129757152392656250_57Hexun homepage established mobile phone version of the stock/fund market for micro-blogging news blog live small company stocks the major new share placements by gem new third sector brokers New York themesBulletin deal prompted the financial calendar of earnings release memo block trade in thousands of shares of financial market Center collection of funds flowing to new share purchase financing microblogging daily limit of the unit gather Forum pioneer financial management training-Pi Haizhou 2011> hexun hexun.com stock column body print RSSSize-March 08, 2012 from: hexun shares author: independent financial writer Pi Haizhou Pi Haizhou professional investors (source: hexun.com) content of this article to the author should be invited hexun.com's column
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Stay tuned readers focus on updates. Year of 2012 is undoubtedly the reform of China's stock market. Chairman of the SFC since October 29, took office last year, he has been committed to the reform of China's stock markets. And this reform clearly has been the strong support of the State Council. At the beginning of this year's national financial work ConferenceShang, Premier Wen Jiabao made clear that to deepen the IPO market-oriented reforms, we should improve the system of issuing, promote the healthy primary market and secondary market, boosting confidence in the stock market. And is being held in "two sessions", "sound system perfect the IPO and withdrawal system, strengthen the return and protect the rights and interests of investors" is being written into the Government work report��
����A new round of reform of Chinese stock market is inevitable. Then, a new round of reforms which one to get started? This is what investors are most concerned about. On March 5 the premier took the day of the Government work report, the SFC Chairman Mr Guo said in an interview with reporters, SFC now has a sound system perfect the IPO and withdrawal systemArrangements. But I was more worried about this. Very practical question, current legal framework has clearly tied to the stock system reform and perfection. If those laws to be revised and comprehensive, it's hard to believe that under the existing legal framework, including the issuance system and withdrawing system of China's stock market reforms to achieve good results. Therefore, reform of China's stock marketShould be starting from perfecting securities legislation, if the legal system there are obvious drawbacks, would have greatly reduced the effect of the reform of stock markets. Taking the reform of shares system as an example, this is where the focus of a new round of reform of Chinese stock market. But it's clear the IPO will be subject to the companies act and the reform of the system of bondage of the Securities Act. For example, in the current media disclosedRelevant measures, the issue was one of the stock. But the 142th article of the law clearly stipulates that before the public offering of shares of the company's issued shares, since the company's stock within one year from the date of listing on the stock exchange transactions shall not be transferable. For example, on the reform of IPO inquiry link, one view is to introduce United States auction system, inquiry agencies according to their quotations to readPurchase of shares, rather than a unified price of subscription. However this practice obviously contrary to act in line with the 127th. The provisions, with the type of stock to be issued for the same time, the release conditions, and price of each unit should be the same. Then increase the proportion first shares of new listings, this has always been the voice of the market. The Securities Act but the 50th article on "development of publicShares to more than 25% of the total number of shares of the company; and of the company's total share capital exceeds RMB 400 million Yuan, more than public offering of 10% shares "of the listed conditions, clearly the issuer an opportunity.
����If these legal terms are not to be modified, it is hard to believe that the reform of shares system would be successful. And if delisting system introducedAnd perfection, a major focus of this year's stock market reform. After delisting now gem system for comments after the final version of the Basic, most can be introduced this month. Perfecting delisting system of boards and back also is expected to launch in the first half of this year. System introduced in favour of delisting the fittest, optimizing the allocation of resources. This is an important step towards a healthy development of the stock market. But current law boxUnder the frame, delisting system amounts to picking up Sesame lost watermelon, have their faults are suspected. Fraud is the most obvious sign of listed companies were protected by the law without delisting. Under section 189th of the Securities Act, the issuer does not meet the release criteria, obtaining by deception release approval, have issued securities, illegal proceeds amounts more than 1% per centFive shall be fined. Since fraud listed may not cancel, other companies would still need delisting.
����Therefore, delisting system introduced, first of all, you should modify the above provisions of the Securities Act, or delisting system there is no need to be issued. Pi Haizhou: professional investors, independent financial writer. 1993 the market 19 years of stock market experience, acquired onStock market's unique vision and insight.
����Wrote the article to comment on policy, current affairs hot experience, stock speculation, to reflect the medium and small investors call for responsibility, and author of the book easily speculation in the stock market. Without hexun.com permission, any agency, media
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