Yesterday, the China Securities Regulatory Commission issued a voice, the amount of information is huge, and the stabilization of the market completely exceeds expectations, let's take a brief look at what the Securities Regulatory Commission said?
1) Empathize with capital fluctuations, so that investors have a real sense of gain. The capital market has weakened and fluctuated, and many investors are deeply worried and have put forward opinions and suggestions, and we have listened carefully and empathized with them.
2) The construction of an investor-oriented capital market will run this concept through the whole process of market system design, supervision and law enforcement, so that investors can truly feel the fairness and justice of the market.
A. First, vigorously improve the quality of listed companies. The quality of listed companies is prominently reflected in the returns to investors. Consolidate and deepen the normalized delisting mechanism, and "retreat as much as possible" for companies that have major violations of the law and have no investment value.
B. Improve the evaluation mechanism of sponsor institutions, guide investment institutions to change the concept of "emphasizing sales over service", and enhance professional management capabilities.
C. Comprehensively evaluate the issuance pricing, inquiry and other mechanisms, support more investors to participate, put fairness in a more prominent position, and optimize and improve the system rules such as shareholding reduction, securities lending and refinancing.
3) Resolutely crack down on illegal acts that seriously damage the interests of investors, such as fraudulent issuance, so that they will "go bankrupt and sit in prison". The intermediaries involved in the fraud will be held accountable, so that they dare not do it again.
In addition, at the enlarged meeting of the China Securities Regulatory Commission, it was clearly stated that it would firmly follow the path of development of the modern capital market with Chinese characteristics, vigorously improve the quality and investment value of listed companies, and build a valuation system for listed companies with Chinese characteristics.
Obviously, I can feel that the CSRC's voice this time is unusual, which is not only an apology but also a promise, to forge ahead, and let the stock market get out of short-term troubles. There are two expressions that exceed expectations: one is to build an investor-oriented capital market, which is a very big change, and the other is to enforce the law with heavy fists, especially the words of bankrupting the family and sitting in prison.
In response to the second article, there have been many fraudulent companies since the listing of A-shares, and the direct statement of sitting in prison is very encouraging to the morale of shareholders. As for the intermediary structure, it is so painful that it is too painful to do anything more.
The author searched casually, and many intermediaries were affected. Taking the Science and Technology Innovation Board as an example, Amethystum Storage has been delisted, Zeda Yisheng has been delisted, Liyuan Technology, Roput, Zhuojin Co., Ltd., and *ST Huichen 6 listed companies on the Science and Technology Innovation Board have all received the "Administrative Penalty Decision" issued by the China Securities Regulatory Commission for financial fraud.
As the sponsors of the above-mentioned enterprises, China Securities Construction Investment, Dongxing Securities, Guojin Securities, CITIC Securities, and Haitong Securities may not be able to escape the blame. Among them, CITIC Securities sponsored two frauds, and the other securities firms were all one case.
For example, *ST Huichen, sponsored by CITIC Securities, has been financially fraudulent for 5 years and was listed on the Science and Technology Innovation Board in 2020, but it began its fraud career in 2018, with a total of 75.24 million yuan of inflated revenue, and 84.3735 million yuan of inflated profits from 2018 to 2020, and a total of 122 million yuan of inflated profits from 2021 to 2022. In 2019, the inflated profits accounted for 25%, and in 2020, more than 60 million inflated profits were inflated in order to go public, and the inflated profits were inflated by 60%...
This is obviously the purpose of inflating profits in order to achieve a smooth listing and increase the valuation; the reduction of profits after listing is obviously to avoid the risk of fraud, but who knows that it will eventually be exposed. * ST Huichen received an administrative penalty letter at the end of 23, the company was fined 5 million, and the four then executives were fined 11 million. But two of those executives still hold positions in the company, including Zhao Long, the company's chairman.
According to the prospectus, the amount of funds raised in this issuance was 635 million yuan, the issuance fee was 74.83 million yuan, and CITIC Securities received 53.8186 million yuan through sponsorship and underwriting. Therefore, compared with the fine of 1 billion yuan at every turn, should CITIC Securities also face a huge fine?
Next, let's talk about the fine of nearly 1 billion yuan in China Securities Construction Investment! On the community platform, everyone commented very vividly, arrow: You can call me by my name directly. Many netizens pointed out that the arrow was sponsoring Amethystum Storage at that time, not only was the fraudulent company delisted, but China Securities Construction Investment was also fined.
In April 2019, Amethystum Storage, an optical storage technology company, submitted a prospectus and was successfully listed on the Science and Technology Innovation Board on February 26, 2020. Who would have thought that a profit of 156 million would be able to inflate 145 million ... In 2020, after listing, it can pervertibly increase 150% of its profits, which is really crazy.
That is to say, this company has been losing money, burning money, but it describes itself as a high-performance stock with excellent performance, of course, the inflated revenue is also very outrageous, 50% of which is water.
For such a blatant fraudulent issuance, the China Securities Regulatory Commission was also angry, fined the company 36.6852 million yuan, and fined the company's actual controller and directors, supervisors and senior executives. This kind of blatant fraud, intermediaries can hardly escape the blame, the issuance fee is 139 million, the direct fine + commitment is 1.275 billion, which is nearly 10 times their profit. Among them, 1.086 billion was used to compensate shareholders.
Among them, China Securities Construction Investment is the sponsor and lead underwriter of Amethystum Storage, and got 119 million, if it is borne proportionally, it will compensate shareholders 930 million this time, plus 1.09 billion for the commitment money, which can be said to be really painful, otherwise this year's year-end bonus fracture, bonus deferred deduction and big drop base will not be so prominent!
Not only that, Amethystum Storage was not only delisted, but the actual controller of the company, Zheng Mu, and Luo Tiewei, the actual controller of the company, were criminally detained by the Meizhou Municipal Public Security Bureau on suspicion of fraudulent issuance of securities, and are now detained in the Meixian District Detention Center of Meizhou City.
It really responded to the sentence of the China Securities Regulatory Commission, "for illegal acts that seriously damage the interests of investors, such as fraudulent issuance, we will resolutely crack down and let them "go bankrupt and sit in prison". The intermediaries involved in the fraud will be held accountable, so that they dare not do it again. ”