According to the Economic Information Daily, in order to further standardize the behavior of shareholders to reduce their shareholdings, effectively prevent "detour reductions", and maintain market confidence, the China Securities Regulatory Commission plans to revise the "Several Provisions on the Reduction of Shareholdings by Shareholders, Directors, Supervisors and Senior Executives of Listed Companies" and reissue them in the form of regulations. At the same time, in order to further regulate the transfer of shares by directors, supervisors and senior managers, and support them to increase their shareholdings in accordance with laws and regulations, the CSRC has also revised the "Rules for the Management of the Company's Shares Held by Directors, Supervisors and Senior Managers of Listed Companies and Their Changes".
For the current stock market, one more or one less listed company will not have much impact on the stock market. Even if it is a listed company with a certain influence, the impact on the market after the exit will not be obvious. On the contrary, if the number of major shareholders of listed companies is relatively large, the impact on the market will be relatively large. Because, according to the current reduction behavior of major shareholders, a considerable number of the funds obtained by major shareholders after reducing their holdings will not be returned to the stock market, nor will they invest in enterprises, but will be used in other aspects, or even transferred outward. As a result, the reduction of major shareholders has become a blood loss point for the stock market. A blood loss point may not have much impact on the stock market, and if there are more blood loss points, the impact on the stock market will be greater and greater.
Why is it that the stock market is very sluggish when the economic fundamentals are generally good, the external market continues to rise and hit new highs, the efficiency of enterprises is gradually improving, the dividends, share repurchases, and holdings of listed companies have increased significantly, and market supervision has been continuously strengthened. Even if policies to stimulate the market were introduced, the stock market did not return to a rising state? A very important reason is that the use of funds for the reduction of holdings by major shareholders of listed companies is very irregular, and one reduction of holdings is equivalent to a loss of blood, and the reduction of holdings by 10 major shareholders is a loss of blood ten times. In this way, how can investors enter the market to meet the blood loss caused by the reduction of major shareholders, and how can the stock market enter the bull market track, so as to bring tangible benefits to investors?
The fact is that according to the reduction of major shareholders over the years, the annual reduction funds are more than 600 billion, and in many years it is close to 1 trillion. The proportion of funds obtained by major shareholders from reducing their holdings may be very low, as is how much of it is fed back to the market and how much is supplemented to enterprises. The funds obtained from the reduction of holdings have flowed to places that have nothing to do with the stock market. Among them, in recent years, few companies that have entered the market with various concepts are real enterprises, and there are few companies that have not entered the market and have changed their performance, or maintained high stock prices under the artificial manipulation of major shareholders, and when major shareholders complete the task of reducing their holdings, they will immediately become junk stocks. In particular, enterprises that have been kidnapped by capital, from the beginning of their planning to go public, are rushing to make profits, with a strong sense of manipulating stock prices, as long as the enterprises can be listed, they will inevitably speculate their stock prices to the highest level in history, and quickly reduce their holdings.
The revised new regulations will further regulate the reduction of shareholdings by directors, supervisors and senior executives, clarifying that directors, supervisors and senior executives shall not reduce their holdings in the event of their own violations of the law, the illegal circumstances of listed companies, and the warning period of mandatory delisting risk of major violations, clarifying that directors, supervisors and senior executives must disclose in advance before reducing their holdings in centralized bidding or block trading, and clarifying that both parties shall continue to jointly comply with the relevant restrictions on shareholding reduction after the divorce of directors, supervisors and senior executives. To a certain extent, it is also to ensure that the reduction behavior does not become a blood loss point in the market, and to ensure that the reduction does not bring harm to the market. Because of this, the new regulations may impose severe penalties on directors, supervisors and senior executives for illegal shareholding reduction.
It should be noted that the new regulations mainly regulate the shareholding reduction itself, and the use of funds obtained by major shareholders after the shareholding reduction has not yet put forward binding requirements, which actually forms a relatively large loophole. Some people may say that according to the basic rules of the operation of the stock market and the common practice in foreign countries, whether it is a major shareholder or a small shareholder, the use of funds obtained from shareholding reduction has nothing to do with supervision.
Normally, it does. The key point is that a considerable number of listed companies in China, especially those with a large amount of capital, are listed for impure purposes, or are completely tied to capital to go public. In the early stage of entrepreneurship, in order to obtain capital support, many entrepreneurs transferred a large proportion of the company's shares to capital investors. The purpose of capital investors investing in these start-ups is not to develop them, but to push them to the market and reduce their holdings at a high level to flee the market. As a result, these companies that could have developed better have become a rotten company and a rotten apple because of the inflow and outflow of capital. On the contrary, if investors invest for the development of the enterprise and grow with the enterprise, there will be no major problems with the quality of listed companies, and the stock market will not be full of blood loss spots. It is precisely because the proportion of capital in listed companies is too high and the phenomenon of enterprises being kidnapped by capital is too serious, that it is necessary to pay attention to the use of funds from major shareholders to reduce their holdings and put forward binding requirements. For example, at least 30% of the stock market must be returned, or more than 50% must be reinvested in listed companies, so that the reduction of major shareholders will not become a means of cashing, but a reproduction and redevelopment goal, and the stock market will enter a bull market.