SFC Investor Protection Bureau official answered reporters' questions (a)

Updated date:2012/9/14 上午 11:37:04

SFC Investor Protection Bureau official answered reporters' questions (a)
Since the founding of China Securities Regulatory Commission Investor Protection Bureau, to communicate directly with investors actively explore ways and channels through research visits, holding seminars, etc. listen to the voices and suggestions of investors, continued to promote rational investment, long-term investment, value investing concept. In the opinions and suggestions of combing and research, recently on investor interest and concern of some hot topics, investor protection bureau accepted the reporters.
Reporter: reform and development achievements in recent years, China's securities market is huge, the international community has been generally recognized, but domestic investors has not been very satisfactory return, especially medium and small investors, the past two years reflect lost money, this is not true, the fundamental cause of the problem lie?
A: China's stock market volatility of recent years is indeed great, rose after the big drop, the last two years, due to continued to fall, investors face large losses, especially small and medium investors generally do not make money. The reasons for this are complex, the most fundamental reason is that 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, the operation of the market system and mechanism are still many problem. For example, the issue of reform of the current market parties closely, dividends of listed companies and improve the delisting system, and the establishment of appropriate institutional investors are all very critical. "Hot IPO" IPO Market of the "three high", "ST shares hype" "hype small-cap stocks," and so are the above-mentioned institutional arrangements and regulatory issues related to operational aspects, the existence of these problems greatly damaged the interests of investors. In this regard, the regulatory authorities attach great importance to actively find solutions.
Reporter: Recently, the Commission has been advocating the concept of establishing a good investment, including rational investment, value investing, long-term investment and so on, may I ask what consideration? What is the relationship with the current market environment?
A: The capital market development is inseparable from the participation of investors, without a favorable investment philosophy. Mature and rational investor group is the cornerstone of healthy development of the capital market, but also the basic guarantee for the safe operation of the capital market and the functioning. Current market presence of some non-rational investment attitudes and behavior, has not attracted enough attention of investors. For instance, some investors do not carefully read the prospectus, the company's fundamentals and other information, blind keen on "new", "new speculation", the results suffered a great loss. According to the Shanghai Stock Exchange statistics show that since 2010, the Shanghai Stock Exchange IPO first-day gain gradually decreased after the IPO in the short term stock price fell more than the broader market. During the 30 days to 70 days after the IPO, excluding the impact of decline in the Shanghai Composite Index rose, the share price decline compared with the first day closing price increased from 6.51 to 10.65 percent. Participation in the account to buy the 99.7% of personal accounts, and the first day to buy more for short-term gains to win, this "chasing" behavior intensified speculation of new shares, especially after the stock rose sharply, chasing the high bid 94.7% loss account up.
The Shenzhen Stock Exchange statistics show the same results. First day of IPO were mainly bought by individuals, more than 10 days after Liu Cheng loss. In the GEM, for example, end of October 2009 to the end of October 2011, first day of listing individual investors purchase amount accounting for up to 95.06%, of which 10 million individual investors to buy the amount accounted for 22.77%, 1000000 yuan to buy the amount of individual investors accounted for 62.48%; the first day of individual investors to buy 10 days after the loss ratio was 64.25%, the proportion of which 10 million individual investors a loss of 64.62% and 100 yuan individual investors loss ratio was 63.63%. Seen from these figures, the loss of most investors is obvious.
Faced with the rapid development of the market situation, we deeply feel, if the majority of investors to carefully study the company's fundamentals, looking concentrated stock with growth potential, not blindly chasing the new, to follow suit, the concept of speculation, stock market structure will be improved, the market order will be improved, the investment value will increase, will allow the parties to participate in the market of common benefit. Therefore, to develop a healthy mature investment culture is an important part of the current service of investors, only a fundamental change in this regard, in order to establish a truly attractive, fully functional markets, enhance the confidence of the parties to the participants to put real protect the legitimate rights and interests of investors are implemented.
Reporter: Some time ago, the SFC responsible comrades persuasive to suggest that low-income people should not invest in stocks, which is not meant discrimination against the public investor, is not to limit the rights of ordinary income property. In addition, the blue chips have rational investment and what relationship, if only to buy blue-chip is a rational investment?
A: The guide investors invest primarily in large cap blue chip, as we advocate for low-income groups, choose a low-risk investment tools, are we gradually establish an important aspect of Investors in the system. Promote investment in blue chip is essentially advocating rational investment, value investing philosophy. Currently, investors on the stock market without professional training, do not have enough time to analyze the experience and understanding of the listed companies, and many smaller companies, the underperformance of information disclosure is also not true, accurate, complete, timely, and so to follow suit to buy , fried new, small fry, fry poor, the risk will be enormous. According to statistics, at present, the Shanghai and Shenzhen 300 Index total market capitalization of the company's 65% revenue total 74% of the total net profit of 84%. These data indicate that the main blue-chip market, is where the real value of the stock market. Practice shows that investors are really concerned about the efforts to study the intrinsic investment value of listed companies, but be careful not to buy at high levels, such as avoiding from 2006 to 2007 as a high point, it is possible to obtain a relatively good return on investment. Recently investors, individual investors on behalf of the forum in Beijing, a man of 12 years of investing experience about his investment process, she insisted on reading through various channels to learn knowledge, insist on value investment philosophy, the blue-chip blue-chip investment , starting from 7000 yuan, lucrative. Although this is the case, but a side show, as long as investors return to normal, more learning, more research, more comparative, not blindly, not speculation, not hype, look at the company's intrinsic value and the real potential for development, it is eligible for profit opportunities.
Blue chip investment is an advocate of investment philosophy, which is not simply for the stocks. Many factors affect the stock price movement, the concept of blue-chip, the scope is not static. Therefore, can not understand the implications of mechanical blue-chip investment, the face of numerous and varied market, investors need to grasp the rational, value investing principles, combined with the market situation, expectations and their own situation, after specific analysis to select.
Boot ordinary investor risk tolerance commensurate with their products and in the field, not mandatory, is from the perspective of regulatory risk warning kindly remind investors to protect investors. SFC shoulder safeguard the capital market order, and promote the healthy development of the important duties of the market, in addition to safeguarding national interests and safeguard the interests of investors, there is no any of their special interests.
Reporter: In recent years, the Commission has been promoting the proper management of investors, such as GEM, stock index futures are set a certain threshold, which should mean that the small investor out?
A: Investors in the system is a protective measure commonly used outside the mature markets, which investors should not simply block out, but to control the protection of investors from a risk point of view, but also investment in adaptation who measures necessary to invest in product diversification. Investors in the management both contribute to the formation of "caveat emptor" risk awareness, more supervision "of the seller's duty," the main starting point. Investors in the management on the one hand to ensure that investors aware of the risks, rational investment, it also helps us to market and business entities to provide investors with more targeted, more effective services, its fundamental purpose is good service, protection good investors. There was a retired old comrades of the warrants do not know much, despite the agency has done some work reveals the risks, but he invested in warrants not understand "exercise" and other basic concepts, the absence of timely exercised, resulting in the original capital no return. Investors in the management is a preventive, as a warning to remind investors have the ability to protect themselves. Meanwhile, investors appropriate management requirements increase the "seller" of supervision, to see if they did understand the customer, depending on the circumstances of the customer classification management, to provide customers with their risk tolerance to adapt products and services. For those in pursuit of corporate interests to entice customers to buy high-risk, highly professional, practices and customer affordability does not match the product, regulators will be different circumstances, according to the law deal with.
Currently, Investors in the system is gradually improving, GEM, stock index futures, margin trading has initially formed a relatively mature model, from the market point of view reflect the general investors appropriate institutional arrangements are more accepted, and the effect is very good . Next, the bond market, the construction and regulate the development of the OTC market intermediaries will be integrated into the investor appropriateness management philosophy, and strive with the participation of associations, exchanges, and other multi-agency unit, promote the formation of multi-level investment by appropriate management of the system.
Reporter: What measures has the Commission taken to promote the dividends of listed companies in terms of?
A: The Commission attaches great importance to guide the work of dividends of listed companies, issued a series of measures and have achieved some results. 2010, all listed companies within the amount of equity financing 958.8 billion yuan, 499.5 billion yuan of total dividends, dividends accounted for 52%. By the end of 2010 the cumulative total dividend exceeds the cumulative total financing of 178 listed companies, the number of listed companies accounted for 8.6%. Number of listed companies at home after the listing of the dividend for the year 617, the total number of listed companies 26.4%. Dividends of listed companies gradually increase awareness and contribute to investors' efforts to increase year by year. However, there are a whole number of issues, one is the dividend payout ratio is low overall. 2001-2011 cash dividends of listed companies accounted for net profit ratio is about 25%, while international mature markets, the ratio is usually between 40-50%. Second, light cash dividend, dividend rate of return in the form of dividends. 2001 to 2011 A-share market accumulated after-tax total cash dividend of 1.72 trillion yuan, a total of listed companies to raise funds 4.05 trillion yuan, accounting for the actual cash dividend 42.5% of the total financing, such as the annualized rate of return far lower than investors expect. These data show that the overall situation of dividends of listed companies to see is not yet over, the market needs to work together to promote multi-party body. By creating attention to dividends, dividends of positive market sentiment to guide efforts to contribute to the community of listed companies, investors return, investors reasonably expected, rational choice, and then tamp the basis of the market value of the investment.
Listed companies in promoting the positive aspects of dividends, the Commission adopted a number of concrete measures, in 2008 formulated the "Decision on Amending Some Provisions of cash dividends of listed companies," and proposed a dividend on issues specific requirements. November 2011, the Commission issued the [2011] No. 41 announcement, requires listed companies in its annual report the amount of the previous three years of cash dividends clear disclosure, the ratio of net profit, but should disclose the cash dividend policy formulation and implementation , indicating compliance with the requirements of the provisions or shareholders Articles of Association General Assembly resolutions, dividends standards and ratios are clear and clear, whether independent directors and external supervisors to fully express their views, whether and general meeting of shareholders on how considered the relevant issues, the legitimate interests of minority shareholders whether adequate protection. The company's cash dividend policy adjustments or changes, should detail the conditions and procedures for adjustment or changes for compliance and transparency. Profit for the reporting period but did not put forward cash profit distribution plan of the company, the company shall specify the reasons for not participating, not for dividend funds retained the company uses. CSI also introduced two provisions refinement. Through these measures to further strengthen the supervision of listed companies profit distribution decision-making process and implementation, but also to just get some of the company despite the return of wake-up call.
Of course, the dividends of listed companies of specific policies and programs is a statutory autonomy of enterprises, government agencies, including regulators, took the decision not. Enterprise has its own development cycles and phases, at different periods of company profits for the treatment will be different, but how listed companies must have a clear idea of return to shareholders, and awareness programs to fully inform and explain to the market, which is the basic responsibilities and obligations. Investors can choose companies with higher dividend return to shareholders to facilitate other companies; listed companies to win approval by the investors high returns; regulatory authorities vigorously advocate of value investing, to take measures to strengthen the constraints to guide the listed companies to enhance the sense of responsibility, stable, generous dividend promote the formation of value investment philosophy, so that the whole market a good atmosphere effort to reward shareholders.
Reporter: rational investment delisting system and what kind of relationship? Delisting will bring to market what kind of impact? Delisted, it will result in the investor's investment make sense?
A: The study delisting system introduced value of the investment will help to form a correct investment philosophy of rational investment, long-term investments. For a long time, some investors are keen to stir up the difference between the company and the performance of the so-called "shell", its root, in addition to investors, "flourishes" the idea and investment behavior blindly follow the trend, mainly due to China's securities market some of the poor performance of the company continues to interpretation of "Phoenix," the legend, a large number of ST segment of the listed companies in the fourth quarter operating profit through the disposal of assets, debt restructuring and government subsidies and other means to circumvent the existing delisting system. 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. Investors made it clear that at the meeting, did not withdraw from the market, speculation is difficult to change the atmosphere. Therefore, the implementation of strict delisting system, will help guide rational investors, value investing, a healthy investment culture and atmosphere. Delisting system as capital markets, "purification", to promote the market to play a survival of the fittest, optimization structure of listed companies in the competition, protect the interests of small investors from the source. Power of No pressure there would be no way forward, into the market is not safe, eliminated the need for strict management system and urge careful management company, and continuously forge ahead, in an invincible position in the market. Investor confidence also requires excellent management team, has the potential to boost the listed companies. In the long term, contribute to a market delisting system renewal and homeostasis, helping the overall quality of listed companies continues to improve, thereby protecting the interests of small investors from the source.
Delisting system in the development process will take full account of the protection of legitimate rights and interests of investors, especially small investors, but not understood as irrational investment behavior "pay." Delisting system in the study of the development process, the Commission will consider in the design of the system-level protection of investors. Currently the Shenzhen Stock Exchange GEM delisting system improvement has taken six measures, it embodies this philosophy. However, investors should have a clear understanding of the investment underperformance, we should establish a "caveat emptor" awareness, training to control the overall risk asset stop consciousness. When a public company under the premise because macroeconomic factors, industry factors, management factors lead to delisting, a listed company in accordance with the law fulfilled its disclosure obligations, and investors bear the investment result of the judgment, look forward to irrational investment behavior by the state foot the bill is impractical.
Reporter: advocating rational investment, the premise is to have a true, accurate, complete and timely disclosure of information, the Commission have any initiative in this regard?
A: Recently, the investors at the forum reflect some listed companies' information disclosure lags, and the performance of face changing fast, frequent corrections, and proposed the establishment of an official, authoritative information disclosure platform, and strengthen information disclosure of listed companies regulatory proposals.
Reflect the problems for investors, regulatory authorities attached great importance to studying the relevant measures. Currently in improving the implementation of regulatory policies and measures, while also considering promoting the establishment of an independent third party evaluation institutions, investors and services from the perspective of the prospectus and other materials to further interpret the contents reveal risk to play its expertise to help investors more popular, intuitive understanding of the proposed issuance of the company, the investment value of the company's rational judgment, to further promote the formation of long-term, rational, philosophy and the basis of the investment. In addition, the Commission will further increase the illegal acts of the crackdown on misleading investors, deceiving investors' behavior seriously dealt with, not be tolerated.

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