Baosteel 3 million additional shares listed on the stock price has hidden below the net assets per share

Yesterday was the issuance of Baosteel B class investors allocated by 2.99 million shares in circulation on relatively large lifting plate, the steel shares stock price trend, though there are zoom in but trading volume remained flat.

Basic Baosteel trend to morning and afternoon can be divided into two phases. Morning stock prices firmer, despite the upward after the drop, but remains a 1% increase. But after the stock price the afternoon opening suddenly decline, then stabilized at Friday closing price.　　Close of the stock price falls to $ 4.88, coincided with the last trading day of the fair. Nearly 300 million allocated shares of listing does not appear to have brought on transaction of Baosteel too great an impact. Baosteel full-time contract 41 million units, an estimated 2 billion yuan, the exchange rate of 1.18%, while compared to last Friday, but significantly enlarge in historical transactions still belong to a lower level. If you take into account the share-trading reform, brings the right content, the closing price yesterday actually hidden below the steel shares net assets per share. The current price of Baosteel to send for 10 plus 1 2.2 unit warrant, even if no calculation of entitlement, the share price of $ 4.88 naturally after only 4 element, and the issuance of Baosteel net assets per share reached $ 4.02.

The Commission forced the stock rose

Yesterday, the G aodong because stock reform package to shrink, the absence of a "natural right", thus becoming the first resumption of the inverted red rose on stock, 14.53%, up from $ 6.90 touch.

Both of these figures means that, before the general meeting of shareholders of equity registration day to close the purchase of investors, after several tiantingpai profitable 14.53 per cent. While 6.90 element means that, in the release unit package after June 28, "the most silly" buy-in is also near to entangle (day of instantaneous high 7.09 element).

Yesterday, the transmission of shares investors happy. Because of its price package is sent for every 10 shares, in accordance with the former 4.5 several G unit after the resumption of the "natural right" way, its only 12.08 percent decline is actually rose, the high price of purchase by profit also in 27 percent.

August 3, Commission Vice President Chuang heart in Guangdong Province securities market reform Forum pointed out: "public company by market principles involved in the reform is the bounden duty and responsibility. "Where the" obligatory "four words let investors very excited.

Village of Xinyi also stated that "the Government's policies are explicitly to the unit into the enterprise, not participate actively in the unit into enterprise have the risk of being marginalized. ”

Galaxy securities analyst Xu Xiao yang, from village core a speech can be seen, the "stock reform has been a significant success was to rise to a considerable height."

Xu Xiao Yang thinks, Zhuang heart one mentioned in this statement "marginalized" would be on those who do not actively share instead of high-quality production "pressure" of public companies. He speculated that are "marginalized" would be multifaceted. "Previously, refinancing and unit into hook is the first step, a listed company in the future not actively involved in unit into losses will be multifaceted, including upcoming G Board index. The role of market funding boot would be enormous, good company G, the Shanghai composite index are not stock reform, cannot refinance development of listed companies, but also how to attract big money concerns? so, village of Xinyi ' marginal ' or maybe just for listed companies, the market will have implied. ”

"Should say, two new G unit has responded with a money-making effects heart a speech Zhuang. "Xu Xiao Yang on stock reform success is expected.

DeLong criminal offence in the first case and non-Crime Commission holds reins

Tangwanxin said: "there is no manipulation of the stock market DeLong. "Tangwanxin also said:" I have no power. ”

7 June 2005, in Chongqing high people's Court trial lobby on the first floor, all attention "DeLong criminal first case" in this trial.

No legend mysteries, but certainly have legendary does not make sense. $ Involved 208.89 billion of securities and Cheung of seven executives stood in the dock, the "I don't know," I do not know "becomes yours.

The purpose of this case peoples ask or witness name appears tangwanxin.

Tangwanxin testimony also confirmed, in his arrangements, Cheung securities incorporated DeLong capital operation system.

Tangwanxin Frank, perhaps admirable, but vague soaked a dealer "had to die" desolation. However, a rather deep understanding on DeLong's issued securities reporters another class of feeling: "makers died, market also died. ”

DeLong: die too early?

Luliang, Luo, tangwanxin today can be regarded as China's stock market since 1999 "5.19" blowout prices, "Zhuang Gu era" of celebrities.

However, Lu, Lo, tangwanxin do not like publicity, just silently runs its own troika: Xinjiang tunhe, Xiang torch (information market Forum) and alloy investment (information market Forum).

In 2001, the Commission started liquidation zhuanggu billion on technology (information market Forum) and in section invasive. At this point, showing its tangwanxin is characterised not only to avoid the Commission of investigation, also intensify their efforts to continue to build your own huge funding machine.

This year on 5 June, the former Chongqing securities, gold new trust funds established Shanghai Union economic strategy Management Research Center co., Ltd. (hereinafter referred to as the Union) was established in Shanghai. 30 August 2002, the Union Centre was renamed as Shanghai Union Management Research Center co., Ltd.

From the date of the establishment of the Centre, the Union centres in the whole system is built financial Empire centre stage. Then, in control of the Cheung securities, hengxin securities, jianqiao securities, zhongfu securities, three rivers securities, Islamic trust and Investment Corporation, seven main financial institutions, DeLong has been changed to a no-compromise, head of the "financial monsters".

The Union command, the "foot" of the tiller to delegate management of funds for flowed into the madness of absorption of Calderón-stock of blood vessels.

Then how can also suppress tangwanxin resist their restlessness, where there is a significant investment concepts, where there will be built. From deep development (information market Forum), tuopai group, Huiyuan, Pamir Spa, QFII "Citi" to Chongqing automobile, Hayao, Shenyang hejin, in order to retain large financial clients, almost frantic tangwanxin for expansion of the concept of the show.

Everything is in order to create a false impression: DeLong had the money, however pretend money to lend money, this is the only objective.

Reporter asked a participated DeLong nancial negotiations of customers, he has thoughtfully said: "the strength to DeLong believable, DeLong is attractive of interest. Are units of accounts in money, idle is idle, throw in the Bank than lend DeLong. ”

Everyone knows that lend DeLong play but the brave one game, or a road of no return. DeLong's debt is like a snowball, snowball. And to everyone when it stops, it will bump the collapse of the Empire DeLong.

DeLong money game rules, all of the expected profit is built on the zuozhuang stocks. The way ahead is long, but the bear dropped more than the Chinese yin of the stock market is back again, DeLong, there would be no profit. Hang on to the next "blowout" is perhaps the only hope tangwanxin.

In the end, has been in prison for tangwanxin saw his dream of a "blowout" market — June 8, in the case of trial Cheung on the second day, the stock market ushered in the years later another blowout prices.

Chenjiulin said, "If you give me 5 dollars, I'll win back"; maybe you will say, if tangwanxin again quite a year, pay to the market, DeLong does not fall.

SFC: "no to terror"

Crash 2004 DeLong, reporters asked the SFC Legal Department of an official, the answer is that the Commission is organizing investigated.

According to the officials, as a result of the Commission on the administrative punishment of limited powers, many violations even if seen, nor the ability to investigate. Often the SFC has found that, in communication with other law enforcement authorities, such funds have been transferred, the company also used the zuozhuang are cancelled, has long been abandoned. Cannot shut down capital account, there is no jurisdiction for SFC can only watch makers have to do whatever they want.

Congenital defects of the system so that the Commission simply doing some things not to, continuing the strong regulatory adjustment, in order to constantly improve the stock system and depressed stock market enthusiasm. Through the "no" to squeeze net stock market bubble, to cleanse the market, the value returned.

Facts have proved that the Commission of this trick really worked, now that catch you, let yourself slowly exposed. So a strong regulatory, we hear most is the market maker's pour away. Some long entrenched stock market "irascible Zhuang" ultimately support, fell to the money chain fracture, which will include DeLong such a powerhouse.

The last two years is also a violation of security and nancial exposure maximum, the SFC and the makers of the game and eventually to the Commission's inaction would end up winning.

DeLong is just one case, all the operation idea DeLong is based on the secondary market speculation stock profits. Stock market slump, DeLong can't make money commitments of return will not be achieved.

Tangwanxin: Cheung case witness?

Cheung case

The trial process, the most concerned about or courtroom tangwanxin, he is a witness to appear. But just a testimony, I do not appear.

As the saying goes, "working", this time at Peter Cheung executives have out in court, the President of the gun go Korea new forest directly raised in this case tangwanxin ，Youlian and is the principal.

Press in the present case before trial had a telephone interview over Korea new forest law, Chan dare according to him, the present case he did was guilty of the defence, not pleaded.

Therefore, the defence's intentions are clear, pulling out DeLong and tangwanxin himself reduced to an accomplice to mitigating.

Indeed, compared to the core of tangwanxin, DeLong layer, these Cheung of mules have reasons to call. They are completely under the Act.

South Korea-new forest, as Shanghai friendship of a stone, Cheung securities never having independent qualifications, as President, shall not be entitled to delegate the management asset management services and investment operations in May 2003, do not even know this business of the company. He was later informed that all projects are undertaken by the Union to develop and issue directives.

In October 2002, China Securities Regulatory Commission for the securities issued rectification Cheung notification also states clearly that: "the place of registration of securities exist Cheung and management layer separation phenomenon, business headquarters and major decision makers in Shanghai, Chongqing, the only one Vice Chairman of the Board of Directors is responsible for the contact. "To do this, in 2003, the Commission is also below the management of condemning Cheung and management layer out of the question.

Back in 2001 in kechuang case, prosecutors will "luliang total trader" Ting root behavior compared to a kitchen knife to luliang "delivery", here is some relevance, Ding was in court grievance and said: "everything is controlled by lvliang."

However, in the present proceedings, the final of this pleading for only sympathy votes, Don's witnesses does not change his trial is another proceeding. From the Supreme People's Court, the Supreme People's Procuratorate personally sent people to listen to. Next DeLong trials may be China's stock market "Zhuang Gu era" of the century.

Commission reply: the crime of crime and non-critical

Court of another focus is the nancial problems. Cheung is there business asset management business, is a crime and non-crime problem. In other words, Cheung operating asset management business qualification, Cheung's nancial is illegal, it is not a crime; otherwise, constitute a crime.

However, the current prosecution insisted that "the crime of illegal absorbing deposits from the public," the defence finds himself with the asset management business. Crime can be identified, a reply has become a crucial evidence.

Court, prosecution produced China Securities Regulatory Commission, Ministry of public security Ministry reply agency Crime Investigation Bureau of a reply. Reply, 18 March 2002 under the China Securities Regulatory Commission issued securities of the Cheung securities business license includes asset management business. But in September 2003, license renewal, cancel this business.

This means that Cheung from March 2002 to September 2003, commissioned by financial services does not constitute a crime, but after that time, you will become the nancial conviction.

Technology shares IPO small plates starting at the high voice.

<P Align=left> </ P> <P> small board split share structure reform has been completed and circulation in the small plates first issued shares of the voice began to rise. .</ P> <P> yesterday (December 1), the fourth held in Shenzhen SME financing forum, Vice Minister Ma Songde called for small and medium sized technology enterprises in the domestic capital market of the green channel. .TX Investment Chairman Lin Yi-equivalent securities experts say, small plates first to complete share reform, tradable shares should be issued as soon as possible. .</ P> <P> technology companies looking forward to the green channel </ P> <P> Ma Songde said that under the Ministry of Science and related research, with the share reform in full swing, the SME board in Shenzhen, the market based on the establishment of Science and Technology .SMEs green channel listing and financing conditions are ripe. .Reason is that the Mainland of China has accumulated rich resources of high-quality tech SMEs. .</ P> <P> Torch Center of Ministry of Science and Innovation Fund of the database shows that, according to the most recent year of net assets and total revenue more than 30 million yuan, more than two consecutive years of profitability criteria, 50,000 enterprises in the 4015 business .reached this standard. .Enterprises in 4015, there are 2197 companies listed on the basic issue of compliance with existing conditions. .From the asset size, revenue and profitability levels of the three areas, there are 722 key high-tech enterprise, can track and support as a key object. .</ P> <P> Ma Songde technology companies listed on the proposed green channel should include: appropriate to shorten or cancel the SME market for one year before the counseling period; appropriate to relax the limit of the sponsor family to accelerate the pace of small and medium-volume market; .Department of enterprises in the first instance by the Commission after issuance, if necessary, the trial will be made to organize special; business separately from the stock issuance and listing of appropriate and so on. .</ P> <P> Liu Hongru also the former Chairman of the Commission that the current system of capital market refinancing harsh conditions, small and medium enterprises do not meet the characteristics of the proposal to revise the issue of SME market threshold. .He believes that should be established consistent with the characteristics of SME Issuance System; Science and Technology and the Commission to jointly develop technology enterprises that standard, companies can identify the trial will be made by special green channel and other developed audit review, rapid time to market, bigger .SME board; but also by opening up the GEM, adjusting the threshold issue of public support at the start of the enterprise, the formation of a true multi-level capital market. .</ P> <P> Lin Yi-phase SME board also recommended to reduce the listing threshold and time to market, reduce listing fees. .</ P> <P> small plates or tradable shares starting </ P> <P> Lin Yi-phase that since the first to realize the full circulation of small plates, reform is also needed incentive motivation, and reform as the Plate .Reward progress in small plates should let the first issue of new shares. .Lin Yi-phase introduction, small plates all 50 companies raised a total of only 120 billion yuan, equivalent to only a large amount of corporate finance. .Single small amount of financing companies, so small plates for the first issue of new shares on the market is not big expansion. .</ P> <P> addition to those securities, the relevant officials of Guangdong Province issued tradable shares on the small plates have high expectations. .Song Hai, Vice Governor of Guangdong Province, in a speech to develop the SME board said, referring to the market expansion and other specialized terms. .The Shenzhen Stock Exchange officials are strongly related to the topic said nothing about the issue of new shares. .</ P> <P> Cheng Siwei, vice chairman of the NPC Standing Committee recommended the Shenzhen Stock Exchange market system, pay close attention to the GEM research and experimental work. .A reporter Zhang Yujun, general manager of direct questions Shenzhen Stock Exchange, Shenzhen Stock Exchange GEM can be introduced when? .Zhang Yujun responded that this is a problem of society as a whole, as long as the efforts of all parties responsible, and this day will soon come. .</ P>.

Ultra-mobile market in the worldwide carrier Vodafone top.

<P> China Mobile (CHL.NYSE) (the "China Mobile") has leapfrogged in the Vodafone New York stock market, becoming the world's most valuable telecom operator. .Previously, the network scale and customer base rank first in the world. .</ P> <P> move Aug. 10 to $ 33.42 on the New York stock market closed, the market value reached 132.58 billion U.S. dollars; and has been ranked world's top mobile communications market capitalization of listed companies the market value of Vodafone's $ 127,450,000,000 day, with China Mobile .a difference of $ 5,130,000,000. .August 11, the two companies have a slightly lower price, but remained in the mobile market over Vodafone. .</ P> <P> move according to data released in the past two years, the stock market in the mobile market in New York has more than doubled, to achieve the maximization of shareholders after the listing, and a large state-owned enterprises on the state-SAC .increasing the value of the assets required model. .</ P> <P> move compared to the rise in the stock market in the United States, nearly two years, China Mobile in Hong Kong H share price has been running at a high level. .China Mobile (0941.HK) 8 11 in Hong Kong Stock Exchange to close at 51.5 Hong Kong dollars. .</ P> <P> move as Hang Seng Index in Hong Kong accounts for a large proportion of the rise in the share price movement, effectively led the Hang Seng index rose, broke through to May 8 this year, the highest point of 17,328 points Hang Seng Index ., the highest in nearly 6 years to a new high. .A general increase in all types of shares under the coordination of the total market value of Hong Kong stocks again topped 10 trillion dollar more level, to 10.0294 trillion, a record high of HK. .</ P> <P> In fact, the H share price moves in the Aug. 9 up to 52.15 Hong Kong dollars, a new high in five years, the move will be August 17 Announcement of interim results. .</ P> <P> At the same time, foreign investment banks also move to maintain a high evaluation. .China Mobile recently announced that China Mobile has for 3 years by the international credit rating agency Standard & Poor's and Moody's credit rating upgrade. .Currently, the Standard & Poor's rating on China Mobile's "A / stable outlook" while Moody's rating was "A2 / a positive outlook." .</ P> <P> since the first half of this year, the mobile operator revenues, market capitalization, the net monthly increase in the number of customers, the proportion of new revenue and brand value are a record high. .The total number of users in the latest move to 274 million, from year to date growth of 25.77 million total users. .</ P> <P> telecommunications analyst at Analysys International believes that the world's first shows in the mobile market, China's domestic mobile telecommunications market can be bred super-giant, to move into overseas markets is not very urgent. .And although the introduction of a series of improvement in the mobile SP (wireless value-added service providers) and free WAP site of the new provisions, but has not been too adversely affected. .</ P> <P> some brokers such as UBS said China 3G licenses issued late on to move the more the better. .</ P>.

Bank of China A shares of the Audit Commission today Total offer price of 3.1 yuan listing.

<P> Industry that has been based on the current forecast of the maximum amount of financing by the Bank of China 200 billion estimate, there will be 400 billion to 6000 billion yuan of funds will be frozen. .But some analysts believe that the large-cap stocks like Bank of China issued the freezing of funds is likely to reach 600 billion to 10,000 billion. .</ P> <P> today, the Commission will formally review the Bank of China (3988.HK) A share listing. .If all goes well, then, the two cities of the first new heavyweight, the first A + H-share listed banks, and the first back to the A-share listed in the four state-owned banks, Bank of China one by one many records will be rewritten. .</ P> <P> some market participants that the Bank of China A share IPO price at 3.1 yuan is expected to issue shares of approximately 65 million shares or so, then freeze the funds will reach 6,000 billion yuan. .</ P> <P> A shares and H shares as the linkage is increasingly high, and BOC's H shares listed just released, so the issue price of A shares will mainly refer to those who believe that the issue price of the H shares .set. .Bank of China H shares of the original issue price of 2.95 Hong Kong dollars, the equivalent in 2006 (after release) 2.17 times book value. .Taking into account the recent Bank of China H shares there have been significant gains, wealth, Cao Haiyi securities that the Bank of China A share issue price after the release of positioning in the 2.1 to 2.3 times book value is more reasonable, that is 3.03 ~ 3.18 yuan. .</ P> <P> while some market participants on the issue price is expected to be higher. .CSC's Fujian Hua She believes that the net assets of the Bank of China in the late 2006's 1.6 yuan per share, according to the current shares of listed banks about 2 times book value and then slightly improve the calculation, there may be an issue price of 3.5 yuan, will not rule out more .high of 3.8 million. .</ P> <P> in accordance with the Bank of China to raise funds not exceeding 200 billion to calculation, if the Bank of China to issue the issue price of 3.1 yuan, the total size of new shares will be approximately 65 million shares. .</ P> <P> the Bank will release funds on the market impact of surface geometry is the focus of the market. .The industry believes that, based on current projections have been, in accordance with the Bank of China estimated 200 billion the maximum amount of financing, there will be 400 billion to 6000 billion yuan of funds will be frozen. .But some analysts believe that the large-cap stocks like Bank of China issued the freezing of funds is likely to reach 600 billion to 10,000 billion. .Shanghai Institute of certain brokerage, said the freezing of funds can not say more than one trillion yuan, but to reach 800 billion yuan should be the same. .</ P> <P> Bank of landing A-share market valuation of the banking sector will become the new leader. .H shares were issued from the line caused a general pursuit of foreign institutional investors, and the stock market the past week has been more an issue price of 2.95 Hong Kong dollar rose more than 20% of view, has shown the value of its future long-term growth market has been recognized. .</ P> <P> Bank H share price from the current valuation level, the equivalent of 2.6 times 2006 book value and price-earnings ratio is about 25 times the level of A shares are higher than the current valuation of listed banks .. .Thus, analysts generally believe that the Bank of China A-share market will be landing A-share market is currently the bank stocks have strong Bijiaxiaoying and improve the overall valuation of bank shares. .</ P> <P> In addition, some market participants that the Bank of China's huge advantages of scale and business networks is the A-share listed banks can not match, even though profit margins and management abilities of G Merchants Bank (600036.SH) ., Minsheng Bank (600016.SH) and other joint-stock banks have certain advantages, but the size advantage for the Bank of China will no doubt provide a good market competitiveness. .Therefore, do not rule out the proportion of allocation of funds according to industry funds and other institutional investors holdings of some of the existing holdings of listed banks Bank of China A shares instead. .(Nathalie) </ P>.

Shanghai Composite Index closed on a new high in nearly 5 years.

<P> Shanghai Composite Index closed on a new high in nearly five years, investor confidence </ P> <P> to worry about holiday effect in the market generally negative impact on the occasion of National Day in Shanghai and Shenzhen Composite Index but in the last three trading days prior to strength again and again ., the Shanghai Composite hit 1752.42 points yesterday, closing more new high for the last 5 years the highest monthly closing high. .</ P> <P> Yesterday, the Shanghai and Shenzhen exchanges, opening tape go on the Shanghai Composite Index touched intraday high of 1755.69 points to close at 1752.42 points Zhong Pan, or 0.89%, turnover of 23.8 billion yuan; Shenzhen .into futures rose 0.90%, turnover 14 billion yuan. .The two cities was broad based momentum stocks. ."Three-bing" K line graph form not only the stock market before the holiday to bring bursts of festivity, but also to investors holding the feast confidence. .</ P> <P> back round market, stock index 998 points from the starting point of the current transaction has been Shanghai's 1750 attack dense region. .While the past 5 years, the broader market were to decline in October reported income, but the market this year, many mainstream institutions began to become optimistic, GF Securities analyst Wang Xiaoping believes that the broader market trend showing higher volatility will be difficult to change. .</ P> <P> view from the driving force to promote the market, last year the share reform is undoubtedly one of the biggest driving force. .In addition, the accelerated appreciation of the renminbi has become a market of "booster." .August this year, because of margin trading, stock index futures and other financial innovations about to start, market scarcity of blue chip companies started to re-focus, "the elephant" phenomenon of dance from time to time. ."As the QFII threshold lower, open-end funds continue to issue, market liquidity, therefore, the broader market is moving from the original CSI revaluation model driven up prices to fund the transition." Shanghai, a fund company's investment director think so. .</ P> <P> more gratifying is that these data show that the basis of the current round of market solid than ever. .As of the end 9, A-share market, the average share price of 5.40 yuan, 22 times earnings, the two values do not seem lonely at the top. .From the Shanghai and Shenzhen listed companies reported semi-annual terms in 2006, net profit rose nearly 10% of the annual results of the relative optimism is almost a foregone conclusion. .From a macroeconomic point of view, double-digit growth for three consecutive years the Chinese economy have not yet obvious signs of slowing down. .Clearly, the stock market has been the economic laws of identity management, and build in a number of new policies, the transparency of capital markets has been improving, which is take a good long-term market a positive signal. .</ P>.

States to raise interest rates frequently trouble the global stock market crash yesterday.

<P> Raise interest rates in Turkey on Wednesday, South Korea and the European Central Bank raise interest rates yesterday. .Affected by rising interest rates, declining corporate earnings and other factors, yesterday, Europe, Asia stock markets fell, Asia's largest stock market decline in 2 years. .</ P> <P> Federal Reserve Chairman Ben Bernanke said June 5, accelerating inflation gains, unpopular. .Since June 2004 the Federal Reserve has been raising interest rates 16 consecutive times, to raise interest rates to 5%. .</ P> <P> higher interest rates to riskier emerging market assets less attractive because the cost of borrowing increases, the relative safety of bonds, increased return on investment. .</ P> <P> Asia's biggest stock market drop in 2 years, MSCI Asia Pacific Index fell 3.3%, to 119.62 points. .MSCI Asia Pacific Index of 16:10 yesterday, fell 3.3%, to 119.62 points. .4-day total since the index fell 8.2%. .</ P> <P> The Nikkei fell 3.1%, India's Sensitive index fell 4%. .Korean stock market fell 3.5%, the biggest decline in two years. .Hong Kong's Hang Seng index fell 2.3%, 33 stock index rose only one of Lenovo Group. .H share index fell 4.53%. .Singapore's stock market fell 2.5%, taking all of this year's gains. .</ P> <P> in the Asia Pacific market, only the Shanghai stock market contrarian received red. .The Shanghai Composite Index to close at 1591.49 points, up 0.12%. .</ P> <P> past month decline in global stock markets, MSCI World Index from May 9th 6-year high of 8.7% down. .(Nathalie) </ P>.

Recent high-ranking officials will not release the secret deep down the stock market.

<P>: News, the pilot will be assessed margin is expected to start at the end of this month, but only on condition that we must accelerate the elimination of all parties for completion of the pilot brokerage customer margin should be an independent third party depository understanding differences. .</ P> <P> a person close to the regulators said yesterday that since September margin on hold since mid-trial review will be held at the end of 10 is expected to review the SFC agency pilot materials submitted to the Ministry there are 10 securities companies .or so, but not all innovative securities firms currently on the conduct of margin trading business space are optimistic that several pilot securities companies did not submit an application. .</ P> <P> officials interviewed regulators, securities companies said that at present whether the parties to conduct margin trading should be completed before the customer margin third party custody disagreement, which directly affects the margin .launched a pilot project work. .</ P> <P> an innovative securities company president stressed to reporters: Although we will soon complete a difficult margin third party custody, but we fully support, not to complete the margin third party custody, to carry out such a margin .credit trading is risky business indeed. .</ P> <P> from August 1 this year, implementation of the "Pilot Securities Margin Regulations," Article VI, the securities company to apply for margin trading pilot shall meet the conditions of client assets, including security, integrity, customer .third party deposit transaction settlement funds program has been authorized by the SFC, and has made clear progress in the implementation arrangements. .=> I think the rose just around the corner </ P> <P> we do not guarantee third party custody. .An innovative class of head of the Securities Brokerage summed up several reasons, he considered the most important resources, including customers of the bank after all grasp hands as well as deposit rates custody issues. .In addition the technical capacity of banking related systems currently can not fully meet the requirements, many securities companies use the system and the banking system is also a problem of how to docking. .He frankly stated that addressing these issues will take time. .</ P> <P> this case, a vice president of the Securities Association of China that no lack of compromise. .Although we disagree, but since we have selected an innovative securities firms, then they should believe that the broker does not misappropriation of clients, I believe they are disciplined compliance. .At the same time we must strengthen supervision in this respect, there are risks to any elimination. .He told reporters. .</ P> <P> an official Department of the SFC organizations expressed to reporters yesterday, a very clear point of view. .He said: margin trading account funds to be managed in the bank, can not finish strong push for funding to finance the work. .As far as I know, most brokerage margin from the third party custody there to complete the distance, and even the formation of the program did not have a lot of people. .But now the market well enough, I think, or do not have to worry margin start to stimulate the market. .</ P>.

Wu Xiaoling: transfer stamp duty is not being inconsistent disciplinary individual officials.

<P>: Http:// newsletter consecutive fall in the Shanghai and Shenzhen, the market suffered a serious setback confidence after the recent series of signal regulators, hoping to restore and stabilize the capital market. .</ P> <P> increase the stamp duty before and after the relevant departments for the words and deeds, yesterday, the People's Bank of China Deputy Governor Wu Xiaoling in Tianjin at the "2007 China International Private Equity Forum," the said, "The Chinese government has never gone back, .only a breach of discipline individual officials, it does not represent the government. " .She said the Chinese government to take action on the stock market, the long-term intention is to make the stock market development. .</ P> <P> This is regulators, executives from stamp duty on May 30 raised the broader market plunged 6.5% increase since the first time investors are most concerned about the stamp duty is also made veiled criticisms of the "sudden" rise made regarding the position. .</ P> <P> "ensure that the market healthy" </ P> <P> 5 22, the Ministry of Finance will raise the stamp duty on the market came to suppress the rapid rise in the stock market news. .Day, several media interviews when the Ministry of Finance and the Internal Revenue Service, related official said: "To increase the stamp duty have not heard recently." .After clarification, the market continues to steadily rise, all the way from 4173 points on May 29 rose to a record high of 4335 points. .</ P> <P> but surprisingly, the May 29 night, the Treasury suddenly announced through Xinhua, the stamp duty from 0.1% to 0.3%. .The stock market has soared since the beginning of more than 50%, introduced such a measure intended to regulators in the stock market cool down the overheated. .</ P> <P> but unexpected, from May 30 onwards, the broader market slump consecutive market panic selling more than expected, to a moment this week, the stock index has fallen 15%, a large stock fell continuously .stop. .Many market participants pointed out that the market is not as off government regulation, and market slump is the main investor confidence is shaken, to some extent can be said that the collapse of the government "back on its word" caused. .</ P> <P> Wu Xiaoling said yesterday that "the stock market's short-term fluctuations are inevitable, and stock market volatility is eternal, and down is inevitable. Duration of these fluctuations is not the problem, the key issue is fundamental trend." "China .good fundamentals of economic development, the Chinese government's intention is clear macro-control, that is to ensure a healthy market. "Wu said. .</ P> <P> Wu also stressed that China's economic development fundamentals remain strong, the majority of investors want to maintain confidence in the stock market. .Insiders said that from the speech can be seen, regulators are also aware of the risk of market confidence shaken. .</ P> <P> In addition to Wu Xiaoling, the National Social Security Fund Council, vice chairman of Tianjin Gao yesterday also attended the "2007 China International Private Equity Forum," said after the good prospects of China's capital markets, long-term bullish stock market. .</ P> <P> and Gao had previously said at the end of April, the Mainland stock market boom, the social security fund to invest in stocks had the highest proportion of 40%, but taking into account market risks, the investment ratio will gradually this year from the current 35% .to 30%. .</ P> <P>.

Record turnover of 137.2 billion days the amount of the first super-Shanghai Warrants.

<P>: Http:// News, 14 transactions warrants market turnover amounted to 26 species a record amount of days to reach 137.2 billion yuan, and over the Shanghai market's total turnover of all stock funds. .</ P> <P> According to "Shanghai Securities News" reported that the warrants market turnover mainly put on the five species. .Among them, the Merchants Bank of Japan put warrants a staggering turnover of 44.162 billion yuan, CIMC, China Southern, Valin, Wu Liang turnover of 4 species were also reached 171 billion yuan, 16.0 billion, 144 million and 95 .billion, only these five warrants for more than a billion turnover mark. .And with the high turnover of put warrants is a huge turnover, the average five day hands warrants to 453%. .At the close, 14 warrants trading turnover reached 137.2 billion yuan total, the highest post-share reform the Japanese warrants market turnover high. .The Shanghai market yesterday, the total turnover of all stock funds are only 126.6 billion yuan, the Shenzhen market, the trading of equity funds is only 61.96 billion yuan. .</ P> <P> In fact, since June as the stock market swings, a lot of speculative money into the warrants market, especially the put warrants plate, thus promoting the warrants high turnover Diego, June 11, warrants .market daily turnover for the first time exceeded billion mark, reaching 111.5 billion yuan, while in the next three trading days, closing date warrants continued to maintain a level of more than billion, warrants more than the Shenzhen stock market turnover has become the norm. .</ P> <P> However, as prompt management to take all means to keep the risk warrants, and securities firms to increase supply through the creation of warrants, warrants of the hot market recently there has been convergence. .26, except put the newly-listed China Southern Airlines, the other four varieties were put there was a substantial decline. .Among them, Wu Liang put the decline to 22.65%, while the smallest decline has put Merchants Bank fell 13.89%. .</ P> <P> industry believes that the current premium rate of put warrant is generally higher than 80%, which means that only those warrants are corresponding to the exercise date stock fell more than 80% to .purchase price the investor warrants and held to maturity in order not to loss, while watching from the current market conditions, this is unlikely, especially in terms of number of species is about to expire. .Currently, the market, and Wu Liang OCT only two varieties of premium subscription rate of negative, those who want to buy in the near future and Wuliangye OCT investors may wish to consider stock warrants as a positive alternative. .Shanghai Composite Index dropping as 26 twice, 60-day moving average in the vicinity of stabilized stabilized, then start Zhu Bo stock index rebounded to close at the end to the red disc. .Market participants pointed out that the pre-stock index fell to 3404 points quickly rebounded after the 60 day moving average is precisely because of strong support. .Again yesterday, the 60-day moving average index stabilized near the bounce, the process is technically finished second bottom in the short term the broader market is expected to form the counter, to some extent. .</ P> <P> relevant statistics show that 491 companies have already notice the interim results, of which 152 pre-growth companies, and are mainly concentrated in the chemical industry, machinery, building materials, electricity, steel, pharmaceutical, automobile and other .industry, and by last year the only pre-ninety. .Analysts believe that the notice of information from reports, this year the performance of medium-term growth performance is still relatively optimistic, blue chip stocks that will ease the pressure of high valuation, in the structural adjustment to get support. .From this perspective, the stock market is expected to remain more optimistic medium and long term. .After continued strong pre-market adjustments, policy control is expected to impact on the market will be gradually digested, in reporting the results will be the most crucial factor. .Investors should be the focus of future policy developments from the guess to the value of the medium-term performance-based investments. .</ P> <P> disk observed recently, a number of operating results in line with national policy guidance stability or growth with good varieties sought after by the market, such as high-speed, air maritime and other transportation sector, some of the tech sector, non-ferrous metals and other resource-based .varieties and environmental protection, Chongqing, the main plate so much money of all ages. .Insiders pointed out that the opportunity in the mining process afternoon, with the state industrial policies should focus on the future direction and strategy for building an innovative country starting to track some key selective industries and key areas of quality varieties, from which have good growth potential in mining .investments. .</ P> <P> </ P>.

The end of holding stocks fall festival punched policy.

<P> This is a common theme: "Spring Festival is the holding or holding money?" In fact, not only is the Chinese New Year, before every holiday, investors are still holding money always want to consider holding some, and market analysts .They also often argue for this topic. .</ P> <P> However, after a thousand points or more after the crash, especially in the pre-holiday release of the management has issued two new funds under the background of the industry on this year's Spring Festival "is held shareholding .currency "unity of the topic at last:" Investors are still holding stocks should continue to float, after all, the policy of good management has initially appear, the last two trading days before the Spring Festival of the stock market should be good. "</ P> .<P> hearing, according to http://, a private equity fund managers about holding or holding money in the holidays with a smile said: "In 2008 in the A share market to make money, it must be 'obedient' investors. ."He said some time ago, management has been emphasizing risk control and macro-control, and from mid-January, the stock market really crash. .Now, of line has been broken, but two new stock funds approved, the implication is clear, the policy at the end there, we also use the macro news it? .</ P> <P> market analysts are relatively cautious. .A round of the fall in share market has more than 20%, which means that investors are holding so far has been disastrous. .National Securities analyst Ma Jiaying on that: "The management have a policy of positive signs, in the two trading days before the Spring Festival of flesh, apparently not necessary. Therefore, investors are still holding shares should be chosen over .Chinese New Year. "but had come out early, lighter positions investors, analysts said before the Spring Festival there is no need to buy the stock holding and chasing the high. .The right strategy should be to see the fundamental changes in the layout position to consider after the Spring Festival. .</ P> <P> Chengrong Qing Shanghai Securities, said that the operation in the pre-holiday market, we must thoroughly understand the fundamentals of holding their own hands, if it is steel and finance high-growth blue chip varieties of quality, or high .turn is expected to be sent to the continued growth and performance of small and medium market varieties, can be considered long-term investment. .Support for non-performance of the varieties, it is recommended to grasp the principles of rallies to trim. .</ P> <P> a "position investors investigation" in the display: the current position of the investors are still full participation accounted for 70% of those surveyed, half of investors in the following positions accounted for 20%. .This is from a side that investors currently account for most full warehouse. .The analyst gives the proposal is clear, that is, "The New Year should be assured shareholders." .</ P>.

Warning: on card retail do not "fool" warrants!

China Merchants Bank: http://newsletter, put five trading day on the end of the transaction, the reminder not to small and medium-sized retail "fool" speculation.

Following the August 15 242% single rose, 16, China Merchants Bank warrants and immediately staged a dramatic red high come down trend. On that day, China Merchants Bank warrant upward: 30%, subsequently, in a large number of the Bill, the warrant price rise quickly all the way to the high 0.958 element, or close to 100%. But after a short time after the consolidation, the warrant price quickly fell, around 11 a.m. to closing prices the following day. In the afternoon of the market, after several ups and downs, the warrant eventually received a peak of $ 0.673, fell nearly 30%. The day, China Merchants Bank warrant exchange rate up to 1008%, turnover 389.5 billion. In this round of roller coaster-like situation, many blindly for small and medium-sized retail there too late reaction was "stuck".

Some members pointed out that the Bank to warrant the intrinsic value is almost certainly due to zero, this round of speculation is big in a small number of warrants, a significant lack of risk awareness of retail investors blindly results.

The Shanghai Stock Exchange, the Exchange has a multi-pronged strengthening supervision of warrants, by limiting the number of transactions, temporary suspension and other measures to combat illegal trade, prompt trading risks. At present, China Merchants Bank warrants only five trading days, continues to warrant the secondary market "fool" speculation is cry.

2400 points may be a market bottom funds focus on inflation theme

As the second half of the businesses of the fund company investment strategy, Fund recently said, and the two previous inflation period stock index fell in the space, the current point in A further decline in stocks are relatively limited space, 2400 points may be a market bottom, choose weak cyclical industry in balance with the band a chance to become the consensus of the majority of the Fund.

(Http://) essence Securities Fund analyst-pupil said that back in the first half of 2008, a quarter of the drop off of funds for collective suffered a blow, but the "4 · 24" stamp to benefit under the rose also failed to help fund vision of red in the second quarter, in the first half of the respondents is not satisfactory, the Fund is to review their investment strategy in the second half.

Sinolink securities analyst Zhang Jian-analysis, in the long term A stock valuation level is relatively safe, but the inflation and economic growth for enterprise performance impact is not yet clear, the anticipated positive factors is difficult to quickly appear, stock index will stage still wandering in performance growth and policies and expectations, low-return feature still will continue, and this trend is bound to the Fund.

Optimistic macroeconomic unspeakable

Crude oil prices recently bear the brunt of the economic factors. Everbright baode letter fund company that, from this year's second quarter market performance, the most striking feature is the stamp duty shocks fade, the domestic stock market step global stock market's footsteps, basic is the International crude oil prices, oil price and kidnapping are obvious negative correlation. Especially in the oil prices broke through the $ 110, the global stock markets have obviously been pressed, the soaring crude oil prices will continue to stimulate global inflation levels.

While holding the "oil missing roof, unit see bottom" of the fund company there are views of Haiti Franklin fund company: impact on the global stock market performance and the most important factors of inflation is energy prices, which have two possibilities: the first one may be in the next three months, oil prices and inflation have peaked. China's macroeconomic austerity is relaxed, with a possible high inflation and economic contraction of fixed asset investment and consumption is likely to further growth. The second possibility is in the next three months, oil prices and inflation will continue to rise. Sustained rise in the expected price, increase the inventory is a rational choice, this will result in increased demand or supply reduction and further push up inflation.

Unlike when judging the crude oil prices peaked differences, CPI Index Fund for the downlink may have reached a consensus. To do this, said that although the fuguojijingongsi food prices caused the first wave of CPI value is over, but the price control gradually release the result in the transmission of PPI's second wave value will be appeared after August, will become disturbed secondary market trend.

Corporate profits are expected to decline

Fund report disclosure of same period is also listed on the six annual report focused announced period, fund companies on this judgment, the earnings are expected to decline.

China nature fund company represents a significant increase in the PPI is a listed company performance growth considerably behind major future performance depends on trends in PPI. The situation from the future results, performance of listed companies this year a significant decline in the growth rate is positive.

Earlier fuguojijingongsi on listed companies the statistics of a quarterly bulletin also confirmed, 1529 company when quarter net profit 2202.06 billion, compared with $ 1883.39 16.92% excluding the financial companies, the net profit the 1.94% decline. If the actual income tax deduction rate dropped this factor, the overall performance of listed companies in the growth rate will drop to only 6.06%.

However, dongwu fund companies on 2009 this indicator represents the relatively optimistic that this year the inflation peak in 2009 A share companies overall net profit growth rate may not appear in the first two rounds of inflation peak next year net profit negative growth in 2009, A share companies overall net profit is expected to appear 10% growth. Therefore, with the two previous inflation period stock index fell in the space, the current point in A further decline in stocks are relatively limited space. If you assume that policy and market bottom 20%, then 2400 points may be a market bottom.

The "double antioxidant", theme of the investment

Economic growth, accompanied by a slowdown in economic growth, inflation and economic downlink of varieties into various popular investment strategy of the Fund.

Guotaijijingongsi in its medium-term investment strategy report said that the second half of the year concerned were able to resist inflation of energy and resources such as oil, coal and potash, and was able to resist the economic downturn, and faster GDP growth related consumer and light assets, such as food and beverage, retail, pharmaceuticals, science, technology, telecommunications, telecommunications and other industries have higher investment value.

Meeting fengjinxin fund companies that are able to run win market, gain continuous ROI plate and industry will focus on new technology, government investment and consumption services these three aspects. Environmental protection, energy conservation and new energy, new technologies market holds tremendous return on investment; and government investment in railway, power grid construction and infrastructure, as well as livelihood in medicine, education, and other equally good, plate, particularly in government revenue surplus; although consumption growth rate short-term negative effects of wealth may appear to drop, but light assets, low power, high value-added services, is the long-awaited high-growth era to the next round of economic growth cycle arrival in gradually.

In addition to the "double antioxidant", the theme of investment is also a key strategy in the second half of the fund company.

The lack of integration opportunities in the market, the company proposes to fund guohai Franklin investment revaluation "resource and price reforms, consumer-driven and service upgrades, integration and State assets injection, industrial upgrading and technical innovation"

Themes of investment.

In addition, from industry configuration and selection of investments, Franklin fund company proposed maritime investors shy away from the following three categories: a variety of industry, cyclical varieties, such as machinery, iron and steel, nonferrous metals, real estate and other industries; second, the price control industry, petroleum, petrochemical and power industries remain cautious; third, on the River manufacturing cautious, River manufacturing subject to inflationary cost pressures, and the upper reaches of the macroeconomic austerity brought downstream demand slowing down pressure, double pressure, the presence of fall in corporate profits.

Secondary market prices both fell

Placing shares experience weakness, CSCL but limit

Seamounts software, founder motor limited sales unit yesterday lifted, secondary market share price both fell

According to http://, Wednesday, in the Shanghai and Shenzhen stock market side of the bottom, CSCL 7 million of the first agencies placing shares in circulation, and the unit in a powerful shot down, eventually beaten to plummeting. At the same time have a number of restricted shares lifted two sized units also both have fallen. Market participants considered that, in the big city, bad cases, lifting shares cashed pressure greatly increases.

CSCL network to institutional investors placing of 7 million shares, from listing flow yesterday. According to the closing price of $ 7.88, yesterday the lifting of the market value of the unit for more than 55 million. From the disc surface observation, CSCL short press fairly serious, disc repeatedly are the big sell thousand hands. Through the great wisdom quotes system has close order statistics, yesterday CSCL contract selling single 1798545 pen to mega-selling single and large sell orders, accounting for more than 50%, and pay the Bill in large single only 3%. Ultimately, CSCL to limit closing, since its listing price, distance of a minimum issue price only 1.26 element of space.

Also, in small and medium-sized Board, seamounts software and founder motor yesterday also have a number of restricted shares lifted, secondary market share price both fell, fell 5.4% respectively and 6.97% and greater than small and medium-sized banzongzhi 2.39% decrease.

It is important to note that these three varieties of the lifting of the ban part belongs to the market that realize the pressure of the largest shares of the first institutions, and the turnover and the exchange rate on the date of the lifting of the ban are substantial growth. Of these, seamounts software and founder motor yesterday's turnover compared with the previous trading day 9 times magnified; CSCL is zoomed nearly 16 times, the turnover of 32.32 billion, accounting for the total turnover in the stock market yesterday 3.6%. Three varieties of exchange rates are more than 13%, of which limit of CSCL, exchange rate as high as 17%, chips loose signs more obvious.

To this end, the market generally believe that the significant decline in the stock index, a very large proportion of the shareholders have chosen to obtain cash. Joint Institute of Dai Shuang said securities, under CSCL network placing of shareholders, the possibility of cash. According to the issue price of $ 6.62, as well as the average price of $ 8.02 yesterday, if you sell, approximately 21% of the income level. The other two sized variety of profits is even greater, the same way, the rise of software and the yield of a founder motor respectively 150.7% and 160.7%

Wear cool, especially the big city when this rate is quite high, you should also realize that motivation is very high. In particular, the nature of the legal share of shareholders, are not affected by any rules of limitation. One of the industry also says that "limit seems to be justified, I wish I had this stock, I will sell".

Yesterday, the zinc industry co. published announcements, profit from the holdings of ping an 45 times. Faced with this amazing, far more solid industry high returns, it is hard to imagine lifting of shareholders will continue to hold shares. Joint Securities Institute believes that full-year, non-negotiable shares on the market of selling pressure will be very large.

China's securities market with a strong bet to advance to death of small plates.

<P> Mad fried small plates, small plates to advance to death. .A small plate to cool than blocking sparse. .</ P> <P> reason why the stock is stir-fried small plates for three reasons: First, the easy manipulation of small plates, and second, large-cap stocks with stock index futures and policy pressure, speculation is not fixed and the third is in line with policy guidance. .</ P> <P> wild speculation lithium resources sector, both because of the electric car subsidies, but also because of resource scarcity. .Speculators holding high-tech hand hand holding resources to ensure the legs do not Ta. .Bat mostly speculative stock market, value investors are more marginalized, even after the most about the value of investment fund managers suffered a painful lesson, but also understand the band is king. .The concept of rare earth rare earth resources in China is closely related to the protection policy, protection policy premiums in the stock market ahead of overdrafts. .As a bridge fry, then both high consumption, agriculture and the concept of multi-pocket unit, so that hot money duck to water. .</ P> <P> Shenzhen Stock Exchange last straw, and vowed severe punishment of insider trading. .From August 18 has been continuously published three articles Shenzhen Stock Exchange, 剑指 insider trading. .The first chapter, "refused to leave things to chance from insider trading," explained the insider trading of the constituent elements, what is insider trading, what type of transactions violated the insider trading provisions. .August 26, "Insider trading: M & A road block," said M & A transactions will be subject to information disclosure Abnormal suffer, and September 2 named "Mo stretched hand, will hand caught," the article said .four lines of defense have been built to stringent control insider trading. .</ P> <P> punish insider trading in China's stock market can make more healthy, I support the Commission punish insider dealer, the illegal cost far more than income, the formation of deterrence. .</ P> <P> insider trading has been the bane of the Chinese stock market, and few offenders, the public investigation. .Thunder in the first half of this year the SFC considered actions, a total of 121 cases handled clues, 117 new cases, of which 59 cases involving insider trading, market manipulation involving 14 cases. .21 administrative penalty decision made, involving 16 organizations and 133 individuals. .18 cases transferred from the Ministry of Public Security, the collection Forfeiture 32.33 million yuan, 44 cases of cross-border law enforcement cooperation. .Several hundred million to a single amount of hot money, and capital mobilization capability, I am afraid that a mere 30 million yuan in fines can not play much role. .</ P> <P> money deals, and insider trading are often in Sham Shui Po, Wong Kwong Yu, the background of the case is well known, Zhongshan City, the former mayor of Red Nicholls is still high I am afraid that if the utility of insider trading, Zhongshan will be dressed as a share of the active investigation .insider trading not only technical measures but also requires great courage, and sometimes also need to imperial sword, or can only scratch the surface, catching some small fish and shrimp filled up. .</ P> <P> heavy insider trading and have to distinguish between speculative. .The first monster the most recent integration of CAC, hot money gathered in the wild speculation in some business departments, according to the Shenzhen Stock Exchange trading public information display, Orient Securities Shanghai Heqing Road Branch, CITIC securities business through the Department of Taizhou City Boulevard .GF Securities securities business department Tian Mu Shan Road, Hangzhou, Shenzhen Guoxin Securities TaiRan Road Branch many times, "the list." .They Kuaijinkuaichu, regulators can see the strange K line graph, but can not understand the alliance with the underlying value. .This is manipulation and speculation in the gray area between the extremely difficult characterization..

Commission Memorandum equity incentive related matters.

<P> 1 号: </ P> <P> First, extract the incentive fund issues </ P> <P> 1, if the source of the underlying stock is a stock, buy shares from the secondary market, then in accordance with the "company .Law "On the implementation of relevant provisions of the stock repurchase; </ P> <P> 2, if the source of the underlying stock is incremental, that is obtained through private placement shares, then the </ P> <P> (1) extraction Incentive Fund .should be consistent with existing laws and regulations, accounting standards, and comply with the Articles of Association and relevant rules of procedure. .</ P> <P> (2) extract the incentive funds can not be used to finance the purchase of restricted stock or incentive objects exercise stock options. .</ P> <P> Second, major shareholders and actual controllers as incentive target problem </ P> <P> holding 5% or more of the major shareholders or actual controllers in principle, be inspired objects. .General meeting of shareholders unless the vote, and the shareholders meeting to vote on the matter, the association must withdraw from the voting shareholders. .</ P> <P> holding more than 5% of the principal shareholders or actual controllers of the spouses and immediate close relatives as incentives if they meet the conditions of the object, the object can be a motivation, but the benefits are authorized to whether they should be concerned about any .job match. .At the same time shareholders vote on the matter, the association must withdraw from the voting shareholders. .</ P> <P> Third, restricted stock grant price discounts </ P> <P> 1, if the source of the underlying stock is a stock, buy shares from the secondary market, in accordance with "Company Law" .repurchase shares on the relevant provisions; </ P> <P> 2, if the source of the underlying stock is incremental, that is obtained through the private placement shares, and its essence is targeted release, by reference to the existing "securities issuance of listed companies .approach "on a private placement of pricing principles and requirements to determine the price and lock lock on, taking into account the incentive effects of equity incentive. .</ P> <P> (1) the issue price of not less than 20 trading days before the pricing benchmark for the stock price of 50%; </ P> <P> (2) from the stock within twelve months from the date of grant .not transferable, incentive targets controlling shareholders and actual controllers, and since the thirty stocks within six months from the date of grant shall not be transferable. .</ P> <P> if less than the above criteria, it would take equity incentive in the draft by the company to fully analyze and disclose the dilutive effect on shareholders equity, and I re-submitted to the Department of Audit Committee discussed and decided. .</ P> <P> four phases, the problem awarded </ P> <P> equity incentive plan award if the way for a grant, the grant amount should be the scale of its equity, incentives and other factors the number of objects to match, not a one-time grant .too many to fully reflect the long-term incentive effect. .</ P> <P> equity incentive plan award if the way for staging the award, shall be held before the Board of Directors of each authority to determine the rights of the authorized number of times, encouraging the object list, grant price and other related matters, and disclosure of the .A summary of second authorization. .The pricing basis for the grant price of the meeting held before the Board and the market price of the disclosure summary of the situation as a benchmark. .Which distinguish between different equity incentive plan by way of the following principles: </ P> <P> 1, such as the way the equity incentive plan stock options granted to the price according to "Corporate Equity Incentive Management (tentative)" Article 24 .Regulations. .</ P> <P> 2, such as the way the equity incentive plan restricted stock, granted pricing principles to follow for the first time the principle of the grant price, if the subsequent pricing of the principle of the grant is inconsistent with the first, and should be re-perform .reporting procedures. .</ P> <P> approach of shares reserved for reference to those requirements. .</ P> <P> five target setting exercise problems </ P> <P> exercise targets the company set to consider the situation the company's performance, in principle, after the implementation of equity incentive performance indicators (such as: per share .income, the weighted return on net assets and net profit growth rate, etc.) of not less than historical levels. .In addition, to encourage companies to also adopt the following targets: </ P> <P> (1) market indicators: if the company's average market value during the period of the assessment level is not lower than the market index or the constituent stocks of the index; </ P> <P ."(2) The relative index of the industry: such as indicators of company performance is not lower than the industry average. .</ P> <P> VI grant to Japan </ P> <P> the company's equity incentive plans need to be clearly restricted stock or stock option grant date or the specific method for determining the grant date, waiting period or lock-up period .start and end date. .If the incentive plan have vesting conditions, the grant date to be determined after the license conditions for success. .</ P> <P> seven incentive target qualification </ P> <P> incentive objects can not be two or more listed companies to participate in the equity incentive plan. .</ P> <P> eight shareholders voting problems </ P> <P> shareholders equity incentive plan of the General Assembly to vote, shall provide on-site voting at the same time, providing network voting. .</ P> <P>.

2010 When will the stock market bullish? .How to usher in the real glory?.

<P> National Development and Reform Commission said recently: 3% annual CPI target control can be achieved. .There are experts believe: August CPI rose 3.5% due to the natural disaster, affected agricultural products due to inflationary pressure is not great. .Although the CPI is only 3.5%, as officials have spoken: Now in the moderate inflation period. .So in the case of moderate inflation, bullish stock market can do? </ P> <P> look at a set of data to know that the terrible China the issue of currency. .End of 2009, the GDP of 33.54 trillion size of 364.52 billion yuan in 1978, 92 times the size of GDP; M2 broad money supply over the same period in 1978 to 85.945 billion yuan from the end of 2009, growth in the 60.62 trillion yuan, 705 times; .Narrow money supply M1 in 1978 from 21.203 billion yuan, up by the end of 2009 to 22 trillion yuan to reach 1037-fold, significantly higher than the same period of GDP growth and commodity prices and the CPI. .In this case, the decline in purchasing power of money is not strange, so that the main reason causing the inflation in the currency of payment, the natural disaster caused by rising prices of agricultural products is a secondary factor. .</ P> <P> some people will ask, more than last year's currency, and why the stock market there is no improvement in it? Did last year, the central bank adopted the extremely loose monetary policy to stimulate the economy, but the money is primarily a variety of government investment .infrastructure projects and pushing up real estate as the representative of the asset bubble. .But the real money real economy has not been effective supply. .Rising prices and fell there was no causal relationship between the two, but the two results the same reason. .</ P> <P> The common reason is: our real economy is a problem. .Price increases that, because the company's ability to overcome rising raw material prices have been stretched to the limit, only passive adaptation to high-priced raw materials, and further reduce corporate profit margins. .Assuming the efficiency of our commercial enterprises is high, cash flow quickly, we do not have hair to stimulate economic growth so much money; if we are strong manufacturing enterprise technology, low energy consumption, high added value, we .also do not have to worry about rising raw material prices, as companies can tap the potential to dilute the cost increases. .Thus, inflation in the final analysis the real economy or are we out of the question, the central bank monetary policy adopted last year to stimulate the economy, but the passive reflection of these issues. .</ P> <P> the amount of the last days of the flow of the money supply and pushing up real estate prices of raw materials, the wrong incentives to the enterprise, making many companies covered in the hands of either resources or products, or to enter the real estate industry .Many companies that store, copy room or cover their sense of dry raw materials industry than they can obtain higher profits. .Enterprises active in the work of value creation recession, and the enthusiasm of R & D is not high, all low-interest credit through the shop and go to make a living Chaozuo outside the industry, but we need to know the value of the actual production and business activities can only be created ., and can not rely on copy floor, store, copy materials to create, so the inflation is not only a problem of excessive money supply, technological progress is the problem of declining capacity. .This is the fundamental destruction of the bull market..

Agricultural Bank of China shares listed on the A championship in 2010, the throne firmly secured financing.

<P> ABC listed, despite the mixed, but the fact is that market has not reversed, the issue price of 2.68 yuan can be considered so that sponsor underwriting and satisfied to know that this is declining in the market to get the issue price .. .High of over 9% success rate, convey the message that money is not cold on the Agricultural Bank of China, issued the same day, nearly 4 percent of the funding options at an issue price of 2.68 yuan in the choice out, most of these funds is obviously of interest groups to help ABC ."prop", and rush out to complete the task. .Tamana has been analyzed before the Agricultural Bank of China listed its large interest groups, and call cheap, call your group of reasons, have access to additional benefits will be shouting it does not necessarily expensive, but if only from the market to do more profitable, .is bound to call is not cheap. .In fact, this is an investment market in the creed, there is no eternal allies, only permanent interests. .Including the brokerage department short of funds, after the 6.29 Zhang Yin, access to large profits, then take the initiative to evacuate, which also have their interests are the factors listed ABC. .</ P> <P> Agricultural Bank of China adopted the "green shoe" mechanism, in order to retain a lot of people say that hair is actually more in order to finance some of the funding, so that not only listed companies have hundreds of billion yuan more, it is to underwrite .institutions can earn from an underwriting fee. .Tamana do not want to use the "misappropriating" the word, after all, on the inside with a negative connotation, but many of the IPO, issuance, refinancing results, the last not to the interests of investors, but only for listed .Circle left the company money, even when the stock market has been weak, so the situation has not changed. .In the first half, China's stock market turnover in 2009 of financing is the third case, the first half of 2010 to become champion once again, the Agricultural Bank of listed A shares have been so firmly secured financing in 2010, the league title. .But more embarrassing is that A shares in 2010 is likely to become a winner down the first half of A shares has been ranked the world's major stock market decline in the first three list, and now the spin dynamics continue, the outer disk market and there is a corresponding rebound, so that .go on, even if ABC does not break, then the A shares have probably Powei, and such groups can not afford the spin repeated torture. .</ P> <P> index Xianyihouyang Monday, to close out in the sun, history is surprisingly similar to the stock index is now June trend of piracy, rather the trend is 6.29 after Zhang Yin Zhang Yin in the replica after 5.17 .trend, 5.17 after Zhang Yin's stock index rose more than 2% K line has been increased to six, and 7.19, respectively 5.21,5.24,6.9,6.21,7.9 day, two in July and June are very similar to the sun, are .a situation of good in the situation gave up his long, was short strike back, and a variety of factors in the market tend to Powei the occasion of a rise in the sun, then warm up the market, and then plays a game of hide and seek long .. .Tamana think this trend is more like a "hidden" game, called yesterday I have to introduce stock index futures, now is such a situation, the short is no longer as before, has the absolute right to speak, but the bull did not imagine .in as powerful, more in the test between the two sides, you back me into your tires, attacking, making the stock look very exciting, in Yang Xian one after, but never actually get rid of Zhang Yin standard line K Line .control (Tamana down after the 4.19 to introduce the standard K line method over Zhang Yin is the index fell more than 4% of the K line, which 4.19,4.27,5.6,5.17 and 6.29 at the overall trends as the key to judging). .From this perspective, I think the short-term direction of multiple crash a big breakthrough, or a situation in order oscillation, we must make preparations for a protracted war..

The introduction of austerity measures or to the bull market based interest rates will not change.

<P>: Http:// News, ■ CPI rose 3.4%, the highest since the past 27 months, a new high </ P> <P> ■ M2 and M1 growth rate was 16.74% and 19.28%, both year on year decline, the financial .institutions of RMB loans increased by 247.3 billion yuan, the growth rate slowed </ P> <P> ■ corporate goods prices rose 1.0% last month compared to same period last year rose 5.1% </ P> <P> closely watched by the market parties .May sensitive data released yesterday. .National Bureau of Statistics announced yesterday, China's May consumer price index (CPI) rose 3.4%, the highest since the past 27 months, a new high. .Central Bank yesterday announced the May financial operation data, the results show that as at 5 the end of broad money supply (M2) and narrow money supply (M1) both declined year on year growth, respectively, 16.74% and 19.28%. .In addition, the May financial institutions of RMB loans increased by 247.3 billion yuan, showing a slowing trend. .</ P> <P> response to these data, analysts on the central bank will raise interest rates in the near future the issue had divided. .</ P> <P> CPI data allow the market to worry about interest rates </ P> <P> 5 月份 CPI, food prices rose 8.3%, but CPI index rose 3.4%, 3.4% for the increase in macro-SW .Retrospect analysts said, CPI rose high, inflationary pressures, the central bank to raise interest rates within one month of the possibility of being increased. .</ P> <P> Greater China chief economist at HSBC, said Qu Hongbin, May CPI growth rate than the current one-year benchmark deposit interest rates 3.06%, which increased in the next two months, raising the deposit rate by 27 .a point of urgency. .</ P> <P> not rule out the introduction of austerity measures </ P> <P> TX Investment Shi Lei, chief financial analyst, said that loans from the current growth rate of GDP growth rate and the ratio of view, is not very high ., loan growth is not worthy of special concern. .Moreover, a bank loan growth factors, but there are getting better and better profit enterprises, loan demand reasons. .From the current debt ratio of listed companies the statistical point of view, is still within reasonable limits. .</ P> <P> CITIC Securities analyst Chen Jijun, but that the amount of new loans in May, or more than the increase year on year, indicating the economy is still not low heat. .If the relatively high fixed investment would increase, coupled with the higher CPI data, the recent rate hike is quite large. .</ P> <P> Goldman Sachs Group's latest research report that, while credit growth slowed in May, but the banks still have to speed up the growth rate of loans to the intent and ability of the May release of money and credit growth .delay phenomenon may not last. .</ P> <P>.

IPO and subsequent reform is on the market release of maximum distortion

12 October, the Commission formally issued new shares on deepening the reform of the guidance, new shares of the second stage of reform will start on 1 November.

The second stage of reform of the system of issuance of new shares, was originally the investor hopes. Since last June 10, the Commission published on further reform and improve the IPO system guidance opened the new stock market reform began, the IPO system reform by flaws and more clearly exposed in front of investors, including most notably higher issue price, high price-earnings ratio, superior placement of the "three high" issued by the entire market. Get rid of the "three high" distribution of this cancer, became investors in new shares subsequent reform of greatest expectations.

But from the Commission to publish the new shares on deepening the reform's guidance, the Commission on new shares of the second stage of reform and investor expectations exist considerable distance. IPO of subsequent reform measures not only fails to address the issue of the "three high", on the contrary, reform will also be questions, the more new shares subsequent reform is a bit disappointing.

The current round of new stock issuance system reform of the main theme is the IPO market reform, the IPO price of new shares rhythm by the market say that abandoned the original Commission on new shares for Windows Guide. The vision of the development of China's stock market, the market trend of release is correct. But at this stage, the issue of market goes beyond the present Chinese stock market environment and market release only is lame, and this is what led to the issuance of new shares market as the "three high" release. For example, in the current market release, although the issuing price of shares by the market, but the number of issued shares are restricted. Public offering of shares in number is artificially control in 25% of the total share capital, even within the control of 10% or less. And listed on the stock issue still implement a plan for regulation under the approval system, instead of the registration system. Even the effective supply of stock are no guarantee that the market will be difficult to justify issuance of nature. Although last year's reform programme in order to "adjust shares policy, increasing the number of shares available for trading," but didn't actually lawmaker. And in this time of the second stage of reform, this problem still be avoided, new shares issued on the market still only lame move forward, this is actually the market release of maximum distortion.

Spring has finally been innocent Chairman as momentary hero three mystery unsolved

"Suspect", still under the "watch live" Luoyang spring are food co., Ltd. Chairman Liuhaifeng is the opportunity of frustrations. 27 June, Luoyang concerned not with the "insufficient evidence to prosecute", restored liuhaifeng freedom. As a business entrepreneur who least, liuhaifeng around also hung the triple of suspicion.

June 27, 2005 at 10 a.m., liuhaifeng breathe the air of freedom.

"This time he really free!," an insider told the China economic weekly "," Luoyang, public security, procuratorial two just formalities, is now in force. ”

In the afternoon, liuhaifeng accompanied by the parents returned to Zhengzhou, it subsequently came to Beijing. Although access to the "freedom," but liuhaifeng have dissipated the triple mystery awaits.

"Innocent as" price geometry?

"This morning, Luoyang City prosecutor's Office announced on xigongqu liuhaifeng not prosecuted because of insufficient evidence. "Agent liuhaifeng case of Shaanxi Province Yongjia letter lawyers Jia Yong into acceptance of the China economic weekly" interview that the "insufficient evidence to prosecute not prosecuting authority believed that the available evidence does not prove that constitutes a crime, liuhaifeng a identification of innocence. ”

The China economic weekly "then call the contractor in the case of the Prosecutor's Office, Luoyang City Xigongqu confirmed liuhaifeng has been" innocent, "said. "Evidence is not so that you ... Supplementary investigation evidence not too abundant. "The Hospital Chief of prosecutions said van brilliant red.

This decision concerns the fate is liuhaifeng Luoyang Xigongqu Procuratorate checked in on 26 June. A Prosecutor, the Prosecutor's Office twice before the dossier to the public security organs supplementary investigation, because "the facts are not clear, insufficient evidence."

Liuhaifeng case from the "affair of the" to "fades" has lasted 15 months, we have in 2005 No. 22 article "cover page" column in the detail report. At that time, liuhaifeng charges of embezzlement of funds, embezzlement, flight funded three offences habitation being monitored, and issued a "anything can be lost, I just want to get the feeling of freedom". Now, with the Prosecutor on the original sin of "negative", an unavoidable topic also leap into the public eye — get the "innocent" liuhaifeng whether custody would be "wrong" period to its damage and losses to apply for State compensation?

"I think, liuhaifeng has the right to apply for State compensation. "Jia Yong Jin lawyers a clear stance, but he also believes that under the relevant national compensation Act provides that compensation for State compensation only on the direct result of the parties. Application for State compensation liuhaifeng, "fundamental irreparable is limited since the liberty of 15 months on the actual losses resulting from their own."

"Held a day will lose tens of dollars, not enough medicine doctor, in terms of money on pointless, from rehabilitation perspective can also. "An original Henan Luoyang spring are food co., Ltd. (000885, hereinafter referred to as ST spring is (information market Forum)) executives in the acceptance of the China economic weekly" interview with this analysis.

Liuhaifeng is a close friend, "the phrase out amazing I must have before he signed not complaint, do not apply for State compensation, and other textual. "This person even said," sure, "and" threat "to the families of the liuhaifeng. "If you're not up to much, I will give you get back," but now put out by the wind, the wind. "His voice seemed to be beyond question.

Liuhaifeng and Luoyang in the presence of the "city of the League?" on the morning of 28 June, journalist to Jia Yong Jin lawyers seek confirmation that he had no positive reply, simply stated: "it should be said that the two sides of this understanding. "Journalists call liuhaifeng family, but is not the attitude of the interview.

Prior to this, the China economic weekly "on whether the application for State compensation liuhaifeng matters telephone interview van red head, he expressed himself to prosecution section until the end of the post, on the case" liuhaifeng is not very clear. "

"Liuhaifeng does not spend time and energy to do it. He is an entrepreneur, he began to put their own already delayed treatment of the disease properly. After all, only 43 years old, while the body is he continues to open up career Foundation. "Jia Yong Jin assertions liuhaifeng has no intention of State compensation," he has said that the new performance ratio always entangled past. ”

In the outside world as such has "sadness", 27 June afternoon liuhaifeng has accompanied the parents returned to Zhengzhou — is to stay away from this "non-places," or "open innovation performance", the answer lies in his hands.

Momentary hero could stage a comeback?

Maybe it's not on liuhaifeng "State compensation" in the name of the point of delivery, but he did have is not what it was. In addition, once the sword "boasts of pride to the wind, the surviving, belong to this entrepreneur's stage space is very narrow.

Liuhaifeng after his arrest, Luoyang, all the way ", have seize lands" is used to be part of the Liu Chun du camp ST, Luoyang spring are pharmaceutical co., Ltd., Luoyang-Hua Biological Engineering Corporation (Luoyang huamei) change of rank. Even the only remaining liuhaifeng "," Henan Sino-American Biological co., Ltd. (hereinafter referred to as Henan Hua mei) now also besieged, to ditches and edge — a team from Luoyang are associated enterprises audit, "bankruptcy" and "restructuring" of the phrase seems to be in the same League.

Sunset Changan, the base camp is liuhaifeng mentioning. That was then, after you move to the Central Plains, liuhaifeng loses coach of Xi'an sea top group co., Ltd. (hereinafter referred to as sea top) operation is in defeat. But coach arrested in the sea top reputation suffer unprecedented crisis. Creditors have three of the soldiers, had watched the sea top of foundation building come tumbling down — sea top HQ original cost 1.2 billion 3 office building, the Court more than 4400

$ Auction, assets shrink 7800 million. Today, the insolvency of sea top Headquarters only several veteran who cling to.

In this context, can the revival is liuhaifeng suspense after another.

"Not to say that a man from nothing, not to mention the fact he had so many intangible things?" on 27 June, the former ST spring are executives of Shen Min in accept the China economic weekly "interview on optimistic liuhaifeng colonization. In accordance with the professional manager, the sea-top of the first shareholder of China media development Shenzhen Corporation (new development) "may" in the existing sea top affiliate to continue to take care of, to inject liuhaifeng force is "not impossible".

"Anyway, these enterprises are inherently you, now and then to you tube, you finally put me into the funds back to me. "Shen Min peaks in the new development of sarcasm. However, this is not without reason that — who else than liuhaifeng more familiar sea top management?

Obviously, the sea can flourish in the top bearing on the vital interests of the new development, and interests with the liuhaifeng is "closely related".

"Whether the Renaissance Liuhaifeng depends on three conditions: first, the spirit, intellect, and the third is the capital. "Zhengzhou one in the industry believe that the spirit and intellect level, the performance of the" liuhaifeng is renjie, he is currently the biggest problem is the capital. ”

"Tore the economic accounts, Haifeng raise the body, and then get the tidy, pointing to litigation and how restaurant, later. "Zhengzhou splendid technology co., Ltd. (Sino-American science and technology) Chairman Li long on the phone who is told the China economic weekly". According to an insider, and new developments in thick tall cross the Chairman has been called the "sea top spiritual leader," and "very respectful" but he "-Daphne, sensitive to the issue" liuhaifeng and admire.

However, the "stubborn" liuhaifeng with perfect combination in a new development to be considered.

"Now he's end, we had expected, and over and over again, sincerely, tried various means to persuade him, but he did not hear the words of our hearts, but rather in the contend with us ..." still believe liuhaifeng "side of the angels, one side is the devil," the original ST Deputy General Manager of the spring are van de is the book told the China economic weekly ".

Born in Kaifeng, learn to Lanzhou, XING Yu Xian, Luoyang, being defeated by so many years of decline during the boom, witnessed by intellectuals to liuhaifeng private entrepreneur's evolution. In the next stories, liuhaifeng also longer continued this legend?

The future of the spring are ST

Hometown rich liuhaifeng also will not be returned to ST spring are?

People now can see is that liuhaifeng really gone — for all Spring ST, an era has ended, but completely in Luoyang, Henan, liuhaifeng and even sea shadow flicker in the interest of the top.

"No one said you want to give up managed income, as advocated by the way, this requires Xi'an sea top shareholders or the Board of Directors decision. "Jia Yong Jin lawyers told the China economic weekly", "new development is the gorgeous technology actually controlling shareholders, they have been denied the gorgeous technology stock auction and transfer of legitimacy, believe in the beautiful technology will work out at the meeting of shareholders in the next step of the action programme", "Luoyang huamei bio 70% stake, Henan Hua mei 93% of the shares is determined by the actual control in the new development, I believe they will not give up their legitimate rights and interests. ”

In fact, be a delegate, in the new development in ST spring will play an important role of Shen Min-th airborne Zhengzhou already has a number of days. Reporters found in the interview, Shen Min peaks after arrival at Cheng refused all cases about liuhaifeng involved. In this case, the "defence" Henan Hua mei is obviously in its title.

"I have always thought that was no problem, although there have been difficulties, in law is very clear. "Talking about the possibility of" keep "Henan Shen Hua mei, seems to be a winner all sensing Summit — this information is" net being out home ", but looking forward to the fall of liuhaifeng, is a tonic.

"ST is currently in the spring is a ' few defeated both ' ending. Who can finally eat this hot ' potato ', now also really bad judgment. "A professional analysis, now the largest shareholder of ST spring are used as a policy-oriented construction investment co., Ltd. Henan investment company, it is not possible to play at ST spring" protracted war, "withdrawal from just time, but most likely to take over is already coming to the meat food processing supremacy of Henan luohe shuanghui. However, because of the strong new development in the attack, the willingness of the trip this shuanghui assessment "mixed water" remains to be seen. In fact, want to Luoyang, Henan, gorgeous at the magnificent admission to exclusively a Shanghai enterprise is the existence of such concerns.

According to the statistics of the top sea from its managed ST spring to the sea-top "forced" out of the game, the company invested approximately 9000 Spring ST. In addition, the sea-top also ST spring are secured 7428 million, if coupled with managed 2.7 billion, sea top interest in Luoyang has reached 4 million. "They are--Spring ST. "A professional analysis says.

Perhaps with the help of the "East wind" liuhaifeng can return to the Central Plains. At least, it seems now, Henan Hua mei most wants to be his stage.

Roach: China's stock market reaction to the excesses of special treasury bonds.

<P>: Http:// News, Morgan Stanley Asia Chairman Stephen Roach on June 30 in Shanghai to attend the "China Europe International Business School First Bankers Forum," said China's stock market may be issued by the Ministry of Finance 1.55 .trillion yuan of special treasury bonds overacting. .</ P> <P> issue of special treasury bonds in the Treasury under the influence of such bad news, the Shanghai A shares on Thursday fell 164 points deep sites, the broader market on Friday continued to fall 93 points. .Last week the stock market fell, leading to more than 1.1 trillion yuan in Shanghai and Shenzhen market value evaporated. .</ P> <P> When asked about the recent stock market's view of China, served as Morgan Stanley's Stephen Roach, chief global economist, said fluctuations in the capital market not only in China, are normal in the rest of the world .events. .China's stock market may be misreading the intention of issuing special treasury bonds, the market may also issue special treasury bonds to the impact of overacting. .Alternatively, the market itself, there is reduced requirements, and special treasury bonds to be used as a cut just a "cover." .</ P> <P> Post reporter in answer to the Chinese government views the recent increase in stamp duty, he said, the Chinese government raised the stamp duty is taken that an overheated stock market regulatory measures. .However, he believes that the volatility of the market should be self-correcting markets, and should not be excessive government intervention. .</ P> <P> a number of brokerage firms have also agreed to issue special treasury bonds market overreaction to say. .They said the issue of special treasury bonds will not be the first to issue 1.55 trillion yuan, will be time-released in batches. .The hypotheses are issued 10 times, each time only 155 billion yuan. .In addition, the issuance of special treasury bonds to public investors is not the issue, take away most of the funding institutions such as bank deposits, these funds into the stock market did not, therefore, the Ministry of Finance to issue special treasury bonds on the stock market did not affect the big imagination .. .</ P> <P> for the US-China trade, Stephen Roach, said the U.S. sanctions against China will not help reduce the U.S. deficit. .The U.S. Congress has now entered the debate on U.S. international trade policy, the key stage. ."I'm in the last 3 months 3 to testify on US-China trade policy. The U.S. Congress is gearing up to squeeze in China. The United States completely to blame for China trade deficit with China, and tried to impose sanctions on China, which .point of view is very wrong --- may lead to policy mistakes have serious impact. "</ P> <P>.

HKEx condemned the disclosure of earnings information means CNOOC.

<P> Publicly condemned China Hong Kong Stock Exchange oil producer China National Offshore Oil Corporation (CNOOC, hereinafter referred to as "CNOOC"), saying the company has chosen to disclose earnings information, and did not seek the approval of minority shareholders agreed to it with some .transactions between associated enterprises. .</ P> <P> but the Hong Kong Stock Exchange itself, the method of handling the matter has also been criticized as early as three years ago, CNOOC for the first time alleged violation, and then only for a closed-door investigation critics say .. .</ P> <P> corporate governance Web site editor of Webb-site.com, David • Weber (David Webb), said: "Listing Committee of the disciplinary proceedings conducted in secret, behind closed doors almost always operating, and even hearing .progress is never disclosed. "</ P> <P> critics say the Hong Kong Stock Exchange as a regulator of other publicly traded companies, the role itself to the inherent conflict of interest. .Hong Kong Stock Exchange countered that its structure to enable it to perform its regulatory functions. .</ P> <P> Hong Kong Stock Exchange, said in October 2002, China's third largest oil producer, CNOOC in a number of fund managers and the media to publish the first 9 months of the year expected earnings figures, a selective .disclosure of the information. .</ P> <P> In addition, CNOOC CNOOC also accused from June 2002 to March 2004 among the 6.6 billion yuan (815 million aggregate) to its parent company's deposit on account of a subsidiary, before .not seek the approval of independent shareholders. .</ P> <P> head of the Hong Kong Stock Exchange Listing Division of the Richard Williams (Richard Williams) that a timely and accurate information is critical to investors. .Mr Richard Williams, said: "If people feel that some investors are excluded from the privileged counterparties outside the core group, then there is nothing better than feeling the corrosion market confidence." </ P> <P> .But Weber is on the Hong Kong Stock Exchange itself, the timing of the disclosure raised questions about the matter. .</ P> <P> Webber said: "Despite the disciplinary hearing is to be half years ago, April 19, 2005 carried out, but the result was announced only today. What happened since April, no one knows. ."</ P> <P>, a spokesman for the Hong Kong Stock Exchange has denied any undue delay. .</ P>.

Baosteel Group half-year profit of 71 million-49% growth

According to the report, Bao Steel in January-June of the main business of 491.15 billion, a year-on-year comparison of 285.47 billion, an increase of 72%, while its net profit reached 71.45 billion, a year-on-year comparison of 47.94 billion, an increase of 49%. Plus equity change factors, from January to June this year, Baosteel's earnings per share $ 0.41, slightly higher than the same period last year of $ 0.38.

At the end of April this year, Baosteel complete issuance of new shares, net financing 254.11 billion in early may, the complete takeover of assets, the company has become a complete international leading steel Federation, product coverage of carbon steel, stainless steel, special steel three types.

It seems to increase investor confidence, Baosteel yesterday also announced that this year 5 to 12 month will count for more than 30 million of turnover. Notice that the company to Baosteel Group Shanghai Pudong iron sales, coke, scrap and other raw materials, steel billet 2005 ~ 12 month is expected to add new transactions amounted to $ 24.15; company to Nantong new day at Baosteel steel co., Ltd. sales Coke, ores and other raw materials, 2005 ~ 12 month is expected to add new transactions amounted to $ 3.40; company to Shanghai Baosteel technology economic development corporation to sell ore, 2005 ~ 12 month is expected to add new transactions amounted to $ 2.67 billion.

Previously, there was the Fund Manager to the morning news reporter said, because of prior knowledge of Baosteel forthcoming performance will be slower than expected, many of the Fund has carried out a jiancang, Baosteel.

Recently, Baosteel price decreases, even lower than the daily Baosteel Group prepares its shareholding in price ($ 4.53), yesterday, the price of the bottom again, minimum $ 4.43, sink, the price of $ 4.46 left undertakings price.