The 8 Big Brokerages, Such As Japan Securities, Are Deeply Involved In &Nbsp, And The 4 Chaos Behind Them.

In April 19th, Zhang Yuanzhong, a lawyer partner of Beijing sky law firm, acted as an agent for investors. Li Mou submitted an application form to the securities and Futures Commission. He requested that 4 brokerages and related analysts involved in the "graphite mine" incident in Baoan, China, be investigated for alleged false statements.

It is understood that the relevant securities regulatory bureau has been in accordance with the current supervise Division of responsibilities list Company and Negotiable securities The company carries out verification work. The relevant person in charge of the securities and Futures Commission said that after the verification work was completed, it would be strictly handled according to law if there were any illegal activities involving listed companies and securities companies.

"In the past there were such problems, the regulatory departments are internal investigation, this is the first time the regulatory authorities made public statements." One industry insider said.

It is understood that the civil compensation for false statements is limited by the "pre procedure". One of the necessary conditions for prosecution is to have the administrative penalty decision of the relevant organ or the criminal judgment document of the people's court.

"At present, the result of the SFC's verification will be the evidence for 4 securities companies to report false statements," Zhang Yuanzhong told the Securities Daily.

False statements provoke controversy

From September 2010 to February 2011, Xiangcai securities, Ping An Securities, Guotai Junan and XinDa securities issued the "Baoan Baoan: the value of real estate and new energy" is obviously underestimated in China's Baoan. "China's Baoan: sitting on the negative pole, the new energy business is thrived", "China Baoan: laying the bottom line of value, opening up huge development space for graphene" and "China Baoan: graphene let share price fly" and other research reports.

In the above research reports, the four vouchers have invariably affirmed that Baoan, China, is rich in graphite resources. In January 18th, the stock price of China's Baoan rose from 13.60 yuan to 24.90 yuan after the Research Report of the securities brokerage firm. In March 15th, Baoan, China issued a clarification announcement that the company had no graphite ore. Stock prices fell back, and within two days Baoan and China fell 4.47% and 6.71%.

In April 15th, Baoan, China announced that the Shenzhen subsidiary of Barrett, a subsidiary of the controlling shareholder, did intend to invest in the development of the graphite mine in the Jixi area. However, "because the relevant procedures are being processed, the company is unable to determine whether it can be successfully completed and when it will be completed, and there is a risk that it will not be able to obtain the relevant mining certificates."

Zhang Yuanzhong said that in several announcements from January 20, 2011 to April 15, 2011, Baoan, China, has not released any news about its own possession of graphite deposits. According to the standard of possession of graphite ore, according to the director of Baoan Donglu Lou Bing, it is the right to have mining rights, which is called mine, and other cooperative relations, or preferential policies, or for support.

"At present, the result of the SFC's verification will be the evidence of the four securities companies' research and reporting of false statements," Zhang Yuanzhong told the newspaper reporter. He may further prosecute the court.

However, Baoan's "graphite ore opera" has not yet come to an end. Ningbo's joint "antimony mine" incident has surfaced again.

Ningbo issued a joint announcement on March 30th that it had never received any research on the relevant securities companies, and did not provide any undisclosed information to the company. The data contained in the research report could not be verified, especially in the next two years.

The announcement is due to a report released by Japanese Trust Securities on the 27 day of March, titled "the rise of value of antimony" in the performance inflection point. The report said that the Ningbo joint "guetti mine in Turkey province is located on the world's important antimony belt, with an area of about 15 square kilometers. At present, the exploration is drawing to a close. The ore grade is relatively high, and the antimony reserves are estimated to reach 100 thousand tons." According to Japan's trust securities, according to the estimate, "the 50.05% equity interest of Ningbo's joint owned guditi mine is 2 billion 180 million yuan, totaling 7.21 yuan per share." And buy a "buy rating" accordingly.

Since March 25, 2011, the Ningbo joint stock price has risen rapidly in the short term, rising from about 11 yuan to 16.7 yuan in April 18th. The Ningbo clarification was made in March 31st because of the stock price movements.

"Brokerage research report is an important reference for our investment, but it is only a reference. We will receive a large number of research reports on brokers every day, most of which are free. Of course, we will also pay for some reports from such institutions as SW Securities Research Institute. A Shenzhen private executive director told our reporter.

In fact, this year, there has been a frequent occurrence of the fact that the research reports of securities firms have deviated from the facts and misled investors.

On the eve of the resumption of Shuanghui development, Guotai Junan Securities, Galaxy Securities, Huatai United Securities and Xingye securities have published a research report on recommendation and buy rating. And the company's stock price after resumption, but two consecutive word limit. In addition, there was also the green earth event. The frequent negative news makes the credibility of the Securities Research Report greatly reduced, and even some investors use the Research Report of the securities company as a "reverse indicator".

4 chaos in securities research and reporting

Behind all kinds of research reports, there are four major chaos in the industry.

First, excessive innovation and lack of substance.

A research report recently issued by a brokerage company used nearly half of the research report to popularize the knowledge of geography and history. From Dayu harnessing water, Dujiangyan and Zheng Guoqu to the Grande Canale of Beijing and Hangzhou, the final conclusion is that good governance must first control water.

Indeed, in the hundreds of research reports every day, in addition to rigorous logic analysis and innovative thinking, shocking headlines and storytelling are also important. But the headlines and contents are too new, new and even putting the cart before the horse.

The two is to catch up with the wind, and lack of field research.

In 2010, several securities firms' research reports on the "plagiarism" incident triggered a series of attacks, which made people have to examine the integrity and professional attitude of the researchers. An analyst who spanferred to private placement revealed that many research reports are not based on field research, but rather against financial data. According to the valuation level of the industry, combined with the prediction of the valuation model, it is totally behind closed doors. Even one or two star analysts wrote the report, and some analysts followed suit. He said that the spirit of some early investigations in the industry is now hard to see.

Three is what the fund wants to say.

At present, the fund company's sub Trading Commission is the main contribution of the Securities Research Institute to the company. According to WIND consulting statistics, 60 fund companies contributed 6 billion 241 million yuan Commission revenue to 93 brokerages last year. For the fund's heavily loaded stocks, the brokerage research and reporting will generally give recommendations or buy ratings.

Four, we dare not offend the listed companies.

Although there are no direct interests, the listed company is also a group that brokers dare not offend. Generally speaking, the analyst wants to get the first hand information, write out the brilliant research report, first have to have a good relationship with the company. Therefore, in order to maintain this benign interaction, some researchers even find some listed companies' problems in the investigation, and they will also avoid or avoid the research reports. More or more, if a listed company has a refinancing scheme or a shareholder has an impulse to reduce, it will come to the broker to write a positive research report to attract the recipients.

Since January 1st this year, the Interim Provisions on the issuance of securities research report clearly stipulate that "securities companies and securities investment consulting institutions should publish securities research reports, effectively prevent conflicts of interests, treat fair distribution objects, prohibit the dissemination of false, false and misleading information, and prohibit engaging in or participating in insider trading and manipulating securities market activities." The above requirements also require "securities companies and securities investment consulting institutions to establish and improve the relevant conflict prevention mechanisms related to the issuance of securities research reports, clarify the management process, disclosure matters and operational requirements, and effectively prevent the conflict of interests between securities research reports and other securities businesses."

In the securities law, it is also clearly stipulated that "securities exchanges, securities companies, securities registration and clearing institutions, securities service institutions and their employees shall be prohibited, and securities associations, securities regulatory bodies and their staff members shall make false statements or misleading information in securities trading activities."

Zhang Yuanzhong lawyers believe that the existing regulations on the issuance of research reports by brokers have been relatively complete and standardized, and the next step is to ensure the implementation through strict enforcement.