God-level Trader of Rebirth

The pace of IPOs will be tightened in stages.

Companies with outstanding performance will be given priority to go public. IPO companies that are currently experiencing losses or declining performance will have to strictly review the listing process and include the company's reputation in the assessment. If problems are found during the application stage, they will also be held accountable.

For companies that voluntarily withdraw, they are not allowed to submit another listing application within three years.

Further standardize the reduction of shareholdings.

If a listed company has a loss of shares or net profit, or has not distributed cash dividends in the past three years, and the accumulated cash dividends are less than 30% of the average annual net profit in the past three years, the controlling shareholders and actual controllers are not allowed to reduce their holdings in the company through the secondary market. shares.

Heavy penalties will be imposed on performance fraud and illegal disclosures.

Casinos have rules, but our stock market has no rules. This is a casino where someone can see other people's cards.

The characteristic of the financial market is a high degree of information asymmetry, so the primary goal of supervision is to strictly implement the mandatory information disclosure system to make information transparent and protect investors.

Reduce the financing margin ratio.

Reduce the investor's margin ratio from the original 100% to 80%, allowing investors to use a higher ratio of leverage for financing.
The core content of the document Chen Jie took out is to open the lid of the A-share reservoir, let more funds in, and then tightly control the water outlet. In this way, the water level in the pond will be lowered. It will keep rising.

Many people in the conference room, after roughly reading the document, turned their heads slightly and started discussing with each other.

Stamp duty reduction is a matter for the Ministry of Finance, capital injection is a matter for the central bank, and leverage adjustment is a matter for the China Banking and Insurance Regulatory Commission. Most of the requirements raised by Chen Jie are within the scope of the China Securities Regulatory Commission's functions.

The China Securities Regulatory Commission can finalize the revision of these rules alone without the need for multi-department coordination.

So, this pressure came to Shang Fulin again.

His face was solemn, and he seemed to be riding a tiger.

These issues raised by Chen Jie were basically things they knew about but didn't want to touch, but now that they were raised at the meeting, he couldn't completely ignore them.

Otherwise, after the meeting is disbanded, today's content will definitely be circulated. At that time, not only the leaders, but also hundreds of millions of shareholders will scold him for his inaction.

Just when he was hesitating, Li Jiange, the chairman of CICC, took the lead and said: "The questions raised by Chen Jie are relatively stable, and they point directly to market loopholes."

"For example, the issue of reducing holdings of major shareholders needs to be grasped very well, otherwise it will be endless."

"But this issue involves the qualitative issue of China's capital market."

"We must fundamentally consider the direction of China's capital market, let alone reduce the holdings of major shareholders as an important link in the capital market."

"Now we have 400 listed companies. Basically, except for more than [-] state-controlled listed companies, the others are basically dominated by private companies and family companies."

"In this context, they regard listed companies and company shareholders as two entities and completely separate them on the issue of shareholding reduction."

“The stock market has given listed private companies a momentum and a new height, but many major shareholders are always focused on reducing their holdings instead of focusing on “becoming stronger and better.”

"Market funds enter listed companies. Only when major shareholders focus on the main body of listed companies can they drive other small and medium-sized shareholders to win-win."

"The high prices of IPOs are all derived from the discount of a few cents per share. The IPO prices of listed companies have gone through three levels of amplification (asset evaluation, premium issuance, and listing transactions). These three processes have made the majority of the shares in the hands of major shareholders You can reduce your holdings in any way appropriate for the shares, and there is almost no cost.”

"So standardizing the reduction is indeed an urgent issue."

Li Jiange's attitude is that of CICC. His speech made many people who were still watching the trend stop swaying and began to express their opinions.

In this discussion, most people still agreed with Chen Jie's suggestions.

After all, this can be regarded as a restorative long-term benefit for the market.

No one hopes that when investing in the stock market, they have to be alert at any time whether the listed company will suffer a thunderstorm, whether the major shareholders will suddenly reduce their holdings when the stock price is high, etc.These objective loopholes will also have a considerable impact on them.

"Yes." Shang Fulin nodded slightly, expressing his agreement, but he pressed the document in his hand without leaving any trace, and said: "These problems do exist. Therefore, our China Securities Regulatory Commission will also focus on It’s about checking and filling the gaps in the system.”

"At the same time, we will also strengthen supervision and impose heavy penalties on those who violate regulations and reduce holdings!"

"We will conduct in-depth research and discussions on the specific details in the follow-up."

"As for the issue of reducing the financing margin ratio, we will also further communicate with colleagues from the China Banking Regulatory Commission and the China Insurance Regulatory Commission to explore the feasibility of increasing leverage and the possible impact."

Shang Fulin responded to several questions one by one. He almost ran out of words before Chen Jie reluctantly nodded: "Chairman Shang, thank you for your contribution to A-shares over the years. In front of so many colleagues today, I am not They are aggressive and insist on finding fault with supervision.”

"Finance is the blood of the national economy and an important part of the country's core competitiveness."

"Although our economic growth is very gratifying now, we must also speed up the pace of building a financial power."

"Nowadays, there are only a few countries in the world that can be called financial powers. They are all old capitalist countries, such as the United States, Britain, Japan, France, Germany, etc."

"These countries have extremely important status and influence in the financial field."

"New York and London are both world-famous financial centers."

"Most of the world's leading financial institutions, such as HSBC, Standard Chartered Bank, JPMorgan Chase, Morgan Stanley, and Goldman Sachs, are based in the United States."

"These institutions have very strong strength and influence in the financial field, and the United States has the world's largest stock trading market and bond market."

"Their financial industry has huge influence and control over global economic development and capital markets."

"The U.S. stock market is one of the important manifestations of America's financial power."

"Fortunately, although the U.S. stock market is the world's largest stock market, it is not the world's largest financing market. This is of great enlightenment to us."

"As of this year, the total market value of U.S. stocks is approximately US$11 trillion, accounting for 55% of the total market value of global stocks. In fact, our A-shares still have a lot of room for improvement. The premise is that the stock market ecosystem is healthy, and ecological health can lead to stable and long-term development."

"Admittedly, I also know that suspending the IPO is not a good solution and cannot solve the fundamental problem."

"But there have been six IPO suspensions in the history of A-shares. Each suspension provided the stock market with an opportunity to recuperate."

"Three years have passed since we last suspended IPOs. During this period, more than dozens of listed companies with a market value of more than 300 billion have been born. The intensity of financing is unprecedented, and A-shares have finally collapsed."

"If there are no obvious loopholes in the current A-share IPO system and there is no suspension, it doesn't matter."

"The key is that there are many companies that are queuing up to go public and simply cannot withstand strict inspections. This exposes many problems with the current IPO system."

"So whether from the perspective of improving the IPO system or from the perspective of giving the market a chance to recuperate, I think it is very necessary to tighten IPOs."

"A strong and healthy capital market is the only way to build a financial power."

"We hope that the regulatory authorities can really take it seriously and assume the responsibility of ordering the financial industry."

Chen Jie's words were so inspiring that they aroused the thinking of many people present. The meeting that was originally planned to end before five o'clock in the afternoon did not end until after eleven o'clock in the evening.

It is worth mentioning that late that night, the secretary of the meeting finally compiled the contents into a draft and prepared to release it to the public.

The "Securities Times" reporter, who had obtained first-hand information in advance, was one step ahead and took the lead in publishing the headline news through the Internet. The title:

"Just now, A-shares received epic benefits, stamp duty was reduced! The China Securities Regulatory Commission fired five arrows at once, and the policy was officially confirmed!!!"