androidblockchaingame| The market for 100 billion yuan reduction in sales is ushered in a "big killer"! Long-term benefits for A-shares are coming, and foreign capital has poured in with real money

Special topic: heavy weight! The Securities Regulatory Commission issued new rules to strictly regulate the reduction of major shareholders to prevent detour reduction.

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Wind Wande

Recently, the Securities Regulatory Commission formally issued the interim measures for the Administration of share reduction by shareholders of listed companies (referred to as the measures for the Administration of share reduction) and related supporting rules. It is clearly stipulated that the reduction of controlling shareholders and actual controllers should be linked to the market performance and dividends of listed companies, and comprehensively regulate all kinds of "fancy" holdings reduction, such as technical divorce reduction, re-financing lending, securities lending reduction, and so on. Severely crack down on illegal reduction, so that violators pay the price of "pain".

/ / the strictest new rules for reducing holdings in history have been released / /

A total of 31 measures for the management of shareholding reduction have been announced, which have three main characteristics:

1. Strictly regulate the reduction of major shareholders' holdings. Make it clear that the controlling shareholder and the actual controller shall not reduce their holdings through centralized bidding trading or bulk trading under the circumstances of breaking, net breaking, substandard dividends, etc., and increase the pre-disclosure obligations of major shareholders before they are reduced through bulk transactions; the concerted actors of major shareholders are required to abide by the restrictions on shareholding reduction together with major shareholders.

2. Effectively prevent bypass reduction. The transferee of the agreement is required to lock up for six months; it is clear that after the shares are divided due to divorce, dissolution, division, etc., all parties continue to abide by the restrictions on share reduction; it is clear that judicial enforcement and default disposal of pledged margin trading shall apply the relevant reduction requirements according to the different ways of reduction; major shareholders are prohibited from selling securities or participating in derivatives trading with the company's shares as the subject matter. Refinancing and lending of restricted shares and short selling of restricted shares by shareholders are prohibited.

3. Refine the terms of liability for violations. It is clear that for illegal reduction, measures can be taken to order repurchase and hand over the price difference to the listed company, and enumerate the specific circumstances that should be punished. In addition, the obligations of listed companies and secretaries of the board of directors have been strengthened.

/ / A shares have been reduced in recent years / /

Wind data show that a total of 556 important shareholders of listed companies have reduced their holdings this year. Total net reduction 31Androidblockchaingame. 8.4 billion shares, the reference market value of which is 40.953 billion yuan. With the release and implementation of the new rules, the scale of later reduction is expected to decline further.

Throughout the past five years, listed companies have reduced their holdings by more than 300 billion yuan a year in the first four years, but a good sign is that the scale of annual reduction is decreasing rapidly. The scale of the reduction in the first five months of this year has been greatly reduced to around 40 billion yuan, and it is expected that the scale of the whole year will not exceed 100 billion, and there is no doubt that the reduction will reach a new low in recent years.

/ / the new rules are good for the A-share market / /

Yang Delong, chief economist of Qianhai Open Source Fund, believes that the new rules regulate the reduction of major shareholders from many aspects, fully protect the interests of medium and small investors, and help boost investor confidence. By standardizing the reduction of major shareholders, it also blocks the institutional loopholes in the market, which can better restrain the behavior of major shareholders, reduce the outflow of funds, and help to promoteAndroidblockchaingameChina's capital market has achieved high-quality development. At present, China's capital market is gradually out of the bottom, but market confidence still needs to be gradually restored. Standardizing the reduction of major shareholders is not only an important aspect to boost investor confidence, but also an institutional guarantee to promote the A-share market out of the slow bull market.

Tian Lihui, dean of the Institute of Financial Development of Nankai University, said that the promulgation of the "measures for the Management of shareholding reduction" and the "rules for the change of Dong Jian Gao's shareholding" are important measures for the supervision of the capital market. it can further standardize the reduction behavior of shareholders and Dong Jian Gao of listed companies, and maintain the fairness, justice and stability of the market. The two rules restrict the reduction of major shareholders under specific circumstances, strengthen the pre-disclosure before the reduction of bulk transactions, and put forward preventive measures for detour reduction, which helps to prevent major shareholders from making improper reduction by taking advantage of information. Harm the interests of medium and small investors.

In addition, the rules clearly regulate the share reduction behavior of major shareholders and Dong Jiangao, and improve market transparency, which is an important measure to crack down on market manipulation and insider trading. At the same time, it also defines the specific punishment measures and circumstances for illegal reduction, which improves the enforceability of the rules and can deter potential violations.

/ / Real foreign money and silver poured into the Chinese market / /

Recently, a number of foreign institutions have adjusted their positive views on the A-share market. Goldman Sachs raised the target of the Shanghai and Shenzhen 300s from 3900 to 4100, which is about 15 per cent higher than the current level, which is the target at the end of this year.

Coincidentally, JPMorgan Chase also maintains an optimistic outlook for the A-share market. Liu Mingdysi, chief Asia and China equity strategist at JPMorgan Chase, said that since February this year, a series of new measures by regulators have stabilized the confidence of domestic and foreign investors. including regulators relieving pressure on leveraged funds, the State Council issued the third "National Nine articles." It is proposed to strictly control the access to issue and listing, strengthen delisting, and strengthen the supervision of cash dividends, all of which stimulate the upward trend of the A-share market.

With the sound of "bullish", foreign investors are also voting with real money. Wind data show that since 2024, northbound capital has accumulated a net inflow of 88.684 billion yuan, greatly exceeding the northward capital inflow of 43.704 billion yuan in 2023. In addition, recent buyback announcements from a number of listed companies show that, compared with the end of the first quarter, foreign institutions such as JPMorgan Chase and Merrill Lynch have increased their positions in A-share listed companies.

(Wind Comprehensive Daily Economic News, Beijing News, Securities Times, etc.)