All-media reporter Xiong Lijun Hao Keming
A few days ago, the "Several Opinions of the State Council on Strengthening Supervision and Preventing Risks and Promoting the High-quality Development of the Capital Market" (referred to as the "New "National Nine Articles") was released. This is another version of the "National Nine Articles" issued by the State Council after 10 years, following the two "National Nine Articles" in 2004 and 2014. So, what are the new changes and key points of the new "Nine Articles" and what impact will they have on the capital market? On 24 April, this reporter interviewed professionals from the city's major securities companies.
Zhang Shaopeng, director of the financial planning department of the Zhumadian business department of Minsheng Securities, said that the State Council issued the new "National Nine Articles", involving the threshold of listed companies, continuous supervision, incremental funds and other aspects, the core of which lies in risk prevention and high quality. On the side of listed companies, we will strengthen the investor-oriented orientation by restricting shareholding reduction and encouraging dividend repurchases, restrict shareholding reductions in various ways, improve the quality of listed companies through multiple channels, and greatly increase the supervision and punishment of illegal acts that infringe on the rights and interests of investors such as fraudulent listing and financial fraud of listed companies, so as to give back to investors.
If the previous two "National Nine Articles" mainly focused on "making the increment bigger", the overall tone of the new "National Nine Articles" this time is to "be strict and take the lead", rectify the chaos, and ensure that the supervision is "long teeth and thorns", aiming at the development of the capital market on the premise of "high quality". The new "National Nine Articles" also emphasize dividends, and the frequency of "dividends" in the whole article is as many as 10 times, emphasizing "stability, sustainability, and predictability".
Minsheng Securities said that the reform has further improved the four types of mandatory delisting standards, including trading, finance, regulation and major violations, of which three new normative delisting situations have been added. The first situation is that the huge amount of funds has been illegally occupied by major shareholders and related parties for a long time and has not been returned, resulting in a significant hollowing out of the assets of the listed company, with the purpose of curbing illegal occupation and urging timely repayment. The second situation is that the listed company's internal control has been issued a non-standard opinion for many years, with the purpose of urging the company to standardize its operation. The third situation is the disorderly struggle for control of the company, resulting in investors being unable to obtain effective information about the listed company, with the aim of urging the relevant parties to restore the normal corporate governance order as soon as possible. The delisting system is the key basic system of the capital market, that is, we often say that the market is more dynamic when there are exports in and out, which is also an important way to improve the overall quality of existing listed companies.
As a medium- and long-term guiding document for the capital market, the trend of the A-share market after the implementation of the new "National Nine Articles" is also a common concern of investors. Historically, the past two "National Nine Articles" have played a certain role in boosting the stock market.
In 2004, on the first trading day after the release of the first "National Nine Articles", the Shanghai Composite Index rose by more than 2%, and a month after the release, the Shanghai Composite Index rose by more than 5%. In 2014, on the first trading day after the release of the second "National Nine Measures", the Shanghai Composite Index also rose by more than 2%, and rose by nearly 200 points in the following three months, with a cumulative increase of nearly 10%.
On April 15, 2024, the first trading day after the announcement of the new "National Nine Measures", the A-share market ushered in a rebound, and the three major stock indexes rose together. As of the close, the Shanghai Composite Index rose 1.26% to 3057.38 points, the Shenzhen Component Index rose 1.53% to 9369.70 points, and the ChiNext Index rose 1.85% to 1795.52 points.
Large-cap blue-chip stocks were active, with high-dividend stocks firming. As the leading indicators of the Shanghai and Shenzhen stock markets, the Shanghai Composite 50 and Shenzhen 50 rose by 2.10% and 2.45% at the end of the day, ranking among the top two gainers. In terms of conceptual plates, China Shipbuilding Department, China Toutou Stocks and other sectors performed well.
Major securities believe that the implementation of the new "National Nine Articles" and the follow-up supporting rules will help the capital market to clean up the chaos, reshape the value, enhance the internal stability of the capital market, and the quality of listed companies is expected to be further improved, the capital structure is more reasonable, the basic system is more perfect, the market adjustment mechanism is more effective, the professional services are better, the regulatory law enforcement is stricter, and the A-share market can also better support the real economy and return investors.
For shareholders, the implementation of the new "National Nine Articles" and the continuous improvement and optimization of all aspects of the capital market will gradually enhance the stability of the market and enhance investor confidence.
However, in the process of investment, investors should develop rational investment, value investment, long-term investment philosophy and a healthy investment culture, objectively assess their own investment ability and risk tolerance, rationally participate in market transactions, and effectively do a good job in their own transaction management and risk control. Keep in mind that the stock market is risky and do what you can. (Edited by Li Zongwen)