Source of this article: Time Weekly Author: Huang Kun
Various "rollover" incidents of securities companies' telephone conferences have occurred occasionally in recent years, and a storm has occurred in Northeast Securities a few days ago. On July 11, the Northeast Securities Research Institute issued a statement on the official micro-micro, and specially reminded that "an apology letter from the communicator is attached".
The content of the statement was related to the disclosure of a meeting minutes. From an information point of view, on July 10, The Northeast Securities Research and Consulting Branch invited Professor Sheng Songcheng to share an internal point of view, but the next day it was found that there were "false minutes" about the sharing of information circulated on WeChat groups, Weibo and various online media. It was found that someone had impersonated the meeting and passed on the minutes of the meeting that he had made.
On July 12, an analyst at Northeast Securities told the Times Weekly reporter, "The conference call the day before yesterday was indeed not public, and I don't know how that person got mixed in." ”
An analyst at Huatai Securities also explained that the internal meetings of the Securities Research Institute are usually not public because they may involve research results. In semi-open meetings, most of the external personnel need to contact the docking sales and get the meeting code to connect. But because it is online, it is inevitable that there will be a hundred dense and one-hundred-way situation.
Impersonation and false summaries
The statement of the Northeast Securities Research Institute mainly covers four points:
The first is to clarify that before the meeting, it has been repeatedly emphasized that this conference call is for internal exchange and learning, and no recording or forwarding is allowed. The content of the exchange is Professor Sheng's own research views and does not represent the institution. He also pointed out that the author of the minutes participated in the meeting under an impersonation and published the minutes without consent, which caused a negative impact on Professor Sheng and the Northeast Securities Research Institute.
The second is to clarify that the introduction of Sheng Songcheng in the invitation letter is "professor of China Europe International Business School, former director of the Survey and Statistics Department of the People's Bank of China, and did not use the title of "Director Sheng". The use of "Director Sheng" in the minutes is a serious mistake, and the content also seriously distorts Professor Sheng's views.
Third, the Northeast Securities Research Institute contacted the author of the "false summary", and the other party admitted that the minutes were formed for themselves in combination with the views of other institutions and their own views, which was not Professor Sheng's original intention.
The fourth is to ask relevant people or platforms to delete the minutes and stop disseminating them.
Judging from the apology letter attached to the statement, the author of the minutes involved is a post-90s generation, but he is also 31 years old now. He admitted that he had participated in the conference call under impersonation and had made some of the records without the permission of the organizers, saying that the contents of the minutes were understood by himself and misinterpreting the meaning of Professor Sheng Songcheng. However, it seems that the release and dissemination of the minutes does not agree, saying that it is only a "partial record", "limited to personal learning and use", and "poor management, resulting in the outflow of the minutes".
Meetings or comments related to the reduction of the standard
What was the main talk of the Northeast Securities Research Institute's call inviting Sheng Songcheng on July 10? The Times Weekly reporter learned that it is around the "interpretation of the central bank's RRR reduction policy", including how to understand the RRR cut announced by the central bank on July 9, and whether the RRR cut means a shift in monetary policy in the second half of the year.
It is worth mentioning that on July 11, at the 2021 "Analysis and Forecast of China's Macroeconomic Situation" Mid-year Report and the 2021 Global University Economic Research Capacity Assessment Conference of Shanghai University of Finance and Economics, Sheng Songcheng made a keynote speech and talked about "Comprehensive RRR Reduction to Promote Stable Economic Development".
It is said that Sheng Songcheng started from the recent decision of Chinese Min Bank to reduce the reserve requirement ratio of financial institutions, pointing out that this move is to support the development of the real economy and promote the stabilization and decline of comprehensive financing costs.
Sheng Songcheng believes that in the short term, China's inflation pressure is not large, and asset prices are relatively stable, which is a necessary condition for the stability of monetary policy in the second half of the year.
Regarding monetary policy, Sheng Songcheng proposed that combined with the balance of commercial banks, the number of MLF maturities, the over-reserve rate of financial institutions and other factors, market liquidity is tightening, real estate and local government debt are currently two key areas of risk prevention in China, and risks should be prevented through macro-prudential management rather than tight monetary policy.
Brokerage meetings have been rolled over repeatedly
The "strange things" of brokerage conference calls have happened occasionally in recent years.
In February 2020, a brokerage conference call turned into a fake scene. Huachuang Securities media team held a conference call, invited the "Saturday" subsidiary "Remote Looking Network" executive surnamed Chen surnamed Chen to analyze the industry prospects, and introduced the company's products and future plans, etc., but was faked by Ma Chao, the secretary of the board of directors of Yuanwang Network, questioning the relevant brokerage team "misleading investors".
"I am Zhang Yanping, the wife of Ma Haobo of the New Era Securities Research Institute, and Ma Haobo was arrested for raising Xiaosan outside and prostituting him... He wrote black reports outside and canvassed votes..." According to media reports, on the evening of August 13, 2018, there was such a sudden "breaking news" in the conference call of New Era Securities.
The next day, New Era Securities said in a statement that someone impersonated employees of the New Era Securities Research Institute to participate in the meeting, deliberately disrupting the order of the meeting. The company will conduct further investigations into the situation in the conference call, will respect the facts, and resolutely resist the bad atmosphere.
In August 2016, during a conference call to interpret the merger between Didi and Uber China, the top executives of Didi Chuxing invited were also accused of impersonation.
Afterwards, Guotai Junan Research Institute issued a statement: After internal verification and confirmation with Didi Chuxing, the company did not invite Zhang Bei, the current vice president of Didi Chuxing, to participate in the conference call. "Mr. Zhang, Vice President of Didi", who was invited by the third-party service company to participate in the conference call on the same day, was not a current employee of Didi Chuxing and did not hold the position of vice president.
On July 12, a number of securities industry insiders told the Times Weekly reporter that the frequent occurrence of online meeting accidents of securities companies reflects that the institution's own compliance and risk control are not in place.
In fact, the compliance management of the Brokerage Institute has been regulated. On the evening of May 22, 2020, the revised draft of the Code of Practice for Issuing Securities Research Reports and the Code of Conduct for Securities Analysts was officially released and implemented on June 21, 2020.
The Times Weekly reporter found that the above revisions have refined, strengthened and standardized the research report review procedures, analyst speech specifications, professional ethics construction, research and external experts and other activities, and the publication and reprinting of research reports.
At that time, the China Securities Association also said that the revision was aimed at meeting the needs of the business development of publishing securities research reports, strengthening the quality control of research reports and investor protection, doing a good job in risk management of the reputation of securities analysts, improving the professional ethics of securities analysts, and promoting the healthy development of securities research business.