The Battle For Dominance Or Control Of Listed Companies Is Becoming Increasingly Fierce.

Since the time of the birth of the Chinese capital market is not long, and it is very immature, the valuation of the stock is generally high, which has also become a huge driving force for the reduction of the large stockholders of the large shareholders of the listed companies, and has also become the original motive force for many enterprises to "join" in the capital market.

In fact, the purpose of many enterprises going public is to rush to the reduction of Holdings under the background of high valuation.

This also explains why so many large shareholders will be "clean".

The 10 executives of CSG, including the chairman, CEO, chief financial officer and so on, have resigned in a collective way, which, while triggering market concerns, should also cause more reflection in the market.

It is not only the need for enterprises and major shareholders to rethink, but also the whole industry and the whole market need deep reflection.

The contention of the dominant power or control right of the listed company has turned into a collective resignation of the executives.

In fact, the 10 executives of CSG resigned, and the equity incentive plan is just a "cover".

In order to realize the desire to control the listed company, even if there is no equity incentive plan, it will gradually send people into the board of directors of Listed Companies in other areas, and then control the listed companies. The executives who represented by Zeng Nan, the founder of CSG, will be out sooner or later, so their resignation is not surprising.

In the process of increasing and holding the market, the relevant directors of the listed companies left in May, November and December of last year, and the people of Bao's system gradually entered the board of directors.

Although Zeng Nan still holds the position of chairman of the board of directors, it is also an indisputable fact that Bao can hold a majority of seats.

Look at the stock code of CSG, we know that this is an old listed company.

Since the listing, CSG has made great progress with the help of China's capital market. Although its main business has not changed, it is also "different from others".

The scale of capital has changed, important executives have changed, and the composition of important shareholders has changed.

Moreover, according to the previous statement made by the chairman of CSG, it is likely that CSG will achieve "pformation" in the future. We may as well wait and see as to what kind of enterprise pformation is.

Information shows that

At the time, the share distribution of CSG was very dispersed. The top four shareholders, Shenzhen building materials, northern industries, merchants and Guangdong trust, held 15.36%, 15.36%, 13.39% and 11.97% shares respectively, holding a total of 56.08% of the shares.

If the four largest shareholders do not reduce their shares or form a concerted action relationship, they will have no chance to enter the listed company.

However, with the huge reduction of several major shareholders, the three largest shareholders held less than 10% of the total shareholding at the time when Baoan began to increase their holdings, and the largest shareholder held only 3.62% of the northern industry.

It is only when the listed companies have no controlling shareholders, no actual controllers, and the "three noes" situation of large shareholders without the shareholding ratio that they finally raise the control of listed companies.

Therefore, on the face of it, the equity incentive plan is the main reason leading to the resignation of CSG executives, but in fact, a lot of promoters' massive reduction is the "culprit".

It must be pointed out that the shareholders of CSG started to clear up their holdings, compared with the large shareholders frequently appearing in the market.

This kind of reduction is just a "witch".

Therefore, in order to maintain market equity and to protect the interests of other shareholders of listed companies, I think it is very necessary to lock out shares of shareholders of listed companies, and it is absolutely not just a small year, but not three years.

The author's proposal is that all shareholders of the initiator hold

Of which 30% of the lock up period should not be less than 10 years, this part of the shares are not allowed to circulate in the two tier market, but also prohibit the pfer through bulk trading and agreement pfer.

In this way, because of binding with their own interests, large shareholders will devote themselves to managing enterprises and fulfill their "trust" responsibilities for listed companies, which is also a blow for those companies who want to go public by way of drilling.

Moreover, it will greatly reduce the harm and impact of the liquidation reduction on the market.