protecting the interests of medium and small investors and will promote the market to be more fair and fair. in particular, the "key minority" has made use of the dominant position and loopholes in rules to seize huge benefits over the years, and formulated corresponding disciplinary measures.

The "China Nuclear Titanium dioxide (Rights Protection) case" in April this year is a typical example of the "key minority" violating regulations to reduce their holdings in disguise and harm the interests of medium and small investors. According to an investigation by the CSRC, CNNC titanium dioxide controller Wang Zelong and his friend Hong Haowei actually participated in non-public offerings through derivatives trading arrangements and sold them at market prices, locking in the difference between the discounted price of non-public offerings and the discounted prices of non-public offerings in advance, evading the restriction period in disguise and violating relevant regulations. During this period, intermediary agencies CITIC Securities, CITIC Securities and Haitong Securities participated and played an important role.

From the performance of the secondary market, after the fixed increase of titanium dioxide in the nuclear industry, the performance has been lacklustre, with the stock price falling by more than 50%. The most hurt are still many small and medium-sized investors in the company.

More importantly, similar cases have damaged the confidence of medium and small investors in listed companies and A-share market, and even contributed to the speculative atmosphere. Just imagine, when investors are unable to judge whether listed companies launch financing projects to circle money or really for the development of the company, how can they have peace of mind to hold them for a long time?

The "key minority" such as major shareholders and real controllers control the development of listed companies and enjoy the return brought by the liquidity premium in the secondary market. In the final analysis, the interests of the "key minority" come from the institutional dividend and the trust of medium and small investors. As a part of the reform of the capital market system, the formal landing of "the strictest new regulations on shareholding reduction in history" not only standardizes the behavior of "key minority", but also blocks all kinds of "detour" reduction channels, and increases the illegal cost. what's more, we can force the "key minority" to focus on the operation and development of listed companies and improve the market value of listed companies with excellent performance. Therefore, the landing of the new rules not only helps to maintain the market trading order and promote the market to be more fair and just, but also has far-reaching significance to improve the quality of listed companies.

The repair and reconstruction of market confidence is a systematic project, doomed to twists and turns. However, with the landing of a series of measures to activate the capital market, favorable factors are accumulating, and A-shares are slowly building a solid foundation for a long-term bull market.