SFC Investor Protection Bureau to answer investor concerns (v)
People, Beijing, July 13 (Reporter Yang Di, Yang Bo, Yang Xi) today, China Securities Regulatory Commission Investor Protection Bureau of the nine major aspects of hot issues related to capital market investors raised by a centralized response. The following is the full text of response.
A Chairman Guo: You advocate blue-chip investment value investing is correct, but now the blue-chip stock market has to be abandoned, the results of bank shares plummeted in response to your call, raised funds to take the lead Zapan banking stocks, junk stocks continue to fry, do not this is no way to control the unhealthy trends? SFC have to see how? (User IP: 121.14.235 ★.)
A: Thank you for your understanding and acceptance of the value of investments. Blue chip company on behalf of the main body of China's economy, China's economic confidence, it will have the confidence of blue chips overall. We advocate investment in blue chips, also advocated by the actual value investment philosophy. Recently, some blue chips not enough active trading, bank shares have also been some fluctuation, but we can not say the blue chips were abandoned.
The first five months, representing blue-chip trend CSI 300 Index rose 12.21%, representing the company's underperformance ST index in the first quarter has been significantly rebound, but rose only 1.8% in April, particularly in late April dropped by 5.5 % market stir underperformance of significant cooling phenomenon. Since June, the greater volatility of the market, the average valuation of listed companies further down, however, the market analysis of professional bodies, the blue chips are still the most investment value of the stock. In addition, some foreign institutional investors are generally optimistic about the Chinese market, to apply for QFII highly motivated, at present, there are 172 foreign institutions to obtain QFII status, the total amount of QFII investment by $ 30 billion to $ 80 billion, these foreign institutions Investors pay attention to long-term investment and the value of investments held by major blue chip stocks.
Data show that the end of 2011, bank shares held by the fund company market capitalization accounted for only 3.7% of the total market capitalization of all listed banks, listed banks accounted for 4.9% of market capitalization. Visible to the existing fund companies held by banking stocks on the price scale is unlikely to play a decisive role in the banking sector. Bank stocks fell more recently, on the one hand affected by the macroeconomic downturn and cut interest rates, economic and financial data to the banking sector has brought greater pressure; the other hand, last year the bank made high profits, the market for its high public opinion source of profit growth and sustainability of doubts, increased the pressure on the valuation of the banking sector. However, a high return on investment banks, the dividend yield is much higher than the one-year bank deposit interest rates, of course, have any stock at risk. Fund companies to increase or decrease the proportion of certain stock holdings according to market conditions, a company belonging to independent decision-making power, it is normal business behavior. However, the current raised funds to open the main, most can be redeemed at any time, so the patterns of behavior somewhat like individual small investors, is worth studying.
This year, the Commission related to efforts to promote institution building, to deepen the IPO reform, the guide listed companies to establish a reasonable and sustainable profit-sharing mechanism, improve the delisting system, and vigorously promote the development of institutional investors, encourage institutional investors innovative products and services, promote long-term funds into the market, promoting the value investment philosophy and culture, and to crack down on illegal activities, and strive to create a good investment environment for investors. We believe these initiatives will have a positive impact on the future development of the market. We sincerely recommend that investors continue to adhere to the faith, and insist on value investing rational investment philosophy, in conjunction with the market situation, expectations and their own conditions, carefully study the fundamentals of listed companies, with great concentration to find stocks with growth potential, not because the stock price is temporary Change of panic, make prudent investment decisions.
Second, the Commission said that made no new shares decided by the market, determined by the market. Continuous blood recent IPO financing, China Railway Materials and prospectus disclosed in advance to the market caused by heavy pressure on the current status of the stock market, we insist on the secondary market investors new shares suspended, to stop the expansion, why not stop the regulatory authorities IPO? (User IP: 125.39.39 ★.)
A: For some time, influenced by complex internal and external factors, the domestic stock market volatility to increase, investors are concerned about the issue of new shares issued, some of the views that should stop issuing new shares. Since the 2009 IPO reform forward, the market self-regulation gradually play a role in investors' ability to significantly strengthen independent game, continue to strengthen market discipline mechanism. Since last year, he has appeared in Baling Technology, langma information, Haida shares issued to suspend the case. Many enterprises in the issuance examination committee meeting reviewed by deferring issuance and listing, reduce the issue size according to market conditions, choose a better release time window, some even withdrew their applications, which shows the number of market discipline is on the issue of listed companies and scale self-regulation, which is a very positive change. At the same time needs to be emphasized that the prospectus disclosed in advance does not mean I would go, it would not mean the issue, not even sure to be issued, or the inevitable issue in the near future. If investors do not accept the proposed issue price, even if the companies would have been, to get approval may not be successfully issued.
On the other hand, in terms of policy-oriented refinancing, regulators and exchanges have been encouraging and guiding the private placement of listed companies through the issuance of corporate bonds and other means of supplementary funding. In terms of raising orientation, from January to June, the number of non-public offering, and the total financing of the project are accounted for about 80% of the total equity financing, many companies planning to issue all or part of the shares have been a small number of institutional investors and funds the big strength of the commitment to subscribe. Many large-scale trial in financing projects, fund-raising is the main institutional investors. Such as the recent Bank made non-public offering application, in accordance with its announced release plans, non-public issue of A shares of the total funds raised not more than 29.8 billion yuan, H shares not more than HK $ 32.9 billion yuan. Where Subscriber A non-public offering of shares to the Treasury, the Social Security Fund, Ping An Asset and other seven institutional investors. Corporate bond issuance in the first half in stock IPO financing fell 58%, the corporate bond financing 92.55 billion yuan, an increase of more than 80% under the net institutional investors placing corporate bonds and fund-raising has become a body.
For IPO in "playing the new" speculative and serious outstanding problems, regulators and exchanges have been strongly opposed to "speculation of new shares," the future will repeatedly prompt "playing the new" risk, not recommended for new investors to participate in the purchase of new shares into the market, strengthen IPO initial continuous supervision, curb market speculation the new behavior. In this case, the issue of high-quality blue-chip market, in favor of a more rational pricing, clearly the market is expected to curb irrational speculation. At the same time to see that investors have different preferences, different investors new and old shares for new shares of different investment preferences and the old shares, a secondary market between funds is not entirely the same, investors have full decision-making autonomy and the right to choose. By contrast, investment products whether they have investment value, investor confidence in the stability and whether investors have strong analytical skills and the ability to estimate more critical.
Other investors, market participants, the media in the United States in June this year IPO zero, my hair this year 104 new funds raised 72.596 billion yuan, down 58%, especially in June 14 IPOs, nine suffered break Case , review of new shares reform and restraint mechanisms are beginning to play a role, that even in the case of Ruoshi, the number of IPO amount should also be adjusted by the market situation and decide, regulators hope never again to contact market and stock market regulator issued up firm IPO market-oriented reform direction and confidence.
Through years of unremitting efforts, the market-oriented reform IPO market participants have gained widespread recognition. In 2011, the gross domestic product of 47 trillion yuan, saving rate up to 52% of the total money supply should be said is relatively abundant, capital supply and demand issue of new shares will not have a big impact. Stopping IPO is an administrative regulation behavior, reform should try to avoid such measures should be carried out under normal market conditions and the economy. Current capital market climate warm enough, mainly international and domestic economic growth downward pressure on the larger, investor confidence is affected, not because of lack of funds. From past experience, the new shares can not be suspended for substantial improvements in market environment. Therefore, it should insist on the issue continue to deepen reform, guide and supervise market players homing diligence. On this basis, give full play to the role of market discipline mechanism. All parties hope that the market confidence, close cooperation, and jointly promote the reform to achieve tangible results.
Third, the China Securities Regulatory Commission to launch IPO price can be priced directly by the underwriters and distribution company of the New Deal, which could again make two issuers to give greater benefits to meet the high pricing issue in the past must have 20 institutional investors Inquiry price can achieve now is tantamount to hoodwink the public. Regulators how to curb acts of transfer of benefits? (User IP: 58.218.205 ★.)
A: We like you very concerned about the IPO system design and fair protection of legitimate rights and interests of investors, the Commission has been committed to reform and improve the pricing of the IPO. To change the order of inquiry to determine the issue price of a single pricing model, increase the flexibility of IPO pricing to encourage issuers and underwriters innovative pricing, the Commission in May 2012 revised "securities issuance and underwriting management approach "(hereinafter referred to as the" Rules "), proposed initial public offering of stock, with the exception of inquiry may be priced, but also by the issuer and underwriter of independent legal consultation viable pricing directly determine the issue price. For issuers and underwriters negotiated directly select independent pricing, the Commission requires issuers and underwriters careful argument, prudent proposed pricing plan, strict compliance with the relevant procedures, and advance to the regulatory filing.
In order to prevent the transfer of benefits and other acts of independent pricing and other processes occur, the SFC "Guiding Opinions on Further Deepening the reform IPO" (hereinafter referred to as "guidance") and "measures" clearly states, regardless of the issuer and the main underwriter to adopt what pricing, significantly higher than for the same level of industry-related pricing, would require the issuer and the relevant agencies to strengthen information disclosure, revealing depth risk, and even re-inquiry or trial will be re-drawn for consideration. For issuers and underwriters illegal transfer benefits, the Commission and subject to strict supervision plot to take supervisory talks, to produce a letter of warning, ordered to publicly, finds inappropriate candidates, market exclusion and other measures, suspected of a crime, will be transferred in accordance with law the judiciary, be held criminally responsible.
In addition, according to the current regulations, IPO Whatever pricing, issuers and underwriters need to be issued to public investors and online inquiry objects under the net (including institutional and individual investors), investors decide whether to accept the offering price and decide whether to purchase payments. If the issuer and underwriter negotiated the above-market and investors can not accept the price, investors will not get a lot of recognition and lead to suspend the issuance or underwriting. That is, you can constrain mechanism by strengthening market discipline and behavior, which restricts the occurrence of issuers and underwriters "hoodwink" behavior.
Next, the Commission will continue to focus on information disclosure as the core, further promote the reform measures requiring issuers and underwriters in-depth to reveal the investment risk, operational risk at the same time, the need to constantly remind investors purchase shares at risk. We also believe that the majority of investors will fully understand the relevant information, rational analysis, judgment calm rationality based on the offering price, prudent purchase of new shares to participate.
Fourth, strongly recommended the establishment of mechanisms for fund managers with bonuses linked to the Christian Democratic gains! I bought the fund did not make any money, money fund managers also so high, he certainly did not put our small retail look inside the life and death! Now there is no mechanism for the Commission to establish the interests of fund managers and the Christian Democrats bundled plans? (User "Christian Democratic" IP: 59.175.130 ★.)
A: We have been concerned about the hot market fund industry Hanlaobaoshou phenomenon, for this situation, the Commission has begun to establish a mechanism to promote the interests of fund investors and fund managers tied.
First, the introduction of a "fund of employees on matters related to investment securities investment fund regulations," the establishment of the Fund employees and the interests of the fund share holders binding mechanism, to encourage fund managers for senior management, fund investment research department and the person in charge , fund managers and other management to buy the company's own fund shares or management, and promote employees pay more attention to fund investment to enhance research capacity, improve fund investment performance and standard operation level, to further safeguard the interests of fund shareholders. Second, the introduction of sponsored funds, promote fund companies, fund managers, consistent with the interests of fund holders, to better reflect the interests of the holders of priority principle. Recently modified and released "securities investment fund management approach" to require the fund management company at the time of launch to raise funds, shareholders need to use company funds, the company inherent in capital, company executives or fund managers and other personnel funds to subscribe for not less than 1000 million, and the holding period of less than three years. Through the above arrangement, the fund companies to achieve consistent fund managers and fund holders interests. The third is to explore the funds rate reform. Such as encouraging fund companies to extract part of the management fee to set up a special performance risk reserve when the fund underperformed the benchmark performance, extracting performance risk reserve compensation fund holders.
V. Dear will lead: Hello! Almost every day I receive text messages and share around friends, let us know in the afternoon to buy a stock, shipments shot up the next morning. This is the man pulling his sedan chair, with the Beijing premiere WangJianZhong same type approach. Such messages are bulk and can not reply. We want to know whether the Commission has a special telephone hotlines or phone number? For all types of illegal behavior consultation, the Commission can take effective measures to investigate? (2012.03.20 investors a high)
A: The China Securities Regulatory Commission has a dedicated telephone hotlines to report the telephone 010-66210166. In addition, you can also "interact" by the China Securities Regulatory Commission official website (www.csrc.gov.cn) column reflects the issues related to the upper right corner .
Illegal Securities Activities of the Commission has always attached great importance from the beginning of March 2009, the joint public security departments of justice, business administration, broadcasting management, communications management, a number of measures to be regulation. In strong support of the parties concerned, the Commission around the "front-end monitoring, media purification, case investigation, publicity and education, expanding the right way, to maintain stability," the six areas, firmly, in an orderly remediation using the Internet, radio, television, and telephone in illegal behavior securities investment advisory activities. By the end of 2011, regulators shut down a total of more than 2460 illegal securities website, halt illegal organizations and personnel involved in radio and television programs or advertisements violation of securities 278; total transfer of the case to the police, or more than 1,800 clues to assist the public security organs cracked " Hunan Chi Ying case "and" Northwest FINANCE case "and" Chongqing new Ying hung case "," Yan Baohua case "and other typical cases of more than 210 plays, arresting criminal suspects more than 1,500 people.
Next, the Commission will continue to work closely with the relevant broadcasting management, communications management, strengthen the illegal securities information management, cutting off illegal securities information dissemination channels; cooperate with public security organs have intensified the illegal securities investment consulting case crackdown, maintain the order of the securities market, effectively protect the legitimate rights and interests of investors. At the same time, we must also remind the majority of investors in securities investment process, we must understand the nature and harm of illegal behavior of recommended stocks, convinced that "the sky will not fall" to enhance long-term investment, value investing philosophy, to make quick boycott money, money, "flourishes" the temptation to "speculation new" and "small fry", "fried poor"; to "caveat emptor", "caveat emptor" rational understanding of the role of investment advice, not blindly listen to news and rumors, all kinds of efforts to improve the ability to identify securities information, independent judgments, careful decisions.
Sixth, the Commission launched the international board should draw lessons from the launch of the GEM time, I heard the wolf, two devastated market, fell sharply! As a manager of the securities market, the state should be responsible to the people, dare to take responsibility, take risks. Before the launch of the GEM, also we had a similar situation. Currently, the market downturn in Europe and America, are very positive about China's foreign market, whether it should seize the opportunity, the timely introduction of the international board? (User IP: 112.90.247 ★.)
A: Recently, the launch of the international board rumors had an impact on the market, in the current market situation, we can understand the majority of investors on the international board issues of worries and concerns. The international board is still in the system design, program demonstration and rule-making stage, when the launch is no timetable.
China's "Twelfth Five-Year Plan" clearly stated the need to "explore the establishment of the international board market." Construction of the international board to build multi-level capital market is an important part, but also the need to finance the country's economic development strategy, in the long run, an open market there will certainly be the case in domestic market to foreign enterprises, the new capital of the world. most countries have accumulated, but also fully capable of accommodating and withstand foreign enterprises issuing securities. Otherwise our country will never develop the financial sector is not up, it is impossible to Shanghai as an international financial center. But the construction of the international board regulations covered a range of issues including legal, accounting, finance, etc., cross-border supervision, need to be resolved, the Commission will be in the country, the market, investors and responsible attitude, careful study, preparation, demonstration.
In recent years, the Commission on the international board of the relevant departments and agencies to communicate in depth discussions, analysis of the issues related to the international carding system board design involves, but also a comparative study of practices in other markets, and experience relevant company cases internationally, and with foreign regulatory authorities on cross-border supervisory cooperation in the communication. In the future, the Commission will continue to strengthen communication and coordination with relevant parties, solicit and listen to the industry, academia and the opinions of various market participants continue to enhance and build consensus, actively and steadily promote the international board system design, and rulemaking relevant technical preparations.
Seven, hundreds of companies to be listed on the crowded queue not cut, and to the expansion of three new board. Recent media reports, three new board to launch some time in early September, the implementation of market-maker system, expanded to all high-tech zone, about 1,000 companies waiting for the pre-listing. Now that you have the motherboard, small plates, GEM, and now come up with three new board is not to duplicate, the addition of a new financing platform for expansion? Regulatory authorities for the overall development of the capital market in the end is how to consider, let investors know in advance whether an idea? (User IP: 61.158.248 ★.)
A: Currently, the "new three board" market is being developed, many investors may have its function, location, features do not quite understand. In fact, according to the current design, the "new three board" is to provide for the transfer of shares in unlisted joint-stock companies and services, not raise funds from the public, even if the private placement financing is based, and the smaller increase, does not produce a share of funds diversion effect. Zhongguancun pilot situation, six years more than 100 listed companies, the total amount of capital directed only 1.729 billion yuan, the company has a single financing only a few thousand yuan, much lower than the average annual exchange market financing. Therefore, you can dispel the "expansion and to" concerns.
In addition, the "new three board" there are a lot different from the board, small board and GEM arrangements. First, the nature of different listed companies. Board, small board and GEM companies are listed companies, three new board listed companies will be unlisted growth, innovative SMEs. Of course, they all belong to a public company, we must accept the supervision of China Securities Regulatory Commission. Second, the different conditions listed. Board, small board and the GEM Listing conditions of the applicant's profitability and firm size has a corresponding requirements, more stringent conditions. Three new board listed conditions proposed no firm size and profitability indicators, as long as the applicant legally established, prominent main business and continuing operations, a sound corporate governance structure, operations specifications, you can apply for listing. Third, the application listing the different procedures. Board, small board and GEM companies have to go through the SFC IPO audit. Three new board listing application program will further develop the self-discipline management functions of the OTC market operators, weakening administrative control. Fourth, the transfer of different ways. Currently the board, small board and GEM-based centralized auction trading. Three new board due to the generally small size of listed companies, ownership is more concentrated, mainly intended to transfer protocol, and the introduction of market-making transactions on Stock Quotes and enhance liquidity. Fifth, the new board has more stringent Investors in the system, with the corresponding investor risk identification and risk tolerance in order to participate. Therefore, the exchange market, the new three board is not involved in the mass markets. Zhongguancun pilot from the same market and abroad, the transactions are not active. Sixth, the construction of three new board will be taken to gradually expand the pilot the way steadily, will initially select few cities conditions are ripe for a national high-tech park, will not have a negative impact on existing markets.
These different, were indicative of the "new three board" with the board, small board and the GEM is a functional complementary and mutually reinforcing relationship, not to duplicate, they are an integral part of the multi-level capital market system, will enable the different stages of development , different types and characteristics of enterprises can be supported and developed. "The new three-panel," the introduction to further serve the real economy needs to increase support for SMEs, promote technological innovation and create a favorable investment environment for private capital is of great significance. Currently the Commission is in accordance with the State Council, the deployment of steady progress this work recently on the "non-listed public company supervision and management measures" for public comment, welcome investors to participate in supervision.
Eight, regulators recently proposed to promote the development of the wealth management industry, the real problem is the lack of diversification of financial services and products on the market today, it is difficult not only to find a beat inflation, without too much risk investment products . We want to invest, they can not find a reliable investment channels, raised funds will not let us rest assured entrusted financial management. Regulatory authorities in the agencies, funds consider what financial product innovation? (User IP: 61.160.226 ★.)
Answer: to develop the wealth management industry is Chairman Guo Shuqing June 7 fund industry association established in the General Assembly speech put forward, and it is based on the improvement of economic efficiency, improve income distribution, improve the financial architecture and promote healthy capital markets development needs proposed, on China's economic transformation is important. First, the development of diversified investment channels, can be of different types, different stages of development of enterprises to provide the necessary financial support and create conditions for the incubation of new industries and upgrading traditional industries. The second is to improve the income distribution structure, we need to take advantage of the wealth management industry, offers a variety of investment products. Third is to develop the wealth management industry, in favor of diversion of bank funds, to improve the proportion of direct financial and indirect financial imbalances, dispersion and defuse financial risks inside the system. Fourth, individual investors as the main capital market in China, because the investment habits and lack of professional knowledge and related information, most of the time at a loss. Changing the above situation, we must vigorously develop the professional investment, encourage and guide individual investors to finance and investment initiative to change the way, from their own buy stocks, buy steering funds, financial products, trust plans to participate, join the portfolio by institutional investors, professional financial share capital market growth and income.
For your proposed by the Commission in the organization, what to consider innovation fund financial products, you've probably noticed that the Commission is actively promoting the fund to strengthen the analysis of product structure, the direction of investment, corporate governance, asset management and other aspects begin the transition to a modern wealth management institutions. We support insurance companies, trust schemes, bank financing, private equity investment to expand its wealth management business backed securities companies, fund companies for product innovation, according to customer preference for the majority of investors to design a wide range of financial products, to provide better financial services . Has launched bond pledged repurchase offer, cash management products, such as low-risk, income is relatively stable products, Shanghai, Shenzhen Stock Exchange in conjunction with the relevant securities company is studying the classification of financial products. At the same time, the Commission also vigorously promote the restructuring of the fund industry, the development of fixed-income fund, launched regularly open bond funds, bond funds finance; relaxed bond funds and money funds investment targets for the majority of investors with lower risk, income stable investment products. Next, the Commission will continue to improve the agencies, funds product innovation mechanism to mobilize securities companies, fund product innovation enthusiasm, market-oriented, customer-centric, for the majority of investors to provide a variety of financial services and products, building a strong wealth management industry.
Nine, in recent years, some state-owned enterprises have been restructuring and listing, the majority of enterprises in the post-market reform is still "superior" have the final say, the Board of Directors non-existent, but executives at the mercy of the "signature machine", government-enterprise regardless, regardless of employment, regardless of business, regardless of management, enterprise Jiaocheng "pot of cooked rice." What regulatory measures to deal with this, to improve the governance structure of listed companies as soon as possible, let us rest assured investors? (User IP: 122.227.222 ★.)
A: Most of the state-owned listed companies from restructuring state-owned enterprises and institutions, beginning with its controlling shareholders there is a link, the controlling shareholder of countless excessive interference will affect the independence of listed companies, which, SFC height attention, and it has been the focus of regulation.
In recent years, the Commission from promoting basic system construction, carry out special activities to strengthen routine supervision, to build a comprehensive supervision and coordination mechanism, and many continue to improve governance of listed companies. First, under the "Company Law" and "Securities Law" framework, unveiled a "Listed Company Information Disclosure", "Articles of Association of Listed Companies Guidelines", "Rules of shareholders of listed companies of the General Assembly," "independent directors on listed companies to establish guidance system, "" regulations on strengthening the protection of public shareholders' equity "and other series of documents related to the establishment of incentive shares to protect the public shareholders' equity, investor relations management, equity, shareholders' meeting, the independent directors and other aspects of rules and regulations, a strong impetus to the process of corporate governance reform. The second is the historical problem with the competition and related transactions and other parts of the restructuring of listed companies long-standing, since 2010, the Commission initiated resolve intra-industry competition, reducing special activities related party transactions, the company's operational independence listed further enhanced, listed companies quality further improved. Third, implement the regulatory responsibility to the jurisdiction of the listed companies and listed companies, integrated monitoring system, establish a comprehensive, multi-angle, the whole process, market regulation and supervision of listed companies closely integrated combination of regulatory system. Fourth, initially built a cross-sectoral, regional, central and local aspect combined with comprehensive supervision system of listed companies, the SASAC and local governments through "joint training, joint research, joint inspection" way to promote the independence of state-owned listed company to solve problems and promote state-owned controlling shareholders of listed companies and the actual controller standardized operation, enhance the sense of responsibility of shareholders, to establish laws, rules and philosophy.
In the future, the Commission will continue to focus on strengthening standardized operation of listed companies, improve the comprehensive governance structure of listed companies, effectively protect the legitimate rights and interests of medium and small investors. First, efforts to improve the independence of listed companies, strengthen the independence of the independent director system construction, reverse the individual leaders in charge of the situation. Second is to strengthen supervision and restraint mechanisms and construction of state-owned listed companies, on the one hand the gradual strengthening of the duties and responsibilities of directors to perform their duties through institutional reform, on the other hand play a supervisory role of supervisors and independent directors to protect the legitimate rights and interests of shareholders. The third is to increase the minority shareholders the right to judicial relief to prevent the power of judicial control over the company's largest shareholder abuse, to protect the interests of minority shareholders.