Fake Listing Is Not Compatible With Registration System.

Let the counterfeiting company compensate the investors' investment losses, will let the counterfeiting company order the delisting or buy back the shares, and the same is Huang Di's descendants' Hongkong market, let the Hong Liang international repurchase stock withdraw from the Hongkong stock market and let the investor obtain the satisfactory compensation. No matter how, the management has the obligation to guarantee the purity and authenticity of the listed company, and this must rely on the strict supervision and the severe punishment to guarantee that only 600 thousand yuan fine like China can only play a bad example role for the connivance of the counterfeiting. It can only let more latecomers take the risk of being lucky and take the risk to carry out the packaging and listing. Throughout the world's stock market, every mature market has imposed severe penalties for counterfeiting. The United States has the daunting Sarbanes act, which will impose fearful economic penalties on counterfeiting companies.

It is precisely because the quality of China's listed companies is generally not high and the valuation is relatively high, so they can not get a return through long-term shareholding, and can only get the price difference through short-term speculation, so they always bear short bears.

In the long run, investors lost seven deficits and two gains and losses. Investors can always be cut leeks.

Registration system has been put on the agenda in China. According to the NPC's authorization, registration system came to China formally on the 1st of March. But the author feels that the construction of registration system is still a short board, and I have to worry about some adverse effects of the strong registration system.

According to media reports, 35 of the listed companies involved in the matter, the SFC fined 32 of the companies, not more than 600 thousand yuan, except for 2 listed companies whose main responsibility is in the evaluation institutions and accounting firms. Only one company of Hai Lian Xun was fined 8 million 820 thousand yuan and the actual controller was fined 12 million 30 thousand yuan.

In addition, since the implementation of the "nine new countries", none of the listed companies that have been investigated for financial fraud has been implemented to withdraw the market rules.

The author can not know the specific financing data of 32 companies, but at least it is calculated in terms of 100 million yuan. The fine of 600 thousand yuan can be said to be no pain, because the interest is not enough even for raising funds and only 600 thousand Yuan fines. The issuance of securities proceeds from fraud is successfully bleached. Such a punishment is so light that it is unbelievable in the world capital market, and it is incompatible with the registration system.

Some mainstream experts in China have been able to carry out the registration system as soon as possible, but they have forgotten the harsh punishment mechanism of the US registration system. The US Enron Corp is a model under the registration system, ignoring the 35 companies' punishment of only 600 thousand yuan. It is not intentional for the author to know. At least the view is biased, but how can such a punishment ensure the smooth implementation of the registration system.

President Xiao Gang has said that the capital market is an information field, whether it is an effective market or an inefficient market, investors should judge the company's investment value according to the accurate and timely disclosure of financial data, related pactions, product sales expectations, market share, fund-raising investment to the expected yield and direction of technological development. The authenticity of these information can enable investors to make accurate judgments and make accurate valuation. If the information is untrue, inaccurate or even false, how can investors make reasonable pricing of science?

People take advantage of their dominant position in holding positions, arbitrarily tampering with financial intermediaries, hiding all kinds of related pactions, constructing various sales data, misleading investors to buy company stocks at a higher price. This is a typical fraud issue. The core of registration system is information disclosure, to ensure the authenticity and accuracy of the letter, and how to ensure the accuracy and authenticity of the letter, which is the escort of strict law and strict law. That is to increase the intensity of economic punishment, let the counterfeiters lose their fortune and perfect the judicial docking mechanism, so that the counterfeiters can sit tight. Unfortunately, China's advocacy of registration system is still hard to beat. Therefore, the capital market needs to ensure the accuracy and authenticity of information disclosure of listed companies, and can not tolerate the actual control of listed companies.

Perhaps the SFC is in a dilemma because the securities law stipulates the listing of counterfeiting.

It is very slow.

The 177th provision of the securities law stipulates that if the issuer who has approved the listing paction fails to disclose information in accordance with the relevant provisions, or if the information disclosed has false records, misleading statements or omissions, the securities regulatory authority shall order correction and impose a fine of not less than three hundred thousand yuan or less than six hundred thousand yuan.

Warnings shall be given to those directly in charge and other persons directly responsible, and a fine of more than thirty thousand yuan and three hundred thousand yuan shall be imposed.

If a crime is constituted, criminal responsibility shall be investigated in accordance with the law.

Although the economic penalty Securities Law stipulates the upper limit of 600 thousand yuan, the securities law stipulates in black and white that "criminal responsibility is constituted according to law". The counterfeiting of 35 companies should comply with the provisions of fraud listing, but the SFC fails to pfer the judiciary in accordance with the provisions, which is a little condoning the suspicion of counterfeiting the stock market.

It is a major drawback of the capital market that there is no law to comply with the law.

Under the registration system, the listing threshold will be lowered, and investors will face greater risks. According to Professor Dong Dengxin, it is "to strengthen the power and responsibility equivalence mechanism of" buyer's conceit "and" seller's responsibility ". Issuers or listed companies should fulfill their obligations and responsibilities of good faith disclosure, including the disclosure of IPO information and the continuous disclosure of information after the listing. Intermediaries must guarantee and endorse information disclosure and bear joint legal liabilities.

If anything is going to happen

Then, the issuer must compulsively buy back all the shares issued, and securities intermediaries, which are mainly brokerage firms, must bear the responsibility of "advance compensation".

Yes, the buyer is conceited, but this is for the sake of no fraud. If we buy a fake listed company to cause investment losses, how can we not ask for compensation. The 35 companies have not compensated investors for losses except for the Wanfu branch's recommendation agency, Ping An Securities, but no company has been ordered to buy back the shares. Obviously, the fact is far from that of Professor Dong Dengxin.

It is difficult to calculate the loss of investors under the current legal mechanism. The main reason for compensation is that the investors often make use of the market system risk. Secondly, the compensation subjects often use appeals and other means to cause the lawsuit to be delayed for a long time, so that the lawsuit time will be delayed and the investors will be tired and give up the claim. The Chinese stock market will mainly rely on the small and medium-sized retail investors, and the claim amount is too small. The lawyers are unwilling to intervene too much. Even if a lawyer takes the lead in the claim, many investors have no intention of intervening because of the complicated legal procedures. Investors feel that this is a war of attrition that can not afford to fight, so they choose to give up the compensation. In addition, institutional investors are also unwilling to get into a long lawsuit because they are too difficult to claim. Fake listing does not mean that it has not brought huge investment losses to investors, and investors do not need to pay compensation because the intermediaries are unwilling to pay damages to investors because the way of investors' claims is too great.

Investors often suffer from losses caused by investment losses.

Therefore, the premise of registration system is the introduction of the class action mechanism. If the investor does not sign the waiver of claims, the lawyer can win the lawsuit and get the compensation.

Only in this way can we simplify the claim procedure, raise investor's claim positivity, and create a great pressure on the counterfeiting company to dispel the idea of fake listing.

Unfortunately, although the registration system has been implemented in the way of the securities law authorized by the NPC, it has not introduced the class action mechanism and abolished the precondition.

Therefore, it is unfair and unfair for Professor Dong Dengxin to unilaterally advocate the registration system as soon as possible.

This means that investors will encounter more investment traps if they lower the listing threshold.

One of the key factors in the smooth implementation of the system is that the stock company has not seen any short-term surge, which has basically stabilized the total number of stock companies for many years, thus stabilizing the market value without causing short-term expansion, resulting in a short-term imbalance between capital and market value, and effectively maintaining the stable operation of the stock market. However, only 6% companies have been delisted until now, and the rate of withdrawal is basically the same as zero. Even if the market is abominable, the counterfeiting of the stock market can not be driven out of the capital market. How can the metabolic function of the capital market be carried out? When will the bad money expel good money? When a new market can not enter the market, how to balance the contradiction between the new market value and the new capital is a big problem. Therefore, the market is very sensitive to the IPO, and it is inconsistent with the registration system. As a systematic project, the capital market can bring fresh blood to bring in a lot of new investment targets, so that it can play a new role in metabolism. The annual withdrawal rate of the US stock market is around 6%, which is a guarantee of registration.