Avoiding The Rules Of Class Backdoor Events Will Not Emerge In An Endless Stream.

The recent collapse of the A share market has been described as a consequence of excessive supervision. This is an unproven irresponsible argument.

Without strict supervision in the near future, there will be dozens of companies across the border restructuring since June.

In response to this hot spot of star securitisation, the Shenzhen Stock Exchange revised the first guidelines for information disclosure of gem industry in 2013 this year - listed companies engaged in broadcasting, film and television business, and the eighth second paragraph stipulates that "involving the acquisition of actors and related party companies' stock rights, in addition to disclosing the underlying valuation basis, performance commitments and compensation methods, goodwill or intangible assets recognition and impairment amortization, the Shenzhen Stock Exchange should also disclose the basis for the pricing of the actors and their associated parties, whether there is any difference between the investors and other investors, whether there is a cooperation arrangement between the listed companies and the listed companies."

The two incident brought a sudden halt to the way to cash in. The merger of the storm technology to the straw bear was later rejected by the securities and Futures Commission. Tang Tak film and television company withdrew the reorganization plan, which made the cost and risk of imitating the stars of Guoli Zhang and Feng Xiaogang rapidly increase. When the price rises to a certain level, it is better to directly raise the price of the performance quotation, which makes the star return to the road of market and popularity.

As of July 22nd, 593 companies were questioned by the securities and Futures Commission. Among them, all 129 companies were questioned and all 464 companies were questioned.

Judging from the type of letter disclosed by the exchange, the annual report audit inquiry letter and the reorganization inquiry letter have taken the lead.

Incomplete statistics, since the beginning of this year, more than 10 listed companies in two cities have issued notice to adjust the reorganization plan, and many companies have announced their termination, many of which involve restructuring and backdoor listing.

The latest rejected case is the Shen Ke stock.

How much interest are there in these reorganizations and acquisitions? Once these interests are empty, we do not know how many people are jumping off their feet, and how much loss the intermediaries have lost.

There are some technical experts who can get a return on short-term trading opportunities. They do not want to buy water too much, because the catch of fish and shrimp will be reduced.

Strengthening supervision and information disclosure is not an easy task. It will not only offend the dignitary class, but also offend the interests of the people. It will also reduce the rent-seeking space, and will offend a group of investors who believe they are market defenders, or those who defend their interests in the name of the market. The real reformers will offend many people.

But investors who have been cannon fodder A will not be caught up in the middle, and loudly oppose regulation, which will not bring any benefits to these cannon fodder.

Indeed, some regulatory measures are ambiguous.

For example, there are also successful cases of backdoor companies.

On the evening of July 21st, the merger and reorganization Commission announced the results of the forty-eighth meeting in 2016. The acquisition of asset restructuring Huachang securities has been approved conditionally through the issuance of shares of BSW shares. It is the recent "backdoor" reorganization case that a few have successfully passed.

At present, the listed companies who have been listed successfully or are planning to go public through this way include at least: Anxin securities, Tongxin securities (after renaming Oriental Wealth securities to be listed in the Oriental Wealth), Guangzhou securities (by holding 67.2350% of the controlling shareholder of Guangzhou securities, Yuexiu finance into the listed company Guangzhou friendship), and Zhongshan securities (66.05% stake in Jinlong shares, Huachang securities, Guosheng securities, and Fortune Securities).

Xiangcai securities put in big wisdom because of violation.

The above case seems to raise a question.

Whether the bottom line is blurred, whether it has the suspicion of shielding its own children? Is it too harsh for traditional industries?

This is a question that regulators must face. Such doubts will make regulators more pparent and more standardized, but these questions will never come to a conclusion that there is no need for regulation.

In fact, the reason why Bao Shuo shares reorganized successfully is because it is based on the old version.

According to the new version of the SFC's new version of the "major asset restructuring measures of listed companies" (Draft for comment) issued by the SFC in June 17th, the consequences will be hard to predict.

It is also suggested that the current economic pformation in China means the A share market.

There is also a need for pformation. Those listed companies who have stagnant water for historical reasons must turn to new industries to seek new life. Otherwise, the A share market will be full of zombie companies, and there can be no prospect.

This argument is more funny. These companies can not do well in their main business and turn to the financial industry of culture, film and television industry. They know that the risk of film and television industry is very high. Most films are at a loss. A group of players who want to squeeze away the cards can only be small probability events.

The promising emerging industries, usually industries with a wide moat, can be entered without money.

The real problem is not allowing the idle capital to manipulate the stock price to a certain extent.

Some short-term market participants are very dissenting about the quotation. Every quoted market personage is right, the daily monitoring of the Shanghai Stock Exchange to strengthen the supervision of the abnormal declaration of the intraday, which means that the current culture of the idle capital trader will be greatly affected.

At present, there are mainly two ways of abnormal declaration in the market. One is the "abnormal declaration" formed by the hot money in the process of lifting the stock price. The other is when the stock price is suppressed, it is easy to appear such "abnormal declaration". Special stop and abnormal declaration will make the operation of the idle capital tend to be destroyed.

If the entity can not invest and the stock market is restrained, can it play well in the market? Is it necessary to invest in oil?

When supervision is squeezed to a certain extent, institutional doubts will inevitably arise and what should be done is the task of top-level design.

For example, the reorganization and listing of central enterprises is probably not the main purpose of the SFC.

Standard and strict supervision is necessary and timely.

Look at Internet finance, and start rushing headlong into mass action, deceived by looking for the government, now basically the same size, what market is not market, in the credit market is not clear, playing with fire is to find cannon fodder games, and ultimately completely lose market and credit.