Pi Haizhou: How Big Is The Gap Between China And The US?

As management, of course, there is a gap between Chinese and American stock markets. Therefore, in the face of the loss of Alibaba, management can still face the reality and create conditions, striving to keep Alibaba in the domestic market in the coming days. One of the most important arrangements is to support the Internet and high-tech enterprises that have not yet made profits to the gem after one year listing.

The above arrangements of the SFC are undoubtedly conducive to the listing of some Internet and hi-tech enterprises in China. But is this arrangement able to shorten the gap between Chinese and American stock markets and allow Alibaba to be listed in China? I am afraid it is not so simple. The reason why the US stock market can accept Alibaba listing is not only determined by its IPO system, but also determined by the whole market environment, which includes its strict market supervision measures. The A share market is not the same as the US stock market in this respect. The backwardness of the A share market is omni-directional.

How big is the gap between China and the US? Two data can clearly illustrate this problem. The two data is 300 thousand yuan VS3500 million. For further simplification and conversion, the difference between China and the US stock market is 1:716. This gap far exceeds the time when the stock market in China and the United States was established.

What do these two data represent? To a certain extent, they represent the stock market in China and the United States. supervise The gap. More specifically, it is the gap between the two markets in dealing with informants on awards. The informant system is undoubtedly one of the most important regulatory systems. If a market can reward heavy whistleblowers, its regulatory measures will naturally be strict, and it will severely punish illegal activities in the market. On the contrary, if we are just whistling the whistle blowers, this is actually a violation of the laws and regulations, and such a market is bound to be a market with rampant violations of laws and regulations.

Specifically, in the two data, 300 thousand yuan is the interim provisions issued by the China Securities Regulatory Commission in June 27th this year on the reporting of illegal activities in Securities and futures. A shares The highest reward of market informants. According to the fifteenth of these Provisions, the fact that the facts are clear and the clue is clear and the investigation is true and the administrative penalty has been made according to the law and the amount of the penalty is above 100 thousand yuan shall be rewarded by the informant according to 1% of the amount of the penalty. The reward amount is not more than 100 thousand yuan. As for the clues that have significant impact on the whole country or the huge amount involved, the amount of the reward is not restricted by the preceding paragraph, but the maximum amount does not exceed 300 thousand yuan. Therefore, as the whistleblower of the A share market, the highest reward that can be obtained is 300 thousand yuan, and the usual reward is not more than 100 thousand yuan.

35 million dollars, converted into RMB It was 214 million 900 thousand yuan, which is the award amount issued by the SEC to an overseas informant not long ago. On September 22nd, the SEC announced that it would award more than 30 million US dollars to an overseas informant. According to the lawyer, the exact number of the award may be 35 million dollars. This is the biggest reward awarded by the SEC since its establishment of the informant reward system in 2011. In October last year, the SFC gave a whistleblower a bonus of up to 14 million dollars. In fact, according to the provisions of the Dodd Frank act, there is no upper limit for the reward of whistleblowers. It only provides that if the information provided by the whistleblower ultimately causes the SFC to punish the offenders for more than 1 million dollars, the whistleblower will receive a reward of 10% to 30% of the fine. Because of this, the gap between China and the US stock market is even bigger than that of 300 thousand yuan VS3500 million dollars. It also shows that the regulation of the US stock market is much more stringent than the A share market.

It is precisely because of the large gap between China and the US stock market that we must have a comprehensive understanding of the stock market in China and the United States. We should not only see that the US stock market successfully accepts the side of the listing of Alibaba, but also need to see the severe side of the US stock market supervision. Otherwise, the A share market will be developed only with a narrow view. China's stock market is bound to deviate from the track of healthy development.