Do You Know Why The SFC Always Rooks In The Middle Of The Night?

< p > here the world is < a target= "_blank" href= "http://www.91se91.com/" > dress < /a > a target= "_blank" href= "_blank".

< p style= "text-align: center" > img border= "0" alt= "align=" center "src=" /uploadimages/201404/23/20140423083050_sj.JPG "/" < < > >

< p > for information disclosure, the information of the SFC is likely to be a great shock to the stock market of the day or second days. Especially in the context of Current hype themes and trends and hot spots, information disclosure has different values: in anticipating the information disclosed in advance, we can advance one step ahead, buy or sell stocks in advance, or arbitrage in futures arbitrage, so as to achieve a huge profit in asymmetric information.

So do chicken calls in the middle of the night promote fairness and pparency in information disclosure?

< /p >

< p > April 21st news, < a href= "http://www.91se91.com/news/index_cj.asp" > the SFC "/a" will add IPO pre disclosure this evening, with an additional number of 18, including the 2012 declaration of the small and medium-sized plates, or the Wanda cinema and Huaan securities.

Last Friday, at the end of the week, 28 IPO were announced by the chicken call, and the total number of IPO pre disclosure amounted to 48.

The author doesn't care about the companies who are preparing for IPO, but is interested in the time point of disclosure. Why are they chosen at midnight? < /p >

< p > as we all know, the information disclosure of the securities and Futures Commission is a heavy factor that directly affects the stock market. In the current stock market returns and dividend mechanism in China, the stock market financing and the use of cash in stock market emerge in an endless stream. How to protect the interests of investors is a prerequisite for the healthy operation of the stock market.

< /p >

< p > in the reform intention of the new SFC leading group, it is necessary to reform the listing process of IPO, strengthen the dividend mechanism of stock market, emphasize the entry and exit system, improve the delisting system, and establish the registration system of listed companies, fundamentally strengthen the rights and interests of investors, and further optimize the structure of listed companies, and emphasize the use of market-based risks and benefits instead of regulatory approval and invisible guarantee. The most obvious thing is the establishment of registration system. The core of registration system is that the materials provided by securities issuers are not false, misleading or omissions. Even if the securities have no investment value, the securities authorities have no right to interfere, because they are voluntarily considered to be the inalienable rights of investors.

< /p >

< p > similarly, for information disclosure, the information of the SFC is likely to form a great shock on the stock market of the day or second days. Especially in the Current hype theme and trend, the information disclosure has different values: the information of advance disclosure can advance one step ahead of time, buy or sell stocks in advance, or arbitrage of futures arbitrage, so as to realize the huge profit of asymmetric information.

< /p >

< p > < strong > for the disclosure of information, what is the regulation of the SFC? < /strong > /p >

< p > generally speaking, the official designated exchange website for information disclosure is the website of Shanghai stock exchange and Shenzhen stock exchange. The official designated paper media is "seven newspapers and one publication". China Securities Journal, securities times, and Shanghai Securities Journal account for more than 99% share.

For a listed company, the information disclosure platform is a website designated by the SFC or a newspaper and other media. The time of disclosure of other media can not be earlier than the time specified on the designated platform, so as to avoid procedural irregularities and asymmetric information.

For the specific disclosure time, generally speaking, the normal time is working day, but there is no denying the possibility of other time periods, such as weekends, for example, these days.

< /p >

< p > then the disclosure of information by the SFC in the middle of the night has only recently begun. In fact, this is not the case, but rather a historical process.

The SFC began to disclose information in the middle of the night as early as 2008.

< /p >

< p > late April 20, 2008, the SFC issued the guiding opinions on the lifting of the restricted stock pfer of listed companies. The guiding opinions require that the bulk stock of the bulk pfer be pferred to the bulk trading system.

In March 31, 2009, "midnight cock" appeared again.

At 2 a.m. the same day, the China Securities Regulatory Commission officially released the Interim Measures for the first public issuance of shares and listing on the growth enterprise market through its website.

In March 2013, when the stock index was in a dilemma, the SFC again announced "midnight chicken cock". In March 6th, it announced the pilot scheme for RMB domestic investment in qualified foreign institutional investors and the provisions on implementation. The investment restrictions were relaxed, and RQFII could invest 100% shares of A shares.

In January 12, 2014, the SFC issued the "regulation on IPO issuance" at midnight. Before that, the new stock "ORSO Kang (300361)" postponed the IPO in the early morning of January 10th.

< /p >

What is the consideration of disclosing information at midnight? < p > < strong > < /strong > < /p >

< p > first, if released during the day, then it can not accurately convey the accuracy of the message. On the one hand, during the day, when workers are working at a high pressure, even people in securities, funds and private sectors will face frequent meetings and visitors. They are also mixed with various kinds of information interpretation and other disturbing events.

That is to say, information is exposed from the disclosure to the final acceptance by the participants in the securities market, and in the middle has undergone a rather tortuous process of information pmission, and the possibility of distortion in this process is quite large.

In the middle of the night such a relatively quiet public opinion environment and media environment, relatively accurate.

< /p >

< p > Second, the night was released to some extent in order to show some intention of the regulator.

For example, the disclosure of the new IPO was chosen at midnight, in order to give investors a clear signal. The high level hopes to encourage and drive the development of the stock market in this way.

This practice of announcing important information in abnormal time is somewhat similar to the news bulletin in foreign affairs, in order to attract some attention and attention.

From this point of view, the SFC of Chicken Rooster in the middle of the night has achieved its purpose.

< /p >

< p > Third, choosing to announce important information in the middle of the night, to a certain extent, can also reduce the resistance of < a href= "http://www.91se91.com/news/index_q.asp" > policy < /a > and interest groups.

There is a certain risk in policy reform, and risks are often accompanied by certain internal and external resistance. For the information disclosure of the SFC, every specific information may be aborted because of the game behind the interests and the failure of coordination between departments.

In the middle of the night, at this time, we can reduce the resistance to a certain extent. We should use the idea of doing the first thing ahead and cross the river first. As for the problem, we will talk about it later.

To a certain extent, this is conducive to breaking through the existing system and mechanism.

< /p >