Why Do You Want To Reorganize The Market? Why Do You Want To Quit?

IPO has normalized, whether the delisting system should also be legalized, normalized and institutionalized. Only when we get in and out freely can we realize the metabolism and achieve the survival of the fittest. Otherwise, if a market can not get into the market, will it get the intestinal obstruction and die early? Otherwise, a good market will co-exist, the good people will not encourage, the bad people will not punish, and how to survive the fittest.

In the face of unscrupulous fraud, the best way is to let it withdraw from the capital market, and no longer have any chance to fool investors. If we always look ahead and back, we will become more competitive.

SFC official release

"The sword blows up the chaos to attack the toxic assets to pollute the capital market". It refers directly to the nine good group of Zhejiang, which has packaged itself into a "good" asset valued at 3 billion 710 million yuan by means of inflated revenues and fictitious bank deposits. It is a joint restructuring with saddle heavy shares to achieve the purpose of backdoor listing.

Nine there are false records and major omissions in information disclosure of good group and saddle share.

Looking back at the financial fraud of the nine good group, it is a bit shocking. It is understood that platform service fee income and trade income are the two major sources of income for the nine good group.

Nine good group from 2013 to 2015 suspected of using fictitious business, changing the nature of business and other ways of inflated service charges total income of 265 million yuan, of which 2013 inflated service fee income of 17 million 269 thousand yuan, in 2014 the nominal service fee income 87 million 556 thousand and 600 yuan, 2015 inflated service fee income 160 million yuan.

In addition, the nine good group also increased the trade income in 2015 by more than 57 yuan, and the fictitious bank deposit was 300 million yuan.

To cover up the funding gap, borrow money to buy financial products or certificates of deposit, and immediately pledge collateral for the borrower's associated companies.

According to the information previously announced by saddle heavy shares, the nine good group achieved operating income of 250 million yuan, 320 million yuan and 417 million yuan from 2013 to 2015 respectively. The author estimated that over 15 years of inflated income accounted for 40% of operating income.

But so far, the CSRC's punishment is only to stay in nine good groups and related individuals, but under the restriction of the securities law, even if the SFC takes advantage of the flood power to impose the upper limit penalties, it still can not play a warning role. The nine good group of the Shanghai Stock Exchange has to make a list of 3 billion 710 million yuan toxic assets to be listed and fined 4 million 390 thousand yuan after being investigated.

Some netizens calculate: the equivalent of 371 yuan of fake goods sold by the store was punished by 4 cents 3 cents, and the punishment was encouraged by the media.

The punishment for the listed company is only the deputy general manager and Secretary of the board of directors of saddle heavy shares. Zhang Baotian received the warning letter from the Liaoning Securities Regulatory Commission for selling the shares illegally.

Effective eradication of flicker

The key lies in the elimination of the illegal companies from the capital market, so that they no longer have any chance to flirt with the reorganization again. It is also warning that later investors dare not flirt with investors again. If they are only lightly tapped, they will not produce any warning effect. No one will dare to guarantee that the next time no listed companies will flirt with them again.

At the press conference held by President Liu Shiyu, we solemnly introduced to everyone the "spoiler". We will publish some influential cases in mergers and acquisitions. Since we have published influential cases, we should have effective punishing. Otherwise, it is meaningless to publish only influential cases without punishing them with influence.

In October 15, the SFC issued "reform and improvement and strict implementation."

Sixth of the opinions on the delisting system, "Article 1", stipulates that the listed companies are punished by the SFC for their false records, misleading statements or major omissions because of the information disclosure documents, and because of the bad nature of the illegal acts, serious circumstances and great market impact, they are found to have committed major violations of the law in the written decision of the administrative penalty, or are pferred to the public security organs on the grounds of suspected crimes of not disclosing or disclosing important information in accordance with the law. The stock exchange shall make a decision to suspend the listing of its shares in accordance with the law.

The SFC said that the financial fraud of the nine good group resulted in the information disclosed by the nine good group and saddle heavy shares containing false records and major omissions. The summary of the Limited by Share Ltd acquisition report of the Anshan heavy duty mining machinery company, which caused Guo Congjun, Du Xiaofang and his concerted action nine to invest, and nine Zhuo investment publicly disclosed, contains false records and major omissions.

As a result, it is a victim. But since the SFC has identified false information and omissions in information disclosure of the saddle share, the whole case is a serious and illegal act. Why not make it a major illegal act? Why not let the delisting system be hard once, kill a monkey to look at the chicken, and let some unscrupulous chickens feel scared and afraid to come out and fool the common people? Is the rule of the delisting system just a matter of speaking? If saddle shares are heavily delisted due to major violations, there will be huge losses, but this is not a mistake in the delisting system, but a mistake in the financial fraud of the nine good groups. This causal relationship can not be confused. The above information disclosure offenses involve huge amounts and extremely bad means, and the circumstances of the violation are particularly serious, although the false statements and omissions of saddle heavy shares are due to the financial fraud of the nine good groups.

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