Catch Training To Help The Shanghai Stock Exchange To Focus On The "Key Minority" Of Listed Companies.

To achieve high quality development, a listed company depends to a large extent on "key minority", that is, Dong Guan Gao, controlling shareholders and core backbone. The key to this "key minority" is the actual controller.

In November 28th, the Shanghai stock exchange held the second phase of the training of Listed Companies in the practice of controlling letter and letter compliance. It specifically interpreted the latest regulatory policies, major asset restructuring letters, bond financing policies, product solutions and risk prevention and mitigation of pledge business.

In this training, there are hundreds of executives and executives from Shanghai listed companies.

In fact, improving the quality of listed companies has become an important issue in the development of capital market. In this regard, the chairman of the SFC has easily made public statements.

The key to prevent the risk of pledge is the real controller.

Some listed companies, executives and executives are constantly testing the edge of "Black Swans".

According to the twenty-first Century economic report reporter, behind the ridicule of the expansion of the prison situation, it is pointed out that the company's risk awareness is insufficient and its internal governance is out of control. In this situation, improving the quality of listed companies has been placed in a more important position.

This training is not only interpretations of compliance cases and rules, but also carries out a face-to-face talk with the real controllers of listed companies' pledge risks, specially organized market organizations and some listed companies with difficulties in pledge, and sets up a platform for their market-oriented rescue.

For the outside world is more concerned about the risk of pledge, the reporter learned that, through the implementation of measures in the past year, the overall risk of Shanghai stock market eased.

As of November 15, 2019, the number of companies with pledge has decreased by 186. Dozens of companies have worked hard to reduce the pledge ratio of the largest shareholder to less than 80%. However, the overall level of pledge has yet to be further reduced.

However, enterprises are in a variety of ways to defuse the risk of pledge. Reporters learned from the scene a number of typical solutions, such as equity, cash share or control rights, to increase investment in controlling shareholders; ways of creditor's rights: through the transfer of pledge, the provision of special funds, additional repurchase mode to increase capital; financial means: to carry out comprehensive financial cooperation, debt and debt restructuring and so on.

A listed company executive told reporters that the company and its controlling shareholders are facing greater financial pressure. In the near future, they signed a comprehensive cooperation agreement with a trust company. The trust company will provide credit to the company. It will provide financing through debt restructuring and new development funds. At the same time, it will undertake a certain scale of refinancing cooperation with the pledge and seized assets, thereby helping the company improve liquidity, improve the quality of operation and stabilize the confidence of controlling shareholders.

Promote real control and focus on the main business.

In twenty-first Century, the business reporter reported that the main board companies of Shanghai Stock Exchange were sound in operation and operation, but the overall growth rate slowed down, showing differentiation. Among them, blue chips performed well and contributed more than 8 of revenue, but the overall performance of small cap companies declined and local risks were concentrated. Some of them do not focus on the main business, but only the concept of speculation, assault transactions, capital operation and other means to achieve shell and shell companies, the valuation level has dropped significantly.

"The exchange should do both supervision and service. Supervision should focus on preventing risk companies and preventing bad money from banning good money". The service is to help companies develop and expand their capital markets. For example, the exchange is considering further promoting classified supervision, how to help listed companies get more letters and financing convenience. But building the market is not enough by relying on regulators. It is necessary for the listed companies, especially the actual controllers, to take the responsibility. The relevant person in charge of the Shanghai Stock Exchange told reporters.

In fact, in addition to regulatory requirements and the company's own business needs, investors' "voting by feet" is also taking effect. "There is a new change in the market this year, which is different from the past no difference in the fall and rise. The difference and structural style is forming, and this price mechanism will force the company to focus on the main business and improve the quality." Analysts pointed out.

A financial expert told reporters that judging from the current market, the valuation of Chuang Chuang board has gradually returned to rationality, and Zhejiang Commercial Bank has broken the first day intraday and the number of one yuan stock has increased. All of these reflect that the price mechanism is playing a greater role, which will affect all A share companies and also change the idea of many actual controllers.

"In the past, the share price doubled or even increased several times a month after the listing of new shares, which would be stressful to the real controllers. They could not be sold, and the P / E ratio was high. The value should support the valuation. Even if they were working hard, it would be difficult to achieve the price earnings ratio at a high level in three years. At this time, it is inevitable that some companies will think of some way to catch the door. Breaking out now is the result of the change of supply and demand. The listed company is fully motivated by its main business and has a small burden. " The analyst told reporters. At the same time, he also pointed out that in addition to listed companies, investors and institutions are also a constraint.

How do enterprises feel the change? In November 28th, a real controller of a Shanghai listed company participating in the training said, "this training has deepened our understanding of the new changes in the market and enhanced our confidence in market development. The current market environment has put forward higher requirements for the quality of the enterprise itself, which is more lawful and stable, and the price mechanism is urging enterprises to do better. Only when the business is done well will the company be recognized. For example, the cooperation between listed companies and financial institutions is closer, so it is more necessary to guide the real controllers. If the real controller does not respect the market rules and does not strictly abide by the obligation of good faith, it is very dangerous for enterprises.