A Share Market Is A Typical "Retail Market" Risk Is Inevitable.

In recent years, there have been a lot of chaos in the A share market, such as the increase in the proportion of capital reserve to capital stock, such as 10 increased by 10, 10 increased by 20, and 10 increased by 30. At the same time, the listed companies' arbitrary and willful private placement has become more and more aggressive and unruly. Some listed companies have priced IPO 5 yuan.

Six months later, private placement was launched. The price of the additional issue was as high as three yuan and forty yuan.

How can these listed companies increase their capital stock and willful private placement? What are their motives? Are there any suspects in stock price manipulation and insider trading? According to statistics, in 2016, a total of 227 enterprises in the A share market completed IPO, and the total scale of IPO fundraising was only 149 billion 800 million yuan. In the same year, 587 A share companies completed the private placement, and the scale of refinancing increased to 1 trillion and 550 billion yuan, which was equivalent to 10 times the total scale of IPO fundraising throughout the year.

In fact, the A share market is a typical "retail market". Not only the private placement is gambling, but the "retail investors take the initiative to pay the bill", and the large scale increase is also a temptation for the retail investors to reduce the "active pay" for the major shareholders and specific shareholders.

Therefore, if we can not encourage the "retail investors to take the initiative to pay the bill", the crazy game of large scale increase and private placement will be revealed, and we will not be able to play anymore.

However, the harsh reality we see is the fact that our retail investors prefer to increase the proportion of large ones. As long as they are told to send 10 to 20 and 10 to 30, investors will dare to rush to buy these stocks (even if they are a stock of junk stocks). Large shareholders and fixed shares will also be able to sneak out of the stock market and quietly carry out the reduction and clearance. Of course, the premise must be "retail investors take the initiative to pay the bill".

In addition, many "fixed Plus + mergers and acquisitions" also assume the assumption that "retail investors take the initiative to pay the bill".

Some listed companies dare to value only three or five stars of the film and television company (actually only a leather bag company) valued at billions or billions of dollars, precisely because they dare to jointly bet on "retail investors to take the initiative to pay."

As long as retail investors dare to pay the bill, they dare to raise the price of targeted private placement, buy the target at a high price, and finally achieve a win win or win win between the private placement and the targeted placement, the acquirer and the acquirer, but the premise must be "the retail investors take the initiative to pay the bill".

This is both a lamentable tragedy of individual investors and a conspiracy and ploy of major shareholders and specific shareholders.

Do you have any evidence to prove that this is a joint manipulation of share price and insider trading between a listed company and a major shareholder and a specific shareholder? Of course not!

Therefore, in the A share "

Under the "pattern", regulators must protect the risk free consciousness and enforce the strictest restrictions and regulations on the reduction of large shareholders and specific shareholders.

In May 27th, the SFC issued the revised regulations on the reduction of shareholders and directors of listed companies. Subsequently, the Shanghai and Shenzhen Stock Exchange issued the detailed rules for the implementation of the shareholding and directors, supervisors and senior managers of the Shanghai stock exchange, and the implementing rules for the reduction of shares of shareholders and directors, supervisors and senior managers of the listed companies of the Shenzhen stock exchange.

This is a new version of the new regulation issued by regulators after July 2015 and January 2016, aiming at further regulating shareholder's reduction.

The targets for reducing the new regulation include the large shareholders of listed companies, the specific shareholders before IPO, the non-public offering of listed companies (holders of private placements after IPO), and the directors and supervisors.

Its specific reduction actions include centralized bidding reduction, block trading reduction, off site agreement pfer, bridge reduction, judicial disposal reduction, concerted action reduction and Dong Jiangao's reduction.

The reduction of the new regulation has further regulated the reduction behavior of major shareholders and specific shareholders, and has increased the reduction and restraint from the way of reduction, frequency of reduction, quantity of reduction and information disclosure.

In accordance with the new rules, the implementation rules for the simultaneous issuance of the Shanghai and Shenzhen Stock Exchange have further clarified that shareholders holding non-public offering shares of listed companies can reduce their holdings through the centralized bidding paction. Within 12 months from the date of the lifting of the shares, the number of holdings should not exceed 50% of the number of shares they hold.

Or the reduction of specific shareholders and the adoption of a large scale paction, the total number of shares reduced within 90 consecutive days shall not exceed 2% of the total shares of the company.

The pferee of a block paction shall not pfer the pferable shares within 6 months after the pferee.

If the reduction of large shareholders or the reduction of specific shareholders by way of agreement pfer, the ratio of the pferee of a single pferee shall not be less than 5% of the total shares of the company.

If the reduction of shares by way of agreement pfer results in the loss of the majority shareholder status, the pferor and the pferee shall continue to abide by the reduction proportion and information disclosure requirements within 6 months. The resignation of the chairman of the board of directors shall comply with the restrictive provisions of the stock pfer according to the original term of office, that is to say, half a year's leave is not allowed to be reduced, and no more than 25% per year.

In addition, large shareholders and specific shareholders should disclose information before and after the reduction. Therefore, these shareholders will no longer be able to assault, sneak or quietly reduce.

What is the impact of this reduction in the new deal? What is the prediction and evaluation of the policy effect?

(1) the difficulty of increasing capital, playing the stock rights, increasing costs and increasing risks will be beneficial for listed companies to focus on the main business and reduce the deficiency to reality.

(2) a large scale increase can no longer help large shareholders and specific shareholders to reduce profits. They may no longer force the proportion of listed companies to increase.

(3) the increase or decrease in the regulation will be strengthened, and the confidence or interest in private placement and other institutions will be greatly reduced. For this reason, private placement will not be more capricious and rampant.

(4) the difficulty of "fixed Plus + M & amp; acquisition" is increasing, and many companies may not be able to play anymore.

(5) elongate the reduction cycle, reduce the frequency of reduction, and limit the reduction ratio. This will help to curb assault, sneak attack and centralized reduction, especially in the liquidation reduction, unrestrained, immoral and no bottom line reduction.

(6) improving pparency is conducive to stabilizing stock prices and stock market expectations and protecting small and medium investors.

However, in the short term, we can not be too optimistic about the impact of the new rules on the market trend.

On the contrary, the reduction of new rules may allow some speculative capital to withdraw automatically from the market, and it will not obviously bring the increment of market capital.

Of course, the reduction of the new rules will help reduce the selling pressure of the two tier market, which will help stabilize the stock price and stabilize the market, and may further enhance investor confidence.

In short, the market trend still depends on macroeconomic fundamentals.

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