Ye Tan: The Expectation Of An Old Stockholder To The Chairman Of The New SFC

New

First, the issuance of new shares should give full consideration to the affordability of the market.

IPO and refinancing continue to accelerate. Expansion will lead to serious liquidity problems, and the market will surely be hurt.

Two, combine the size reduction and refinancing.

Strict restrictions

Three, the solution to the problem of old three boards should be put on the agenda at an early date.

The SFC should fulfill its original commitment to correctly and properly handle the remaining problems of the two networks and the listed companies that have been delisted, safeguard public power and trust, and protect the legitimate interests of the two networks and the investors.

Four, the problem of B shares has reached the point of no solution.

Compared with the international board, the dollar denominated market is more internationalized, more in line with the pressure to reduce foreign exchange liquidity, and even more aware of overseas investors. Now it is a forgotten corner and has become an uncompleted residential building.

Five, standardize the listing and listing of listed companies.

We should increase the penalties for issuing fake companies and increase the responsibilities of intermediaries in the issue of new shares. The investment of funds should be in line with the commitments of the main business development plan and prospectus.

Six, combating insider trading.

Seven, improve the delisting system.

Eight, the implementation of mandatory dividends of listed companies.

The beneficiaries of the one or two tier market price differentials are mainly institutional investors. The beneficiaries of dividends from listed companies are all investors.

Nine, asset restructuring and new issue of the implementation of a unified standard.

Ten, product supply is not eager to launch pure liquidity products which are independent of resource allocation.

("small retail investors for 19 years" / investment Bulletin)

Will the bank be loosed in post Liu Mingkang era?

Liu Mingkang left office as chairman of the China Banking Regulatory Commission.

For many people trapped in tight capital chains, this is a gospel, and it is a great loss to those who look at the bank risk as the lifeline.

Due to the persistence of bank risk control, in the post financial crisis era, he forced banks to raise funds again and again with harsh capital adequacy ratio until the valuation of listed banks was brought to hell.

Moreover, the CBRC has established an effective regulatory system, such as capital adequacy ratio, loan to deposit ratio and other standards, so that future supervisors can follow the system.

From this point of view, Liu Mingkang is a brave Pathfinder (18.950,0.32,1.72%), a system pioneer.

We have reason to be gratified by having a strict regulator in the early days of China's banking market reform.

But unfortunately, the risk reduction of the banking industry has not brought about the risk of the economy and the risk reduction of the financial industry.

The breakage of guarantee chain from Northern Fujian to Zhengzhou proves that bank risk control can not be single armed. When financial disintermediation, interest rate distortions and entity economy virtualization are combined together, the low risk of banks will become a microcosm of the high risk of financial and monetary markets.

I have heard local officials and even bankers strongly dissatisfied with the regulatory policy. They believe that ignoring the fact that excessive supervision has cut off the way of local economy, causing the banking industry to fall into a disguised interest rate and raise interest rates in disguise.

Is this the dereliction of duty of regulators? Not all.

Between the marketization of risk management and the non market oriented financial formats, a huge break has been formed. This breakage is not a personal power to be corrected.

Liu Mingkang clearly does not think that it is his task to include grassroots finance in regulation.

Indeed, it is not just Liu Mingkang's task. When Liu Mingkang himself perfectly constructed the risk of banking in the system, he handed over the task of grass-roots financial supervision and marketization to the next one.

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Zhou Kejing: who can save 90% losing shareholders?

On the one hand is the ardent expectations of investors for the new chairman of the SFC, Guo Shuqing, while the 90% loss of investors in the first three quarters.

Many people hope that chairman Guo's new official will be able to make a difference in the three fires, save investors from fire and water, so as not to bring the proportion of investors' 90% loss from the three quarter to the whole year, but this column thinks that chairman Guo is also in a difficult position.

As for chairman Guo's expectations, investors have long looked forward to the resolution of the chairman, which is still in the minds of investors today.

For example, the question of how to withdraw the market for gem is more than two years after the opening. What is right and what is wrong is not good.

Is it really a direct delisting and investors suffer heavy losses? Is that what investors want? If it also provides opportunities for restructuring of the gem, it is also a good thing for ordinary investors holding shares.

According to authoritative survey results from China Securities Daily, 90% of the respondents in the first three quarters of this year claimed that they had invested in losses, while 24.87% of those who lost money lost more than 50%.

This column thinks that the loss of 90% shareholders in the first three quarters should be related to the false statements and insider trading of listed companies. This is a systematic risk.

Even if there is no insider trading of listed companies, there is no advisory body to investors as the target of fish, in the stock market continued to fall in the market, investors will also be a large area of losses.

Therefore, even if chairman Guo has made great efforts to eliminate insider trading, he has shut down all black mouth institutions. Ultimately, investors still can not escape large losses.

Therefore, rather than expecting investors to make a full profit, it is better to give every investor a fair chance of making profits, neither letting the stock market go up too much, nor when the stock market is weak.

Although the stock market's decline has been disliked by most investors, it is also the result of excessive early growth in the stock market. It is a prelude to the strong rebound of stock index in the future.

Investors who live longer in the market will not complain about the rise or fall of the stock market. But investors also sincerely hope that when the stock market is not ideal, managers should issue new shares or do not issue new shares to help the stock market recover at an early date. Instead of putting the price earnings ratio of bank shares below 10 times, blue chips are seriously overvalued and value investors can not survive.

The reform of IPO system is considered to be the most important consideration by chairman Guo.

The new stock inquiry system has led to a small number of institutions deciding the unfair fate of most investors. It should be changed to IPO auction. All investors will make a joint inquiry, and the high bidder will get the chance.

But after two new shares, investors are naturally rational.

The stock market is good, the issue price is higher, the stock market is not good, and the new stock issue is suspended by itself. This is the real marketization.

Investors can earn several profits every year, only God knows.

A share investors have never really longed for all investors to make profits.

What we hope is only a higher level of fairness. In a fair market, the vast majority of investors will be able to invest rationally and buy their own conceit.

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Old Mage: to carry out culture in the end

Yesterday, the Shanghai Composite Index rose more than 20 points, but in the end it was a little softer and a half day. At last, it only gained 1.77 points. There seems to be a lot of pressure ahead.

However, the enthusiasm of the market for cultural industry concept stocks has not been reduced. This also makes the recent market always maintain a high degree of activity.

Although many cultural stocks began to adjust, but the leading dragon boat culture (300148) (300148, closing price of 23.80 yuan) did not fall down or even the trading limit.

Moreover, because culture covers a wide range, the market has extended to the wider range of cultural concept stocks.

For example, yesterday's trading of Yao's Poker (002605) (002605, closing price of 25.31 yuan) is the representative of card culture, while sang Le King (300247) (300247, closing price 19.03 yuan) is a typical example of "sauna bath culture", and other culture related stocks also show good momentum.

Why are the cultural industry stocks so strong? A friend told me that a large fund company in Beijing had held an internal meeting in Dujiangyan last weekend, and thought that the cultural media sector will be the main line of speculation in the coming year, and it will be ready to go all out.

I can not confirm the authenticity of this, but now that funds have been repeatedly hyped up, this shows that the mainstream fund's attitude towards the market is not pessimistic. Otherwise, it would not dare to intervene in a sector so deeply and deeply.

Therefore, there may be some pressure on the index rise, but there is no need to show pessimism. The stock market will continue.

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Zheng's eye plate: signs of global economic distress now, A shares fear another pressure

On Tuesday, A shares were in serious conflict. The positive news was mainly related to tax reduction policies for small and micro enterprises and the interest rate reduction of the Australian central bank. The main reason for the negative news is that the PMI index is weaker than expected.

This makes the trend of the whole day more "tangled", and finally the Shanghai Composite Index rose 0.07% points to 2470.02 points, the Shenzhen Composite Index rose 0.06% points 1041.51 points.

Although the closing rate was minimal, the intraday concussion increased significantly and the turnover increased.

The PMI in October, which was compiled by the National Bureau of statistics and China logistics and purchasing Federation, dropped from 51.2 in September to 50.4, a new low since February 2009, and far less than expected 51.8. In October, HSBC's PMI value of manufacturing industry increased from 49.9 to 51 in September, and the initial value announced in the first few days was 51.1.

The two manufacturing index samples are different. The majority of them know that the former focuses on large and medium-sized enterprises, while the latter focuses on small businesses, but there should not be such a big contrast.

In my opinion, many reasons (such as supporting small and micro enterprises, directional easing, etc.) can only explain part of the contrast, but can not fully support such a huge contrast.

Support for small and medium-sized enterprises actually did not know how many years they cried, although progress has been made, but the pace is slow.

Now it has been improved, but there should be a gradual process and there will not be a huge change overnight.

Investors are also very resistant to data fights. The only way is to continue to look at the data in the coming months, and ultimately or to roughly figure out which of the data is relatively crude and will remain vigilant in the future.

A few days ago, two officials were convicted of data leakage. It is expected that the ability of "forecasting" or "R & D" will be discounted in most future institutions.

The Australian central bank announced a cut in interest rates at noon yesterday, but the stock market fell 1.59% early on Monday and fell 1.55% on Tuesday.

Australia's interest rate cuts have some implications, that is, most other countries are less likely to tighten further tightening, which is of course also our country.

But on the other hand, it also prompts the fact that the global economy is weakening. Therefore, the positive effect is discounted, which makes the PMI index of the statistical bureau and the logistics purchasing Federation more credible, because the Australian economy is more dependent on the Chinese economy.

The day before, the Japanese central bank sold the Japanese yen in a big way, which was also a bad omen for the global economy, because it was "urgent". In general, Japan, which was more responsive to the US and Europe, was very cautious in the matter of intervention.

Today, the trend of A shares may be more difficult, because Hong Kong stocks fell on Tuesday after its close, and the European stocks that just opened up fell again.

Although the A shares are often against the outside market, they usually "go over two", that is, if the external market maintains the same momentum for two consecutive days, usually second days will not be reversed, or only a half day.

Therefore, in terms of operation, if the market is low and high, the company will take an upward offensive. The author believes that we should take the opportunity to sell, so we need not pay much attention to this strength.

Today is the eighth day of the rebound, even if the stock index can go up for a while, it is usually very difficult to maintain. There are many opportunities to meet the top.

From the conventional logic, the stock index or 2300 point one has strong support, because investors have reason to expect the policy to continue to become loose.

However, we should also guard against the "black swan" incident, such as "unexpected rebound" in China's property market, unexpected outflow of hot money and worsening debt in Greece and even in Italy.