The Commission issued new regulations to stop the resumption of willful suspension of "nail households" can't play

Lin

In November 2018 08, 08:16 source: China Economic Net
 
Original title: the Commission issued new regulations to stop the resumption of willful suspension of "nail households" can't play

Stop the resumption of new regulations have made a detailed specification of the listed company to stop the resumption of application, the suspension period, information disclosure and other supporting mechanisms. This means that the A shares in the future, the random long-term suspension of the wayward "nail house" will become history. Those who try to deal with equity pledge risk, through the suspension of negative information and regulation "hide and seek" behavior will not turn to play

In November 5th, the 16 month long suspension Wanda film restoration, followed by 3 days of continuous limit, in addition to its investors through long time transaction without suffering, also need to bear the losses caused by the price drop.

Wind information statistics, as of November 6th, two, a total of 66 listed companies in a state of suspension. Among them, the suspension of trading for more than 100 days of the 20, and the company has 4 consecutive suspended for more than a year, *ST million new suspended for more than 3 years, Shagang shares, shenshenfang A suspended for more than 2 years. Casual and long-term stop resumption, has become one of the ills of harm investor trading.

11 6, China Commission issued "on the improvement of the shares of listed companies to stop the resumption of system guidance" (hereinafter referred to as "guidance"), defined the basic principles of the listed company stock suspension and resumption, to stop the resumption of application, the suspension period, the information disclosure and the supporting mechanism have made detailed specification. This means that the A shares in the future, the random long-term suspension of the wayward "nail house" will become history.

The principle of suspension for suspension without exception

The main contents of the new system to stop the resumption of a total of 4 aspects: one is the basic principle to establish the listed company stock suspension and resumption of trading opportunities, maximize the protection of. In principle, clear the suspension suspension as an exception, the principle of long-term suspension of short-term suspension, as an exception, intermittent suspension principle, continuous suspension as an exception. A listed company shall be in accordance with the timely disclosure of important matters, the principle of phased disclosure of the specific conditions of related matters, not related to issues of uncertainty is free to apply for the stock suspension, not to apply for the stock suspension instead of confidentiality obligations of related parties. Two is the compression of the stock suspension period, and enhance market liquidity. To further reduce the major asset restructuring of the longest suspension period; clear during the bankruptcy reorganization of listed companies of the stock suspension principle; during the audit committee of mergers and acquisitions, shares of Listed Companies in mergers and acquisitions committee work conference held on the same day shall be suspended. Shares of listed companies more than the prescribed time limit is not the resumption, the stock exchange shall be compulsory resumption. Three is to strengthen the stock suspension and resumption of the information disclosure requirements, clear market expectations. To improve the information disclosure standards of the initial suspension, the suspension period matters key stage of the information disclosure requirements, and strictly implement the obligation of listed companies forced to stop the resumption of case information disclosure. The four is to strengthen the system construction, clear corresponding work arrangements.

At the same time, the stock exchange shall establish the stock suspension time and stock index excluding hook mechanism and suspension of information publicity system, and regularly to the market listed company announcement of suspension frequency, long sorting, urge the listed company to take measures to reduce the suspension.

In the implementation of the new system to stop the resumption, the "guidance" is also clear to stop the resumption of the basic principles, information disclosure requirements and matching rules. For example, the suspension of the information disclosure has 3 aspects, one is to improve the information disclosure standards of the initial suspension, apply for the stock suspension of the company, shall be in accordance with the provisions of the stock exchange, disclosure of important matters, the subject of the transaction name, counterparties, intermediaries, the suspension period, is expected to resume trading time information. The two is to strictly fulfill the obligation of information disclosure mandatory suspension and resumption. The three stage is strengthening the listed company stock suspension period disclosure requirements.

In addition, the new regulations also require the stock exchange and other front-line supervision departments to stop supporting the work of the resumption of trading system.

The market is expected to bring a lot of good

In recent years, with the increasing volatility, liquidity in the overall market of large area, long time no reason, the stock suspension has seriously damaged, which brings huge risk to institutional investors portfolio and stable fund accounting settlement, A shares are mainly for overseas expansion hindered the index fund.

Bank of communications Schroder Fund chief strategist Ma Tao believes that the current domestic market to stabilize the price of pure suspension purpose, no real major issues and lasts for a long time, is the domestic and foreign institutional investors more criticized the phenomenon.

Ma Tao believes that the new system to stop the resumption of the introduction and implementation of reference to the international practice, requires the establishment of the stock suspension time and stock index excluding linked mechanism of potential threats to the suspension behavior on the market liquidity is not to be included in the index of the discipline, supervision of listed companies to take measures to reduce the stock suspension, is expected to A shares proportion and length of suspension international pressure to a comparable level.

Beijing Gray asset manager and chief investment officer Zhang Kexing believes that there are several benefits of the new system to stop the resumption. One is the liquidity of the stock market is expected to increase. For example, during the 2015 A shares correction, the suspension of the stock number was more than 1000, seriously affect the market liquidity, and some investors sold a lot of good quality stocks, caused by the wrong kill, has brought great impact on the normal trading market. Two is conducive to safeguarding the interests of investors. The original suspension and resumption of relatively simple, some listed companies in the stock suspension time is too long. In this case, many investors do not understand the situation, there is no timely disclosure of information of listed companies. Once the resumption, likely the stock price plummeted, cause losses to investors. If the disclosure of information in a timely manner, during the suspension stage to stop the resumption of institutional constraints, give investors the right to know more, you can avoid huge loss. Three is the new regulations to standardize the listed companies to suspend operations. From stocks and Hong Kong stock experience, the real long-term suspension of the stock is relatively small, even if a listed company is a major asset change or mergers and acquisitions, will most of the time in the transaction. In this process, to strengthen the supervision of listed companies, to strengthen the suspension system of norms, is favorable for investors trading.

The related rules need to be improved

Although the new system has to stop the resumption of the implementation of release, but it still needs to improve the relevant supporting rules. For example, we should continue to improve the relevant shares of listed companies to stop the resumption of self rule, make specific provisions on the suspension principle, type, duration, procedures, information disclosure, etc..

The Milky Way China Securities chief economist Liu Feng believes that in addition to stop the resumption of system, the follow-up should also promote the level of corporate governance, enhance the transparency of market operation, improve the trading system upgrade.

On the one hand, should focus on market continuity and mobility support, based on perfect micro transaction mechanism, can consider further relaxation or even phasing out price limit, take the form of T+0 trading system innovation, the useful experiences of developed markets, continuous trading and price discovery function to optimize the market. On the other hand, we should establish a reasonable risk hedging and arbitrage mechanism, promoting futures markets mature, security risk investors reasonable dispersion and hedging needs. The short mechanism, leverage (margin), high frequency trading, arbitrage market neutral trading means to regulate rather than restrict, for the market to inject liquidity and promote price discovery speed, so as to improve the efficiency of the market.

"The premise of the normal suspension and resumption of demand in the protection, those who use the system to stop the resumption of illegal speculation, willful suspension, the information disclosure is not sufficient to disrupt the market behavior, should also increase the punishment, from the administrative and the rule of law by a suspension and resumption of vulnerability, further for investors to create a more open and transparent market environment." Private line network researcher Liu Youhua said. Reporter Zhou Lin

(commissioning editor: Yang Xi, Tong Zongli)

Related topics

Recommended reading