A Shares "Reduce The New Rules" Staged A Cat And Mouse Mode

On the morning of January 7th,

After a continuous slump, the SFC issued a reduction of the new regulation requirements, and the major shareholder intends to reduce shares through centralized auction trading. The reduction plan should be disclosed in advance on 15 trading days, and the total reduction in 3 months should not exceed 1% of the total share capital of the company.

Regulators began to control the reduction of major shareholders in the two cities. However, monitoring the reduction of major shareholders of listed companies is like a game of cat and mouse.

Regulators issued a week intensive reduction of the "new rules"

In July 2015, in the context of a sharp adjustment in the market, the SFC issued a "big shareholder reduction ban" on July 8th, limiting the reduction of large shareholders and directors. The 6 months from the date of the announcement, the majority shareholders and directors, supervisors and senior managers should not reduce their shares through the two level market.

This January 7th is "

On the expiry date of the day, A shares suffered another crash.

On the morning of January 7th, the SFC issued a reduction of the new regulation requirements, and the major shareholder intends to reduce the share holding through the centralized bidding paction. The reduction plan should be disclosed in advance on 15 trading days, and the total reduction in 3 months should not exceed 1% of the total share capital of the company.

Subsequently, the Shanghai and Shenzhen Stock Exchange issued the guidelines for reducing the pre disclosure format.

In January 9th, the Shanghai and Shenzhen Stock Exchange issued "notice on the implementation of the relevant provisions of the" large number of shareholders of listed companies and the regulations on the reduction of shares held by the directors of the listed companies ", and further clarified the relevant spirit of the" reduction rules ", or made the market more secure.

The notice clearly stated that the proportion of pferee of a single pferee shall not be less than 5% if the majority shareholders of a listed company reduce their shares through the agreement pfer mode, and the lower limit of the pfer price shall be carried out according to the provisions of the bulk paction.

On the evening of January 13th, the Shenzhen Stock Exchange announced that since the issuance of the new rules on the reduction of the largest shareholder, the exchange has actively implemented the reduction rules, paying great attention to the reduction of large shareholders.

In the future, we will continue to pay close attention to the behavior of large shareholders' reduction through bidding, bulk trading and agreement pfer, and promptly urge relevant parties to fulfill their duty of disclosure.

The Shanghai Stock Exchange also announced that since the issuance of the new rules by the big shareholders, the Shanghai Stock Exchange has paid great attention to the reduction of major shareholders.

The Shanghai Stock Exchange has taken special measures to increase supervision over large shareholders' holdings.

We should pay close attention to the behavior of large shareholders reducing pactions through bidding, bulk trading and agreement pfer, and urge relevant parties to fulfill their duty of disclosure in time.

Shareholder reduction of "block trading" exceeded 70%

In January 7th, the SFC issued a number of regulations on major shareholders and directors' holdings of shares of listed companies. Since then, there have been more than 30 companies announces reduction plans, such as Anne shares, mega technology, Wu Wu biology, Cixing shares, Ming Jia technology, Cologne refining, commercial city, Nanyang technology, Longhua energy saving, Prince new material, Huamao shares, gold certificate shares, Guozhen environmental protection, Tel Jia, Gan Feng Li, and Guoxing photoelectricity.

Most of these companies are concentrated in gem and small and medium sized boards, and the ways and reasons for their reduction are different.

In addition, some companies have been reduced several times or have been reduced by several shareholders.

For example, Nanyang Technology shareholding more than 5% shareholders on 12 and 13 days have reduced holdings.

Longhua energy conservation was reduced by Fan Shaobin, director of the board of directors and director Yang Yuan 3 times, 4 million 90 thousand shares.

From the amount of cash, Anne shares the most, 190 million yuan.

Next is Nanyang Technology's 156 million yuan and Xinwei group's 132 million yuan.

In these

In the period of from January 9th to 15th, over 5% shareholders of Nanyang Technology, Xinwei group and Guozhen are holding 10 million shares, 4 million 700 thousand shares and 3 million 901 thousand and 100 shares respectively, and the ways to reduce the holdings are all bulk pactions in from January 9th to 15th.

Only a few large shareholders or directors of the director of the company are reduced by the way of bidding.

Since the new regulation of large shareholders and directors of the board of supervisors has been issued, due to the stricter requirements of the new rules for bidding pactions and agreement pfer, and there is no clear restriction on the way of block trading, will the large shareholders and the directors of the administration take advantage of the reduction of bulk pactions?

In response, the Shanghai Stock Exchange and the Shenzhen Stock Exchange issued a document recently that they will take key monitoring measures on the subsequent selling behavior of the buyers of large pactions, and focus on checking whether there is a situation that impacts the market and affects the normal trading order. Once it is found, it will take corresponding regulatory measures in a timely manner.

Reduction announcement, the company's stock price three limit.

The reduction of the new rules has been issued for nearly two weeks. Despite the announcement by regulators that the reduction is not large, it has no effect on the price of the two tier stock market. However, shareholders still have a psychological shadow on the reduction.

On the evening of January 11th, mega technology announced that the controlling shareholder of Xinjiang Chao Jun equity investment was reduced by no more than 33 million 600 thousand shares from January 13, 2016 to July 12th through block trading or agreement pfer, which is no more than 10% of the total shares of the company.

The announcement came on the three day of trading on the limit.

Beiqing Daily reporter noted that some listed companies after the release of major shareholder reduction plan, immediately triggered a strong response in the capital market.

In response, these listed companies have adopted some measures to stabilize stock prices in order to avoid excessive fluctuation of stock prices, and some companies have even launched a scheme of increasing holdings to stabilize market confidence.

For the reduction of A shareholders, there are also market participants calling for a rational understanding of the matter. For rational investors, they should respect the rights of shareholders of listed companies to reduce their holdings.

As shareholders of listed companies, reduction is their right.

As long as these shareholders reduce their holdings and comply with their obligations, the market will be understandable.

focusing

After reducing the new regulations, the A stock's unexpected reduction pattern

Chinese online big shareholder "improve life" cash 260 million

Recently, the Chinese online released a "notice on shareholder reduction plan", said the company shareholder Wang Qiuhu to improve personal life, will be within 6 months from the date of the announcement of the stock reduction, the reduction of the number of not more than 2 million 12 thousand and 700 shares, that is, no more than 1.67% of the total share capital of the company.

Once the announcement was announced, investors' saliva sped up to Wang Qiuhu.

Public information shows that Wang Qiuhu is the first shareholder of Chinese online listings. Now the stock market is close to a year. Wang Qiuhu's shares are about to usher in the lifting of the ban period.

As of September 30, 2015, Wang Qiuhu directly held 5 million 31 thousand and 600 shares of Chinese online shares, accounting for 4.19% of the total share capital of the company, and the fourth largest shareholder of the company.

According to the Chinese online closing price of 128.98 yuan per share in January 18th, the total market value of Wang Qiuhu's holdings was 650 million yuan, and its cash holdings of "improving life" were about 260 million yuan.

Although Wang Qiuhu does not belong to the controlling shareholder of the company, the actual controller, shareholders holding more than 5%, the reduction will not affect the company's governance structure and actual operation, but the reason for investors to Tucao is Wang Qiuhu's reduction reason: improving personal life.

Some investors expressed doubts about this, improving personal life needs to cash 260 million yuan in cash, how luxurious Wang Qiuhu's life is, but Beiqing Daily reporter also noted that Wang Qiuhu's reduction should not be too harsh. After all, last year's stock market crash and early this year's stock market crash, investors have been scarred, and many investors need to improve their lives.

The "most imaginative" holding agreement of gold shares is reduced.

After the Shanghai and Shenzhen Stock Exchange stipulated that the pferee should not be less than 5% of the pferee's agreement, the market surprised the first listed company to pfer the shares of the company through the agreement.

But the market did not think that the reduction party is not a single major shareholder, but the former four major shareholders together to reduce their holdings.

Popularly speaking, the former four major shareholders together have made up 6% of the shares and passed the 5% red line stipulated by the exchange.

The reduction of holding agreements of gold certificates shares is known as "the most imaginative package reduction scheme".

According to the announcement of the gold certificate shares, recently, the company received the notice from Shenzhen Qianhai Lian Yang investment limited liability company (hereinafter referred to as "Lian Li Yang"), Zhao Jian, Du Xuan, Li Jieyi and Xu Minbo. In January 8, 2016, Lian Li Yang and Zhao Jian, Du Xuan, Li Jie Yi and Xu Minbo signed the "share pfer agreement". The company shares 49830390 shares of the company's shares, accounting for 6% of the total share capital of the company. The pfer price is 33 yuan per share.

According to the announcement content, the four shareholders of the gold certificate share total cash reduction by agreement 1 billion 644 million yuan.

It is worth mentioning that the gold certificate shares were suspended in December 31st last year, and the closing price was 49.19 yuan on that day, compared with the reduction price of 33 yuan, the discount rate was as high as 67.09%, which is equivalent to the three price limit after the resumption of gold certificates shares.

The move has been denounced by many investors in the stock of gold card shares.

Since then, the board of directors of the securities company has issued an urgent announcement that the pfer of shares is an important part of the strategic cooperation between the company and China. The purpose is to introduce strategic investors to the listed companies, not to reduce shareholders' cash holdings, but also to have a lock up period of 36 months.

In addition, the "share pfer agreement" signed in January 8, 2016 does not apply to the relevant provisions concerning the implementation of the "notice on related matters of major shareholders of listed companies and the regulation of directors and supervisors to reduce shares".

Although there is a Clarification Announcement, but can not stop investors from the "most imaginative reduction program" Tucao, many investors even in stock prediction that the stock will resume several times after the limit.

Swimming long game staged major shareholder "marriage reduction law"

In January 12th, the game announced that Liu Liang, the second largest shareholder of the company, and the third largest shareholder, Dai Lin, were registered and married in January 2015 and had marital relations. According to the relevant regulations, Liu Liang and Dai Lin had formed a concerted action relationship.

In order to ensure that the first largest shareholder and actual controller in the 36 months after the completion of the reorganization of the company in 2014 is not changed due to the new concerted action between Liu Liang and Dai Lin, Liu Liang and Dai Lin may choose the right amount to reduce the shares held by the company.

The "marriage reduction law" of the second largest shareholders and third largest shareholders has caused a great stir in the market.

The market speculated that the two people announced the news of marriage at this time, claiming that they chose to reduce their holdings in order to avoid the change of the largest shareholder, or to find a sounding reason for cash in order to avoid triggering negative emotions of investors.

In response to the accusation and ridicule of the vast number of investors, yesterday, Yu Long game announced that due to the love of the company, the game industry, and the sense of mission of creating long-term value for the shareholders of the company, Mr. Liu Liang promised: "I have not held the Shanghai swimming long game Limited by Share Ltd shares since three years of successful reorganization in 2014."

Ms. Dai Lin, the third largest shareholder of the company, will continue to carry out the relevant commitments made during the restructuring in 2014. If the company's shares are to be reduced in the future, it will be strictly enforced in accordance with the laws and regulations, the provisions of the CSRC's "large shareholders of listed companies and the high shareholding of directors and supervisors" and the Shanghai stock exchange's notice on the implementation of related matters.

The sadness of Hui ball technology: "reduction of holdings"

In January 18th, the 500 thousand stocks of Gu Guoping, chairman of the company and the actual controller of the company, were strongly tied. The first major shareholder was overweight and was called the most sorrowful "liquidated reduction" by the market.

In January 18, 2016, Hui ball technology announced that the company's chairman, controlling shareholder and actual controller Gu Guoping in December 2015 through the Debon Huijin 1 holdings of 8 million 415 thousand and 200 shares (accounting for 2.13% of the total share capital of the company) is lower than the open line.

Due to Gu Guoping's failure to make up the contract, debbond has received a notice from the Shanghai branch of the Pudong Development Bank of Shanghai that the priority share trustee has concluded the 1 financial management plan of de Bang Hui Jin, and the net value has been cleared according to the asset management contract. All the property rights and interests of Gu Guoping under the plan are all owned by Shanghai Pudong Development Bank Shanghai branch.

The announcement shows that in December 1, 2015, de Bang Hui Jin 1 bought a coherent action in block trading, 5 million shares held by Hexi 2 fund, and the average paction price was 21.44 yuan / share.

The relevant contract pre-warning line is 0.93, the filling line is 0.91, and the closing line is 0.88.

In January 19th, the "forced liquidation" event of the announcement of Hui ball technology made the company quickly become the focus of market attention. On the 19 day, its stock price was also limited by the opening of the tablet. In the afternoon, the company immediately stopped the business and announced the reorganization of assets.

Subsequently, the Shanghai stock exchange sent inquiry letters to Hui ball technology. The four questions were pointed to Gu Guoping's Gao Ganggan asset management plan and whether the actual controller would change the two directions.

According to Hui ball technology January 20th evening announcement, in addition to the already been liquidated "de Bang Hui Jin 1" asset management plan, "Huaan Hui adds 3" estimated share net value is 0.8123 yuan, has been below 0.85 yuan of stop loss line.

As of 5 p.m. on January 20th, Gu Guoping, the major shareholder of the company, has imported an additional capital of RMB 20 million yuan, and "Huaan Hui Zeng 3" will continue to operate normally.

According to the announcement, at present, Gu Guoping's unanimous action "Hexi 2 fund", "Huaan Hui Zeng Zeng 1", "Huaan Hui Zeng Zeng 2" and "Huaan Hui Zeng Zeng Zeng Zeng 3" have not yet touched the closing line. If the stock price of the company continues to fall, it will not exclude the risk of passive liquidation.

At that time, Gu Guoping will take positive measures to raise funds to make up the stock to ensure the stability of the ownership of the company.

In this regard, the "liquidation and reduction" law has set foot in the cards, and many investors have expressed sympathy for those who have been liquidated.

However, some market analysts pointed out that although it is a passive way to open positions, but through low-level holdings of shares, and then set up harsh liquidated lines, the stock pledge will be drawn from banks to real gold and silver, so as to achieve "curve cash."

The analyst said that although it is not fair to speculate on such a malpractice, it is indeed a loophole that can be exploited.