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SourceRobloxcarcrashgameBeijing Business Daily
The new rules for reducing holdings have been issued heavily, improve the system of rules for reducing holdings, and prevent detour reduction, which can be called the strictest new rules for reducing holdings in history. After the landing of the new rules, it will have an important impact on the ecological reshaping of the A-share market, and it will be more directly positive for small and medium-sized investors. The behavior of major shareholders' reduction will be restricted, which will enable shareholders to hold shares more at ease, and for medium-and long-term holdings.RobloxcarcrashgameThe ecological accelerated composition of value investment is of great significance.
Major shareholders reduce their holdings as fiercely as tiger, especially some poor performance stocks or problem stocks, liquidity is already general, if the negative value of shareholder reduction is increased, the company's stock price may embark on a long "bear road". Not only problem stocks, common stocks or blue chip stocks of medium and small investors, there are also worries about the reduction of major shareholders, including agreement reduction, bulk trading, divorce reduction, and so on, all of which affect the sensitive nerves of investors.
The landing of the new rules has not only put a tight hoop on the reduction of major shareholders, but also reassured investors, so that more investors can eliminate the anxiety of major shareholders and hold shares in the medium and long term with more peace of mind.
From the perspective of specific rules, the new rules link the pre-conditions of major shareholders' reduction with the dividend and stock price performance of listed companies, which in essence is to force listed companies to improve the quality of companies, and the ultimate goal is to better return to investors. For major shareholders, if they want to turn the benefits of listing into real income, it is nothing more than reducing their holdings and cashing out or getting dividends. Among them, the dividend actually has the nature of universal benefit, while the major shareholders enjoy the dividend income, other investors can also enjoy the dividend benefits.
However, the reduction of major shareholders runs counter to the willingness of investors to hold shares. Compared with the investors who buy the company's shares in the secondary market, the holding cost of the major shareholders is much lower, and the reduction of the major shareholders still makes a lot of profits in the low stock prices that seem unacceptable to the shareholders, which is the contradiction between the reduction of the holdings of the major shareholders and the interests of the medium and small investors. In fact, the new rules prevent the irresponsible low-level reduction of major shareholders, when the investors' investment interests are seriously damaged, then the major shareholders should also lose the qualification to reduce their holdings and not let them be happy alone.
At the same time, it is clear that controlling shareholders and actual controllers are not allowed to reduce their holdings in listed companies and their own illegal circumstances, and general major shareholders are not allowed to reduce their holdings in their own illegal circumstances, which is a further optimization of the prohibition of shareholding reduction by major shareholders. Strictly standardize the reduction behavior of major shareholders, highlighting the concept of investor-oriented supervision. In order to avoid touching the red line of prohibition and reduction, listed companies and major shareholders will pay more attention to law-abiding and compliance in daily operation and information disclosure, which directly reduces the risk of shareholders stepping on mines and makes them feel more at ease.
In addition, by increasing the pre-disclosure obligations of major shareholders before the reduction of their holdings through bulk transactions, investors are psychologically prepared in advance for the reduction plans of major shareholders, thus reducing the emotional impact of sudden bulk trading on the market.
In addition, the new rules make it clear that the transferee will be locked up for 6 months after the transfer of the agreement, and the transferor who has lost the status of major shareholder will continue to comply with the relevant restrictions within 6 months. The transfer of the agreement has been controversial before, and some views believe that there is a risk of detour to reduce holdings. Now, the new rules answer the market's doubts and expectations with clear rules, so that investors have more sense of security.
Valuable stocks need investors to stick to them for a long time, and the reduction of new rules makes more investors dare to take and hold them.
Zhou Kejing, commentator of Beijing Business Daily