Small plates at the end of October the share reform is expected to achieve full circulation.

<P> Exciting Recommended: <SELECT onchange=window.open(this.options(this.selectedIndex).value); name=select> <OPTION selected> directly from the drop-down list, select </ OPTION> <OPTION value = .http://> Home </ OPTION> <OPTION value=http:///htmlnews/2005/09/08/663194.htm> Haihong Holding Past and Present </ OPTION> <OPTION value = http:/// .htmlnews/2005/09/09/664350.htm> Gu Chujun arrested Truth Revealed </ OPTION> <OPTION value=http:///htmlnews/2005/09/08/662947.htm> Five audit of the Auditor General Conference of China .</ OPTION> <OPTION value=http:///htmlnews/2005/09/07/661900.htm> trade talks: China has also experienced a </ OPTION> <OPTION value = http:///top_view.html?smallclassid .= 14304> personal property fund some sort of relief a small trick </ OPTION> <OPTION value=http:///htmlnews/2005/09/09/664117.htm> then set into Hisense Kelon restructuring Popular </ OPTION> <OPTION value = .http:///top_view.html?smallclassid=14307> Can you become the super-rich test </ OPTION> <OPTION value=http:///topic/tax/index.htm> Depth: China corporate tax burden of the blame .Status </ OPTION> </ SELECT> </ P> <P> these two characteristics implies two problems. .First, the split share structure reform to solve the problems left by history, but the early implementation of the share reform companies are basically favorable conditions of the company, and therefore the difficulty of reform to be smaller, the coordination between the interests of the subjects but also simple. .It should be noted that these companies are not universal. .Share reform in the future, we will encounter more complex situations, solve difficult problems left over by history, I am afraid that time will really be shown. .</ P> <P> The second is to stabilize the market in accordance with the principles of management, pre-share reform companies have introduced a better solution to the price. .And to achieve this on the premise that companies have the appropriate strength. .With the share reform process moves forward, the characteristics of listed companies will be gradually mixed shown. .Change the company's stock underperformance What will happen? .Tradable shareholders will react? .How will the secondary market reaction? .On these issues, we should be ready as soon as possible response measures, and must ensure that these measures are not principled, but workable. .</ P> <P> 9 12, 40 Shanghai and Shenzhen listed companies issued a notice to enter the share reform program. .SME board in 20 companies account for this batch of half the company's share reform, coupled with the second batch of pilot has completed the share reform in 10 companies so far, 50 companies have two-thirds of small board companies in the share reform. .According to the Shenzhen Stock Exchange is scheduled for the end of October, small plates 50 companies will be the first to complete the split share structure reform, the real circulation. .</ P> <P> in the split share structure reform issues, the Shenzhen Stock Exchange established the SME board as a breakthrough, and actively promote the work of the split share structure reform, the idea that "one small plate options to resolve the issue will strongly promote the split .and promote the work of the split share structure reform in depth, and to take the lead in implementation of the new from the old and promote market stability and healthy development of foundation. "</ P> <P> held in the Shenzhen Stock Exchange on Friday, the share reform .media exchange meeting, Zhang Yujun, general manager of the Shenzhen Stock Exchange, said: "Small plates 40 companies put in place the basic preparation and take the lead to complete share reform," and announced that the share reform will be small plates introduced in two batches, each week a group, each batch of 20. .</ P> <P> market participants that chose the Shenzhen Stock Exchange as the shares of small and medium enterprise board breakthrough change, of course, most companies with small board for private enterprise, not only share a small scale, ownership structure is relatively simple, and most companies .industry leaders, excellent performance, and thus the resistance to the implementation of the share reform is much smaller than the Main Board companies are closely related, but there is one important reason, namely the Shenzhen Stock Exchange beginning in the design of small plates to the plate "circulation" foreshadowed .. .</ P> <P> the beginning of the establishment of the SME board, the Shenzhen Stock Exchange, senior experts and scholars agree that the SME board to be the first to share circulation pilot. .Liu Hongru former chairman of China Securities Regulatory Commission has said that the SME board is perfectly placed as soon as possible circulation. .Chen Yaoxian, chairman of China Securities, also said to take "new measures of new shares, the old methods and old stock" approach, a phased manner to improve the proportion of tradable shares, the implementation of the SME board of the circulation system of the pilot issue of new shares. .With the implementation of the "National Nine" of the policy measures been in place, completely solve the problem of the split share structure is ripe, the objective for the small plates created favorable conditions for circulation completely. .The second batch of 10 pilot enterprises share reform's success, adding the Shenzhen Stock Exchange, the first complete share reform in the small plates of confidence. .</ P> <P> According to the reporter learned, most of the small plates on the price of the company's basic plan to send in the 10 between 3 to 3.5, less than the second batch of pilot enterprises for an average of 10 small plates send the right price level of 3.81. .3 of 10 sent a plan the company's Deputy General Manager of Zhejiang, "said the second batch of pilot companies on the price level is high, which with the current market environment and policy factors." He asked, "Baosteel, long power 10 to send 2 .10 large and medium state-owned enterprises generally get 3, and we have 10 private enterprises that get 4, then what? "</ P> <P> but institutional investors do not agree, a fund manager said:" Baosteel, long .on the price of electricity was low, but the company performance and stability, reduction of power is not strong majority shareholder, while the performance of small plates of private enterprises may face at any time, large shareholders cash in strong power. "Shanghai, a broker claimed that" we are ready to veto .Several small board's plan, "because" I heard their prices are 10 to send 3 below, too little. "It appears that 40 companies and institutional investors, small plates on the price level at the start is some incentive to bargain .difficult to avoid. .</ P> <P> However, the small board in payment of the price level, there is another concern. .On the one hand, small plates of smaller companies, lower the threshold control disk money involved, that the low proportion of non-tradable shares, equity shares of the company more scattered changes may occur after the acquisition of malignant behavior. .On the other hand, the relative main board, small board company much larger proportion of outstanding shares, if the bonus shares too much, major shareholders worried about losing control. .</ P> <P> but market participants pointed out that the special ownership structure of small and medium enterprises board to take delivery of the share reform program may well cash wise choice, because in this way can improve the controllability of equity. .Guotai Junan's researchers believe that the share reform program of cash to send the one hand, indicates that large shareholders operating state is good, not good company is difficult to do this; the other hand that the company attaches great importance to their own shares. .If the bonus shares get converted into cash, the ratio can reach 10 to send more than 2.5, the market will welcome. .In addition, a more dispersed shareholding companies, but also can refer to Hangzhou Silan Microelectronics example, "to participate, sponsored enterprises as individual shares and legal person shares a whole," so as to effectively solve the share reform of listed companies after the ownership structure instability .. .</ P> <P> Related links: </ P> <P> the first 40 full share reform of listed companies </ P> <P> information: </ P> <P> small plates will be the first implementation of "new and old .zoned off "small plate stock reform is expected by the end of October to achieve a comprehensive diagnosis of 20 tradable share reform program of small plate full share reform Raiders organization" full share reform, "the first program to see on Sunday </ P>.