Du Kunwei Read The Stock Market'S Bitter Tears

Since last Friday, China's stock market has begun to plunge, and the market has made many interpretations. However, there is a common voice that is to reduce holdings. When it comes to reducing holdings, it can be said that China's stock market is a very old topic, but for ordinary investors, it is a sad tear.

The stock market is a destroyer of wealth and an amplifier of wealth.

The securities times network reported that the "change deadline" as a unified caliber, the size of the 1175 listed companies in 2015, the total reduction amount amounted to 4566 billion yuan, compared to the same period in 2014 210 billion yuan more than doubled, at the same time hit a new high in the history of A shares.

This is real gold and silver.

(Ye Tan)

A stock market is a wealth amplifier and a wealth destroyer. It should be highly contradictory. But in China, the stock market is highly integrated and unified. This is probably unique in the world. Only China is unique. Its results are self-evident. The two tier market is full of losses. It is a wealth destroying device. The first tier market is full of wealth. It is a wealth amplifier. This is not the author's deliberate alarmist voice. Every round of IPO will produce countless billionaires, the 500 super rich who have recently come to the list of new wealth, and the vast majority are also from the capital market.

In order to reduce its holdings, industrial capital can be said to be very painstakingly. In order to cash in advance, it can give up many years of high paying jobs and even quit the position of chairman of the general manager. In order to cash in more and more, it can test the law and make various illegal and illegal means. In order to maximize capital gains, it can take advantage of itself.

The concept of manufacturing, the hot industry of mergers and acquisitions, the introduction of high pfer; in order to reduce prices at a higher price, it can collude with the two tier market to manipulate the stock price. Anyway, the whole world is coming to the right place, and it is very appropriate to reduce the industrial capital.

It is precisely because of the industrial capital crazy reduction that the market has generally questioned that during the 15 year stock market crash, the SFC issued a 18 article in order to stop the market bleeding. Recently, the stock market appeared irrational decline. In order to maintain the stability of the capital market and earnestly safeguard the legitimate rights and interests of investors, the relevant matters are announced as follows: 1. From the date of 6 months, the controlling shareholders of listed companies and shareholders with more than 5% shareholding (hereinafter referred to as large shareholders) and directors, supervisors and senior managers shall not reduce their shares through the two tier market.

Two, the large shareholders and directors, supervisors and senior managers of listed companies violate the above provisions and reduce the shares of the company. The CSRC will give serious treatment to them.

On the day of the securities and Futures Commission, there was no movement, there was panic in the market, and there was a sharp fall in the market and even a shocking thousand shares. In order to pacify the market sentiment, the SFC issued a number of regulations on the reduction of shares of major shareholders and directors of the listed companies (hereinafter referred to as the "reduction rules"). It is undeniable that there is a bright spot in the strict regulation of the proportion of industrial capital reduction through the two level market. The ninth provision stipulates that the total number of shareholders reducing the shareholding of the listed company's major shareholders through the stock exchange in three months, not exceeding one percent of the total shares of the company, is a major move, effectively avoiding the possibility of large shareholders' cash flow through the two level market. Number 18 is about to expire.

But the reduction rules left a huge hidden danger.

That is, there is no restriction on bulk trading and no effective control over executive reduction. This leads to the fact that the reduction rules are nominal and do not play much role, and the impact on the market remains unchanged.

In January 5th, a spokesman for the securities and Futures Commission, Deng Ge, disclosed in January 5th that "from the actual situation in recent years, the reduction of 60% of major shareholders is carried out through block trading and agreement pfer. The proportion of large shareholders' reduction in holding pactions through centralized bidding is only about 0.7% of the total market value of circulation."

Therefore, there is no restriction on block trading and no effect on industrial capital. From the perspective of 16 years' reduction, although there is no statistical data yet, the shares that will probably be reduced through the two market will not exceed 20%, and 80% shares will be reduced through bulk trading.

Therefore, no further regulation of bulk trading can not prevent industrial capital from being frantically cash in, and the situation of serious blood loss in China's stock market is hard to change.

15 years, the scale of industrial capital reduction is more than two times of the issue of new shares, which is the pain that the market can not bear, and the biggest promoter is the bulk paction, of course, there are also the selling of executives.

Recently, there were more reports on the reduction of industrial capital by the media. There were less than ten industrial capital and so on. In May, there were more than 20 companies in two days.

But the media can only pay attention to it.

Reducing the pace of holding down and slowing down the pace of reduction can not prevent industrial capital from collating with the two tier market to push up the reduction of share prices, nor can it prevent the occurrence of high price reduction by manipulating the market with high delivery. This requires the SFC to recognize the seriousness of the problem, further standardize the bulk pactions, or simply cancel the bulk pactions, and make more restrictions on the reduction of executives.

The author has consulted the provisions on the reduction of industrial capital in the United States, and has not looked at the way of bulk trading reduction. Some only allow investors to make profits in advance. The reduction can not lead to a sharp decline in share prices. The proportion of shares that can be sold every three months can not exceed 1% of the shares issued or the average weekly trading volume within four weeks.

The OTC trading stock can only be sold at 1%. If the sales volume is larger than 500 shares or the total paction volume is greater than $10000 within three months, the seller must fill in a notice - form 144 and submit it to SEC.

The paction must be completed within three months after the form is handed over, and a notice of amendment must be completed if it is not completed.

Therefore, the reduction of bulk trading may be China's first initiative.

However, this feature is undoubtedly harmful and legalization of big hand reduction.

There is no need to retain the back door of block trading. After all, bulk trading still needs to exit through the two level market. Therefore, mass trading is equivalent to taking the blame. Besides, China's stock market's industrial capital reduction has been overflowing, which has caused a huge blow to investor confidence, and also has a huge pull off effect on market funds. Especially the reduction of executives' influence on the stable development of some companies has seriously affected the healthy development of capital markets. When it comes to reducing the holdings, it is really sad and sad. It is really too much for the market to compare it to a bloodless machine. In order to meet the requirements of liquidity, there is nothing wrong with proper reduction. Appropriate reduction can be achieved through the two tier market.

The SFC officials pointed out that whether we can truly protect the legitimate rights and interests of investors is the touchstone of whether the market is fair or not. It is also the vane of market confidence. It is directly related to the maintenance of social equity and justice and the vital interests of millions of people, and is related to the continuous innovation and healthy development of the capital market.

The bad behavior of industrial capital reduction is the greatest harm to investors. It is the biggest stumbling block of market equity and an important reason for the failure of market confidence. It has already affected the fairness and justice of society, damaged the vital interests of hundreds of millions of investors, and affected the innovation and healthy development of capital market.