At Last, The Management Is Intolerable To Crack Down On Flickering Restructuring.

In China, merger and acquisition can be said to be red willow green, a piece of spring, but under the beautiful appearance, also lurk the crisis, latent evil, that is the restructure of the flicker, a beautiful prospect, but after the interests of all parties enjoy the balance of interest, which pipe behind the flood, flooded one piece.

At last, the management is intolerable and strong attack. Zhao Lixin, inspector and deputy director of the China Securities Regulatory Commission's listing department, pointed out that the company's voluntary and differentiated information disclosure is encouraged, and the illegal disclosure of information, "flicker" reorganization, non-compliance with commitments and financial fraud are strictly investigated.

The "reunion of wine is not in the wine" restructure, there are traces of artificial manipulation.

These companies did not plan to succeed from the very beginning. They were just a flicker. Their harmfulness was not self evident. They were the blasphemy of the three principles. The regulators should not only see the seriousness of the problem, but also recognize the harmfulness. The more important thing is to strengthen the intensity of the attack.

According to the Shanghai Securities Journal, according to incomplete statistics, in 15 years, there were about 400 restructured cases in Shanghai and Shenzhen two cities, of which over 110 were terminated, with a failure rate of about 1/4.

A prominent feature is that it is different from the rule of stock price dismal after the failure of restructuring. "Unable to make the case" has become a new phenomenon in the recent A share market.

According to the media point of view, the author has combed the following three main problems, one is tailored to the high level of industrial capital reduction. This is the so-called pseudo market value management. The market value management in China has become seriously bad and has been seriously divorced from the market value management of foreign countries. It is no longer a huge return to investors for the increase in market value. The companies that are carrying out market value management are shareholders who want to reduce or lift the ban. The market value management of counterfeit market has formed a complete chain of interests, and the company and the relevant funds are being promoted under the promotion of market value management.

Speculation of stock prices has become a common mode of operation. Therefore, cracking down on flickering restructuring can require large shareholders and executives to promise that they can not reduce their stocks during the period of reorganization and the announcement of the reorganization plan, until the approval of the securities and Futures Commission can make stock trading.

The two is to match the two tier market capital speculation, the interests of which are more difficult to judge, because no shareholder reduction, but may be a reward, or internal and external collusion, mutual speculation profits, listed companies through repeated flickering restructuring and continuous rendering of reorganization expectations is also a means of arbitrage.

According to the relevant rules, after the reorganization plan is terminated, the company has to start the reorganization again after three months or six months.

Individual companies use this rule to announce

After the failure, the related parties will buy the stock when the share price falls, and continue to render the reorganization expectation.

If a company in Shanghai entered the restructuring suspension process in September 12, 2013, the stock price before the suspension was 3.12 yuan, and the 30 days before the suspension, the company's stock value rose to 29.5%.

In October 17, 2013, the company announced the termination of the reorganization and resumption.

Began to decline continuously, and reached the lowest price of 2.23 yuan in January 13, 2014, the deviation value accumulated 20.35%.

In January 14th of this year, the company's share price began to climb again. By April 25th, the company entered the suspension procedure again. The closing price before the suspension was 2.75 yuan, or the deviation value accumulated 20.96%.

In August 4th, the company terminated the restructuring and changed the non-public offering and announced the resumption of the plan. Up to August 13th, the cumulative increase was 6.09%.

This is a kind of market manipulation that utilizes information superiority, which is behind the stock price fluctuation to entrap the interests of investors.

Of course, it is better to guide educational investors to develop their own value investment philosophy and not to participate in the stock price speculation. After all, good deeds from the sky will not always happen.

The three is that the listed companies and major shareholders of the company are applying for long-term suspension under the name of reorganization. The purpose is to stop potential buyers from increasing their holdings.

Generally speaking, except for matters other than major asset reorganization, the suspension time of the listed companies is controlled within 5 trading days.

However, in practice, individual listed companies and major shareholders often apply for long-term suspension under the name of mergers and acquisitions for their own interests.

The more typical case is blocking the placards by long-term suspension.

This unjustification of the long term suspension has deprived investors of the right to tradable shares, and investors should not only bear capital costs, time costs, but also undertake uncertain market risks.

In view of the collusion between the two markets, punishment can be made according to the regulations of information manipulation, so that operators should pay the price they should pay. If the securities and Futures Commission fines the maximum penalty limit of 5 times the illegal income, it is enough to allow illegal offenders to drink a pot.