Regulating Risk Capital Raising Cards: It Is Necessary For Venture Capital To Become A "Friendly Investor" In The Capital Market.

Insurance funds must be long-term providers of funds rather than short-term funds.

To become a booster in China, we should be a good financial investor and not hostile takeover controllers.

For this reason, Xiang Junbo put forward three principles to be followed in venture capital investment, which means that equity investment should be mainly financial investment and strategic investment should be supplemented, and a small number of strategic investments should be equity participation.

Venture capital should make efforts to become a friendly investor in the capital market. We must not let insurance institutions become barbarians everywhere, nor can insurance funds become a "debris flow" in the capital market.

Recently, the CIRC's supervision of venture capital has attracted wide attention in the market.

The CIRC has not only taken corresponding regulatory measures for Qianhai life insurance and Hengda life insurance agencies, but also held a special meeting on venture capital investment in December 13th. At this meeting, Xiang Junbo, chairman of the CIRC, put forward a request for "friendly investors" in the capital market for venture capital investments.

Not only that, Chen Wenhui, vice chairman of the China Insurance Regulatory Commission, also talked about the issue of regulating insurance assets in the media interview, which indicated that the CIRC was going to introduce new measures recently. It was mentioned that some new funds of venture capital major stocks were invested in their own funds, and no insurance funds should be used. Meanwhile, the behavior of major stock investment must be filed with the CIRC, and the takeover of listed companies must be reported to the CIRC prior approval.

According to the regulations of the CIRC, venture capital is indeed expected to become.

The "friendly investor".

It should be said that it is very necessary for the CIRC to make venture capital to be a "friendly investor" in the capital market.

After all, with the development and expansion of venture capital, venture capital has become an important investor in the capital market, and venture capital raising has also become the highlight of capital market in recent years.

However, there are some "unfriendly" practices in risk raising cards. For example, the famous "Wanbao dispute", the excellent Vanke management team was "forced", the development of Vanke was affected, and the position of the industry leader was even threatened.

Another example is A, which has been forced to resign.

As a result, listed companies in the face of risk capital raising cards do not hesitate to change, and even the risk of capital has not yet lifted the cards scared of the face of the chairman of the listed companies pale.

First of all, venture capital as a "friendly investor" is conducive to the healthy development of the capital market.

The purpose of introducing venture capital into China is to give full play to the role of venture capital as an institutional investor in stabilizing the market.

At the same time, through value investment, on the one hand, the value of high-quality companies can be reflected. On the other hand, venture capital has become an example of value investment, leading investors in the A share market to invest in value, so that investors in the A share market will mature accordingly.

But from the investment of venture capital in capital market in recent years, venture capital raising cards are often highly praised and highly promoted, and venture capital investment has even come up with hype, which completely deviates from the principle of value investment and becomes a speculation way.

At the same time, the way of raising prices for high-risk assets has triggered unnecessary shocks in the stock market, and the stock market behind the sharp rise in stock prices is the risk of a sharp fall.

Secondly,

"Friendly investors" is conducive to the steady development of listed companies.

Venture capital investment in listed companies, to a certain extent, is an affirmation of listed companies.

Moreover, venture capital investment listed companies are also conducive to the embodiment of the investment value of listed companies, which is also conducive to the refinancing of listed companies.

However, if the risk capital raising card is to be a "barbarian", it is necessary to compete with the management team of the listed company for controlling power, which is obviously not conducive to the stable development of the listed company.

For example, the "Wanbao dispute" has brought adverse effects to the development of Vanke, and the "south glass incident" is to leave the company executives away.

If investors turn their eyes further forward, the Shanghai family property company, whose venture capital is in charge, is now driving away its former executives. At present, the company's performance has dropped sharply.

This situation is obviously not what the A share market wants to see.

In addition, venture capital "friendly investor" is also conducive to low risk investment risk.

The practice of high-risk capital raising in the placards is obviously deviated from the principle of value investment, and it also brings huge investment risks to its own investment while causing the stock price to rise and fall.

If "Bao can" is a sign of Vanke, if it is not "Hengda" follow up

Perhaps, "Bao can" has already appeared a "burst warehouse" situation, while "Evergrande" placards Vanke, though it saved "Bao can", but also put itself at risk.

Therefore, risk raising and high playing cards raise risks for the market and also create investment risks for themselves.

And being a "friendly investor" can obviously avoid such investment risks.

Of course, in the supervision of venture capital as a friendly investor, there is a need to arouse the attention of the CIRC, which is to prevent insider trading.

Since the CIRC intends to regulate the acquisition of venture capital, it is required that the insurance companies should report to the CIRC for approval before takeover of listed companies. If we do not do a good job in guarding against such risks, this "advance approval" is likely to evolve into a hotbed of insider trading, which should be paid enough attention by the CIRC.

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