Long electric unit package formally send 1.25 unit sent 10 is now $ 5.88

2 July, Yangtze power to convene the Board examined and adopted the company's equity division reform programme. The programme includes the price paid to the circulation of shareholders every 10 unit sent 1.25 unit, dividends, circulation of $ 5.88 shareholders also can enjoy three gorges project Corporation supports the gezhouba price increase the benefits of increased.

According to sponsor institutions for price analysis report, these measures can be converted into non-circulation of the shareholders to the circulation of shareholders every 10 unit sent 2.27 shares, profit shares shareholders actually equal to 10 unit available 2.93 unit. At this point, the market power of the Yangtze River concern of equity division reform programme officially launched.

Yangtze power of equity division reform programmes specific consists of:

1. the price measures

(1), power of the Yangtze River to the current share capital structure, and with the capital fund for every 10 shares increase 0.421 unit, total increase 33,073.76 million shares. Non-trading stock shareholders will be converted into shares to all shareholders in circulation, the total increase 23,281.3 million shares, shares shareholders every 10 shares get 1 unit of 10 shares retained 1.421 unit;

(2), with the approval of the three gorges project Corporation intends to cut part of the three gorges, replacement fund raising gezhouba Yangtze power belongs to Hubei Province, the price of electricity, all Internet integrated conversion price 0.02 Yuan/kWh (for formal approval date). Calculation of the current total share capital, Changjiang electric earnings per share increase of about $ 0.025;

(3), power of the Yangtze River to audited 2005 first quarter financial report as the basis, the total share capital as at present, to all shareholders in cash delivery every 10 shares, for a total of $ 1.74 dividend 136,694.44 million. Non-negotiable stockholders will receive cash transfer flow shareholders, together transferred 96,219.22 million circulation shareholders send every 10 shares of 10 $ 4.14 shares retained 5.88 element (including tax);

(4), other non-circulation of shareholders at the current shareholdings of 10% sent stocks to the circulation of shareholders, the circulation of shareholders every 10 shares sent 0.2496 unit.

2, non-trading stock shareholders commitment

Three Gorges project Corporation commitment: Yangtze power share-trading reform programme prior to the implementation of the Yangtze Three Gorges project Corporation holding power co. Since access to listing the date of the circulation to 24 months not traded or transferred; 2015, China three gorges project Corporation holds up the Yangtze power co. of Yangtze power ratio of the total share capital will be not less than 55%. But the three gorges project Corporation equity division reform programme implementation increases the holding power of the Yangtze River of listing and trading of shares or transfer is not affected by this limitation.

Other non-negotiable commitment: shareholder equity division reform Yangtze power prior to the implementation of the Yangtze power co. Since the right to obtain listing circulation within 12 months after the date is not traded or transferred.

3, warrants a preliminary plan

To be considered by the general meeting of shareholders, and approved by the relevant sector, the company will implement the warrant plan, release preliminary plans are as follows:

(1), the issuer: Yangtze power

(2), release the object: warrants issued after the close of stock ownership registration, registered shareholders (company warrants issued shares registered with the companies of this extraordinary general meeting on equity registration is not the same day)

(3), warrants type: European style warrants that the duration of the warrants, the right holder is only entitled to exercise at the row-dividend date

(4), duration: 24 months

(5), issue number: to all the shareholders in each of the 10 units distribute 1.5 copies, $ 12.28 billion (according to the company after the increase of share capital into shares based)

(6), the exercise price: 5.5 ~ 6 Yuan/unit (regardless of the company this increase the impact of the ex-dividend shares)

(7), fund-raising purposes: the acquisition of Gorge

The programme has the following three distinct characteristics:

One is paid directly to the price dynamics, achieving market expectations. Comprehensive measures for prices converted into the number sent stocks have reached every 10 unit sent 2.27 unit, meet market expectations.

The second is the combined effect of the price paid to the capital market, stability and development. Long electric scheme has taken measures to improve the performance of the company, company fundamentals is improved. At the same high percentage cash dividend, dividend amounted to 13.67 billion direct feedback to capital market investors, with a huge amount of money.

The third is aimed to the long-term development of the company, the establishment of the fundamental interests of the protection of investors ' long-term mechanism. Through measures enhancing the performance of the company, the shareholders ' long-term interests have a fundamental guarantee. The company also plans to issue warrants to the company's future development of more secure, and further enhance the Yangtze power big panlan chip image.

Yangtze River power is a company owned by the large blue-chip "companies, circulation market value and market capitalisation was ranked in the forefront of the two cities, their every move is the market's attention. Market power of the Yangtze River placed very high expectations. Yangtze power as the three gorges project Corporation holding subsidiary company of the only power industry, taking into account the importance of the three gorges project and comprehensive benefits, three gorges project Corporation will perpetuate the status of the holding of the Yangtze River power and long-term support for the development of the Yangtze power, creating the world's leading water and electricity companies.

Three Gorges project Corporation and Yangtze power on the share-trading reform work attaches great importance to the company, together with sponsor, up to 40 people work team. In the relevant State departments, combined with the power and the Gorges of the Yangtze River, forming a "non-negotiable shares shareholders paid to stockholders in circulation sight on price and promotion companies on the long-term development of comprehensive measures to safeguard the interests of circulation, increase shareholder value, companies realize all the shareholders and win-win" basic ideas.

Been identified as the second batch of pilot listed companies, the power of the Yangtze River immediately thought equity division reform

Communicate with investors. It is understood that, despite the current positive safety production tasks, and every power production meet the summer peak period of the key, the Yangtze River power still attaches great importance to the work of communication with investors, all heads of the company and officials of the three gorges project Corporation, as well as the sponsor, divided into five working groups, traveled to Beijing, Shanghai, Shenzhen and other places, including fund companies, insurance companies, pension funds, financial companies, general corporate and part of the QFII investors, institutional investors with a total of 79 users had 49 field exchange and communication. At the same time, the company also opened a investor hotline, e-mail, fax and dongmi online questionnaires, etc., remain with the majority of investors full communication.

Power of the Yangtze River, in the communication process, various types of investors made a number of very good observations and recommendations, the company on the fully research, in full respect for the views of investors on the basis of the equity division reform programme.

Inquiry system is a major adjustment of IPO.

IPO <P> inquiry system will present major adjustments. .Authorities recently disclosed that the Commission will be the original "institutional equity securities underwriting business management approach" to revise, and add the adjusted IPO inquiry system and other relevant content. .Compared with the current system, the system will appear the next five inquiry change. .</ P> <P> authorities pointed out that implementation of the 2004 IPO, inquiry system is of great significance, in the institutional arrangements and ideas on the pricing power from the executive branch to the market players. .However, in practice, however, not quite perfect the existing system of inquiry, the issuer, the sponsor, the game among investors is still insufficient, there are still a lot of sponsors and sponsor representatives are not familiar with this business, .There is a certain arbitrary pricing, free quotes, which are not rational acts of bad faith, therefore, must be to reform the existing system of inquiry. .</ P> <P> First, simplify the SME board of listed companies in the pricing process. .According to China Securities Regulatory Commission issued in 2004, "the pilot on the IPO Issues Notice of Inquiry System" provides the current inquiry into the initial inquiry and accumulated bidding inquiry in two phases, an initial inquiry to determine price range ., the cumulative bidding inquiry to determine the issue price. .The future, the SME board listed companies, there will be no book-building process, through a preliminary inquiry to determine the issue price directly, and then placed into the network and online distribution under the program. .</ P> <P> Second, the offline and online issue of the Placing will be the same time. .In accordance with the existing mechanism, the stock public offering only in the placement to institutional investors under the net will start after the online purchase, to improve efficiency in the future, this step will be the same time. .</ P> <P> Third, the initial inquiry to further clarify the relationship with the cumulative bidding inquiry. .Under the current operation, to participate in the initial inquiry is generally more than 20 institutions, only public offering of shares of more than 4 million shares, more than 50 participating institutions will be. .On the other hand, as long as institutions are eligible to participate in the tender inquiry accumulated, the number is much larger than the initial inquiry of the participants. .In this case, prone to a number of institutions in the free offer when the initial inquiry, the final total of the tender inquiry without the involvement of the time. .In response to this phenomenon, the relevant departments to enhance the binding and the seriousness of the inquiry. .</ P> <P> Fourth, to relax the restrictions on underwriting syndicate involved in inquiry. .In the future, in addition to the lead underwriter's own business, the other syndicate members will be able to participate in the inquiry and issue stock purchase, and the lead underwriter of the asset management business in inquiry and inquiry subscription of new shares will also be open. .</ P> <P> Fifth, further strengthen the management of inquiry objects. .The future, a clear violation of inquiry for those provisions against the principle of good faith, offer free institutions, sponsors and sponsor representatives will be entitled to cancel its release in the second placing in the qualifications. .</ P> <P> authorities also pointed out, IPO inquiry some of the problems arising in the process, some individual agencies intentionally, but because the institutions for the majority of the business are not familiar with this area, no attention, lack of adequate understanding of .. .In addition, the vast majority now are very successful IPO, the SME board after the stock market rose 100% above average, while average stock listed on the Shanghai Stock Exchange also rose 30%, which contributed to a certain extent .individual institutions offer free psychological. .</ P>.

Stock "G" logo will be canceled if no tag share reform.

<P> Reporter recently learned from the authorities, have shares of stock change "G" mark to cancel and restore the original referred to as China Petrochemical is expected to be implemented after completion of the share reform, but not into the stock reform work of the "nail house" will be marked separately, not to exclude .Special treatment is with the "ST" prompt, and policy restrictions. .According to statistics, at present, Shenzhen and Shanghai has completed a total of 1,150 shares of or access to the share reform program (not including the 14 share reform program did not pass the company), the total market value of 39038.1605 billion, accounting for the proportion of total market value of the two cities reached 92.4436 .% (excluding tradable shares). .Among them, the share reform companies in Shenzhen 444, G-share companies 345; Shanghai share reform companies 706, G-share companies 631. .</ P> <P> to the shares of company stock with change "G", the original intention of the Shanghai and Shenzhen Stock Exchange, prompted investors first, second, for failure to play a demonstration effect of share reform companies. .</ P> <P> but with increasingly large contingent of G Unit, G Unit referred a number of problems to investors, such as the original name of the company closer to the reduced G-Unit name may cause some misunderstanding and so on. .In addition, most of the company after the completion of share reform, but the company did not share reform is not easy to find, which is not conducive to further promote the work of the share reform. .</ P> <P> official said, start share reform in China after Sinopec, the two cities share reform companies are more than 90% of the market value of the home are more than 80% of the number, management began to consider resumption of G-share companies to choose the original stock .referred to, but will not share reform companies to specially marked tags. .This work is expected to be completed in Sinopec shares after the implementation of the reform, this year more likely early next year. .</ P> <P> not share reform companies to identify what kind of letters? .The official said that is still under study in regard to the final in order to identify what the letters, there are several options in the proposal, not to exclude special treatment "ST" crown first. .</ P> <P> access to what he thinks the letter is not important, the key lies not share reform companies will be certain restrictions in terms of policy, for example, mergers and acquisitions policy, financing policy, not support the approach taken. .</ P> <P> present, the exchange of special treatment into existing delisting warning of risks and other special treatment, that were labeled "* ST", "ST" word. .If you do not change the company's stock by stock "ST" logo, according to the rules at Price will be limited to 5%. .</ P>.

Prime Minister set the tone for the report "steady" market.

<P>: Http:// News, Premier Wen Jiabao in his government work report yesterday suggested that the steady development of the stock market this year to accelerate the development of the bond market, actively and steadily develop the futures market. .This is to say to the capital markets had a very positive signal, corporate bonds, corporate bond issuance this year will usher in major development. .Meanwhile, some industry insiders believe, the report presents a robust, can be of macroeconomic objectives, emphasizing the function and role of capital markets, the report is expected to lead the industrial policy is the subject of future investment. .</ P> <P> Orient Securities Research Institute study released in the day, said in March they are relatively optimistic about the A-share market trends, essential for good in the context of sustained, warm during the two sessions and two public policy .bring investment opportunities in related sectors are expected to constitute a substantive support to the index. .</ P> <P> stressed the steady development of the stock market </ P> <P> Orient Securities, said Liang Yufeng director of the Institute for the development of stock and bond markets this year, the report respectively the "steady" and "speed up" two different .description, should have a different intention. .Over the past year, the stock market is growing very rapidly in this context, the report steadily develop the stock market, shows the steady development of management expectations for the stock market does not want to market the development of the Great Leap Forward-style, do not want the market so .fluctuate significantly. .The scale of China's bond market is still relatively small, in the mature markets overseas, the size of the bond market to be greater than the stock market, so for the bond market, the report used the word "accelerating development" of the word. .</ P> <P> Liang Yufeng also said that the government work report of the distribution system to promote market-oriented reforms, which hit the capital market, the core issue. .In the current distribution system, the Government has in fact done some things should be done by the market, should not bear some responsibility for their own, while watching from the optimal allocation of resources, this would also not necessarily the most efficient .. .On the other hand, with the split share structure reform of the successful completion and institutional investors has grown, the market's investment philosophy has changed, so as to create the necessary market conditions for issuance. .Future market-oriented distribution system reform of China's capital market will be continued to mature and the specification of the important symbols. .</ P> <P>.

A share in the second half trillion in capital funding needs of surface pressure.

<P>: Http:// News, statistics show that A-share market this year will reach 1.095984 trillion yuan funding needs. .</ P> <P> returnees about the size issue A shares 250 000 000 000 </ P> <P> from overseas listed companies issued A shares to be the source of view, removing the rumor category, the Commission has accepted the application of Guangzhou R & F Properties ., to be 10.0 billion financing; issued A shares program was adopted by the general meeting of shareholders to discuss the proposed financing with Zijin Mining 7.0 billion, China Mobile intends to finance the amount of 800 billion. .Our simple estimate, is expected to issue A shares of overseas listed companies, the financing facilities of approximately 250 billion yuan. .</ P> <P> size scale of 426.4 billion yuan of non-lifting of the ban </ P> <P> from the first implementation of the share reform of listed companies have a two-year time commitment of 24 months sales limit of listed companies will be able to implement cash. .According to the current market price estimate, the second half of the total amount of restricted shares was 426.449 billion yuan thawing. .Were divided by month, July 53.13 billion yuan, 115.284 billion yuan in August, September 23.268 billion yuan, 152.922 billion yuan in October, November 41.386 billion yuan, 40.459 billion yuan in December as. .</ P> <P> 8 月份 thawing of shares involved in the broader class of company Baosteel, Yangtze Power, Huadian Power International, etc., involving the company in October, Sinopec, Minsheng Bank. .</ P> <P> debut, placing additional lifting 316.2 billion yuan </ P> <P> According to the current market price estimate, starting the second half of the placing part and placing some additional amount totaling 316.213 billion yuan thawing. .Were divided by month, July 21.545 billion yuan, 27.435 billion yuan in August, September 16.077 billion yuan, 97.04 billion yuan in October, November 22.371 billion yuan, 131.744 billion yuan in December as. .</ P> <P> amount of financing the proposed public offering additional 103.3 billion yuan </ P> <P> listed company plans to present the form of the additional public offering of 35 home. .According to these listed companies to disclose the number of shares to be issued and the current market price estimate, the total amount of 103.322 billion yuan to be financed. .Among them, CITIC Securities, Poly Real Estate, Vanke A, amount of financing were to be 100 billion yuan. .</ P> <P> funding needs over the total amount of four up to 1.095984 trillion yuan, accounting for the market value of currently circulating A 18%. .Among them, the new share issue and refinancing of listed companies demand is rigid, and Restricted Shares after the lifting of the ban if there is reduction of flexibility, however, taking into account the cost of stamp duty and commission increase, will the demand for funds is very impressive stock market, the second half of A .share market funds face will be under greater pressure. .</ P>.

Shanghai and Shenzhen 300 Index industry's first product in July into Hong Kong debut.

<P>: Http:// News, China Securities Index Co., Ltd. developed the CSI 300 Index trade series officially released July 2, including 300 energy, 300 materials, 300 industrial, financial and other 10 300 Sector Index .same appearance. .This is the first release of CSI-type investment in accordance with international standards for the preparation of the industry index. .Shanghai and Shenzhen 300 Index has been released in 2005, not only by the number of fund products as performance benchmarks and a number of institutions were developed for domestic and foreign index funds and ETF products. .The first was only the CSI 300 Index ETF products overseas investment target has been scheduled for mid-July at the Hong Kong Stock Exchange, similar products in the overseas listing of the other exchanges are in talks. .</ P> <P> China Securities Index Co., Ltd. to Shanghai and Shenzhen 300 Index constituent stocks is divided into 300 energy, raw materials, industrial, consumer discretionary sectors such as 10 to form a sample of the industry share of 10 sectors index. .</ P> <P> industry in Shanghai and Shenzhen 300 Index in the calculation, and maintenance consistent with the Shanghai and Shenzhen 300 Index. .</ P> <P> industry in Shanghai and Shenzhen 300 Index and the Shanghai and Shenzhen 300 Index, as adjusted every six months samples. .In addition, when the Shanghai and Shenzhen 300 Index a temporary change in sample stocks, the Shanghai and Shenzhen 300 index also followed the industry to adjust, when the component caused by events such as reorganization and acquisition attributable to a change in its industry, the CSI 300 Index will also be samples of the industry .adjustment. .Shanghai in Shanghai and Shenzhen 300 Index industry code 000908-000917, 399908-399917 Shenzhen code. .</ P> <P> </ P>.

Planning Commission approved the development of multi-level marketing.

<P>: Http:// News, China Securities Regulatory Commission on the development of multi-level capital market system plan approved late last month, four-level capital market system is ready for enactment. .</ P> <P> December 1 last year, China Securities Regulatory Commission Chairman Shang Fulin, proposed the establishment of the first public capital market structure of four levels, namely: actively cultivate blue chip market; to develop the SME board; actively and timely .launched the Growth Enterprise Market; integrated agency share transfer system, explore and improve the transfer of shares under the supervision of a unified system. .</ P> <P> and multi-level capital market as an important part --- GEM, the person confirmed, is currently awaiting reunification of the comments made by the Commission under the relevant plans and arrangements, choose the formal launch. .And, according to the relevant provisions of the Securities Act, the GEM board audit procedures on the enterprise is likely to "continue issuance examination committee of the relevant procedures." .Therefore, if the regulatory authorities to support the launch of the GEM, to give "special treatment" to accelerate the review process, then, the GEM early stages of development, is expected to launch the first batch of dozens of companies on the board. .</ P> <P> The source also revealed that the rules of perspective from the GEM Board listing requirements compared to the standard must be left with a considerable space, but the master's point of view of resources to be listed, companies to be listed .Company financial indicators and small plates "difference is not great." .In addition, the transfer board mechanism, also requires the companies time to meet the continued listing requirements of the GEM, and the listing standards of financial indicators in line with the motherboard, you can switch board, but in order to maintain the stability of plates, switch plates will make some time .restrictions, "such as the Daily News after the end of the period of time." .</ P> <P> Shenzhen Stock Exchange launched the GEM level of preparation has been largely in place. .</ P> <P> Song Liping deputy general manager of the Shenzhen Stock Exchange yesterday, the Eleventh Asia-Pacific Central Securities Depository institutions and organizations, said at the annual meeting, currently includes the "GEM Listing management issue," the "GEM Listing Rules" and entrepreneurship .board sponsor, information disclosure rules, including 4 GEM has basically developed a system of rules shape. .</ P> <P> She said that the current path of choice of SME market, there are two ideas: first, directly to the motherboard, including the listing of small plates; second is from the lower market access to capital markets and business growth based on the situation, .improve the corporate governance structure of the perfect situation and investors, by way of gradual transfer plates, the lower the market is gradually transferred from a high-level market, "I am afraid that the path to more robust." .</ P> <P> Song Liping said that last year, after the reorganization of the Nasdaq Global Select the formation of the global market, the Nasdaq capital market and off-sale market, for example, the Shenzhen Stock Exchange also can learn from this framework, .including high standards of the market forming, small board for approval as soon as possible and the Growth Enterprise Market share transfer agent in the current system of Zhongguancun developed based on the OTC market, including 4 multi-level marketing system. .</ P> <P> she said, to the end of last year, more than 20 million of industrial enterprises above designated size, 20% of the enterprises are limited liability companies or limited; Ministry statistics also show that, to the end of last year, the National .private enterprises has reached 130,000, of which 50% of a limited liability company or limited; more than 50 high-tech development zones in the country's 4 million more than companies in more than 100 million yuan annual revenue of more than 3,000 .company. ."These data show that China has very rich resources to be listed on GEM and the ... ... to speed up construction of the OTC market is imperative." </ P>.

US-EU-Pacific stock markets suffer precarious Black Friday

Because the United States share Dow 9 crash 7.33%, all-time third largest decline; coupled with Japan and life insurance applications for bankruptcy investors on financial crisis spread to Asia worries, 10 days in Asia-Pacific stock markets have plummeted, the erosion of the "shocking".

Nikkei index tumbled this week 24% decline is far better than 1987 stock market crash

Japan's Nikkei index Friday crash 9.6%, a record since the 1987 stock market crash, the largest one-day decline, but this week's cumulative decline of up to 24%, more than the stock market crash when twice weekly decline, showing the market panic on the financial crisis is rapidly upgrade.

Nikkei index 10, shoudie 881.06 point or 9.6% reported 8276.43 points, the highest since May 2003, the lowest level over the current closing bit touch the high point 18300 point has dropped 55%.

Affected by the impact on the eve of u.s. stocks plummeted, the Nikkei index long, low, open 1.5% reported 9016.34 points, followed by a decline in the stock index quickly expanded to offer the lowest see 8115.41 point, tumbled 1042.08 points, up to 11.38%, highest since May 2003, a new low in the tray.

Japan big and Nippon life insurance company announced today that the bankrupt, as Japan during this financial crisis in the bankruptcy of the first financial institution to the trade concerned that Europe and America are suffering financial crisis being swept across Asia.

This Friday trading day, the Nikkei index, all, 8 October set 8.7% decline, today more 9.6%, making the full week cumulative decline of up to 24%, at Nikkei index has been seven trading days.

Rigu fully depreciated 9.62%

Japan's largest financial institutions and life insurance "," 10 April submitted to the Tokyo District Court, bankruptcy protection for Japan's stock market panic of occurred Friday shadie. Japan's stock market plunge, the Nikkei average full-time sink 8,276.43 point, sharply 881.06 point or 9.62%.

Today's index as early as low 1.5% reported 9016.34 point, opening a fast expanding after stock index declined, plate minimum see 8115.41 point, tumbled 1042.08 points, up to 11.38%, highest since May 2003, the new low over the historical high point has been decreased by 55%.

Analysts noted that may be on a downtrend jingguzhi Osaka Exchange Nikkei index futures were heavy sell-off. Tokyo Stock Exchange also spare forced to suspend part of futures and options transactions in 15 minutes.

Han unit shoudie 4.1% industry proposed to establish stabilization fund

Previous day short breathing Korea stock market plunge again 10 days more than 4%, mainly by global stock markets continue diving. As of closing, Seoul Composite stock price index fell 53.42 points, fall 4.13%, reported 1241.47 points. The day before, the index rose slightly 0.64%.

On the day of the early trading, Han unit decrease in swarms reached 9%. Since then, it is said, some securities on the day of Korea held an emergency meeting, proposed the creation of the stock market stabilization fund. Stock indices decline is narrowing, but to close is still down over 4%. Units, the Industrial Bank of Korea plummeting 9.5%, Exchange Bank fell 7%. Cumulative Korea this week, 13% of the stock market crash, since September 2001, the largest decline in the week.

Enlarged the Hsi in the afternoon

The Hang Seng index enlarged in the afternoon, the minimum approach to 14585.29 point or 8.45%. Currently, the Hang Seng index reported 14618.17 points, fall 8.31%. China enterprises index fell 9.65%, become a drag on Nikkei. Recently banks and large friction released its report, the row on A unit and the H-share market long-term view from "cautious" to "neutral" rating increase mainly due to the global Central Bank operations, as well as the joint reduction in interest rates fall in market value. Morgan Stanley says that the stock market in the future the "U"-shaped rebound of probability is higher than the "V" should-rebound.

Australia stock 10th shoudie 8.3% invasive 21 years in a single large declines

Due to global economic worries cause panic and throw up, Australia stock 10th shoudie 8.3%, a record 21 years the largest decline in a single day.

Comprehensive news agency reported on October 10, Australia 10-closing stock market plunge 8.3%, since the 1987 stock market crash since the single largest decline, due to the global economic recession fears cause panic and throw up. 10 day cumulative decline in week as high as 16%.

Big disk full, weight of the Bank and the mining sector are facing critical strike, follow the Asian market generally throw pressure.

S & P/ASX 200 index closing plunge 360.2 point, reported 3,960.7 points, for 2005 for the first time since may collect in the 4,000 points below, also since 1987 for the second time a decrease of more than 8%. (Sai-London)

A unit of the Shanghai and Shenzhen low turbulence Hu Friday 3.57% deep into means 5.52%

China, Shanghai, Shenzhen and A unit Friday in low after a full day, full day Shanghai reluctantly accepted in over 2000 points. Quanzhonggu was exerting force elevating market, but the overall lack of confidence in the market.

With the opening of the Shanghai stock index fell below 2000 point integer, 1995.96 points closing at throughout the day, a day before yesterday 2000.57 points dropped 74.01 points, 3.57%.

Shenzhen Stock Exchange into a trend also roughly the same. Szse% means open to 6482.19 points, closing to a crash 6385.35 points, fall 372.86 points, 5.52%.

KLSE index tumbled 158 points, 7.55%, latest reported 1944.03 points.

Shang Fulin: inhibition of new stock purchase excessive speculation

30 may, at its tenth session, the Commission issued Review Committee was established in Beijing, President of the Commission to further improve the Shang Fulin bookbuilding, inhibiting new shares purchase stage of excessive speculation.

Yesterday, the President of the Shang Fulin SFC in the new session from the inaugural meeting of the Committee pointed out that the issue of regulatory work to adhere to market-oriented, and able to protect the legitimate rights and interests of investors, and to support companies through the capital market development, to control better access to capital markets of the first gate. He also sent to the new session of the Committee members made the wish: to be "public" pledge, "exclusively" blinded to the interests of investors, independent audits, not subject to any human interference.

It is understood that the new composition of the tenth episode of the CRIC on a total of 25 members, among them 5 members of the SFC professionals, members of the SFC-full-time, part-time members 15 name five. This General, 25 members of five former members of the renewal, new recruits 20, newly recruited member of 80 per cent.

For issuing securities regulatory system of the future reform path, Shang Fulin innovation make four points. First of all, to further improve the sponsor system, strengthen the sponsor and the sponsor representative of management. Secondly, to further improve the bookbuilding, to focus on strengthening the inquiry object behavior of supervision, the quoted price and purchase directly hook, reasonable configuration under purchase online, inhibiting new shares purchase stage of excessive speculation, improve purchase fair degree. In addition, he also noted that continue to promote high quality in large enterprises and high-growth small and medium-sized IPO, vigorously develop the corporate bonds, the progressive realization of the inter-bank bond market and stock exchange bonds market interconnection.

It is learnt that had just retired from the ninth session of the Committee from May 2007 to the end of April 2008, held a meeting of the Committee, the audit company 218 times total 413 home, through the examination Committee meeting of the company, through a total of 354 85.71%.

Climax of the upcoming ban GEM "false growth" misappropriating the geometry.

<P> Climax of the upcoming ban on GEM, the Shenzhen Stock Exchange to submit reports directly to the delisting, the GEM has been that everyone knows the risk of white swans. .</ P> <P> in the investment market, able to anticipate, assess the risk of not real risk, the risk is not known is the real risk, the risk of U.S. subprime mortgage crisis, people do not know hidden in the balance sheet .outside. .GEM biggest risk is not false start and grow, always mine, always gloss over is the most terrible black swan. .</ P> <P> performance of large companies listed on GEM is a fake face the typical growth. .To control risk, regulators, standard similar to the GEM screening small plates, the performance did not change the impulse face. .As the end of 8, 22 GEM performance of listed companies face appeared. .Pao shares, Warburg Pincus stake in the South have the power breakdown of the top three GEM performance of face, the three first-half net profit decline of up to 82.07%, respectively, 76.60% and 69.79%. .Last October 28 the first GEM-listed companies, there are seven interim results for the year on year decline. .In addition to Pao shares, Hanwei Electronics in the first half net profit fell 49.78 percent, ranked fourth in the GEM. .Repeatedly exposed ChinaNetCenter executives leaving first half net profit fell 29.97%; new Ning logistics, Huayi Brothers, Ghost Huadian and Trojans first-half results were also down Germany 17.91%, 11.71%, 7.10% and 5.63 .%. .</ P> <P> reasons in addition to some companies because the products, the performance of other companies face is hard to say no false growth factors. .If Pao shares, the growth in sales of frequent questions. .Fortunately, there is the core technology patents the company, failing that, the so-called high-tech is the only have their table. .Ning other logistics such as new, it is difficult to imagine a high-tech logistics company, and Wah Yan medicine called "Medicine", in fact, is mainly engaged in non-PVC soft bag infusion product development, production and marketing of manufacturing enterprises to .If the motherboard is actually in Zhangjiang Hi-Tech Park as the leading real estate operating characteristics. .</ P> <P> GEM is not start another big risk, a number of companies listed on GEM as the body of the parasitic monopoly enterprises. .Typically Ultrapower, Hanson and the nationals of mobile technology, all parasitic on the China Mobile, China Mobile sneeze as long as the three companies will be cold, Shandong Shengli Oilfield Purchasing Po Mo thanks for the support. .</ P> <P> Hanson moved half of the business system itself Hebei Mobile, mobile phone retail accounted for nearly 8 Hanson into the main business income, and half of the profits, the company name seems to only relatively high-tech business - "Personal .mobile information terminal sales, "Personal mobility and mobile information services industry, in any case when not afford high-tech words. .In contrast, I once doubted the GEM other medical and pharmaceutical companies had even genuine. .Similar to the Hanson movement, Wah Yan pharmaceutical and other companies, if not superior marketing capabilities, its rings are then greatly diminished. .Among the hundred listed companies, most mentioned in the prospectus of the "performance by the impact of risk factors for large customers." .Loss of large customers, will share the same level as the dismal performance of China. .We vote in the end is a core technology, innovative companies can not be replaced, or have a special relationship with the large interest groups, marketers?.

Unit into pilot has so shortsighted is compelled or borrow stock reform dilemma

In May this year, the Commission officially launched the share-trading reform.　　From the first four pilot enterprises, to suddenly amplified second batch 42 home pilot enterprises, to the Commission Chairman Shang Fulin clear: no third batch of pilot, reform will be fully under way, at this point, like it or not, more than 1400 was officially listed companies in China "into" this unit into. To understand each company (including their executives) on unit into real attitude is clearly a bit more difficult, however, far from dozens of pilot enterprises, we can clearly understand that their respective different moods. In addition to the "support unit into" this high-sounding reasons, they each have a more or less than yours.

A class of enterprise participation unit into, is compelled. In order to "force" Enterprise stock reform, management has employed a "do not share reform not let stick policy financing", this approach to this week, a first form of the article by Xinhua, the official announcement.

There is also a class of enterprise "active" to join the unit into how much is the c-level executives on the "incentive" that the "carrot" of desire. Unit into enterprise can implement incentive, this practice has written a draft of the SFC file.

There is also a type of enterprise sought to borrow stock to "relief". These companies want full circulation, they already have a mortgage to the Bank's stock will be obtained the right to add value in circulation.

In addition, many private enterprise, you can get because unit into its "rich" realised on paper.

In order to refinance

The first batch of pilot enterprises, Sany heavy industry, Tsinghua tongfang, executives in the interview, stated that the enterprise's own initiative to apply for, instead of hand-picked "SFC". However, for those who are approaching the Commission considers that regulatory reform is a key layer, become pilot enterprises have some policy offers. At that time, the regulators for refinancing, and there was no clear statement.

From the first batch of pilot most of the enterprises take a wait-and-see attitude, to a second batch of pilot launch hundreds of companies before the proposed programmes of positive attitudinal change impresses unit into pilot's interests driving is not apparent.

In the first batch of pilot, IPO, refinancing and other activities also in the fairway. Management in listed companies and securities firms sponsor different meeting said the pilot enterprises will be the first allowed to refinancing, does not solve the problem, the shareholder shall not carry out activities such as refinancing. This provision until Monday before as a rescue favourable to the official Xinhua News articles published in the form, but the industry has already got used to this.

This is a large number of strong refinancing desire among the second group company active pilot of a big reason for this is the first batch of pilot is a large number of companies in-and-see attitude. Although the first batch of pilot companies with successful benchmarking, but in the current price without basis, market competitive game environment, not the pilot unit into a people "applause". Perhaps only desire "refinancing" can be interpreted many companies the sudden enthusiasm.

According to statistics, in the second batch 42 home pilot company, made since last year, including the issuance of convertible bonds, stocks, refinancing company up to 17, the ratio of 53.13%. For example, on port header, shenneng co., Aeolus, Hualian negative electricity, ultra, and in the bulletin all clearly raised the refinancing plan. In addition to steel shares, Guangzhou holding has implemented SEO, 15 companies of refinancing has not yet taken place. In macroeconomic austerity and industry boom cycle is not conducive to the performance of listed companies continued to increase against the background of the refinancing of listed companies ' growth is crucial.

Such enterprises actively share-trading reform, more likely intended to refinancing, it can truly be said is important. Reform of Corporation in refinancing will receive special discounts for approval, so that even as stock reform, payment on price "hurt their strength," non-negotiable shareholder can also issue additional refinancing of recovery unit into cost.

Before the implementation of stock reform has been adopted by the General Assembly of shareholders, the issuance of A share of the 3 billion people's power (600886) recently Roadshow, company Chairman Al Nathan recognizes breeding "stock reform for refinancing and development company. "At the same time, the company also said it would continue to push further SEO matters.

The analysis in the industry, due to the non-trading stock have the locked constraints, short term cash in the secondary market, after the success of the pilot, the companies may set off a round of refinancing.

Equity incentive germinating

In order to enhance public companies to the wishes of the share-trading reform, regulatory layer move out of the "carrot and stick" policy reflects success. In addition to the big stick "before" — don't share reform be refinancing, motivate executives drive unit into the "carrot" — option incentive measures will also be introduced.

In the second batch of pilot enterprises introduce stock reform programmes, people suddenly found long-outstanding, highly controversial equity incentive plan was unveiled.

Moreover, according to people close to the Commission, said that the drafting of the regulators listed on the stock standard opinion "are you sure will soon come. Among them, the companies can implement gangu, options and warrants, equity incentive plan, is the biggest highlights of views.

However, if you want to eat the "carrot", you must first change the gateway has been off the unit. In the press get the equity incentive for opinions "discussion paper on article 8 provisions expressly listed on the stock solution without the prior permission of the general meeting of shareholders, no stock options or warrants implementation of equity incentive plan.

This provision is to some extent explain another part of the public company "active" to join the unit into the cause.

In fact, on the option incentive plan in effect as early as the first batch of pilot would have appeared in. The first batch of pilot enterprises one of Tsinghua tongfang was clear that led the company to apply for one of the reasons why the pilot is full circulation, the company's option incentive schemes can be implemented.

　　

At present, the second batch of pilot enterprises such as sinochem international, kingfa, Hang Seng e, shaogang Songshan, etc announced share package also made equity incentive plans and programmes. Many pilot Corporation also recognizes that to implement option incentive, is the company unit into one of the pilot's motivation.

Hang Seng electronic publishing unit of the reform package of that shareholder commitment programme, when implemented, will be 400 million shares to employee stock option incentive plan implementation. The company's securities services representative told reporters that option incentive plan for high-tech companies are very important. Have always wanted to do it, but because of the restrictions, the shareholder has failed to implement.

"If the stock reform through the companies to implement option incentive plan. This is, indeed, we want to share reform. "The people are so indicated.

The universal evaluation consulting company Chairman Zhangchanghong told reporters: "there are 20 to 30 public company to us do option programme requirements. Including both State-owned companies, and private enterprises. Of course, since no stock reform cannot be implemented, the company raised or bundled with stock reform programmes, or in the full circulation before the implementation of equity incentive plan. ”

Borrow stock reform "relief"?

The second batch of pilot enterprises can type vary, in addition to the assets of large blue chip, some enterprises have also changed the "."

According to the Shanghai juyuan data statistics show that in the second instalment of the share-trading reform of 42 companies, zhongfu enterprise, aodong, Jinniu energy, people Fu technology, electronic-optical, Hang Seng Heng Tong, wuhua co., seven companies have varying degrees of non-trading stock pledge. Wuhua shares which are most severe, the company 6349 million shares in pledge or frozen, the share capital of its non-negotiable 46.66%.

A pilot company's foreign press spokesman said: "we remain a part of the stock used to pay for the price, if not, then we would go and Bank communication, after all, our company added value, is also beneficial to the Bank. ”

These companies share reform, to the circulation of shareholders pay a certain price, the mortgage company will receive the right circulation.

On the other hand, if the shareholder due to inability to repay debts to creditors the equity for auction and auction prices generally is only 5% of net assets. However, if the implementation of the share-trading reform, non-trading stock even sell higher than net asset prices. Shareholder structure on the one hand addressing non-circulation of shareholder debt crisis, on the one hand that it realized capital gains, is due to the unit into the unexpected "relief".

In addition, in the second batch of pilot, 10 small and medium-sized private enterprises has also become a major bright spot. Private listed so positively to the share-trading reform, there are people in the industry so stated: "while the non-trading stock shareholders holding shares have various restrictions, however, the previous paper wealth, after all, had the honour of opportunities. ”

E speculators say goodbye to the popular T +0 overnight sale of new.

T +0 <P> warrants say goodbye to overnight trading speculators become another important mode </ P> <P> Recently, with the warrant to enter consolidation phase of the market, some of the operating strategy also warrants speculators began to change in overnight trading become the ."T +0" another important model after. .</ P> <P> stocks since last August to change warrants first inception, the warrants market volatility, arbitrage and hedging, and is not widely recognized, a group of large funds, trading frequency, the plate back and forth on the back of the individual .large as the backbone of this market. .Related statistics show that once large group of more than 60% monopoly of the market volume of transactions. .For those pursuing "only a second, a PCT earn money" on the investment philosophy down people, had bought the day to sell "T +0" trade is their main or only operating strategy. .</ P> <P> this situation has changed in the near future. .Shanghai and Shenzhen Stock Exchange, the disclosure of data, since the weekend, individual large proportion of consecutive appearances holders of warrants over the list of warrants to buy warrants overnight thrown into a new strategy for speculators. .</ P> <P> 9 8, Lei Lianying be more than 5% Angang warrant holders, holding the number of over 5.65 million copies, the market value of over 17.54 million yuan. .September 11, Lei Lianying warrants from the Anshan Iron and Steel "shareholders" list disappear. .September 11, Suzong An Wanhua put the number of holding more than 5% of available liquidity, market capitalization of more than 9.72 million yuan. .September 12, Suzong An disappear from the list. .September 12, Wang-Star appearance of raw water put warrants, holders of the number of over 17.77 million copies, worth over 16.78 million yuan. .September 13, Wang massive stars thrown in the hands warrants. .September 14, Liu Ye Ping appeared Jacobi put warrants, holders of the number of over 33.93 million copies, the market value of over 23.58 million yuan. .</ P> <P> "warrants changing the operating strategy of the speculators, should a large extent the recent decline in market liquidity warrants on", the Ministry of derivatives Guoxin Securities analyst Dong Yi Ting said. .She believes that the volatility of stock markets Recently though large, but the market did not warrant a corresponding sharp shock, the rise and fall rate of all varieties are rarely more than 5%. .In this volatility is not the case, the large number of warrants is difficult to pass "T +0" trade to earn enough to spread, throw the next day became the day to buy their new choice. .On the other hand, after a year of exercise, the warrants market, speculators are increasingly familiar with the holders of warrants overnight risk tolerance has also been enhanced. .</ P> <P> In fact, quantitative analysis from the perspective of the operating strategy of profitable overnight trading probability is not low. .Derivatives had done a statistical analyst, from last August to July of this year, if all the investors warrants to buy used 5 minutes before the close, after opening the next day's strategy to sell each month, total receipts are .is positive, net of transaction costs, the average daily yield of about 0.5% or so. .From the look of several large operations, sold the same day the warrants were higher than the purchase price the day of the same high probability of profit. .</ P> <P> Warrant holders of the list name list the date of retirement date </ P> <P> Angang subscription Lei Lianying September 8 September 11 </ P> <P> put Suzong An Wanhua .September 11 September 12 </ P> <P> star raw water put the king on September 12 September 13 </ P> <P> Jacobi put Liu Ye Ping September 14 --- </ P .>.

Merchants Bank H shares of hot 10% to 15% upside.

<P> UBS: China Merchants Bank H-share listed 10% to 15% upside move the hot-line subscription to Jin Hongyi excellent mood. ."One reaction, from the Merchants Bank subscribe for the estimated increase after the listing of the stock 10% to 15% is reasonable." Joint interview yesterday, when faced with a number of media, the China Merchants Bank, one of the sponsors, senior bankers .As optimistic estimate. .China Merchants Bank will on Friday at the Hong Kong Stock Exchange. .</ P> <P> Jin Hongyi UBS Investment Bank is currently serving as Managing Director and co-head of Asian financial institutions group in 2002 and 2006, the Bank of China Bank of China IPO, Jin Hongyi are sponsored directly responsible. .</ P> <P> "Our response will be well estimated in advance. In the roadshow next day, the reaction was too warm to subscribe, syndicate to fund the request of one of the fixed body no more than 1 billion U.S. dollars, because even if we can not exceed this limit .provide more new shares. "Jinhong Yi said. .</ P> <P> The international road show, executives and organizations in China Merchants Bank to communicate one-on-one meetings, institutional order of the proportion of close to 100%, which is unique in the course of the past, the phenomenon of road shows. .Because, according to past experience, under the single rate of 80% is already very high data. .</ P> <P> record the final CMB oversubscription rate beyond most people's expectations, even the Swiss banks did not anticipate. .Interestingly, the statistical data the day before the subscription, UBS has been in the company held a guessing game, resulting in 12 people to guess Merchants Bank's subscription rate of 150 times to 270 times, so we surprised that the results of one of the most optimistic .Guess closest to the actual number of bits. .</ P> <P> about Merchants Bank in this range of 7.3 to 8.55 Hong Kong dollars, Jinhong Yi told reporters that this price range with reference to the other three banks share price of H shares, low price of 7.3 Hong Kong dollar is considered to make the vast majority .investors are interested in subscription Merchants Bank, the high-end dollar is taken into account 8.55, China Merchants Bank should be close to or exceed the Bank's valuation. .</ P> <P> In addition, a considerable number of foreign institutions in the research report that China Merchants Bank a reasonable 2.5 times book value to 2.7 times higher than the 2.39 times book value Merchants Bank to be higher than the 4.6 to 13 percent. .</ P> <P> for China Merchants Bank The book value at a higher price, Jin Hongyi do not feel surprised. .Continuous as the three Chinese banks listed overseas experience of the sponsor, so he found the foreign investors in China's banking sector change in attitude. .</ P> <P> "Foreign investors in China's banking industry's views can be used to describe the earth-shaking, 5 years ago, investment banks, funds and other institutional view of China's banking sector is basically negative and negative." Jinhong Yi said that he .BOC Hong Kong listing of then recalled when the situation is in accordance with local banks in Hong Kong to an average of 1.6 times book value pricing. .Bank of Communications (3328.HK) is offering 1.6 times book value, China Construction Bank (0939.HK) is 1.96 times the Bank of China (3988.HK) more than 2 times, this is 2.39 times that of China Merchants Bank also set a record .offer price. ."This series of changes in the data shows that foreign investors confidence in China's banking sector is growing." Jinhong Yi said. .</ P> <P> Jinhong Yi also said that China Merchants Bank is the second after the first A share listed companies with H shares, and its case is instructive. .Among the specific operation, the first H shares after the A shares are two difficulties, first of all A-share listed companies released quarterly results reporting requirements, which leave the H shares listed on a very narrow window of time. .Such as the China Merchants Bank listed, must be completed in time listed in the third quarter, the actual time of only 4 to 6 weeks, if the delay over this time period, H-share listed, again, to do statistics. .Followed by the A shares related to the problem of state-owned shares, to the additional costs involved, and H shares is not the concept. .</ P>.

Fuzhou windfall investors account for a surge of ten million.

<P>: Http:// hearing, the day before yesterday afternoon, when Mr. Huang in Fuzhou investors see their account online stock trading system, the inexplicable amount of more than ten million yuan more, the excitement that the "get rich pie" hit .to himself. .Did not think this is just a numbers game. .</ P> <P> yesterday, Mr Wong told reporters that he recently bought two shares, worth a few million. .The day before yesterday afternoon, he queries through online trading system and found that the balance of funds accounts show and are available balance 10,000,422.86 yuan. .</ P> <P> "fortune?" Looking at the accounts of inexplicable extra ten million yuan, Huang moment I do not know how to deal with, he immediately sent through QQ screenshot of the page tell a friend the situation, and cut .Screen preserved. .</ P> <P> Mr Wong said he was thrilled and excited about nature, but a friend told him that this may be a problem with the system. .Sure enough, "the sky will not fall out for no reason," Mr. Wong log in again when the system, that appear on the account balance and available balance of funds into a 747.93 yuan. .</ P> <P> "windfall" was planning to go, and it fell under Mr. Huang began to worry about the safety of their stock accounts. .He said that before the Internet stock trading system has given rise to strange situation. .Ten days ago, he bought 13,800 shares of stock, but accounts are shown as 27,000 shares; and even money for no reason had been planning to go and recover the situation. .</ P> <P> yesterday, reporters tried to call the securities business phone look into the matter, but the phone has been no answer. .In this regard, Fujian Ding Zhao Li contention by counsel law firm, said online trading stock brokers, stock trading should be to ensure the security and authenticity of the security of online transactions increase the intensity. .Investors should also pay attention to collect relevant evidence in the case of damage to property, securities companies can sue. .Ding lawyers said that at present China's online transactions are generally follow the "Civil Code" and "contract law" to carry out relevant laws, there is no uniform regulations for online transactions. .</ P>.

Technical barriers to red-chip return foregone all clear.

<P>: Http:// hearing, along with the oil, move the red-chip companies such as the most representative A-share market has made a return to the arrangements for return of red chips A shares of a foregone conclusion. .Although previously on "Company Law", "non-prohibited is allowed" to rule out the interpretation of legal obstacles to the return of red chips, the consensus has been reached, but market participants during some technical obstacles such as the issuance process, the coordination of accounting, information disclosure and other operations .how to solve the problem level is still skeptical. .Recently, the China Securities Regulatory Commission issued to some brokerage firms, "foreign-owned holding listed companies in initial public offerings in the territory of the pilot (Draft)" to solicit industry comments. .Authoritative analysis, "draft" content that the issue has been handled better, return of red chips is not only there is no legal obstacle, there was no insurmountable technical obstacles. .</ P> <P> "draft" the first set to allow the red-chip companies issued A shares of the specific conditions: First, the stock has more than one year in Hong Kong Stock Exchange; Second, the stock market value of not less than 200 billion Hong Kong dollars .; Third, the three most recent fiscal year, the cumulative net profit of not less than 20 billion Hong Kong dollars; Fourth, more than 50% of operating assets in the territory, or 50% of the profits from domestic operations. .For these provisions, the authority of, a large red-chip companies mainly in the Hong Kong market, and securities regulators in Hong Kong and the Mainland has a lot of cooperation, and has A + H-share companies listed on both the success of the two issued a precedent, it has accumulated .a wealth of experience. .The market capitalization and net profit on demand for return of red chips is for the purpose of building a healthy, stable, more investment value of the A-share market, and profit for the creators as domestic investors to provide ways to share the fruits of the consideration .. .According to the analysis, in line with the requirements of the Hong Kong market capitalization and net profit of about 17 red-chip companies around combined market capitalization of 2.7 trillion, accounting for red-chip companies listed in Hong Kong, 85% of the total market capitalization. .</ P> <P> overseas-funded companies from China, "Company Law" in the jurisdiction, but because of its A shares issued in the territory should be consistent with domestic laws and procedures related to market requirements, including counseling, sponsoring, review and release .approval and other procedures. .Therefore, the "draft" requirements, "the territory of the issuer in the IPO, shall employ qualified domestic institutional sponsor counseling as a sponsor and the sponsor." "Issuer issue shares in the territory of the inquiry, underwriting, market, .registration and settlement shall be subject to domestic stock exchanges and China Securities Regulatory Commission and the relevant provisions of the Depository and Clearing Corporation. "Taking into account the sponsor within the red-chip companies may be unable to conduct due diligence of foreign assets," draft "when necessary to allow the sponsor .employ foreign investment banks, lawyers and accountants to assist its due diligence. .Similarly, within the law to hire outside counsel to assist its due diligence, citing the views of outside lawyers. .</ P> <P> listed red-chip companies after the disclosure of information within and outside the company to domestic investors to exercise shareholder rights, is the industry most concerned about two technical issues, is considered a major difficulty at the operational level. .In this regard, "draft" also gives the solution. .Authorities said the solution to the basic idea is that red-chip companies issued A shares, and A + H-share companies have a greater similarity, so the disclosure of information, such as prospectuses, annual reports, mid-year report, related party transactions, .profit forecasts, raising capital purposes such as disclosure and handling, can, according to A + H shares of the company's current practice. .Therefore, the "draft" on the one hand requires full disclosure in the issuer outside the establishment and operation of law, company articles of association and the existing differences within the company and its possible impact on company operations, the other provisions, the issuer should employ .qualified certified public accountants within the territory of the internal control standards in accordance with the internal control attestation report issued on the company in accordance with the accounting standards of domestic enterprises to audit the financial statements and issued audit reports. .</ P> <P> the domestic and overseas accounting standards and accounting differences, "draft" issuer disclosure requirements were in domestic and overseas accounting standards between the financial statements reconciliation. .</ P> <P> red-chip companies as outside general shareholders meeting, shareholders how to vote within the territory is a real problem. .In this regard, "draft" is relatively simple formulation: "The issuer shall attend the general meeting for the domestic investors to exercise shareholder rights, providing effective ways and means." According to analysis, the process of share reform generated Internet voting mechanism is a realistic .choice. .Red-chip companies should provide shareholders voting by proxy for the domestic and the convenience of Internet voting. .In addition, the "draft" red-chip companies also require the establishment of the securities in the domestic sector, with exchanges within the provisions of the Board of Directors meet the qualifications of full-time staff secretary, responsible for investor relations and other domestic matters. .</ P>.

Funds welcome spin-off Tide 37 billion market in July FireWire.

<P>: Http:// hearing, according to announcements and media reports indicate that by mid-July, will mark the split wave of high-quality funds, Vanguard funds harmony, sea Fortis Select Fund, Equity Fund, Allianz Global Investors Selections ., Yimin Dividend Growth Fund will be split, with the Fund Yuhua "Feng Zhuankai" may bring to market billion yuan of incremental funding, the funds will total 37 billion into the stock market. .</ P> <P> According to "China Securities News" reported that the sea Fortis Fund will be selected July 4 break, the unit value will be split into a dollar face value, it is understood, in order to fund future investment operation and a smooth Jiancang .needs, from the split announcement date June 28 within one month from the sea will continue to purchase Fortis Select Fund to implement the overall size limit of eight billion yuan control. .Suspend subscription for the purchase amount of the previous day, will take "end of the proportion of placing" the principle of apportionment. .</ P> <P> Allianz Global Investors Selections Fund Equity Fund will be split on July 9, when the fund will purchase a limited release billion yuan; the League of Nations Stabilization Fund Management Company July 3 announcement that .The company's Five Star Equity Fund - Allianz Global Investors Selections Fund Equity Fund 9 July 2007 split. .The Fund will release the purchase will be limited to ten billion yuan, also a "doomsday proportion of placing" principle. .</ P> <P> million fund is expected to be harmonious implementation of the split in mid-July. .By then, investors can Industrial Bank, China Construction Bank and other banks and major brokerage commission agencies to purchase the price of one dollar. .Harmony Foundation will split the million billion ceiling for the size, over five billion will be proportion. .</ P> <P> Yimin Yimin fund management company's dividend growth fund split has been approved by the SFC program is expected to formally split the near future. .Yimin Dividend Growth Fund, the main features of this split is to split a limited scale, Yimin fund management company is not the total size of the fund over four billion as the upper limit. .</ P> <P> purchase this four funds amounted to 27 billion, due to the subscription before the scenes of the hot new funds, and fund the current state of Jing Shengou, we believe that to raise ceiling is to be expected. .Has been completed, according to "Feng Zhuankai" of closed-end fund-raising point of view, due to the Fund in July Yuhua "Feng Zhuankai" Maybe the market will bring incremental billion yuan of funds. .</ P> <P> In addition, the 347 funds in the first half 2007 results on July 2 disclosure is completed. .China Galaxy Securities Funds Research Center report shows that, as of June 30, 347 total 1.799073 trillion yuan of net assets of the Fund, copies of 1258460000000 total share of the scale, the end of 2006 were 2.1 times and 2.02 times. .Direction of the stock reached 1.67112 trillion yuan of net assets of the Fund, representing the market value of Shanghai and Shenzhen A shares in circulation of about 31.25%. .</ P> <P> China Galaxy Securities analyst Hu Lifeng, chief fund said the substantial increase in the size of fund shares, indicating that the fund industry's ability to further increase social mobilization, more and more investors into the A share market through the Fund; fund assets .significant increase in the net, indicating ample liquidity fund, purchase enthusiastic. .Because many of the new funds and is currently ongoing marketing of the old fund shares lower position, if the stock investment ceiling in accordance with the Fund calculated that he expects the cash position of the Fund can still twenty billion yuan into the stock market. .</ P> <P> </ P>.

Play a leading role by holding the stage second-line blue chip.

<P>: Http:// hearing, after rising early to Industrial and Commercial Bank (6.79, -0.08, -1.16%), Sinopec (17.09,0.09,0.53%) and China Life (53.73, -0.31, -0.57 .%), represented by blue chips are now in a strong first-line adjustments. .The second group underestimate the value of the market has become the leading blue chip, plate prominence of the strong, sought after by the main funds. .Reporter Statistics found that the faster growth of high performance semi-annual growth stock, low stock price and earnings, there industry leading shares turning point, three underestimate the value of the shares of a new round of prices is becoming a hot spot. .</ P> <P> According to statistics, during the first half of this year growth performance of 870 companies, and another 102 companies successfully turn around, that performance of the company in recent Qicheng the upswing. .240 of them to double performance of the company, and another 171 net profit increase of more than 50%. .Performance in these high growth companies, the main second-line blue chips an absolute. .240 double performance of the company, as of September 4 billion in total market value of less than 200 up to 197, accounting for 82.08%. .</ P> <P> quality second-line blue chips, the stock price and earnings were significantly lower capital stock is the object of focus. .In these 197 stocks, the latest stock price above 50 dollars a 7, between 20-50 yuan shares are 57, and the remaining 133 shares were lower than 20. .Low price-earnings ratio from the dynamic point of view, these 133 stocks are 55 times price-earnings ratio below 50, which has eight to 20 times lower than that, these "double low" shares have obviously underestimated the value of the advantage. .</ P> <P> from the respective sectors, the dynamic price-earnings ratio below 55 to 50 times more concentrated in pharmaceutical stocks, machinery and equipment, petrochemical industry, three of which are medicine and machinery and equipment industry accounted for 7 seats, petrochemical .Unit has five; comprehensive industry stocks 5; another information technology, automobile, electric power, textile and clothing industries have three short-listed stocks. .News of shows, these industries are at a higher current industry boom. .Such as the pharmaceutical industry is still in the economy rise. .</ P> <P> in the secondary market, the market capital flows have been significantly underestimated the value of these shares. .We will be trading these stocks on September 2 performance was compared with August, the average daily turnover increased significantly. .Tradable 52 stocks average daily turnover of 7.081 billion yuan in August, two days compared with daily average turnover of 9.416 billion yuan, compared with the August increase of 32.98%. .Rankings, pre-stagflation Su Changchai A (16.74,0.06,0.36%) the most favorable funding, ranking the first; Fengshen shares (18.95,0.00,0.00%), Bayi Iron and Steel (14.00,0.00, .0.00%), four-Chuan Shengda (19.33,0.33,1.74%), followed by three high-quality stocks, compared with the previous average daily turnover also to double; In addition, Vico essence (9.91,0.05,0.51%) .Jiuzhitang (14.80, -0.10, -0.67%), Changfeng Motor (12.02, -0.15, -1.23%), and 12 average daily flow of capital stock increased by 50% or more. .</ P> <P> not difficult to see the flow of second-tier market funds are big blue chips. .August 52 stock price outperformed the benchmark Shanghai Composite Index of only four (Shanghai Composite Index gained 16.73% in August), while the last two trading days are over Shanghai Composite Index, 26 stocks rose. .</ P>.

Shang Fulin securities supervision work Conference speech: for the first half of the launch of gem

National Securities Futures supervision meetings recently held in Beijing, the Conference on the 2007 capital market reform, development and supervision of Securities Futures summarizes, analyzed the current capital market situation, the implementation of the 17th CPC National Congress and the central economic work Conference, continue to make future capital market reform development work for the full deployment. Secretary of the Communist Party of China Securities Regulatory Commission, Chairman Shang Fulin pointed out that the current capital market are at a new starting point, to the scientific concept of development the development of the global capital market reform, fully implementing the spirit of the 17th CPC National Congress and the central economic work Conference of strategic deployment, continue to intensify the reform innovation, focus on strengthening the market regulation and risk prevention for the next five years capital markets health development off to a good start, promote capital markets to better serve our global economic and social development.

: Http://Shang Fulin said the correct leadership of the CPC Central Committee and State Council, the 2007 securities supervision system to continue the futures do share-trading reform, basic system construction, comprehensive taking measures to promote capital markets accelerate development, and maintenance of good order in the market, and capital markets, construction has scaled new heights. One is the strong support of large high-quality enterprise IPO, actively promoting multi-level marketing system. The second is phenomenal, and promote the steady improvement of quality of listed companies. Three is to strengthen the General Regulation, promotion of securities and fund industry to develop and grow. Fourth is the optimization of the futures market structure, strengthen the basis for the further development of the market. Fifth, the strengthening of the market and the legal system to crack down on illegal activities. Six is strengthening risk revealed that promote investor education. Seventh, in order to promote domestic securities futures business sector opening up overseas markets, promoting capital market opening to the outside world. Eight is the strengthening of party and cadres, monitoring service quality has improved significantly.

Shang Fulin pointed out that, after more than ten years and in particular the construction of the past five years, China's capital market achieved a significant breakthrough in the development of the economic and social development plays an increasingly prominent role: market size significantly expanded, capital market and the National Association of continuously increasing; significant improvements in the structure of listed companies, further consolidating the market run Foundation; Securities Futures business sector strength markedly improved, sustainable capacity development; rapid increase in the number of investors, capital market gradually becoming socially important wealth management platform; market functions effectively, markedly enhanced market efficiency; futures market steady development, the economic function of steady escalation; supervision and further strengthen the market run normative and quality significantly improved. As of the end of 2007, the total number of listed companies in China, 1550 family in Shanghai and Shenzhen stock market market capitalisation reached 32.71 billion yuan, has entered the secondary market circulation market value 9.31 trillion yuan, investors effective securities accounts opened a total of 920 million. In 2007, in the stock market financing up to $ 7728. Annual turnover in futures markets, 7.28 billion turnover 41 billion, an all-time high.

Shang Fulin stressed that in the next five years is a well-off society in a crucial period, capital market in the economic and social development of the strategic position of importance and have become more prominent. China's capital market reform is faced with good opportunities and further challenges. It must be noted that the construction of China's capital market and national economic development of the real need is still not a small gap, market development also face many difficulties and problems. To follow the 17th CPC National Congress on capital market development in the new strategic requirements and the central economic work Conference work arrangements, and accurate grasp of the Chinese capital market facing internal and external environmental change, always keep a clear mind, attaches great importance to risk prevention, insist on a solid foundation, deepen the reform and promote open, expand functions, strengthen the monitoring, the work policy for development, based on China's capital market development phase characteristics, adhere to the basic system of strengthening markets; based on the improvement of the Socialist market economy structure and mechanism to make unremitting efforts to promote market-oriented reform; based on the economic and social development of a global service, adhere to continuously expand capital market breadth and depth; based on the market and rapid development of the new situation, insisting innovative regulatory philosophy, enhance regulatory standards, promote the healthy development of capital markets.

A unit funds face then 74 billion market value under pressure to sell shares today lifted

Coal energy may 5 hereof 3.43 billion shares will release, plus four other companies to sell shares of the lifting of the ban, worth about $ 74.33 million during the month are expected to total $ 2240 lifting ring growth exceeding 4 times. A unit will face greater financial pressure, may continue to lead the market imbalance between supply and demand.

Lifting of the ban scale rings four times higher than growth of Super-

(Http://) statistics for the month of may will have 92 companies to sell shares of stock to the lifting of the ban, lifting shares totals 178.25 million, lifted the market value of approximately 2240 billion. But in February 1970 size of about US $ 1 billion for the month of March, 1311 lifting 834 billion yuan, the scale of about 4 month lifted scale down to 431.17 billion. 5 month lifted scale ring than a rise in a 4 month soared 419.44%.

But after you unblock restricted shares, does not mean that the size of non-will choose to sell right away. Data show that in recent months, the market environment is becoming weak and share prices, company size reduction of non-shareholders did not increase, but has continued to decline: April 26 public company issued 42 size reduction of non-stock bulletin, co. 1.42 million, refer to the 30 April closing price, the market value of the holdings of shares in the aggregate 19.77 billion; in March, the size of 42 companies non-shareholders holding a total of 1.90 million shares, the market value of shares in the company; 2 the month 24.00 40 companies the size of non-shareholders holding a total of 2.42 million shares, shares in the market value of about $ 48.32 billion.

Market will usher in bank stocks lifting heights

5 month lifting the pressure in the middle. In early May the market value of A unit of the lifting of the ban, the mid-$ 122.72 1886.84 billion, reduced to 298.47 billion in the second half. 5 month lifted more than 1 million shares of nine companies, including Bank of communications (May 15, 1970), China Unicom (19 May 1970) lifting capacity is large, namely 132.43 million, 10.6 million, the two companies release dates are set in mid-May.

In addition, the lifting of the ban account companies a greater proportion of total share capital. Lifting of the ban of the proportion of the total share capital exceeds 5%, 67, of which Ana da, Jiang Chinese medicine industry (600750), the Bank of the lifting of the ban are more than 30% ratio.

Finally, lifting large bank shares. 5 month lifted the market value of the first two are Bank, Shanghai Pudong Development Bank, the total market value of the lifting of the ban 1567.87 billion, representing the total market value was lifted by 73%.

It is worth mentioning that the 6, 7 months, the market value of restricted shares of lifting of the ban will be lowered to 1000 billion or even lower, but the perspective from the plate, bank stocks of lifting is still valuable. In addition to just limited lifting of IPOs and CITIC Bank and commercial bank of China, in May and June, Shanghai Pudong Development Bank, the Bank of communications, Huaxia Bank, A deep development and Minsheng Bank will have a number of restricted shares in circulation, total lifting scale 163.23 million, the market will usher in a bank to sell shares of lifting heights.

The Deputy Governor of the Bank: to make the stock price remains stable

The reason may suddenly increase the lifting of the scale, mainly due to the Bank section sponsors shareholders in mid-April, the lifting of the ban lifted to sell about 1434 billion, accounting for the total market value of the current month of 64%.

While the market worried about "the size of non-lifting of the ban" may result in stock price volatility, Deputy Governor of the Bank recently publicly said money Wen-hui, the lifting of the ban of restricted stock, it is expected that a substantial portion is not in the short term cash immediately. He said that, recently, China top management leadership at all levels and branches have visited the Bank's size non-holders, the vast majority of investors of good feedback. Overall, the company is confident to be able to size of non-lifting of the ban on the key point in time, the price of a good job at a relatively stable level.

Following the lifting of the ban scale rings in April than decline after 5 months of listed companies to sell shares lifted once again surged, according to the scale of the latest statistics show that on April 30 the latest closing price of listed companies, is expected to release in May this year, the market capitalisation 2240 billion yuan, of which only one is expected lifting of the market value as high as $ 1434.

A stock future trend: real estate and banking stocks leading the A shares is difficult to take the cattle.

<P> Yesterday, last week's strong stock market rebound continuity throughout the ages, surging in early trading, just as I mentioned earlier, the Shanghai Composite to receive more than 2700 points is not difficult, but the difficulty lies in whether the long-term consolidation, and continued up the expansion of space .. .Personally, I think, hu break, and when you stand on the 2700 point, that is, the closing date of the current round of market. .</ P> <P> First, economic incentives, and the trend does not improve the Dow Jones </ P> <P> Currently, the Dow has recovered 10,000-point mark, but the Dow Jones index has been formed in the Graphics .head and shoulders of the prototype, the head is 26 April 2010 to form the 11,258 points, the left shoulder is January 19, 2010 to form the 10,730 points, the right shoulder is August 9, 2010 the formation of 10720 points, the neckline is .July 2, 2010 the formation of 9614 points. .Therefore, if the Dow structure of the head and shoulders the success of the future will be near to the 7971 run, the structure of the head and shoulders top may be completed in a year or so to run. .Although the U.S. commitment to President Barack Obama 4 this week will launch a new economic stimulus program, but now the difference is that in 2008, and then spread the money the way to boost the economy will only make inflation and asset bubbles increasingly .The larger problem of the U.S. economy will stimulate the greater the more. .</ P> <P> Second, real estate and banking stocks leading the A shares is difficult to take the cattle </ P> <P> the impact of macroeconomic regulation and control by the state, real estate stocks drag market down in August to become a major factor. .Recently, the real estate business capital chain came out of the question: the major real estate chain, because of funding problems, actually sign unequal treaties, trying to take advantage Road Trust funding, but this raised the cost of financing real estate surge. .Now with the national macro-control in a stalemate in the performance of listed real estate companies have hardly as brilliant as last year's performance. .</ P> <P> Although the weight of the stock market accounted for three interim reports into the performance of bank stocks is good, but the major banks have fund-raising rights issue in the secondary market demand, although the bank stock prices in its history, said valuation is a partial .low! However, due to financial market outlook, there are more companies listed on line, together with local people and real estate financing platform will affect the future profitability of the banking industry had worried! so in the current rally in the second .large plates do not have decent prices, but if they begin to rebound, it may mean the end of the current round of market..

Three State-owned financing next month in Hong Kong 640 billion

Offering activities to attract external hot money back, the Hong Kong Monetary Authority to intervene in the Hong Kong dollar uptrend

According to news agencies reports, Shenhua 6.5 million new shares have been finalised six major strategic investors. Henderson land (0012.HK) President Lee, the new world development (0017.HK) President Zheng Yutong, CITIC Pacific (0267.HK) President Rongzhijian, Kerry (0683.HK) shareholder Kuok Hock Nien, BOC international flag next direct investment fund will purchase Shenhua 1 million new shares, and the world's second-largest mining company Anglo American will subscribe for new shares its 1.5 billion.

Henderson land development co., Ltd Executive Director Lin high play may 26 confirmed that the company President, Lee has agreed to purchase 1 personal capacity: us Shenhua co. Ltd. IPO stock for the first time.

Shenhua initially scheduled for June 2 to June 7, prospectuses, 15 June at the Hong Kong stock exchange, raising US $ 28 million-36 (hop 218.4 billion to 280.8 billion). In accordance with stock exchange listing process, Shenhua and recently passed listing hearing, beginning on 25 may advance promotion activities of the Bank of communications (financing of about 200 billion), and Thursday for listing hearing Cosco holdings (financing of about 156 billion), should be able to cast listing in June. These three major State-owned enterprises in total amounted to estimate nearly 640 billion, will hit Hong Kong stocks amounted in the single record.

Three State-owned enterprise offering, attracting external hot money return to Hong Kong, the effective exchange rate 25 May had specifics 7.774 US dollar high this year, leading to the Hong Kong on May 25, 12 noon to intervene in the market sell 5.44 HK and undertake dollars balance forecasts by $ 7 million to $ 13.17 billion. This is also the place to launch on Wednesday to optimize the system's three new measures, the first intervention dollar uptrend.

Mr Joseph Yam, Chief Executive of the Hong Kong on May 26, later the Hong Kong stock market has a large offer of financing, the tensions, the funds comparison interbank interest rates even higher than the US interest rate, this is not normal, so the HKMA 25 may in the city following the US dollar, Kong dollars right of action.

Active in the market place, May 26, effective exchange rate remained strong, dollar 1140 7.7783 US dollar level of wandering, but major money market, the overnight interest rates continue to level up and down in 3.1%.

Hong Kong banking community that, despite the initiatives recently launched, the sharp drop in the banking system balances 30 billion, but the market actually on the overall economic Outlook has not changed, including the economic optimism, as a result, when some attractive company listed in Hong Kong, will attract hot money flows. A foreign exchange trader that offer huge, it is expected that the next few weeks for flows will increase, the intervention of Hong also only just beginning.

According to statistics, June 2000, because China Unicom (0726.HK) in Hong Kong listing 436 billion, making the total financing amount for the month Hong Kong stocks reached 441 billion. In December 2003, while China life (2628.HK), great wall automobile (2333.HK), and other big company listed in Hong Kong, Hong Kong stocks, but the total amounted to nothing but only around 303 billion. Therefore, the 3 big heavyweight-shares listing in June at the same time, on our ability to raise funds of the financial system is a challenge.

Stock reform has entered a crucial phase of lawyers called for the Elimination of legal troubles

A second batch of unit into programme published already ending, from the release of the pilot programme, the main use of the delivery unit, shrink, distribution of cash, warrants, giving commitments. In response to these stock reform programme, the authorities launched a number of supporting measures, including the Shanghai Stock Exchange on 17 respectively launched the entitlement management procedures.　　Nevertheless, some brokerage, intermediary agencies still expressed next equity division reform specific operations. Century Securities Co., Ltd. Vice President Bao told the "business news": the "plays for equity division reform yet to come. "He believes that the first and second batch of pilot company performance is better, unlisted shares shareholders stronger, more easily develop selling shares shareholders approve stock reform programme, the follow-up of the performance of listed companies have poor circulation, a non-shareholder structure complex problems, therefore the share-trading reform is fully under way, will face more challenges.

Prior to this more silence of the legal profession have begun to outgoing voice. Some long-term attention capital market securities lawyers said that the current pilot programmes, some legal issues started to become apparent that there is an urgent need to clarify the legal thinking, elimination of legal implications.

On price commitment into focus

Recently, this reporter has learned from the many firms understand that there are many investors pilot company publication unit into programmes for legal advice, it was generally concern non-negotiable commitment of the shareholders, the duration of the lock, appended to the circulation of the reserve price, how to ensure the problem. Because some commitment beyond the SFC "listed equity division reform pilot for" hard requirements, whether or not to have legal effect, investors are wondering.

Guangdong sea port lawyers Kyi grow in acceptance of the China business news, interviews, a pilot programme on price has made a clear commitment to accept the offer of the constraint, and the contents of the offer, have a clear and certainly constitute a legal offer; and that these commitments are non-negotiable shares shareholders in return for shareholders voted in favour of the circulation, but a return, not unilateral nature of the contract, but is a bilateral contract, therefore is valid and enforceable, the circulation of the non-legally binding shareholder. Once the future non-negotiable shares shareholders back on these commitments, the circulation of shareholders has every right to demand compulsory execution's Court, and seek compensation from here to the circulation of the shareholders.

Kyi progress counsel also noted that, in order to ensure the implementation of price undertakings, should take specific measures. For example, the commitments in the agreement to repurchase shares of the circulation of the reserve of large shareholders, if we can establish the appropriate margin accounts, deposit a certain proportion of the security deposit and Exchange, monitoring, it may be easier to obtain shareholders support the circulation.

Shareholder relations-deposit-seeking risk

"To prevent non-circulation of shareholders and shares interests between large shareholders, violations of individual investors interest exchanged. "Beijing Dacheng Law offices lawyers still Ho Tung to reporters.

In accordance with the principles of "fair", a reasonable stock reform program should be a non-circulation of shareholders and shares shareholders respectively took out programmes for bargaining. But circulation unit too scattered, poorly organized and programme costs no source, so the non-trading stock shareholders now occupies the leading position of the unit into the circulation shareholders exercise their voting right to vote. As a result of trading stock shareholder to fund-based, some sponsor because of various reasons also became the largest shareholder of shares, voting has a pivotal role, if the non-trading stock shareholder interests with the company in exchange for trading stock shareholder approval, the easier the programme through the final double violates the interests of individual investors.

Shang Hao East lawyers believe that in the next stage of reform, the need to strengthen the non-trading stock shareholders and transparency of corporate operations, the development of more sophisticated financial monitoring system, to prevent all rent-seeking activities, ensuring the company's overall interests and the interests of individual investors.

In addition, the Eastern Jin Yuan law firm Jin yan said the lawyers listed on cross-shareholding between? has been frozen or pledge of unlisted shares how to handle such issues are of concern.

Related departments that share-trading reform as a complex exploration work, relate to a wide variety of interests that may arise during the reform of the legal issues, is organizing personnel carefully addressed.

07 push the stock index futures in early official start of financial futures.

<P> China Financial Futures Exchange will start next year. .October 24, China Securities Regulatory Commission Chairman Shang Fulin said the General Assembly of financial derivatives, financial futures market in China should be mainly institutional investors, stock index futures early next year, the SFC will also strengthen the bonds and other financial futures .and options products, research and development efforts. .</ P> <P> for the upcoming launch of stock index futures, whether small investors should be encouraged or restricted in a hot debate over a period of time. .Shang Fulin, the clear that China's financial futures markets should be built to a market-based institutional investors, but also of small and medium investors through appropriate means participation. .</ P> <P> He noted that the mature markets of the financial futures market is a market dominated by institutional investors, which is the basic function of financial futures markets, professional characteristics and risk characteristics of the decision. .</ P> <P> Shang Fulin, that the development of financial futures must handle the financial futures market and spot market reforms related to the development of futures markets and OTC derivatives markets inside and financial futures markets and commodity futures markets, standardized development .and coordination of law issues. .Which he called on the relevant competent authorities to establish communication links between the mechanism and regulation of the collaboration efforts. .</ P> <P> commodity futures markets in China after ten years of experience and lessons learned, the Shang Fulin that institution building is necessary to comply with international market experience, but also to fully understand the realities in China based on the risk characteristics of the futures market. .</ P> <P> "any excessive emphasis on the ability of market construction and the initial bias, the pursuit of short-term behavior of market activity, the market could harm long-term development." He said. .</ P> <P> passion for those who look forward with great expectation of financial futures intermediaries, Shang Fulin's advice is: be on the market to determine the form of an accurate, reasonably be expected to proceed from reality, making choices according to their own advantage. .</ P> <P> He said that the construction market, financial institutions, focusing on functioning. .Should safeguard national economic and financial security, and deepening the reform of financial capital, as the basic starting point. .Therefore, to study the introduction of the right products, reasonable design and market structure, the development of financial futures, and the establishment of a long process. .</ P> <P> in the usual caution, the Shang Fulin reminder, the development of financial futures markets must handle the relationship between the development and supervision, so that the speed of innovation, regulatory efforts and market risk tolerance level of unity. .</ P> <P> recent years, the international market commodity prices in history there has never been volatility, but the domestic futures market basically stable operation. .Shang Fulin, the view that the facts have proven that multi-party cooperation and centralized regulatory system is successful, is in line with China's national conditions. .</ P>.

The long-awaited stock index futures trading for managing simulation.

<P>: News, China's first stock index futures --- Shanghai and Shenzhen 300 stock index futures trading simulation starting from today. .More than 80 futures companies, securities firms, funds, insurance asset management companies and other institutions will participate in the China Financial Futures Exchange (hereinafter referred to as "gold") on the simulation transactions. .Proper risk control and management to advance the work of all participants in the gold required will be implemented "real name system" transactions. .</ P> <P> a futures company official told reporters, has more than 80 futures companies, securities firms, funds, insurance asset management companies and other agencies are allowed to participate in simulated trading, but the real deal about real-time simulation will only .more than 40. .</ P> <P> According to introduction, most of the gold in the futures company and the main connection to the server, mainly in commodity futures trading channel, the channel also assume the normal Shanghai Futures Exchange trading. .In order to prevent system overload phenomenon appears interrupted (on account of the Commodity Futures trading volume of the national market 60% of the total), the required period, the futures company in the normal trading hours, the system can not be used to simulate the trading of gold in the .. .Thus, only in the day after the close of the 3:00 pm to 4 points, the futures companies can only dock with the gold in the simulation trading stock index futures. .</ P> <P>.