SFC Investor Protection Bureau response to the concerns of investors (IV)
People, Beijing, May 18 (Reporter Yang Di Yang Bo Yang Xi) today, China Securities Regulatory Commission Investor Protection Bureau for the majority of investors concerned about the "market expansion", the "new three board", "T + 0 system", "listed hot issues company dividend ex-dividend "and the eight aspects of the response. The following is the full text of replies China Securities Regulatory Commission Investor Protection Bureau:
First, with regard to market expansion
1, I was in 1992 to enter the market, knowledge of the development of China's stock market. So the stock market downturn, but the IPO, capital expansion slow pace did not stop, why not suspend issuance of new shares to boost the stock market confidence? (User IP: 61.160.226 ★.)
A: From January to April this year, the issue size and pace, the Shanghai and Shenzhen A total of 63 companies IPO, down 44% compared with the same period last year 113; financing amounted to 46.4 billion yuan, down 64% over last year 129 900 000 000 wherein the small plates fell 68%, 66% decline in the GEM. IPO issue size and pace and did not increase compared to last year.
From the historical development of securities market, the IPO market and the rhythm of ups and downs is not necessarily linked. From a historical look at the stock market, starting in 2007 A-share financing of 4,590.62 billion yuan, ranking first in the world, the Shanghai and Shenzhen 300 Index rose 161%, while in 2004, suspended in 2008 after the IPO, A-share market is still continuing downward trend has not changed .
From the law of mature markets, the IPO market for the delivery of the "new blood", and promoting market activity, but also provide investors with more opportunities to share high-growth companies, resource allocation function of capital markets play an important and effective way one. Meanwhile, the IPO size, often showing a rhythm follow the market characteristics, mainly rely on market supply and demand mechanism of self-regulation. When the IPO market downturn difficult, or even no one is interested, the issue failed; the market for the better, the IPO is relatively easy, price and volume go. Since our 2009 IPO reform, regulators phasing out of administrative control for the IPO, the IPO is no longer artificially control the rhythm, the issuer can be approved within six months of approval validity to choose the timing issue. With the deepening of reform IPO, buyers and sellers the game more fully, highlighting the risk of a market, there have been situations issuance failed, began to show the effect of market constraints.
Category Market Index is not the level of administrative supervision, but suspended IPO is a typical administrative control of behavior, so regulators can not be adjusted according to the rhythm of issuing index level, or else left reform IPO "turning back", does not meet the market the direction of reform. Key regulatory authorities at this stage work is to continue to deepen reform issue, continue to improve the system, and urge market players homing diligence, to promote the effective functioning of the market mechanism.
2, the proportion of IPO reform, improved under the net placement, the success of small investors the opportunity to participate in online purchase even smaller. Will regulators How to explain this? (User IP: 61.160.226 ★.)
A.: IPO exist for the current inquiry is not rational, overpriced, frequently break the phenomenon, the IPO reform increased the allotment proportion to further strengthen the inquiry objects bound to enhance the reasonableness of quotations, while to protect the legitimate interests of small investors focused on the following measures:
First, take into account the structural characteristics of the Chinese market investors pay attention to the wishes of small investors to participate in new shares, increase in the proportion of the net at the same time placing a clear call-back mechanism to the Internet under the net to increase the opportunities for small investors to participate in online purchase.
Second, the reference to foreign practices mature markets, the abolition of forced locking under the net Placing restrictions, increase IPO on the first day of circulation, inhibit excessive speculation of new shares, the secondary market to maintain the normal order.
The third is clearly the issue price-earnings ratio is higher than the industry average price-earnings ratio of listed companies at 25% of the cases, the provisions of the issuer to add further disclosure and risk disclosure mechanism, prompting issuers to re-examine the reasonableness of the offering price, to raise funds in to meet the business development but also consider the income secondary market investors.
Fourth, strengthen the supervision of the inquiry and the pricing process of hype, false advertising to mislead and induce the behavior of investors, increased supervision and punishment efforts.
Second, on the three new board
3, I heard to launch three new board, the new board and various other board What is the difference? We are concerned that the introduction of three new board will cause the stock market decline, what are the measures to protect the interests of investors? (User IP: 183.129.204 ★.)
A: The "Twelfth Five-Year Plan" and the National Financial Work Conference clearly deployed to accelerate the construction of multi-level capital market system. The Commission is in accordance with this requirement, actively and steadily promote a unified national OTC market regulation (commonly known as the "new three board") construction. This is to enhance the ability of the financial sector of the real economy, in particular to increase support for SMEs, promote technological innovation and create a more favorable investment environment for private capital, it is of great significance. OTC market building up pressure for the relief of release motherboard, GEM listed companies delisting convenient arrangement, it can also create a positive role in promoting.
Three new board on the division of functions, there is a big difference in service location with the existing board, small board and the GEM market is a function of complementary and mutually reinforcing relationship. Specific performance is based on trading patterns based transfer protocol, and the introduction of two-way quotes of market makers trading lower trading activity; mainly private placement financing, no public offering to raise funds not to the public. From six years of the experimental situation, three new board company directed replenishment amount accumulated only 1.717 billion yuan, a limited amount of money involved in the diversion of funds is not on the A-share market impact is limited. In addition, the introduction of three new board, it is likely to take is to gradually expand the pilot mode, select the part of the High-Tech Park qualified enterprises to enter, and then expanded to other parks, after a long time will be extended to outside the enterprise campus.
To protect investors, the current system of three new board design introduces a risk control mechanism. On the one hand, the strict entry listed companies. Listed companies must meet the requirements of corporate governance, information disclosure and other aspects of the "new three board" provisions. Listed company, brokerage firms need to hire organizers to do due diligence and recommend three new board market review, approved by the Commission. On the other hand, three new board will implement stringent investor appropriateness management, allowing only legal institutions, equity funds and higher risk tolerance and to identify a natural person to enter the market. Establishing appropriate institutional investors will effectively prevent the risk of spreading to the general small investors.
Third, on the dividends of listed companies
4, management has recently appealed to dividends of listed companies, but the last annual report, the dividends of listed companies seem much, the stock market "re-financing of light return" when ills can completely change? (User IP: 123.150.197 ★.)
Answer: to give investors a reasonable return on investment, share the fruits of economic growth provides opportunities for investors, it is the responsibility and obligation of listed companies should fulfill. SFC has been attached great importance to return to shareholders of listed companies, listed companies continue to encourage and guide the establishment of sustainable, clear and transparent cash dividend policy and scientific decision-making mechanism, improve the transparency of information disclosure of listed companies cash dividends and facilitate investor decisions, advocating return to investors equity culture.
At present, the Shanghai and Shenzhen listed companies in 2403 have all been disclosed in the 2011 Annual Report. From the data disclosed in the annual report, the dividends of listed companies the situation has clearly improved. First, an increase of 2011 to disclose the cash dividend of the total number of listed companies Number of companies ratio. A total of 1613 listed companies raised cash dividend program, accounting for 67.12% of all the number of listed companies; 2009, 2010 respectively 1006, 1321, accounting for respectively 55%, 61%. At the same time, the plate in the cash dividend, although reflecting different characteristics, but the plate overall cash dividend increasing year by year. 2009, 2010, 2011, simply send the company now occupies a dividend ratio of the company, the Shanghai and Shenzhen main board were 74.43%, 75.47% and 80.01%; small plates of 55.05%, 44.42% and 57.63%; GEM 39.29% 25.45 % and 46.32%; second is the amount of cash dividends of listed companies net profit of the year the proportion of decline has stabilized. Under the program, in 2011 cash dividend in the amount of 606.764 billion yuan, accounting for all the listed companies in 2011 net profit of 31.35%, higher than the cash dividend increase of net profit increase of 8.07 percentage points. In 2009, in 2010 the proportion was 35.85%, 30.09%.
May 9, the Commission issued "on the further implementation of the listed company's cash dividend related matters notice", to take further measures to improve the return to shareholders of listed companies. First, encourage and guide the listed companies to improve the dividend policy and its decision-making mechanism, a clear return to shareholders planning, multi-channel attention, to understand, to collect the demands of shareholders, the shareholders of the demands put forward by the shareholders and other procedures to make a clear response. Second is to strengthen the cash dividend of information disclosure requirements, refine relevant disclosures. Third, the listed company concerned whether the effective implementation of commitments in the supervision of dividends, in return for failure to fulfill the commitments of the company planning to take the necessary measures for the supervision and inspection. The SFC will also strengthen the "notice" the implementation of a summary assessment of the effect, and gradually explore and improve, further efforts to contribute to the community to guide the listed companies, investors return, we consolidate the basis of market value of the investment.
Fourth, on the stock index futures
5, the stock market continued to fall and the big stock index futures short not unrelated, and how the regulatory authorities to treat this problem? More than two years has been the introduction of stock index futures, stock index futures SFC how to evaluate? (User IP: 124.232.149 ★.)
A: The stock index futures as a tool for two-way trade, the stock price change is a reflection of the spot market price level, the impact of stock index futures on the spot market prices is neutral, either from the product characteristics, or outside mature trading mechanism market practice, stock index futures and stock prices do not exist necessarily linked. Mainly as follows:
First, the stock index futures market is the stock market shadow market, the futures price is always around the stock price index fluctuated. Since the stock index futures market, the main contract price and the spot index higher goodness of fit, the correlation coefficient above 99%, there is no independent movements in stock prices appears. The price level of the stock market ultimately be decided by the performance of listed companies, market interest rates, investor psychology and other factors expected. The introduction of stock index futures, will not affect the fundamentals of the real economy, it will not change the long-term trend of the stock market run.
Second, the stock index futures market funds circulation of small-scale, difficult to produce a greater impact on the stock market. By the end of 2011, China's A share market to reach 24 trillion yuan, average daily turnover of more than 1,700 yuan, while the CSI 300 stock index futures market so far, average daily turnover of 250,000 hand positions 39000 hand daily to 18% margin ratio calculation, the equivalent of a daily stock index futures market is only about 30 billion liquidity fund. Stock index futures market is so small in size and huge capital volume of the stock market compared to the disproportionate impact on the stock market is very limited.
Stock index futures market since the beginning of the start, he made a series of targeted specialized institutional arrangements to prevent the risk of market manipulation. First, the subject of a contract in Shanghai and Shenzhen 300 Index has good resistance to handling and representative of the market, the stock market value of covering more than 70% A shares in circulation total market capitalization. Secondly, the designed daily stock index futures settlement price and delivery settlement price calculation, can effectively prevent stock index futures settlement price manipulation. Third, we set a higher margin levels, a strict position limits system and large reporting system. Fourth, the establishment of the Shanghai and Shenzhen Stock Exchange, China Financial Futures Exchange, China Securities Depository and Clearing Corporation Futures Margin Monitoring Center composed of index futures and stock markets cross-market supervision coordination mechanism to effectively prevent the risk of cross-market manipulation .
Since the stock index futures market, with the gradual participation in securities, funds, trusts and other institutional investors, stock index futures not only promote the formation of the stock market, "built-in stabilizers" mechanism, and promote the establishment of the stock market, the market price mechanism, and in the market for hedging instruments, improve the mode of operation, promote financial innovation, and cultivate sophisticated investors and other team is playing an active role.
Fifth, on T + 0 system
6, the Commission recommended that the implementation of "T + 0" on the stock exchange, the A shares of small shareholders have a fair trading environment and market rules, can also make small investors timely manner to avoid losses due to T + 1 trading caused by regulatory authorities What is this arrangement? (User IP: 61.160.226 ★.)
Answer: "T + 0" trading swing trading day ie, is an investor in the same trading day, on the same or more than once to complete a securities buying and selling behavior. The early 1990s, A-share market has been practiced "T + 0" trading system, the Shanghai and Shenzhen stock market volatility during the intense speculation rife. In early 1995, in order to maintain market order, to prevent excessive speculation and protect the interests of small investors, A-share market canceled "T + 0", the implementation of the "T + 1" trading system still in use today. 1999 implementation of the "Securities Act" provides that "day to buy stocks can not be sold the same day," banned "T + 0" trading. In 2005 the "Securities Law", the abolition on "day to buy stocks can not be sold the day" requirement, from a legal perspective, the implementation of "T + 0" trading system there is no obstacle.
However, the current A-share market, the implementation of "T + 0" Conditions trading system is not yet mature. First stage of capital market institutional mechanism is not perfect, when market manipulation and other illegal acts have occurred; Second, the market structure of investors is still the main individual investors, professional investors than the lack of knowledge, relatively weak risk awareness, self protection is still inadequate, the legitimate rights and interests of vulnerable in the market as a whole in a vulnerable position; Third, institutional investors accounted for a relatively low proportion of professional and institutional investors holding. By the end of 2011, accounting for less than 1% of the institutional investors, professional institutional investors hold the stock market value of tradable A accounted for 15.6%, individual investors accounted for 26.5%, 57.9% corporate accounting; Fourth, long-term investments, rational investment, philosophy and cultural value of the investment has not been formed, the market is "small fry", "speculation new" and "fried poor" more serious atmosphere. Under such market conditions, the implementation of "T + 0" trading system will lead to more serious speculative, short-term volatility, not only help to improve the disadvantaged position of ordinary investors, the stock market is not conducive to cultivate long-term value investment philosophy, medium and small investment legitimate rights and interests are also difficult to be effectively protected.
Given the "T + 0" trading system is a relatively common practice in mature markets overseas, to improve market liquidity and investor risk aversion next day stock price volatility is also a certain sense, we will be based on the actual situation of China's capital market, and continue to study assess the implementation of "T + 0" feasibility trading system.
Sixth, on the construction of credibility
7, this year, part of the performance of listed companies face, lack of integrity, audit institutions and some collusion fraud, some dealer or supplier collusion fraud, investors were kept in the dark, the integrity of the market and the rapid decline, the SFC What will this initiative? (User IP: 61.160.226 ★.)
A: Honesty is the capital city of the legislature market, but also to maintain market participants, in particular investors legitimate rights and interests of an important guarantee. SFC long-term commitment to improving the level of integrity of the capital market, has taken various measures to strengthen the integrity of the building market.
First, from the maximum protection of the interests of investors, urging listed companies to establish integrity constraint mechanism. Establishment of capital market integrity archives, records and associated personnel, including listed companies, including the main subject of the investigation of illegal acts of dishonesty information. Establish dishonesty disciplinary mechanism, the integrity of bad record and file an administrative license and daily supervision combine to make the law officers of listed companies and dishonesty in refinancing, working, etc. should be subject to restrictions. Listed companies plan to establish a unified public commitment to the fulfillment of the public system, effectively play the discipline, warning. Recently, the Commission drafted the "Interim Measures for supervision and management of the integrity of the securities and futures markets," and to the public for comments, proposed these measures finalized in the form of departmental regulations. At the same time, the Commission is also actively promoting the State Department and other departments of listed companies, local governments, the judiciary, industry organizations related to the integrity of regulatory cooperation, encourage listed companies to become the benchmark of social integrity.
Second is to strengthen supervision of certified public accountants, the financial information of listed companies to improve the quality of disclosure. Establish and improve the supervision of the capital market accounting system, increase the frequency of on-site inspections of accounting firms, capital market to enhance the quality of accounting information, accounting and auditing to increase efforts to combat illegal activities, continue to regulate the market order. The company's performance face appears, and the establishment of a special team analyzed annual reports, the audit focused Face annual reports, and requirements of the relevant accounting firm of these companies special verification of suspected illegal changing face of the company record for audit and punish fraud in collusion with the listed company accounting firms and their personnel. By the end of 2011, the Commission and the relevant accounting firm of Certified Public Accountants has taken a total of 56 times, administrative sanctions 150 people.
Third, increase the securities and futures markets crackdown of illegal acts of dishonesty, effectively protect the legitimate rights and interests of investors. In 2011, the Commission handled a total of 290 illegal clues, investigating 209 cases of various kinds, and to make administrative punishment decisions Shichangjinru 68, Forfeiture 348 million yuan, suspected criminal cases transferred to the police 25 together. In the first four months, the Commission handled a total of 149 illegal clues, clues to 2.16 times last year same period the total; 123 new cases of all types of surveys since last year, 1.78 times the total amount of new cases over the same period, including more than listed companies' financial fraud and information disclosure violations of laws.
7, on the ex-dividend issue dividends of listed companies
8, cash dividends and bonus shares dividends, are two entirely different form of dividends. Bonus dividend, because the total amount of shares the company has increased, a corresponding increase in equity can not, of course, need to deal with ex, thereby causing changes in the unit price. The cash dividend, the company's total stock remained unchanged, the number of equity per share unchanged. Simply press the standard dividend distribution (including withholding tax) on the line, do not exist any excess price, market value and thus offset the problem. It proposes to repeal the provisions of the cash dividend distribution to protect investors' legitimate rights and interests. (Source: Investor Letter)
A: The dividends of listed companies itself is a transfer of wealth, rather than wealth creation, so investors get dividends while share prices down is completely normal. Dividends of listed companies are generally two kinds of bonus cash dividends and bonus shares. When the bonus dividends of listed companies need to stock price ex-dividend stock price when the need for cash dividends. Object dividend record date for the equity shares of listed companies held by shareholders. Shanghai and Shenzhen Stock Exchange ex dividend date before opening to the stock's closing price the day before the ex-dividend calculated on the basis of the price of the stock, as the stock opening day of the reference price.
Implement ex dividend system is based on the principle of equity markets. Before and after the ex-dividend stocks contained within shareholders' equity are different, from the ex dividend date from the new dividend shares held by shareholders not entitled to the last dividend rights. After dividends of listed companies, its theoretical value per share represented a decrease, this change should be reflected in the stock price movements. At present the system of the Shanghai and Shenzhen Stock Exchange ex dividend and consider the purchase of the company's shares after the ex dividend interests of investors, which is to protect the interests of investors, rather than complaining.
For example, a listed company's share capital of 100 million shares, the market price per share of $ 20, earnings per share of $ 2. If the company undistributed profits to all shareholders one share for every 1 share dividend ratio, the theoretical value of the business did not happen after any change in the dividend, but the total share capital increased to 200 million shares, 2 shares after the bonus issue is to say previously represented the equivalent of one share of the enterprise value, earnings per share to 1 yuan, the market price should be ex-adjusted $ 10. If the company paid $ 1 per share cash dividend, then after the implementation of the cash dividend, to reduce the real value of one yuan per share, the market price should be ex-dividend, adjusted to 19 yuan.
Meanwhile, the ex-dividend price formed only as the ex-dividend day the stock opened the reference price, if investors are bullish on the stock, order price is higher than the ex-dividend price, the actual opening price generated by the auction will be higher than the ex-dividend price, and vice versa. A variety of factors ex dividend date actual market trading the stock price and the intrinsic value of the stock by the buyers and sellers determine supply and demand, so there will be "Tianquan", "fill rates" and "paste right", "discount" situation. Visible, the ex-dividend price is not necessarily the actual date of investors trading the stock price, it will not affect the returns to investors.
In addition, from the stock market situation abroad, the New York Stock Exchange, Tokyo Stock Exchange and Hong Kong Stock Exchange listed company dividends and so on the share price after the ex dividend for treatment, the same treatment with the Shanghai and Shenzhen Stock Exchange, the ex-dividend price = previous closing price - per share cash dividend, ex-rights price = previous closing price ÷ (1+ share bonus rate).
Eight questions about the introduction of foreign investors in long-term institutional
9, the Commission expanded the introduction of QFII and RQFII size and amount, how the situation can not explain how it intends to introduce? China's securities market is still dominated the retail market, foreign institutional investors to enter long-term retail for those of us what good it? (IP:. 182.118.12 ★)
A: The Commission has been attached great importance to the introduction of long-term institutional investors, including the introduction of foreign long-term institutional investors, recently approved by the State Council added the Qualified Foreign Institutional Investor (QFII) investment quota. At present, 167 foreign institutions QFII qualification obtained, which has a total of 138 approved QFII investment quota of $ 26.013 billion. Overseas pensions, annuities and other institutions actually optimistic about investment opportunities in China's capital market, there are Quebec Savings Investment Group and other six foreign pension institutions to obtain QFII status. According to media reports, the world's largest pension funds in Japan annuity product Lijin (GPIF) recently said it would invest in China's stock market; the fourth largest pension agency, the Korea National Pension Corporation in the amount of $ 100 million obtained on the basis of representation We will continue to apply for more QFII quota.
In addition to the QFII system, launched late last year of RMB Qualified Foreign Institutional Investors (RQFII) system, there are a total of 21 pilot agencies approved investment quota of 20 billion yuan, most pilot agencies have begun domestic securities investments. April 3 this year, the State Council approved the new $ 50 billion QFII investment quota, QFII total increase of $ 80 billion, while increasing the amount of 50 billion yuan RQFII.
Next, the Commission will take the following measures to further increase the introduction of foreign long-term institutional investors efforts. First, the Commission has reached a consensus with the State Administration of Foreign Exchange will simplify procedures, to further speed up QFII qualification and credit approval rate, adhere to give priority to long-term funds in the approval of the policy to encourage foreign pension and other long-term funds to enter. Second, the Commission is of the QFII system pilot to summarize, actively study the revision of relevant laws and regulations, including further reducing the QFII qualification threshold, relaxing the body type, amount of investment and financial transfers to relax access restrictions and expand the scope of investment, etc., increase application and QFII investment convenient operation, to attract more long-term foreign funds. Third, the Commission has announced a number of agencies allowed to apply for QFII same group, allowed to issue structured products QFII investment quota increase, relax QFII asset allocation restrictions. In addition, Hong Kong, Taiwan, Singapore, the pension agency, if it really needs a larger amount, the Commission will consider other ways than through QFII, specialized qualifications and credit approval requirements.
Attract more foreign institutional investors to enter long-term, help improve the operational mechanism of the capital market, and promote the healthy development of the market. First, the long-term foreign capital into the market directly increase the sources of funds, but also to deliver a clear message foreign investors optimistic about China's capital market will help boost the confidence of domestic investors, and promote the capital market reform and opening. Second, QFII is a long history of development, the asset size of the larger global financial institutions, investment philosophy mature, focus on long-term investment and value investing, investing primarily in blue chip, long investment cycle, stable investment behavior, and promoting China's capital market a rational investment culture. Third, the QFII investment procedural norms, emphasis listed company's corporate governance and information disclosure quality, actively participate in governance of listed companies, and prompting listed companies to improve the level of standardized operation, improve the corporate governance structure and improve the information disclosure system, promote the company to increase shareholder returns . Fourth, to enter the overseas pension and other long-term institutional investors, will be China's pension, annuity and other institutions to enter the market have a demonstration effect, to accelerate its push into the market, improve investor structure, and promote stable development of China's capital market and thus domestic investment to invest the capital market to create a good return on investment.