Yesterday, the second instalment on the deployment of the pilot project, emphasized the pilot programme to form a broad collection of circulation before shareholders. But regulatory authorities on the circulation and protection of the interests of the shareholders, not gain market acceptance. Following the previous trading day up beat "5 · 19" quotes low point 1047 points, 2% Hu crash yesterday, close to the invasive 1039.19 points since February 1997, eight-year low. Academics call for change in the practice of laissez-faire market decline, save the market confidence, avoid securities market risk transfer to other financial areas. Stock market crash in the pipe
Economists concepts yesterday SFC deployment pilot project in the second group, said that if the Commission does not change when the first batch of pilot take the indulgence, the listed company shareholder Xu to send shares "petty" for circulation to the market will be more drastic way to respond to the crisis in trapped keeping of securities institutions difficult cases, the financial risk is magnified.
Concepts appeal to address the equity Division lead to the issue of equity bubble, the pilot had better take the condensation unit rather than sent shares of means, and to protect the interests of the shareholders of circulation, strictly limit condensation unit scale. In his view, the market for the first batch of pilot programmes in buying, primarily because there is no sent shares shareholders to maintain flows play a role. Reduction unit and sent shares exist ten differences: sent stocks absolute absolute shrink volume expansion, contraction capacity; sent stocks that grow, shrink, expand market extension; sent stocks look stable capital stock, reduced unit focusing on attracting incremental; sent shares and other non-negotiable shareholders don't care about timing of sending unit; condensation unit is closely linked to the stock price trend; sent shares are non-negotiable shares of direct allocation, the existing under SAMS to high proportion sent stocks, reduced unit adjusted gives the circulation market value of the book, the resistance is relatively small; sending unit programme are history, shrink programmes complement future; sent stocks increase short-term value, reduced stock raising stock long-term value; sent stocks only suitable for high-quality enterprise, but shrink unit programme applies to all enterprises; sending unit maintain "a single shareholder", the "shrink to change a single shareholder"; sent shares forming the company mergers and acquisitions not pressure, contraction pressure stimulate acquisitions to improve corporate governance.
However, the concepts also emphasized that not all shrink programmes are good programmes, must be able to maintain the flow of the interests of shareholders, and facilitating market fundamental turning point in the programme is only acceptable for investors. This needs to change from listed companies and independent decision-making practice, make the flow of the interests of the shareholders are protected. The pilot from the stock market since the start of more engaging and more chaos, investor confidence suffered. If you do not change the existing practice, stock market volatility will endanger the overall situation of China's financial reform.
Trapped Shou "near the" brooding self-help
According to the center of the Galaxy Securities Fund figures, may fund stock investment market value losses 203.20 billion fund core asset index fell 12.70% 3 weeks running lose major stock indices. According to analysis, fund core assets do empty because, first, the early performance better than the market, accumulated a certain amount of profit. Second is to have a certain fluidity. Fund core stock valuation chaos facing, fund investments have to be considered non-negotiable shares shareholders paid "price".
Nearly two weeks, the fund managers to bridge the differences that are experimental. And the pilot had just introduced two opposing viewpoints, at present the fund managers look at empty number is on the increase. Experts believe that since the Commission started work on the second batch of pilot resulted in the stabilization of the original price variable adds new variables. In particular, the Commission put forward a specific proposal for pilot decision-making, belonging to the market, encourage reform for a variety of programme modes of innovation, the shrink, warrants, and other programmes of prevalent in the market. This has been on the price of torture dizziness Brain swelling of fund managers, on the occasion of the bin distributer stock frequently diving and don't know what to do, it is excusable.
Investment fund that stock pilot programme have not been in circulation shareholders approval, full circulation expectation led to overall market price moves down, and central nervous system at high pressure stocks significantly. Can I order Fund to strong stocks stocks and early-stage, is the market stopped falling and subsequent key stabilises the rebound.
The market Outlook is still uncertain
In the second batch of pilot deployment, the Commission clearly apart from being ' inspection of the company, the stock for insider dealing, market manipulation or stock exchanges exist other abnormalities of the company, in principle, all listed companies can express the wishes of participating in the pilot reform. According to the analysis, which expresses the management wants to further speed up the reform. However, the pilot area enlargement also raises concerns about the prospects for reform.
Deshengxiao plate Fund Manager Zhang Xuejun believes that the stock market crash in the continued substantial cause considerable stock price dropped to near net assets. Non-negotiable shareholders at stake is neither possible, small and medium-sized investors in the context of the bailout in the foreseeable future, and is willing to assume a loss. Settlement of stockholder interest both the need for a step in the reform in order to promote it. However, in the first batch of pilot vote result unknown circumstances, whether they should let the big step, not at the time of judgment. Fortis haitong Fund made it clear that the current market climate diffuse in short, investors ' confidence and lax, Fund to stocks continue to adjust, these manifestations are often market is on the bottom of the omen. First-line indicators unit, the second-line blue chips as well as the dramatic price unit, in the current depth of the hold-up in General in the context of the kinetic energy and sell low again.
Reporter yesterday from a asset management Department is aware that the payment needs of the customer revenue this month, the company will conduct the stock and financial position. According to reports, there are already as early as the end of may the company began selling a small surplus stocks. Once on the first half of the market have hope of institutions now have to look into the second half of the year.
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