Q protection


Q protection 

Date: at 17:12 on October 27 2014 

SFC Investor Protection Bureau official answered reporters' questions (a) 


Since the establishment of the China Securities Regulatory Commission Investor Protection Bureau, and actively explore ways to communicate directly with investors and channels, through research visits, holding seminars, etc. and recommend investors to listen to the voices, sustained advocacy rational investment, long-term investment, value investing concept. In the opinions and suggestions of combing and research, recently on investor interest and concern of some hot topics, investor protection bureau interviewed by a reporter. 


Reporter: reform and development achievements in recent years, China's securities market is huge, the international community has been widely recognized, but domestic investors have not been very satisfactory return, especially medium and small investors, the past two years reflect lost money, This is not true, the fundamental cause of the problem lie? 

A: China's stock market volatility of recent years is indeed great, rose after the big drop, the last two years, due to continued to fall, investors face large losses, especially small and medium investors generally do not make money. The reasons for this situation are complex, the most fundamental reason is that the current structure of China's capital market is also not reasonable, optimize resource allocation function does not give full play to the market mechanism is not strong constraint, institutions and mechanisms, there are still a lot of market operation problem. For example, the issue of reform of the current market parties closely, dividends of listed companies and improve the delisting system, and the establishment of appropriate institutional investors are all very critical. "IPO fever", IPO market, there's the "three high", "ST shares hype" "hype small-cap stocks" and other phenomena are related to the above-mentioned institutional arrangements and regulatory issues related to operational aspects, the existence of these problems greatly damage the interests of investors. In this regard, the regulatory authorities attach great importance to a solution being actively studied. 


Reporter: Recently, the Commission has been advocating the idea to establish a good investment, including rational investment, value investing, long-term investment and so on, may I ask what to consider? What is the relationship between the current market environment? 

A: The capital market's healthy development is inseparable from investors to participate, without a favorable investment philosophy. Mature and rational investor group is the cornerstone of healthy development of capital markets, but also the basic guarantee for the safe operation of the capital markets and functioning of. The current market presence of some non-rational investment attitudes and behavior, has not attracted enough attention of investors. For instance, some investors do not carefully read the prospectus, the company's fundamentals and other information, blind keen to "new", "new speculation", the results suffered a great loss. According to the Shanghai Stock Exchange statistics show that since 2010, the Shanghai Stock Exchange IPO first-day gain is reduced year by year, in the short term after the IPO share price fell more than the broader market. During the 30 days to 70 days after the IPO, excluding the impact of the Shanghai Composite Index rose decline, stock prices fell compared with the first day closing price increased from 6.51% to 10.65%. Participation in the account to buy the 99.7 percent of personal accounts, and the first day to buy more for the win short-term gains, this "chasing" behavior exacerbated the IPO hype, especially after the stock rose sharply, chasing the high buy 94.7% loss account up. 

The Shenzhen Stock Exchange statistics show the same results. IPO on the first day were mainly bought by individuals, 10 days after the loss of more than Liucheng. GEM, for example, by the end of October 2009 to the end of October 2011, listed on the first day to buy the amount of individual investors accounted for up to 95.06%, of which 10 million individual investors to buy the amount accounted for 22.77%, 1000000 yuan to buy the amount of individual investors accounted for 62.48%; the first day of individual investors to buy 10 days after the loss ratio of 64.25%, of which 10 million individual investors, the proportion of loss of 64.62 percent and 100 million or less Individual investor loss ratio was 63.63%. Seen from these figures, the loss of most investors is obvious. 

Faced with the rapid development of the market situation, we deeply feel, if the majority of investors to carefully study the company's fundamentals, painstaking search for stocks with growth potential, not blindly chasing the new suit, the concept of speculation, stock market structure will be improved, market Order will be improved, the investment value will increase, will allow the parties to participate in the market of common benefit. Therefore, cultivating healthy mature investment culture, is an important part of the current service of investors, only fundamental change in this regard, in order to really build an attractive, functioning markets, enhance the confidence of the parties to the participants, in order to truly protect the legitimate rights and interests of investors are implemented. 


Reporter: Some time ago, the Commission responsible comrades persuasive to suggest low-income people should not invest in stocks, which is not meant to discriminate against public investors is not to limit the rights of ordinary income property. In addition, the rational investment and the blue chips have anything to do, if only to buy blue chips is rational investment? 

A: The guide investors mainly invest in blue chip large cap stocks, as we advocate for low-income groups, choose low-risk investment tools, are we gradually establish an important aspect of Investors in the system. Promote investment in blue chip essentially advocating rational investment, value investing philosophy. Currently, investors on the stock market is not trained, do not have sufficient time to analyze and understand the experience of listed companies, and many small companies, the underperformance of information disclosure is also not true, accurate, complete, timely, so follow the trend to buy , fried new, small fry, fry poor, the risk will be enormous. According to statistics, at present, the total market capitalization of the Shanghai and Shenzhen 300 Index companies 65%, operating income of 74% of the total net profit of 84% of the total. These data indicate that the main blue-chip market, is where the real value of the stock market. Practice shows that investors are really concerned about efforts to study the intrinsic investment value of listed companies, but be careful not to buy at high prices, such as avoiding 2006-2007 as a high point, it is possible to obtain a relatively good return on investment. Investors recently on behalf of individual investors forum in Beijing, who has 12 years of investment experience about his investment process, she insisted studying learning through a variety of channels, knowledge, adhere to value investment philosophy, the blue-chip blue-chip investment , starting from 7000 yuan, lucrative. Although this is the case, but a side show, as long as investors return to normal, more learning, more research, more comparative, not blindly, not speculation, not hype, look at the company's intrinsic value and the real potential for development, there is eligible profit opportunities. 

It is an advocate of investment in blue chip investment philosophy, not simply for what stocks. Many factors affect the stock price changes, the concept of blue chips, the range is not static. Therefore, you can not understand the meaning of mechanically blue chip investment in the face of numerous and varied market, investors need to grasp the rational, value investing principles, combined with the market situation, expectations and their own situation, after specific analysis to select. 

Boot ordinary investor risk tolerance commensurate with their products and in the field, there is no mandatory regulatory authorities warn of risk from the perspective of goodwill to remind investors to protect investors. SFC shoulder safeguard the capital market order, and promote the healthy development of the market important responsibilities, in addition to safeguarding national interests and safeguard the interests of investors, there is no any of their special interests. 


Reporter: In recent years, the Commission has been pushing investors to appropriate management, such as GEM, stock index futures are set a certain threshold, it is not meant to take the small investor out? 

A: Investors in the system is a protective measure commonly used outside the mature markets, which investors should not simply block out, but to control to protect investors from a risk point of view, it is investment in adaptation who measures necessary diversification of investment products. Investors in the management both contribute to the formation of "caveat emptor" risk awareness, more supervision "of the seller's duty," the main starting point. Investors in the management on the one hand to ensure that investors are aware of the risks, rational investment, on the other hand will also help us and our main market operators to provide investors with a more targeted, more effective services, its fundamental purpose is good service, protection Good investors. There was a retired old comrades of the warrants not know much, although agency has done some risk of revealing work, but he did not invest in warrants understand "exercise" and other basic concepts of situation, the absence of timely exercised, resulting in the original capital no return. Investors in management is a preventive, warning, reminding investors have to protect themselves. Meanwhile, investors appropriate management requirements increase the "seller" of supervision, to see if they do understand the customer, depending on the circumstances of the customer classification management, to provide customers with the ability to adapt to their risk tolerance of the product. For those in pursuit of corporate interests to entice customers to buy high-risk, highly professional, practices and customer affordability does not match the product, regulators will distinguish between different cases, according to the law deal with. 

Currently, Investors in the system is gradually improving, GEM, stock index futures, margin trading has initially formed a relatively mature model, from the market reflect the view generally appropriate institutional arrangements for investors more recognition, but the effect is very good ʱ?? Next, the bond market, the construction and regulate the development of the OTC market intermediaries will be integrated into the investor appropriateness management philosophy, and strive with the participation of associations, exchanges, and other multi-agency units to promote the formation of multi-level investment by appropriate management of the system. 


Reporter: What measures taken by the Commission in terms of promoting the dividends of listed companies? 

A: The Commission attaches great importance to guide the work of dividends of listed companies, issued a series of measures and have achieved some results. 2010 all listed companies within the amount of equity financing 958.8 billion yuan, 499.5 billion yuan total dividend, dividends accounted for 52%. As of the end of 2010 the cumulative total of the accumulated dividends exceed the total financing of 178 listed companies, accounting for 8.6% of the number of listed companies. The number of listed companies at home after the listing of dividends each year for 617, the total number of listed companies 26.4%. Dividends of listed companies gradually increase awareness and contribute to investors' efforts to increase every year. However, there are a whole number of issues, one is the dividend payout ratio is low overall. 2001-2011 cash dividends of listed companies accounted for net profit ratio is about 25%, while the proportion of international mature markets usually between 40-50%. Second Light cash dividend, dividend rate of return in the form of dividends. 2001 to 2011 between the A-share market accumulated after-tax total cash dividend of 1.72 trillion yuan, while listed companies to raise funds accumulated 4.05 trillion yuan, accounting for 42.5% of actual total cash dividend of financing, such as the annualized rate of return far lower than investors expected. These data suggest that dividends of listed companies is also less than ideal situation Overall, the market needs to work together to promote multi-party body. Emphasis on dividends by creating positive market environment dividend and guide the efforts of listed companies back to the community, return to investors, investors reasonably expected, rational choice, and then consolidate the market-based value of the investment. 

Dividends of listed companies in promoting positive aspects, the Commission has taken many concrete measures in 2008 to develop a "decision on amending certain provisions of the listed company's cash dividend," and proposed a dividend issues on specific requirements. November 2011, the Commission issued the [2011] No. 41 announcement, requires listed companies in its annual cash dividend of the previous three years the amount of clear disclosure, the ratio of net profit, and should disclose the cash dividend policy formulation and implementation , indicating compliance with the requirements of the provisions of the articles of association or shareholders of General Assembly resolutions, and the ratio of dividends standards are clear and legible, whether independent directors and external supervisors to fully express their views, whether and how the shareholders' meeting considered the issues related to the legitimate interests of minority shareholders whether adequate protection. The company's cash dividend policy adjustments or changes, should detail the conditions and procedures to adjust or change whether the compliance and transparency. For the reporting period earnings but not raise the cash profit distribution plan of the company, the company shall specify the reasons for not participating, not for dividend funds retained the company uses. CSI also introduced two provisions refinement. Through these measures to further strengthen the supervision of listed companies profit distribution decision-making process and implementation, but also to just get in spite of the return of some of the company sounded the alarm. 

Of course, the dividends of listed companies of specific policies and programs is a statutory autonomy of enterprises, government agencies, including regulators, took the decision not. Enterprise has its own development cycles and phases, at different periods of the company handling the profits will be different, but how listed companies must have a clear idea of return to shareholders, awareness and plan to fully inform and explain to the market, which is its basic responsibilities and obligations. Investors can choose a company to promote high dividend return to shareholders of other companies; listed company may win acceptance by investors high returns; regulatory authorities vigorously promote the value of investment, measures to strengthen the constraints to guide the listed companies to enhance the sense of responsibility to stabilize, generous dividend promote the formation of value investing philosophy, the whole market efforts to return capital to shareholders formed a good atmosphere. 


Reporter: delisting system and what kind of relationship rational investment? Delisting will give the market what kind of impact? Delisted, it will result in the investor's investment make sense? 

A: The study will help the introduction of the delisting system of value investing, to form the correct investment philosophy of rational investment, long-term investments. For a long time, some investors are keen to stir up the poor performance of the company and the so-called "shell", traced, in addition to investors' flourishes "the idea and investment behavior blindly follow the trend, mainly due to China's securities market some of the poor performance of the company continues to interpretation of "Phoenix," the legend, a large number of ST segment of the listed companies in the fourth quarter operating profit through the disposal of assets, debt restructuring and government subsidies and other means to avoid the current delisting system. This situation contributes to irrational investment behavior of investors that although the company will not withdraw from the market in recent years the huge loss, which reap huge profits gamble backdoor reorganization. Some investors clearly expressed at the forum, no delisting, speculation is difficult to change the atmosphere. Therefore, the implementation of strict delisting system, will help guide rational investors, value investing, a healthy investment culture and atmosphere. Delisting system, as the capital market, "purification", to promote survival of the fittest market play functions, optimizing structure of listed companies in the competition, protect the interests of small investors from the source. Power no pressure of business, there is no way forward, into the market is not safe, eliminated the need for strict management system and urge careful management company, continue to forge ahead, in an invincible position in the market. Investor confidence also requires excellent management team, has the potential to boost the listed companies. In the long term, contribute to the formation of market delisting system renewal and homeostasis, helping the overall quality of listed companies continues to improve, thereby protecting the interests of small investors from the source. 

Making process in the delisting system will give full consideration to the protection of the legitimate rights and interests of investors, especially small investors, but not understood as irrational investment behavior of investors "pay." In the study of delisting system development process, the Commission will consider in the design of the system-level protection mechanisms investors. Currently the Shenzhen Stock Exchange GEM delisting system improvement has taken six measures, it embodies this philosophy. However, investors have a clear understanding of investment underperformance at the time, to establish the "caveat emptor" awareness, training to control the overall risk assets stop consciousness. When a public company under the premise because macroeconomic factors, industry factors, management factors lead to delisting, according to the law in the listed company fulfilled its disclosure obligations, investors should bear the results of investment decisions, and look forward to irrational investment behavior by the state to pay is impractical. 


Reporter: advocating rational investment, the premise is to have a true, accurate, complete and timely disclosure of information, the Commission have any initiative in this regard? 

A: Recently, the investors at the forum reflected the information disclosure of listed companies and some lag, as well as the performance of face changing fast, frequent corrections, and proposed the establishment of an official, authoritative platform for information disclosure of listed companies, as well as strengthening the information disclosure of listed companies regulatory proposals. 

For investors reflect the problems, regulatory authorities attached great importance to studying the relevant measures. Currently in improving the implementation of regulatory policies and measures, while also considering promoting the establishment of an independent third-party assessment organization, from a service point of view of investors, the prospectus and other materials to further interpret the contents reveal risk to play its expertise to help investors more popular, intuitive understanding of the proposed issuance of the company's situation, rational judgment investment value of the company, and further promote the formation of long-term, rational, value investing philosophy and foundation. In addition, the Commission will further increase the illegal acts of the crackdown on misleading investors, defrauding investors of behavior seriously dealt with, will not be tolerated. 



SFC Investor Protection Bureau official reply People Sign suggestions two sessions (b) 


People Beijing March 15 (reporter Yang Di, Yang Bo, Yang Xi) today, China Securities Regulatory Commission Investor Protection Bureau official to the People's Network during the "two sessions" involving proposed capital markets focus on responding to hot issues, Responses are including listed companies delisting and bonus system, the third board stock rotation plate against 13 major illicit consulting firm, strict management experts recommended stocks to profit like. The following text is in response to China Securities Regulatory Commission Investor Protection Bureau: 


First, how clues to the Commission? 

Q: I am a decade old shareholders recently found someone blatantly manipulate a stock, ask how I should report to the Commission clue? What way? (User IP: 121.14.235 ★.) 

A: At present the Commission accepts way investors there are two major clues: 

First, through letters and visits reflect. Direct a letter to the Commission, please send "Financial Street, Xicheng District, Beijing on the 19th Fukai Building, General Office of China Securities Regulatory Commission petition office", zip code 100033. Please visit "Taiping Bridge Street, Xicheng District, No. 107 China Securities Regulatory Commission visited the reception room." You can also reflect each agency to the Commission, specific ways please visit China Securities Regulatory Commission website (http://www.csrc.gov.cn) query. 

The second is reflected by telephone complaints. Commission complaint calls, 010-66210166,010-66210182. CSRC agency complaint calls, please visit the Commission website. 


Second, whether or cancel Strict central, provincial and municipal TV stations securities analysis and recommend programs?  

Q: To avoid Zheng middle man to "grab the hat" transactions to manipulate stock prices once again take place, whether Strict or simply cancel the central, provincial and municipal TV stations of all securities analysis and recommend programs? Cancel backdoor restructuring, because they are soil manipulate stock prices. (User IP: 220.166.65 ★.) 

A: The existing laws and regulations do not prohibit all levels of television programs held securities. 2010, SARFT issued "on broadcast TV securities programs strengthen the management notice" to further clarify the regulatory requirements for radio and television programs securities. Currently, the major satellite TV securities programs have been basically on track, may also exist in some places some television programs are not standardized situations. To further regulate the securities radio and television programs, the Commission and the broadcasting sector will continue to take strict control of the following measures: First, establish a system of securities television program specifications; second is to strengthen the tracking and monitoring, timely halt illegal securities television programs; the third is strictly regulate Recommended stock behavior, containment "grab the hat trade" from the mechanism; fourth is to encourage securities companies and securities investment consulting institutions active involvement broadcast television securities compliance section. In addition, we also link with other financial regulators on how to negotiate with the investor protection and mutual support. 

The SFC welcomes the majority of investors to engage in illegal activities such as securities investment advisory report, once verified, will be handled according to law. 


Third, how to avoid the "three high" issue, stir in small cap stocks? 

Question 1: How to avoid the "three high" issue, stir in small cap stocks? Only the small plates, the GEM stocks quarterly audit concentrated four times issuing and listing, so you can avoid the "three high" issue, stir in small cap stocks. (User IP: 118.122.176 ★.) 

Question 2: IPO price can deny the original shareholders of the audited net assets per share? If you raise the issue price, the original shareholders by increasing the proportion of shrink. In this part of the IPO, it can avoid the original major shareholder wealth surge, but by the future development of the company. Moreover, this is the same stock with the price, the same stock with the right. Companies rely on cash flourishes boss will stop. We should achieve wealth through business development rather than small retail pit. (User IP: 123.150.202 ★.) 

A: The "three high" is actually the inevitable result of "hot IPO" Phenomenon. High market shares caused ecological bad, bring the waste of resources, poisoned the social atmosphere, contributing to fraud and illegal activities, distorting the market structure from the most basic level, undermining the market system. 

IPO system for the existing problems, the Commission attaches great importance to a great effort, the next step to be taken by general considerations, step forward the reform program, starting from the following four aspects: First, start from the curb excessive speculation, good investor education and risk disclosure, and gradually establish appropriate institutional investors. Meanwhile, the excessive speculation of new shares, resulting in bad behavior to follow suit phenomenon, according to the actual taking of targeted measures to curb. Second, improve the internal mechanism of the stock market, through deregulation, reduce unnecessary administrative intervention, to strengthen market discipline and promote issuers, intermediaries and investors homing diligence. Third is to promote more institutional investors into the IPO market, guide long-term funds on the basis of active participation on the balance of risks and benefits. Fourth, on the issue of regulation of information disclosure as the core To improve transparency. In the specific measures, the recent buyers and underwriters will increase the pricing of responsibility, while improving stock liquidity, strengthen the pricing behavior of supervision and restraint, strictly implement the responsibility of all parties to participate, on suspicion of "conspiracy" and manipulation acts promptly punished. In the long term, we will continue to strengthen the quality of information disclosure, strengthen social supervision, improve the legal environment, increase the introduction of institutional investment. For recommended that you have mentioned, the Commission will be carefully studied in the work. 

Currently, the market discipline mechanism gradually increased, the IPO price-earnings ratio decreased, according to the Shanghai Stock Exchange statistics, the average annual earnings of nearly three years of starting were 53 times, 59 times, 47 times; no longer have the huge price difference between the issuance and trading market; a level market as a whole has been a large-scale reduction of subscribed capital; shares on the first day of break rates gradually increase, an average of 27.4% last year. IPO reform has achieved initial results, "three high" issue has been improved to a certain extent from the previous month. 

Release phenomenon too expensive investors keen on "playing the new", "Fried new" is also a great relationship, at present, the first day of IPO trading account 85% of the market value of 10 million or less, fund brokers and other institutional investors only 0.2% of small retail investors to take major risks IPO high pricing. Medium and small retail investors want to be able to protect their own interests from the standpoint of rational treatment of investment shares, shares of excessive speculation, interference of market pricing, leading to follow the trend of the phenomenon and other bad behavior, the Commission closely and to take effective measures to combat. 


Fourth, how to strengthen listed companies delisting system? 

Question 1: China's stock market run for so many years, why has not established and implemented a real delisting system, often see the phenomenon of junk stocks stir? (User IP: 123.235.40 ★.) 

A: The delisting system was well established in the legal level, but also there have been more than 40 companies delisting recent years, due to a variety of complex reasons, it has not been well implemented. Some of the poor performance of the company to do everything possible to find ways to avoid delisting, such as disposable income subsidies or sale of assets, change the so-called "three years of continuous losses," the situation, continue to perform the "Phoenix" legend. This situation contributes to irrational investment behavior of investors that although the company will not withdraw from the market in recent years the huge loss, which reap huge profits gamble backdoor reorganization. Faced with this phenomenon, not only investors are not satisfied, the regulatory authorities are not satisfied. 

SFC has been in advancing this work, after the launch of the GEM delisting way, is now focusing on research to improve and perfect the delisting system motherboard, and strive to maximize the protection of investors' legitimate rights and interests of relevant parties to establish mutual recognition mechanisms and atmosphere. First, improving the delisting standards of listed companies; Second, we must carry out institutional reforms to avoid arrest and reclaim; third is to improve accountability mechanisms, form the basis for risk mitigation and conducive to smooth delisting. 

Implementation of the delisting system, in theory, we are in favor of a particular enterprise, local and individual investors, will encounter this kind of resistance, in addition to regulators and exchanges to actively prudent operation, but also we need to understand all aspects, support and cooperation. As we all know, to play to the market survival of the fittest functions, optimizing structure of listed companies in the competition, protect the interests of small investors from the source, it is necessary to delisting system. In recent times, regulators repeatedly reminded investors not to listen to "theme", partial hearing news underperformance fried, fried small cap stocks also aims at creating a favorable external environment delisting. 

Question 2: If you want to release a number of IPOs, should eliminate a number of listed companies in the annual loss of junk stocks, so as to keep the stock healthy blood circulation. (User IP: 123.235.40 ★.) 

A: As you said, the stock market delisting system is "purification", establish and improve listed companies delisting system, survival of the fittest, there is a carry out of the capital markets have a good situation, is the inherent requirement of a multi-level capital market, but also the objective needs of economic development, in line with business growth in the real economy, the objective laws. Incidentally, the inhibition of new shares issued at high prices tends to change the market for ecological, reduce the "face" and "false" to reduce "junk stocks", it is also very critical. ʱ?? 


V. good performance of listed companies is not how dividends? After the ex-dividend can not it? 

Question 1: Does the Commission have no supervision and restraint dividends of listed companies system? We hope not only to the stock market listed companies misappropriating, they should also create wealth for shareholders? (User IP: 125.39.39 ★.) 

Question 2: Can you put a number of specific measures to encourage even mandatory dividends, so investors can see at a glance the dividend rate for each listed company and one-year deposit interest rate stack up? Or to develop mandatory standards dividends, that is how many percent of the profits to be used for dividends. (User IP: 125.39.39 ★.) 

A: SFC supervision and restraint dividends of listed companies system, and attaches great importance to guide the return to shareholders of listed companies in recent years, dividends of listed companies gradually increased awareness, feedback investor intensity also increased year by year, and achieved certain results. 

However, due to historical reasons, the capital constraint mechanism and return on investment is still relatively weak, some of the dividends of listed companies is not too strong willingness to take the initiative in the sense of return to shareholders was not enough, mainly as follows: First, the dividend payout ratio is low overall. 2001-2011 cash dividends accounted for net profit of listed companies, compared to just 25.3 percent, while the international market, the ratio is usually mature at around 40%. Second, in the form of dividend cash dividend of light. Listed three years before the company's cash dividend amount accounted for net profit ratio was 41.69%, 35.85% and 30.09%. 2011 annual cash dividend rate is expected to increase. Third, a significant number of companies did not disclose in detail the specific reasons for not cash dividends. These have caused adverse effects on the listed company's overall image, but also affect the atmosphere of confidence in the market and investors. 

It should be noted that the "Company Law" provisions of the distribution of profits of listed companies belonging to the company autonomous decision-making issues, only the board of directors and shareholders will have the right to decide whether and how much dividends dividends. Therefore, the regulatory authorities will fully respect the independent management of listed companies on the basis to encourage and guide the listed companies to establish continuous, clear and transparent decision-making mechanism and dividend policy. Specific measures include: requiring companies to do initial public offering of shares in the prospectus related to information disclosure of profit distribution; clarify the position and attitude of the independent directors and external supervisors; clear return to shareholders of listed companies to guide planning; lower dividends associated with the operation of listed companies costs; cash dividends of listed companies to strengthen decision processes, implementation and supervision of information disclosure and so on. I believe that these initiatives will play a positive role. 

The situation of the cumulative net profit is positive but the company's dividend, the CSRC agencies have conducted a preliminary investigation thoroughly. We will urge the company to fully disclose the specific reasons for not participating, the unallocated purpose funds and expected return, real return and expected return does not match the reason other information. The proportion of failure to promise dividends, dividends long-term obligations of the company does not fulfill regulatory constraints to strengthen and help enterprises to firmly establish the concept of return to shareholders, continue to promote the enterprises to improve their corporate governance. 

Question 3: development of the stock dividend is based. But points out the red to ex dividend, the money in your account does not increase further reduced (due to the tax), this dividend can not reach to encourage long-term funds into the market the purpose of the stock market situation does not change radically, only irrational speculation ʱ?? Can not ex-dividend after it? Solve the problem of the system, the healthy development of the stock market is significant! Please proceed to consider this aspect Chairman Guo soon as possible. (User IP: 218.30.10 ★.) 

A: The ex-dividend is the logical thing, but also practice. Formed by ex-dividend price, just as the ex-dividend day of the opening of the stock reference price, if the majority of people are optimistic about the stock, commissioned price ex-rights prices than the actual opening generated by the auction will be higher than the ex-rights price, and vice versa on the contrary. Thus, the price of the ex-dividend price is not necessarily the investor trading, it will not affect the returns to investors. 

Dividend tax on the issue, the Commission has also been very concerned to adapt to market changes, the company is actively coordinating reduce operating costs associated with the dividend increase returns to shareholders. 


Sixth, what is the purpose of the establishment of the Association of Listed Companies, the organization how? With the Commission and listed companies have to do? 

Q: I recently learned that the establishment of the Association of the listed company, what is the purpose of his establishment, organizational structure How? With the Commission and listed companies, what is the relationship? (User IP: 119.84.71 ★.) 

A: The Chinese Association of Listed Companies is based on laws and regulations, "People's Republic of China Securities Law" and "Regulations Governing the Registration of social groups" and other established listed companies as the core subject for the maintenance and observance of capital market rules and to form a national self-regulatory organization, is a non-profit corporate social groups, whose aim is to make the establishment of the common interests of the Company's spokesperson and guardian. Association "service, self-discipline, standardize and improve" as the basic function, by listed companies to provide professional services, intelligence services, conducting services, strengthen self-discipline and norms of listed companies, thus continuously improve the quality of listed companies, listed companies to make better use of capital markets to accelerate development. 

According to the organization, "China Association of the Articles of Association of Listed Companies", the association includes members of Congress, the Board of Supervisors, standing, president office will be five. Among them, the members of Congress is the highest authority of the Association; the Council, the executive director of the Association will be the executive body; the Supervisory Board of the Association of oversight bodies; president of the executive council of the office would be set up under the agency responsible for the daily management of the Association. In addition, the Association also elected a president, executive vice president, vice president, secretary-general the main person responsible for the organization to carry out the specific work of the Association. 

Association to the Chief of the social intermediary organizations, government regulators should pipe or inconvenience tube, also play a role on the tube can stop bad things. China Securities Regulatory Commission is in charge of the Association's business units, the association subject to the guidance and supervision of the China Securities Regulatory Commission, the listed companies is a core member of the Association. 


Seven, can prepare as soon as possible SUBSCRIPTION Trial transition? 

Q: It is recommended to prepare as soon as registration system pilot transition, but require all listed companies to apply to be a necessary condition for the first commitment, that is, if there is content once found its true existence of false reports or information to deceive, it must immediately and unconditionally withdraw from the market, and to compensation for loss of 5-10 times all investors. (User IP: 218.27.135 ★.) 

A: The implementation of the audit system or registration system, the core is not a problem. The key is how to define the government regulatory agencies, the responsibilities and obligations of the Exchange platform and other market intermediaries, how to ensure that enterprises can true, accurate, full and complete disclosure of relevant information. Substantive differences registration system and audit system is not large, the implementation of the registration system in those markets than we want to examine some much more serious, much more detailed. 

The main content of reform IPO is information disclosure as the center, strengthen capital constraints, market constraints and integrity constraints. The Commission should be compliance review, issuers, intermediaries and investors should homing diligence. The review should shift the focus from the profitability of listed companies to protect the legitimate rights and interests of investors up.