Tomorrow's A-share red will be stable, and the Shanghai Composite Index will stand above 3,000 points before the Spring Festival.
This is the first result that shareholders thought of after seeing the notice that "the China Securities Regulatory Commission will further strengthen the supervision of securities lending business and completely suspend the lending of restricted shares".
As soon as the announcement came out, everyone forwarded and liked it.
Because the content of today's CSRC notice is a good policy that everyone has been waiting for for a long time, that is, to implement the investor-oriented regulatory concept and strengthen the supervision of the lending of restricted shares. There are two main contents:
The first is to completely suspend the lending of restricted shares;
The second is to adjust the market-based declaration of refinancing securities from real-time availability to next-day availability, and limit the efficiency of securities lending and lending.
As for when such a good policy will be implemented, this time it is determined that it will be implemented immediately if it can be implemented immediately, such as the first one, which will be implemented from January 29, that is, tomorrow. The implementation of the second measure is a little later, and it will take a certain amount of time to prepare due to factors such as system adjustment, and the second measure will be implemented from March 18.
When it comes to the lending of restricted shares in refinancing, shareholders can be said to hate it.
Taking a new stock as an example, except for the normal trading of tradable shares in the market, the original restricted shares cannot flow to the market. Due to the introduction of the refinancing policy later, these stocks that were still in the restricted period could be lent out and sold. And in the process, they are making a lot of money at both ends.
On the one hand, at the time of issuance, the initial price is high, the company obtains over-raised funds, and the securities company obtains excess commissions and co-investment income.
On the other hand, after the issuance, the shares in the hand are quickly sold at a high price. Let the stock price continue to fall, and at the time of issuance, they knew the real situation of the company's operation, and continued to suppress the stock price with the negative performance in the later stage. The lower the share price, the lower the cost of the eventual buyback.
Therefore, refinancing makes shorting one of the effective ways for them to make money.
And in this regard, all large and small scattered and middle-sized households can only watch and watch, and there is nothing they can do.
Now, the "comprehensive suspension of restricted stock lending" is coming, most of the short-selling momentum has disappeared, and the stock market will usher in a real valuation repair market.
Obviously, this is the first policy adjustment after the China Securities Regulatory Commission set the tone of "building an investor-oriented capital market", and it is also a market policy adjustment that has been praised by everyone.
Before that, everyone had been using A-shares as a financing market. In other words, it is specially prepared for the listing and financing of enterprises. In this case, how can more than 200 million shareholders have income to obtain? This has caused many investors to start voting with their feet, fearing that the purchase of overseas ETF funds is 10% higher than the real price, and they dare to buy.
Now, there has been a fundamental shift in that positioning. From the financing market to the investment market, the difference of one word means a change in the focus of each party.
Wang Jianjun, vice chairman of the China Securities Regulatory Commission, said in an interview with the media on January 24: "Only when the majority of investors have a real sense of gain, can the steady and healthy development of the capital market have a solid foundation, so as to truly stabilize the market and stabilize confidence."
Yes, if the investors all run away, can they still raise funds?
Investment is like the sea, and financing is like a ship sailing on the sea. What's the point of a ship if the sea is dry?
The call for a financial market that focuses on investment is finally getting off to a good start.
Wang Jianjun, vice chairman of the China Securities Regulatory Commission, admitted frankly in an interview:
"We firmly establish the concept of investor-oriented, and always take the protection of the legitimate rights and interests of investors, especially small and medium-sized investors, as the top priority of our work. Over the years, we have been working hard, but there are still places in the implementation, and there is still a gap from everyone's expectations.
Yes, there used to be a lot of places in Pudong that were not in place, and there was a big gap, and now it is still too late to correct them.
Speaking of which, it is necessary to block all the behaviors of inflating assets, falsifying income, and cashing out stocks at a high level in the process of forming these false data. For example, the act of selling restricted shares in violation of the bid order is only a public reprimand, which is unacceptable. It is not okay for some financial frauds to be hundreds of millions, but only to fine hundreds of thousands.
Not only is it not a no, but it is an act of indulgence.
In this regard, Wang Jianjun, vice chairman of the China Securities Regulatory Commission, also mentioned in an interview that it is necessary to "implement the requirements of financial supervision to be "long teeth and thorns", angular and angular, accelerate the improvement of a more stringent capital market supervision and law enforcement system, and enhance regulatory penetration."
We will resolutely crack down on illegal acts that seriously harm the interests of investors, such as fraudulent issuance, 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.
On the second and third days, January 25-26, the CSRC held its 2024 system work conference. At this important working meeting, the "concept of highlighting the investor-oriented" was once again emphasized. Supervise and urge public funds and other investment institutions to fulfill their fiduciary responsibilities, enhance their professional capabilities, and better serve the preservation and appreciation of residents' wealth.
For these statements and statements, many shareholders habitually believe that this may be another verbal cannon. Unexpectedly, over the weekend, that is, today, we began to adjust the original unreasonable policies.
Here, we conclude the article with a passage from the Securities Regulatory Commission:
Adhere to the investor-oriented, the original and the way to life. By protecting investors and effectively enhancing investors' sense of gain, the market will definitely get out of short-term troubles and return to the road of stable and healthy development. We firmly believe that the prospects for the mainland's economy and the mainland's stock market are bright.