SFC Investor Protection Bureau official reply People Sign two sessions suggestions (b)
People, Beijing, March 15 (Reporter Yang Di, Yang Bo, Yang Xi) today, China Securities Regulatory Commission Investor Protection Bureau official for the People's Network during the "two sessions" were related to the capital market hot issues focus on responding to, responses including listed companies delisting and bonus system, the third board stock rotation plate, against 13 major illicit consulting firm, strict management experts recommended stocks monetization. The following text is in response to China Securities Regulatory Commission Investor Protection Bureau:
First, how the SFC clues?
Q: I was ten years old shareholders recently found someone blatantly manipulate a stock, should I ask how the SFC clues? What way? (User IP: 121.14.235 ★.)
A: At present, the Commission accepted way investors clues are mainly two:
First, through letters and visits reflect. Directly to the Commission a letter, send a "Xicheng District, Beijing Financial Street, Fukai Building, 19 China Securities Regulatory Commission Office of the petition office", zip code 100033. Please visit "Taiping Bridge Street, Xicheng District, Beijing No. 107 China Securities Regulatory Commission visited the reception room." You can also reflect each agency to the Commission, specific ways please visit China Securities Regulatory Commission website (http://www.csrc.gov.cn) query.
Second, reflect complaints by telephone. SFC telephone complaints, 010-66210166,010-66210182. SFC agency telephone complaints, please visit the Commission website.
Second, whether or cancel strict control central, provincial and municipal TV stations securities analysis and recommended program?
Q: To avoid Zheng middle man to "grab the hat" transactions to manipulate stock prices from happening again, whether Strict or simply cancel the central, provincial and municipal TV stations of all securities analysis and recommended program? Cancel backdoor restructuring, because they are the soil manipulate stock prices. (User IP: 220.166.65 ★.)
A: The existing laws and regulations do not prohibit all levels of television programs held securities. In 2010, the SARFT issued "securities on radio and television programs strengthen the management notice" further clarified the radio and television programs securities regulatory requirements. At present, the major satellite TV securities program has been basically on track, there might be some individual local television program non-standard situations. To further regulate the securities radio and television programs, radio and television departments and the Commission will continue to take strict control of the following measures: First, establish a system of securities television program specifications; second is to strengthen tracking and monitoring, timely halt illegal securities television programs; Third, strictly regulate Recommended stocks behavior, containment "grab the hat trade" from the mechanism; fourth is to encourage securities companies and securities investment consulting organizations active compliance of securities involved in radio and television section. In addition, we also contact with other financial regulators on how to negotiate with the investor protection and mutual support.
The SFC welcomes the vast number of investors to engage in illegal activities such as securities investment advisory report, once verified, will be handled according to law.
Third, how to avoid the "three high" release, stir in small cap stocks?
Question 1: How to avoid the "three high" release, stir in small cap stocks? Only the small plates, the GEM stocks after the audit focused on four quarterly issue listed, so you can avoid the "three high" issue, stir in small cap stocks. (User IP: 118.122.176 ★.)
Question 2: IPO price can deny the original shareholders of the audited net assets per share? If it raises the issue price, the original shareholders by increasing the proportion of shrink. In this part of the IPO, the original can be avoided the big surge in shareholder wealth, but by the future development of the company. Moreover, this is the same stock with the price of the same stock with the right. Companies rely on cash flourishes boss will stop. We should achieve wealth through business development rather than small retail pit. (User IP: 123.150.202 ★.)
A: The "three high" is actually the inevitable result of "hot IPO" Phenomenon. High market shares caused by bad ecology, bringing the waste of resources, poisoning the social atmosphere, contributing to fraud and illegal activities, distorting the market structure from the most basic level, undermining the market system.
IPO system for the existing problems, the Commission attaches great importance to a great effort, the next step to be taken by general considerations, step forward the reform program from the following four aspects: First, starting from the curb excessive speculation, good investor education and risk disclosure work, and gradually establish appropriate institutional investors. Meanwhile, the excessive speculation of new shares, resulting in the phenomenon of bad behavior to follow suit, according to the actual take targeted measures to curb. Second, improve the internal mechanism of the stock market, through deregulation, reduce unnecessary administrative intervention, to strengthen market discipline, promote issuers, intermediaries and investors homing diligence. Third is to promote more institutional investors into the IPO market to guide long-term funds to actively participate on the basis of the balance of risks and benefits. Fourth, on the issue of regulation of information disclosure as the core in order to improve transparency. In the specific measures, the recent buyers and will increase the responsibility of the underwriters priced the same time, improve the stock liquidity, strengthen the pricing behavior of supervision and restraint, and strictly implement the responsibility of all parties to participate, on suspicion of "conspiracy" and manipulation acts promptly punished. In the long term, we will continue to strengthen the quality of information disclosure, strengthen social supervision, improve the legal environment, increase the introduction of institutional investment. For recommended that you have mentioned, the Commission will be carefully studied in their work.
Currently, the market discipline mechanism gradually increased, the IPO price-earnings ratio decreased, according to the Shanghai Stock Exchange statistics, the annual average starting price-earnings ratio of nearly three years were 53 times, 59 times, 47 times; no huge price difference between the issuing and trading market; a level market as a whole has been a large-scale reduction of subscribed capital; shares on the first day of break rates gradually increase, last year an average of 27.4%. IPO reform has achieved initial results, "three high" issue has been somewhat improved from the previous month.
High release phenomena and excessive investors keen on "playing the new", "new speculation" have a great relationship now, first day of IPO trading account 85% of the market capitalization of 10 million, funds and other institutional investors, brokers only 0.2%, the small retail investors to take major risks IPO high pricing. Medium and small retail investors want to be able to protect their own interests from the perspective of rational treatment of investment shares, shares of excessive speculation, market pricing interference, leading to follow the trend and other bad behavior, the Commission closely and to take effective measures to combat.
Fourth, how to strengthen listed companies delisting system?
Question 1: China's stock market run for so many years, why has not established and implemented a true delisting system, stir often see the phenomenon of junk stocks? (User IP: 123.235.40 ★.)
A: The delisting system was well established in the legal level, but also has more than 40 companies delisting recent years, due to a variety of complex reasons, have not been well implemented. Some of the poor performance of the company do everything possible to find ways to avoid delisting, such as disposable income subsidies or selling assets, changing the so-called "three years of continuous losses," the situation, continue to perform the "Phoenix" legend. This situation contributed to the irrational investment behavior of investors, that the company year after year despite the huge loss will not withdraw from the market, thereby gamble backdoor restructuring to reap huge profits. Faced with this phenomenon, not only investors are not satisfied, the regulatory authorities are not satisfied.
SFC has been promoting this work, after the introduction of the GEM delisting way, research is now focusing on improving and perfecting the motherboard delisting system, and strive to maximize the protection of the legitimate rights and interests of investors, the relevant parties to establish mutual recognition mechanisms and atmosphere. First, improving the delisting standards of listed companies; Second, we must carry out institutional reforms to avoid arrest and reclaim; third is to improve the accountability mechanism, form the basis for stable and conducive to resolve the delisting risk.
The implementation of delisting system, in theory, we are in favor of a particular enterprise, local and individual investors, will encounter this kind of resistance, in addition to regulators and exchanges to actively prudent operation, but also we need to understand all aspects of support and cooperation. As we all know, to play to the market survival of the fittest, optimization structure of listed companies in the competition, protect the interests of small investors from the source, it is necessary to delisting system. In recent times, regulators repeatedly reminded investors not to listen to "theme", partial hearing news underperformance fried, fried small cap stocks also aims at creating a favorable external environment delisting.
Question 2: If you want to release a number of new listings, should eliminate a number of listed companies perennial losses junk stocks, so as to keep the stock market healthy circulation. (User IP: 123.235.40 ★.)
A: As you said, the stock market delisting system is the "purification", establish and improve listed companies delisting system, survival of the fittest, there is a carry out of the capital markets have a good situation, is the inherent requirements of a multi-level capital market, but also the objective needs of economic development, in line with business growth in the real economy the objective law. Incidentally, the new shares issued at high prices suppress the tendency for ecological change the market, reduce the "face" and "false" to reduce "junk stocks", it is also very critical.
Fifth, the good performance of listed companies is not how dividends? After ex-dividend can not do?
Question 1: Does the Commission have no supervision and restraint system dividends of listed companies? We hope not only to the stock market listed companies misappropriating, they should also create wealth for shareholders? (User IP: 125.39.39 ★.)
Question 2: Would the introduction of a number of specific measures to encourage even mandatory dividends, investors can see at a glance the various listed companies dividend rate and one-year deposit interest rate stack up? Develop mandatory standards or dividends, that is how many percent of the profits to be used for dividends. (User IP: 125.39.39 ★.)
A: SFC supervision and restraint system dividends of listed companies, and attaches great importance to guide the return to shareholders of listed companies in recent years, dividends of listed companies consciousness gradually increased, the intensity of feedback investors also increased year by year, and achieved certain results.
However, due to historical reasons, the capital constraint mechanism and return on investment is still relatively weak, some of the dividends of listed companies is not too strong willingness to take the initiative to return to shareholders of consciousness was not enough, mainly as follows: First, the dividend payout ratio is low overall. 2001-2011 cash dividends of listed companies accounted for net profit ratio of only 25.3%, while international mature markets, the ratio is usually around 40%. Second, in the form of dividend distribution of cash dividends light. Three years before the company listed on the amount of cash dividends accounted for net profit ratio was 41.69%, 35.85% and 30.09%. It expects 2011 annual cash dividend rate will increase. Third, a significant number of companies did not disclose in detail the specific reasons not to cash dividends. These have an adverse impact on the listed company's overall image, but also affect the atmosphere of confidence in the market and investors.
But it should be noted that, "Company Law" provisions of the distribution of profits of listed companies belonging to the company autonomous decision-making matters, the board of directors and shareholders will have the right to decide whether and how much bonus dividend. Therefore, regulators will be full respect for the listed companies on the basis of their own decisions, encourage and guide the listed companies to establish continuous, clear and transparent decision-making mechanism and dividend policy. Specific measures include: requiring companies to do initial public offering of shares in the prospectus related to information disclosure of profit distribution; clarify the position and attitude of the independent directors and external supervisors; guide listed companies expressly shareholder return plan; decrease associated with the operation of the listed company dividends costs; cash dividends of listed companies to strengthen decision-making, implementation and supervision of information disclosure and so on. I believe that these initiatives will play a positive role.
The cumulative net profit of the situation is a positive number but not the company's dividend, the Commission sent a preliminary agencies have been investigated thoroughly. We will urge the company to fully disclose the specific reasons for not participating, the unallocated purpose funds and projected earnings, the actual earnings and expected earnings do not match the reasons and other information. The proportion of failure to promise dividends, dividends long-term obligations of the company to fulfill regulatory constraints to strengthen and help enterprises to firmly establish the concept of return to shareholders, continue to promote the enterprises to improve their corporate governance.
Question 3: dividend stocks is the base of development. But the red points to ex dividend, the money in your account does not increase further decrease (due to the tax), such as dividend funds into the market fail to encourage long-term purpose of the stock market situation can not be changed fundamentally, only irrational speculation . After ex-dividend can not do? This system solves the problem, the healthy development of the stock market is significant! Please proceed to consider the Chairman Guo this regard as soon as possible. (User IP: 218.30.10 ★.)
A: The ex-dividend is the logical thing is practice. Prices ex dividend formed, just as the ex-dividend day the stock opening reference price, if the majority of people are optimistic about the stock, representing an ex-order price prices, the actual opening price generated by the auction will be higher than ex-rights price, and vice versa on the contrary. Thus, the price of the ex-dividend price is not necessarily the investor trading, it will not affect the returns to investors.
Dividend tax on the issue, the Commission has been very concerned to adapt to market changes, the company is actively coordinating reduce operating costs associated with the dividend increase returns to shareholders.
Sixth, what is the purpose of the establishment of the Listed Companies Association, the organization how? With the Commission and listed companies have to do?
Q: I recently learned that the establishment of the Listed Companies Association, he founded what purpose is how the organizational structure? With the Commission and listed companies what is the relationship? (User IP: 119.84.71 ★.)
A: China Listed Companies Association is based on laws and regulations, "People's Republic of China Securities Law" and "Regulations Governing the Registration of social groups" and other established listed companies as the core subject, and to maintain compliance with capital market rules and to form a national self-regulatory organization is non-profit corporate social groups, its founding purpose is to do the common interests of the company's spokesperson and guardian. Association "service, self-discipline, standardize and improve the" basic functions by listed companies to provide professional services, intelligence services, conducting services, strengthen self-discipline and norms of listed companies, thus continuously improve the quality of listed companies, listed companies to make better use of capital markets to accelerate development.
According to the organization, "Chinese Listed Companies Association Articles of Association," including members of Congress of the Association, the Board of Supervisors, executive director of the Council, President of the office will be five. Among them, the members of Congress is the highest authority of the Association; Board, executive director of the Association will be the executing agency; the Supervisory Board of the Association of oversight bodies; executive director of the president's office will be set up under the agency responsible for the daily management of the Association. In addition, the association also elected president, executive vice president, vice president, secretary-general the main person responsible for the organization to carry out the specific work of the Association.
Association to the Chief of social intermediary organizations, government regulatory agencies should not inconvenience pipe or tube, also play a role in the tube can stop bad things. China Securities Regulatory Commission is an association of business unit in charge of the Association subject to the guidance and supervision of the China Securities Regulatory Commission, the listed company is a core member of the Association.
Seven pilot registration system as soon as possible can prepare the transition?
Q: It is recommended to prepare as soon as the registration system pilot transition, but requires all companies listed on the application must first commit to a necessary condition if once found to have false reports or information content is true deception, it must immediately and unconditionally withdraw from the market, and to compensation for all shareholders 5-10 fold loss. (User IP: 218.27.135 ★.)
A: The implementation of the audit system or registration system, the core is not a problem. The key is how to define the government regulatory agencies, duties and obligations of the Exchange platforms and other market intermediaries, how to ensure that enterprises can be true, accurate, full and complete disclosure of relevant information. Substantive differences registration system and audit system is not large, the implementation of the registration system in those markets than we want to examine some much more serious, much more detailed.
The main contents of IPO reform is based on information disclosure as the center, strengthen capital constraints, market constraints and integrity constraints. The Commission should conduct compliance review, issuers, intermediaries and investors should homing diligence. The review should focus from profitability of listed companies to protect the legitimate rights and interests of investors up. At the same time, we also need to accelerate the development of multi-level equity and bond markets, and gradually change the mighty force in single situation.
Eight, the third board when the stock have the opportunity to share reform and the rotating plate?
Q: What can as soon as possible to save the three panels of related debts, the share reform, restructuring policies, we really can not wait 10 years, when the youngest board stock can have the opportunity to share reform and the rotating plate? (User IP: 61.164.153 ★.)
A: The youngest board including former NET, STAQ system and listed companies delisting the company, the situation is more complicated, the policy being studied, will be announced in a clear policy. We all historical issues are not taken evasive attitude, and rotation plate mechanism is very reasonable, the key is to have the condition.
Nine, the SFC how to change the shareholders' Commission on the stock markets were responsible for "impression?
Q: The message board of the investors from the Commission comment situation, namely common stocks fell blame investors SFC adverse phenomenon, the SFC how to change the shareholders' Commission on the stock markets were responsible for "impression? Thus changing the "stock leader" image, establish a "regulator" of the image? (User IP: 61.160.226 ★.)
A: For a long time, China's stock market is seen as "policy market", "information city", the reason, the current structure of China's capital market is also not reasonable, optimize the allocation of resources not fully functional, market discipline mechanism is not strong, operation of the market system and mechanism are still some problems related to the stock market's ups and downs often associated with the policy introduced by the Government, many investors will form a "Commission on the stock markets were responsible for" impression.
In fact, the stock market has its internal operating rules. As regulators, the Commission's role is to maintain the market open, fair and just principles, establish a good competition order. In addition to the people's interests, national interests, the interests of investors, the Commission does not have any own interests. We will continue to promote open and transparent market regulation, improve the internal mechanism of the stock market, reduce unnecessary administrative intervention, foster healthy market culture. Recently we have identified three priorities: first, to improve the market order of fair competition, protect the legitimate rights and interests of investors. Establish a fair competitive market order, improve relevant laws and regulations, improve the level of market integrity, and resolutely crack down on insider trading, as the guardian of good investors' legitimate rights and interests. Second, to enhance the service of the real economy, especially its ability to weak link. The real economy is the foundation, the capital market as an important platform to optimize the allocation of resources, the need to constantly increase the size and the proportion of direct financing, to accelerate the construction of multi-level capital market system, and guide social savings into effective investment and promote industrial restructuring and upgrading. Third, support for technological innovation and cultural progress. In the multi-level market system construction, architecture OTC market, counter trading, private equity and other markets, the important consideration of knowledge and technology innovation-oriented enterprises, modern agricultural enterprises, small and micro enterprises characteristics, and make targeted system arrangements for the different characteristics of innovative companies can get the support of the capital market in order to better promote the scientific and technological potential into practical productive forces.
X. Investors in the system whether to restrict the rights of small investors to invest?
Q: I am a low income, this group was that we should not invest in stocks, and this is not being set up appropriate institutional investors about? Others argue that it actually limits the rights of ordinary income property. Please leader for my specific analysis. (User "kitty" IP: 58.68.145 ★.)
A: To tell and to low-income groups living pension may not invest in stocks, is a gesture of goodwill from the perspective of Investors reminder. Do not advocate not opposed, nor restrictions, but not banned, friends hope that the majority of investors can understand.
Investors in the system is a protective arrangement commonly used in mature markets, not simply what investors in the door, but from a risk control perspective of investor protection, but also to adapt to investors, investment diversification measures necessary development. Investors in the management not only helps the formation of "caveat emptor" risk awareness, more supervision "of the seller's duty," the main starting point, requires securities institutions according to the different situation of investors for investors hierarchical classification on different levels, types of investors want to use a different way of illustration, to express different content description, assume different explanation obligations. For those in pursuit of individual performance, the company's interests to entice customers to buy high-risk, complex structure, practices and customer affordability does not match the product, regulators will be different circumstances, according to the law will be dealt with in accordance with regulations.
Unfit for investing in stocks, the regulatory authorities have an obligation to remind, advise, not mandatory limit everyone's investment behavior, in the final analysis, investment decision-making power remains in the hands of the investors themselves. Investors should do what, careful selection of investment targets, and there is a reasonable expectation of return, can not think flourishes to make quick money. At the same time, we are constantly enriched investment products, we strive to "increase property income" to provide more investment choices.
XI, the listed company information disclosure is not timely, transparent punishment whether the introduction of the judicial process, while allowing aggrieved investors can class action lawsuit lowering the threshold?
Q: I am a small retail, stocks seven or eight years, part of the current information disclosure of listed companies is not timely, transparent, and even some of the information disclosure of listed companies deliberately conceal useful information, our small retail investors suffer, how the SFC increase penalties for listed companies' information disclosure, whether the introduction of the judicial process, while allowing aggrieved investors can collective action, lowering the threshold litigation. (User "small retail" IP: 117.79.237 ★.)
A: The information disclosure of listed companies has been an important part of supervision. At present, the Commission has established a mature system of listed companies' information disclosure regulation. To strengthen the quality of information disclosure, in 2011, the Commission issued the "administrative responsibility information disclosure violations identified rule", and increased information disclosure obligor of information disclosure illegal Responsibility. Improve the implementation of policies in the relevant regulatory measures, the Commission will continue to keep the pressure up against, and further increase the information disclosure law violations crackdown on misleading investors, deceiving investors' behavior seriously dealt with, not be tolerated , in particular through the investigation of the case, give full play to the role of warning and disciplinary effect. In addition, we also noted that many small investors complain that can not read performance reports of listed companies, some of the content is too complicated. We are urging listed companies to provide detailed research brief two financial statements also drew investors focus on earnings per share, the most critical indicators of net assets per share, etc., to keep abreast of earnings, book value, return on equity, return on assets and other dynamic indicators.
If investors find listed company information disclosure is not standardized questions, we hope to reflect the exchanges and regulatory authorities.
In addition, the SFC system and the relevant units are actively studying public interest litigation, expanding channels for relief against the interests of investors by strengthening the protection of the interests of investors. We also note that the collective action of foreign judicial practice, pros and cons, and how to adapt to China's practice, may also need to be carefully explored and demonstrated.
Twelve, the Commission hopes to fight against illegal consulting firm, clean up the network "recommended stocks" stick, protect the legitimate rights and interests of investors.
Q: We have a lot of XX such investment consulting firm, the company's signature is not linked to their business license, ticket rates generally like, mostly quilt, when outsiders are not allowed to talk about stock issues. They are illegal consulting business? In addition, now online "recommended stocks" flood of postings, blog, QQ group, Baidu Post Bar was full, and television "experts recommended stocks" and so on, people do not know these stocks in the end trusted untrusted but as far as I know, most people are deceived. Commission hopes to fight against illegal consulting firm, clean up the network "recommended stocks" stick to rectify TV "recommended stocks" section to protect the legitimate rights and interests of investors. (Anonymous users IP:. 122.227.222 ★)
A: You may be the company's securities advisory body illegal. You can log on the SFC website or the website of the Securities Association of China legitimate securities companies, investment advisory bodies list. SFC can also query based on specific information to help you provide.
Illegal securities activities has been the focus of our attack. 10 State Council departments, local governments and around the public security and judicial support, remediation using the Internet and other media to engage in illegal securities activities has become routine working mechanism, with some success. Your hope is that the work of the SFC criticism, the Commission needs to intensify its efforts: First, give full play together, mobilize social forces to participate constructively, monitoring and remediation of illegal securities activities; second is to study practical measures, with the relevant authorities for further strengthen the network media and mobile phone text messages to monitor decontamination work, to cut off the illegal securities activities of information dissemination channels; third is to increase efforts to investigate the case, as early, hit signs, outcrop hit, to engage in illicit and illegal securities consulting trust management behind Blackhand pulled out; Fourth, the parties warning education, risk warning information to investors and potential investors full coverage, multi-carrier, multi-form, a typical case of wider exposure, publicity and education in order to effectively reduce the deceived investors; five is legitimate on securities institutions and services to keep up, to make up for small retail service to boot, to enhance the living space in order to reduce illegal business.
Investors have the ability to protect themselves. Should be treated as "Shares" rumors "Shares" in worthless information more often is one of the sites of information manipulation, may induce retail investors to follow suit into the trap, it is also likely to encourage investors to frequent trading. Again, Zhejiang investors a false complaint Television securities information case, although the relevant person was sentenced, won the lawsuit, but investors without prudent judgment, credulous advertising content, there is also at fault, the court appropriate to reduce the liability of the defendant. In short, those who want to make quick money, big money, flourishes, and ultimately counterproductive.
Investors are welcome to the SFC and the agency by telephone, etc., letters or clues to report illegal Internet channels. Investors may also reflect to the local government, public security organs, business management, radio and television management, communication management and other departments.
XIII of experts recommended shares of profit issue
Q: I see the stock market programs and articles overseas, involving experts recommended stocks, will in the final statement, if I hold the recommended stock, our stock picks article or program can also standardized so what? (User "Frankie" IP: 59.57.12 ★.)
A: If the experts recommended stocks, while shares, contrary to professional ethics, even if only general comments on the stock market institutions and policies, there may be a conflict of interest. Some scholars and experts themselves may not realize, as investors and commentators on the Role is not the same, if you have a dual identity or multiple identities, his remarks misleading, for the interests of other investors may cause damage. You said it right, practices overseas markets worth studying and learning, such as experts recommended stocks published articles declare whether they also stock investors when. In fact, including media reporters, if responsible for stock market reports, it is best not to participate in equity investments, because the media reporter's article may affect the public, is no longer a private act. We welcome comments and suggestions from all sides, whether it is investors or experts, or those who are equipped with two identities, are free to express their wishes, but it is preferable to make the market, regulators and the media aware of the situation this can also reduce the number of undue misunderstanding. For your problems reflected, regulators will continue to focus seriously study the party statement of investment holdings specification operability, timely perfect the relevant provisions.