Who Is The Slap In The Stock Market?

Recently, the most stringent new delisting system has been officially implemented.

Among them, in the new regulation, the mandatory delisting system of the illegal company is clearly implemented, the fraudulent issuance and the major letter are illegal, and the decision of the exchange to terminate the paction within a year is made.

In this regard, many commentators believe that the implementation of the new delisting system is also the end of the illegal listed companies.

Listed companies such as Lianhua gourmet powder and xinzhongji are the typical counterfeiting enterprises in recent years.

Their illegal behavior has also been strongly condemned by the market.

However, after less than half a year's time, the share price of the listed companies has not been greatly affected, instead, it has become a leading share market in the same period, which is indeed puzzling.

Taking the data of Nanfang textile, lotus MSG and xinzhongji as an example, the three listed companies issued the "administrative penalty decision" of the SFC in May 15th, June 14th and July 9th respectively, and were punished severely.

However, it is worth noting that in the fact that these listed companies were confirmed to be guilty of illegal fraud and punished by the SFC, their share price rose sharply.

Among them, the price rise of many illegal listed companies is the time when the CSRC issued the punishment notice.

Take Nanfang textile as an example, in May 15, 2014, Nanfang shares received the "administrative penalty decision" issued by the SFC. The SFC gave the company a warning and imposed a fine of 500 thousand yuan, while giving the company relevant responsible persons different degrees of punishment.

Corresponding to the May 15, 2014 South spinning shares in the two class market share price was 5.89 yuan, and then the stock price in May 23 days hit 5.03 yuan low, showing a gradual upward trend.

According to the analysis of the trend of nearly six months, the stock surged from 5.89 yuan in May 15th to 11.22 yuan in November 13th, with the largest increase of 90%.

Take Lianhua MSG as an example. In June 14, 2014, Lianhua MSG announced that the company received the "administrative penalty book" of the SFC recently. The company increased its income by 494 million 400 thousand yuan in 2007 and 2008 for two consecutive years.

At the same time, it has also been punished accordingly by the SFC.

From the analysis of the trend of the two tier market, from the date of the announcement of the penalty issued by Lianhua MSG, the share price surged from 2.34 yuan to the highest 4.44 yuan in recent six months, with the largest increase of nearly 90%.

Compared with the share price increase of the listed companies that violate the regulations, the increase in the same period is obviously less.

According to the analysis of the trend of nearly six months, the Shanghai Stock Index accumulated the largest increase of nearly 25%, which is far lower than the share price increase of illegal counterfeiting listed companies such as Nanfang textile, lotus and MSG.

Obviously, the crazy rise of counterfeiting stocks is unreasonable.

And in the process of increasing the counterfeiting stock, who slapped it?

In fact,

Illegal behavior is not uncommon in the market, and can even be regarded as a common phenomenon.

From the "Chinese agricultural first stock" Lantian shares to the later Feng Yue seed industry, and then to the last few years, the Wanfu family and the black cow food are all the classic cases of illegal counterfeiting.

However, careful investors will find that in many cases of violation, food and agricultural listed companies are more frequent.

Take the three listed companies mentioned above as an example, lotus and MSG are listed as food companies.

But recently, the market is hot, and it belongs to agricultural listed companies.

In fact, food and agricultural listed companies are the hardest hit areas in violation of regulations, and the listed companies which are dominated by agriculture are more illegal.

Taking agricultural listed companies as an example, because of its many natural advantages, it also creates excellent conditions for its illegal fraud.

A word "relying on heaven" is enough to push the responsibility away.

Indeed, for agricultural listed companies, on the one hand, due to "relying on heaven", the ability of specific investigation and monitoring is very limited, and the specific inventory inventory is extremely difficult, which provides space for creating an excuse for violating regulations.

On the other hand, because its operation is very fragmented and the specific channels for cash pactions are not fully known, it creates reasons for its irregularities such as inflated profits.

In addition, such listed companies can also do a good job in coping with their special relationship with the local authorities.

Once a problem arises, as long as the listed company is "tight lipped" and does not recognize the facts of illegal fraud, the SFC will have nothing to do with it.

Therefore, for many years, there are many agricultural products.

It has been revealed that such acts as illegal fraud and so on, but the status of its listed companies has been standing still in the Chinese stock market. This is indeed a problem we ponder deeply.

To this day, new

Once again, can the counterfeit stock be sent to the guillotine?

I believe that although this is the most severe rule of delisting in history, its final enforcement really puzzles us.

On the one hand, even if the new delisting system is clear, such as fraudulent issuance, major letter phi, and so on, it is necessary to take compulsory measures to withdraw the market. However, it is a difficult problem for food, agriculture and other illegal behaviors to be determined clearly.

On the other hand, because of the principle of "no retroactive effect of the law", the listed companies that violate the rules or regulations will escape.

As a result, in fact, it brings new opportunities to such illegal listed companies, which is actually deterring the new rules of delisting.

At the same time, because the securities law has not been revised and perfected in time, even if there will be a number of listed companies that violate the rules and regulations, the lack of a legal foundation for policy implementation will eventually affect the implementation of the new rules.

I believe Guo Shiliang, Nanfang shares, lotus MSG and other illegal stocks continued to show a crazy rise in the market, in fact, is a new irregularities to the delisting of the satire, but also challenges the SFC's tolerance bottom line.

At this point, under the influence of the new round of delisting system, whether we can clean up a number of listed companies that violate the rules and regulations in the future, we have to "walk and see".