Stamp duty on non-transfer non-financial reform?.

<P> 3 月 17 日, A shares once again usher in the "Black Monday." .That day, the market plunged 142.62 points, or 3.6%. .Non-ST shares in Shanghai and Shenzhen has nearly 400 stocks, including the limit. .</ P> <P> http:// hearing, according to the market confidence collapse following the panic down, so the industry worried. .Recently, China Banking Regulatory Commission officials have said prices will affect the financial security over the downlink. .In fact, the housing market is so, so, too, the stock market? .In fact, if the stock market continues to fall, will inevitably affect the financial sector reform and stability. .To this end, the current stamp duty on the parties concerned should be reduced in due course, to save and restore investor confidence and avoid the irrational market continues to fall, to ensure financial security. .</ P> <P> In fact, high stamp duty on transfer or not to transfer, this should not be a problem. .</ P> <P> the original stamp duty is to act as a tool for regulating the market. .History of the development of the securities industry have proved that the stamp duty can be repeatedly used, and proved to be a very effective means of market regulation. .Since the overheating in the market with its cool, of course, the market downturn should use it to heat up. .</ P> <P> but the problem seems not so simple. .</ P> <P> retail price of refined oil products as hard or as easy to rise, seems easy to stamp down hard up. .Where is the problem? .This set of data may be able to give the answer: </ P> <P> 2007 the stock reached 200.5 billion yuan tax stamp duty, compared with growth of about 10 times in 2006, almost 16 years before the stamp duty levied on the sum. .Stamp duty on such a large contribution to the tax, stamp duty is so easy to want to let go of this piece of relevant tax revenue, really a bit difficult. .Moreover, last May 30 from stamp duty has been raised so far not to a year, it seems unlikely that the current stamp duty cut. .</ P> <P> However, this does not mean that there is still a brilliant last year, the dizzying glory. .200.5 billion yuan of tax revenue, stamp duty may not only represent an intermediate peak may also indicate that, in its role, a depressed market is coming. .</ P> <P> Hong Kong Commissioner of Inland Revenue Alice Lau, said recently, from 2007 to 2008 fiscal year, revenue from stamp duty in Hong Kong have the opportunity to once again following the early 1980s, after the tax revenue beyond the salaries. .The historical experience shows that whenever the stamp duty than the salaries tax, the stock market crash will occur later (1973, 1981 stock market crash), so the stamp duty can be said that the investment market of the thermometer. .</ P> <P> the continuing stock market slump since last year, whether it is caused by the high stamp duty, we are leaving aside. .However, the high duty of the high transaction costs, and huge amounts of money in the form of taxes take away from the market and let the market excessive "bleeding" really boost the market's sharp decline, bringing the stock market slump. .</ P> <P> stock market slump, reduce turnover, not only directly affects the income of this stamp, but also the ecological environment of the financial sector tends to deteriorate. .On the one hand, the stock market directly affects the Depression through the capital market, financial sector reform. .In recent years, seized the capital market is a golden opportunity to take the cattle, not only the banking industry completed the ICBC, BOC, CCB and other listed state-owned bank reform, and some joint-stock banks, city commercial banks, restructuring and listing, so that our banks .sector reform has achieved success with the stage of landmark significance; the insurance industry has also completed the Ping (58.39, -1.43, -2.39%), China Life (33.35, -0.49, -1.45%), China Pacific Insurance (34.45,0.22, .0.64%) of the market, the insurance sector is greater and greater influence; also ushered in the securities industry, including CITIC Securities (57.20, -1.30, -2.22%), including listing a number of brokerage; and the bull market fund industry is expanding financial aid .demand, access to the extraordinary development, as China's financial industry can not be underestimated force. .China's financial industry is a thriving capital market in the boost, the ecological environment of continuous improvement, growing competition, a group of financial markets in the world becoming an influential financial institutions is on the rise. .However, what has been achieved, after all, is only preliminary, and further financial reform in China still need to push a thriving capital market support, such as the reform of Agricultural Bank of China, Insurance Companies, broker and stronger, the fund industry, directly .financing the expansion and so on. .No doubt, the stock market slump would not only affect the realization of these goals and tasks, and the capital market as financial institutions, mixed operation system platform, the recession will affect the bank's weak capital firms, insurance companies and other investments in the capital markets, .thus indirectly transfer the risk to the bank. .If we add the last of the expanding credit crisis deepening turmoil in global financial markets, the financial sector as the capital market downturn will lead to more risks and crises. .For example, some brokerage firms in January this year, there have been tens of millions of losses, the individual brokers or even loss of nearly billion, which is part of the broker is the main reason for losses caused by stock prices due to proprietary business book Fukui. .Not even the collapse of the securities company, such capital market is clearly not stable. .If the financial crisis because of depressed market, then the cost to revenue from stamp duty can not make up District. .</ P> <P> the other hand, the stock market slump also makes a variety of products developed by financial institutions, sales and return on the plight faced. .For example, some focus on the development of new shares hit the bank financial products, bring down the stock market performance of IPO first day of the general, leaving the yield decline. .If the stock market continues to slump, new issues facing difficulties, these financial products will suffer no rice pot, unprofitable difficulties. .In addition, due to the recent stock market decline, investors in newly issued stock funds apathy, difficulties in fund sales, and even began to force individual banks to the Bank staff assessed consignment of funds to buy their own products, the new fund issue cold snap. .As of January 22, 39 mutual fund companies and 218 funds (excluding QDII) report published in the fourth quarter of 2007 show that this part of the fourth quarter of last year, the overall loss of 52.2 billion fund, which is far from the end of June 2005 the Fund .overall loss for the first time. .Further decline as the stock market, depressed capital market will also give some financial institutions sales and return worse. .</ P> <P> In addition, depressed capital market will not only affect financial institutions, including through the capital markets business innovation and institutional innovation, including a series of financial innovation, and thus make the main contradiction in the current financial reform can not be resolved, but also .enterprises have cash flow problems will affect the return on bank loans, thereby increasing non-performing loans of banks, the bank's performance be affected. .The decline in performance of banks, in turn inevitably affect the performance of bank share prices, making the stock market accounted for a larger weight in the banking sector fell, dragging down the market index, the capital market situation into a vicious cycle of downturn. .</ P> <P> Despite the impact of sluggish capital market factors, reduction of stamp duty can not completely solve the current problems in capital markets, but after all this is a market transaction costs can be reduced, active markets and enhance investor confidence .important policy, but also can rapidly improve the financial environment of important initiatives. .</ P>.

Investment banks are still heavily in the stock market favorite won the emerging Asian markets.

While the global stock markets fell after another <P>, but the Dutch bank recently released the 2008 portfolio, it is recommended that the proportion of equity investments accounted for 50%, as the stock market is oversold signal, the distance may have been near the bottom, now may be the market .to capture the timing of the next rally, and suggested that the funds distributed in China, India, Indonesia and Malaysia and other emerging Asian markets. .</ P> <P> reported that the U.S. subprime mortgage crisis triggered by the global credit crunch has prompted global stock markets led to U.S. stocks tumbled after another, and force the Fed to cut interest rates at a regular meeting, it also many times the emergency release .the liquidity to ease financial market turmoil. .</ P> <P> http:// hearing, according to ABN Amro head of Asia private investment product set Wei Huang said: "Now go back to, if you think financial crisis in 1998 should approach buying stocks, it is also the approach should now be .a good time. "</ P> <P> 50% of the shares in the proportion of investment in 20% of ABN AMRO recommends investing in China and India, because in India the strength of strong economic growth and relatively stable political environment .. .Among the remaining 30% will be 20% invested in resource-rich Indonesia and Malaysia. .Another 10% were placed in stocks, because stocks from a technical point of view from the reverse seems to have been not far off. .</ P> <P> At the same time, the majority of investment trust industry, said declines in emerging markets this year, too deep, according to the historical experience of past Fed rate cuts will benefit from a rebound in emerging markets, while the aggressive investor, you just .can take advantage of Fed rate cuts this year, when the preferred layout of the emerging markets, bargain-hunting in groups. .</ P> <P> Allianz Dresdner Asset Management is also optimistic about the emerging Asian region in particular, mainly because of the emerging Asian countries to the deposit interest rate differential is almost a record low market liquidity and good, no doubts about the liquidity crunch, add .China, India and other emerging powers in the ongoing infrastructure, the raw material demand is still high, still hangs in the relevant subject matter, but recent concerns by the U.S. economic recession, the short-line stock performance still affected, but in the longer term fundamentals .still showing moderate growth. .</ P> <P> HSBC Dynamic Fund manager New drilling is far higher, said Yang, the strategy, the first choice for short-term market in Russia and Latin America, and the layout of the key Zeyi raw materials, energy, telecommunications, utilities, and .Lock domestic market shares of consumer-based livelihood, as cyclical stocks in the U.S. economic downturn, the performance was not much room. .</ P>.

Stamp duty on stock market continued to slump down rumors of renewed.

In the Shanghai Composite Index fell again yesterday, after rumors of renewed adjustment of stamp duty. .Some people called for the industry so as to reduce stamp duty on stock transactions and restore investor confidence. .According to http:// hearing yesterday, the Shanghai index fell 151.15 points to close at 3668.90 points, from 16 October 2007 Shanghai index points since the peak in 6124, the market index has more than 40% decrease. .Market rumors yesterday, reducing the stamp duty has been issued through the program, is waiting for the right time to announce. .There are rumors, probably in April or so will be announced. .These messages are true, authorities need further confirmation. .But the voice of the market adjustment on the stamp duty, at this time high, the market does have its basis and practical needs. .From Guoxin Securities, Ping An Securities, joint stock and securities of more than researchers in Dongguan yesterday to accept the "Business News" interview, a big rebound need trigger point, the stamp duty reduction highly anticipated favorable policies for investors. .Yesterday, the head of the People's Bank of China, "Financial Times" also commented that China should cut stamp duty on stock transactions to help reduce transaction costs and boost investor confidence. .May 30 last year, the Treasury securities stamp duty rate from 1%. .Adjusted to 3%. .. .That year, total stamp duty collected 200.5 billion yuan for the previous year to 11.4 times more than the A-share listed company's total dividend. .Many analysts believe that over 200 billion yuan of tax revenue has been on the market of "blood" of the consequences. .A session in 2008 adopted by the central and local budgets in 2008, 194.5 billion yuan revenue from stamp duty will be arranged, with the same budgets flat. .This year the market has been inferred that stamp duty will not be adjusted, but the National Tax Administration of persons interviewed said that can not be so speculative. .Jia Kang, director of Finance Division of the Ministry of Finance in an interview, also said that 194.5 billion yuan in stamp duty revenue arrangements are estimated figures are not adjusted by virtue of that stamp duty is only speculation. .Minister of Finance Xie at a press conference during the two sessions has said that the relevant comments have been noted, this will be carefully studied. .Central University of Finance and Securities and Futures Institute, told reporters yesterday, He Qiang said it had to reduce the stamp duty due to lower transaction costs and enhance investor confidence in the time, so as to create conditions for the market warming. .As a member of the CPPCC National Committee, He Qiang had submitted a proposal in two sessions, the proposed unilateral imposition of stamp duty. .China University of Politics and Economic Research Center, told reporters yesterday, Professor Liu Jipeng, said the stamp duty last year in the form of adjustment or whether the reduction was questionable, although the departments goal is to quickly become a Man Niu Niu, but three thousandths .stamp duty rate is too high. .Liu Jipeng proposal should reduce the stamp duty as soon as possible, to return to last year's "5.30" before level. .He said that is difficult to say whether the reduction of stamp duty can play an immediate effect, but at least the confidence will be restored..

Financial subsidies to Sinopec 12.3 billion palliative.

<P> S on the petrochemical "tonic" 3 billion </ P> <P> Sinopec (600028) and S, Sinopec (600688) today announced their two companies were given financial subsidies to 12.3 billion yuan and 34,118 yuan. .China Petrochemical Corporation said: "This is the company's 2007 annual report and quarterly reports this year, one will be very good news." </ P> <P> subsidies into the annual report and a quarterly </ P> <P> Sinopec announced that .company received subsidies of 12.3 billion, of which 4.9 billion included in the subsidy income in 2007, 7.4 billion included in the first quarter of 2008 income subsidy. .</ P> <P> S on the petrochemical announcement said the company received subsidies to 34,118 million, of which 9,390 million included in the subsidy income in 2007, 24,728 million in the first quarter included income subsidy. .</ P> <P> The sum of financial subsidies by the government and then supply subsidies to Sinopec Group's listed companies, or groups without direct subsidies to the company, Sinopec, said the company is not clear, only that the company has received this .pen subsidies. .</ P> <P> the industry, the financial subsidies were entered last year and a quarterly income subsidy this year, will greatly boost the company's 2007 annual report and quarterly results this year, also in line with reason. .</ P> <P> earlier, in 2005 and 2006, Sinopec Group and Sinopec were given a national financial subsidies. .</ P> <P> policy-related losses is difficult padded </ P> <P> company said international oil prices in recent years, high and volatile, especially since the second half of 2007, international crude oil prices rose sharply. .Domestic prices of refined oil from the tight control, and crude oil prices appear upside down, in part because of the local refineries underemployed or even stop loss, coupled with increased consumption of diesel in winter, causing some parts of the market supply of refined oil. .</ P> <P> order to protect the smooth operation of the oil market, Sinopec and its subsidiaries taken various measures to increase oil production at the same time, high-priced acquisition of the local oil refinery to protect the domestic supply of refined oil market, has made .significant effects, but also resulted in the formation of the petrochemical refining system large losses. .</ P> <P> However, the industry pointed out that, with the upstream edge of the China Petroleum (601857) in the year about 80% of crude oil by the company to provide their own, even so, the refining and marketing segment of the loss is still more than 200 billion ., and most of the purchased Sinopec crude oil, refining segment's loss will be higher. .</ P> <P> Therefore, the source said, 123 billion of financial subsidies can not solve the problem, in the final analysis or to rationalize the price mechanism, but that for the 2007 annual report and quarterly reports this year is still good news. .</ P> <P> Development and Reform Commission raised the fourth quarter of last year, oil prices, but crude oil prices remain high, Sinopec's refining business to make a substantial loss. .Deputy General Manager of Sinopec Group, said Zhou Yuan, when the crude oil price is 100 U.S. dollars / barrel, the Group per 1 ton of gasoline sales losses of up to 2,000 yuan, sales of diesel will lose more. .</ P> <P> policy-related losses not only in the refining segment, also appeared in the refined oil import. .Sinopec in September last year, imports of 60,000 tons of gasoline Organization, Oct. organizations to import 9 tons of diesel and 11 tons of diesel oil by 28.7 months of imports, imports of 423,000 tons in December arrange diesel, and the second half of last year basically stopped steam .diesel exports. .</ P>.

Investment securities temporarily fund the state has adopted preferential taxation.

<CENTER Class=artibody> </ CENTER> <P> It http:// News, 19, learned from the State Administration of Taxation, Ministry of Finance, the State Administration of Taxation recently issued the "number of preferential policies on enterprise income tax," which .securities investment funds in which to encourage development of tax incentives provisions. .</ P> <P> notification requirement on securities investment funds gained from the stock market income, including trading of stocks, bonds, income difference, stock dividend, dividend income, bond interest income and other income, temporarily collect a .income tax; on the distribution of investors in securities investment funds from the income derived from corporate income tax temporarily; on securities investment fund managers use the Fund buying and selling stocks, bonds, spread income, corporate income tax temporarily. .</ P> <P> High-tech circular also provides for preferential enterprise income tax: If the software manufacturer Jizhengjitui VAT tax refund policies, by the enterprises for research and development of software products and expanded reproduction, not .taxable income as corporate income tax, no corporate income tax; within the newly established software enterprises have been determined, the self-profitable year, the first and second year exemption from corporate income tax, the third to fifth year .corporate income tax. .</ P> <P> The circular also stipulates that in order to ensure some industries, business continuity in the implementation of tax incentives, related to employment and reemployment, the Olympic Games and World Expo, social welfare, debt-equity swap, checked assets, reorganization, restructuring, .restructuring and other enterprise reform, and agriculture-related enterprises and the state reserves to continue to implement tax policies. .</ P> <P> notice also pointed out that January 1, 2008 the formation of foreign-invested enterprises before the cumulative retained earnings, after 2008 be allocated to foreign investors, are exempted from corporate income tax; 2008 and subsequent years foreign .New profit sharing investment enterprises to foreign investors, according to income taxation. .</ P> <P> laws: the implementation of preferential corporate income tax due in the table </ P> <P> categories </ P> <P> number </ P> <P> file name </ P> <P .> Notes </ P> <P> one, employment and reemployment policies </ P> <P> 1 </ P> <P> Ministry of Finance State Administration of Taxation on re-employment of laid-off workers notice about the tax policy issues (taxation .[2002] No. 208) </ P> <P> approved before the end of 2005 to enjoy the tax reduction policy, the re-employment enterprises enjoy in the remaining period to maturity </ P> <P> 2 </ P> <P> .Ministry of Finance State Administration of Taxation on re-employment of laid-off workers issues related to tax policy (Caishui [2005] 186) </ P> <P> policy approval time the end of 2008 </ P> <P> Second, the Olympic .Hopewell Expo policy </ P> <P> 3 </ P> <P> State Administration of Taxation General Administration of Customs Ministry of Finance, the 29th Olympic Games on tax policy issues (Caishui [2003] 10) </ P> .<P> Beijing Olympic Games are over and stop the execution after the end of the financial settlement </ P> <P> Ministry of Finance State Administration of Taxation on the 29th Olympic Games added Tax Policies (Cai Shui [2006] No. 128) </ P .> <P> 4 </ P> <P> Ministry of Finance State Administration of Taxation on the 2010 Shanghai World Expo issues related to tax policy (Caishui [2005] No. 180) </ P> <P> the end of World Expo and the Shanghai World Expo Bureau .Stop execution after the end of the financial settlement </ P> <P> the Ministry of Finance State Administration of Taxation on the addition of Shanghai World Expo Operations Limited will enjoy preferential taxation policies of Shanghai World Expo Reply (Cai Shui [2006] No. 155) </ P> <P> .Third, Duhui Gong Yi policy </ P> <P> 5 </ P> <P> the Ministry of Finance State Administration of Taxation on the extension of the production and assembly of specialized products for disabled persons exempt from income tax the implementation of enterprise notification period (Cai Shui [2006] .148) </ P> <P> </ P> <P> Fourth, debt-equity swap, checked assets, reorganization, restructuring, corporate restructuring and other reform policies </ P> <P> 6 </ P> <P .> Ministry of Finance State Administration of Taxation on tax policy relating Debt to Equity (Caishui [2005] 29) </ P> <P> </ P> <P> 7 </ P> <P> Ministry of State .Administration of Taxation on tax treatment of the central issues related to corporate and capital verification notice (Cai Shui [2006] No. 18) </ P> <P> </ P> <P> 8 </ P> <P> the Ministry of Finance State Administration of Taxation .Bureau of Scientific Research institutions on the extension of the implementation of the relevant period of notice of tax policy (fiscal [2005] 14) </ P> <P> </ P> <P> 9 </ P> <P> Ministry of Finance, State Tax Administration of Customs .General operating on the cultural system in the restructuring of public institutions after the husband of a number of business tax policy issues (Caishui [2005] 1) </ P> <P> </ P> <P> General Administration of Customs Ministry of Finance .State Administration of Taxation on the cultural system reform in ten feet of industrial development to support a number of tax policy issues (Caishui [2005] 2) </ P> <P> </ P> <P> five agriculture-related and national reserve .Policy </ P> <P> 10 </ P> <P> Ministry of Finance State Administration of Taxation on the pilot chain for agricultural products preferential tax policies (Caishui [2007] 10) </ P> <P> </ .P> <P> 11 </ P> <P> Ministry of Finance State Administration of Taxation on radio and television coverage of tax policy (Caishui [2007] 17) </ P> <P> </ P> <P .> 12 </ P> <P> the Ministry of Finance State Administration of Taxation on the part of the national reserves to commodity-related tax policy (Caishui [2006] No. 105) </ P> <P> </ P> <P> six individual .preferential policies </ P> <P> 13 </ P> <P> Ministry of Finance State Administration of Taxation on the pilot reform of split share tax policy issues (Caishui [2005] 103) </ P> <P> .execution to end the split share structure reform pilot </ P> <P> 14 </ P> <P> the Ministry of Finance State Administration of Taxation of China Securities Investor Protection Fund Co., Ltd. related to Tax Issues (Cai Shui [2006] 169 .No.) </ P> <P> </ P> <P> 15 </ P> <P> the Ministry of Finance State Administration of Taxation on the extension of the pilot area of rural credit cooperatives notice period on tax policy (fiscal [2006] 46 .) </ P> <P> </ P> <P> the Ministry of Finance State Administration of Taxation in Hainan Province's rural credit cooperatives reform tax policy (Caishui [2007] 18) </ P> <P> < ./ P> <P> 16 </ P> <P> Ministry of Finance State Administration of Taxation on prison inmates to continue business-related tax policy (Caishui [2006] No. 123) </ P> <P> </ P> .<! - ->.

Little effect in Europe and America markets the central bank to rescue the market has bottomed out unspeakable.

<P> After the Fed cut interest rates by a retaliatory rebound excitation, the world's major stock markets fell on Thursday, little more than rose, the dollar's rebound and the resulting plunge in commodity markets dragged down global stock markets, in this context, the light .I am afraid that global stock markets bottomed out already made too early </ P> <P> out of the recent financial market volatility is one of the greatest features of European and American financial institutions, financial crises and regulatory authorities led by the Fed's rescue measures take turns .This is the general director of stock market shocks. .However, from the actual effect, the effectiveness of rescue measures and made as if not obvious. .</ P> <P> "China Securities Times" reported that the U.S. stock market, for example, into March, the subprime crisis struck again, Thornburg Mortgage Inc. and private equity giant Carlyle Group's Carlyle Capital .all outgoing messages outstanding bank guarantee. .Even more disturbing is that the Labor Department said nonfarm payrolls in February decreased by 6.3 million, the second consecutive month decline, which is so far indicates that the U.S. economy into recession, the clearest signal. .</ P> <P> dragged down by the news, the Dow fell on March 10 11,740 points since September 2006 closing low. .Federal Reserve then in 11 European central banks announced co-funding rescue measures, in this stimulation, the day the Dow surged 3.55%, but this did not make it ushered in reverse. .Last weekend the fifth largest U.S. investment bank Bear Stearns financial crisis broke out once again that Wall Street and global stock markets into clouds are gathering over the sub-prime. .Although the Fed cut interest rates 75 basis points the Dow move there again more than a single day increase of 3.5%, but lower, dragged down commodity stocks, U.S. stocks plunge again on Wednesday's cut in interest rates that effect disappear. .While Thursday has gone up, but the overall decline of major U.S. economic indicators, stock prices still appears to lack power. .</ P> <P> then, in Europe and the United States under the series of rescue measures, whether that the current overseas market has stabilized it? .I am afraid the problem is not that simple. .A simple statistics, the Dow Jones index since October 11, 2007 hit a record high of 14,198 points since the March 19 closing at 12,099.6 points, the cumulative decline of only 14.8%, which Goldman Sachs, Lehman and other companies the right to re- .results easily compared with more than 50% decline, as if not symmetrical. .</ P> <P> from the current situation, the U.S. stock market continues to face huge risks, but once again Powei U.S. stocks fell, Europe and Asia-Pacific region will be dragged down the stock market. .In addition, as the dollar's rebound, global commodities and commodity classes of shares of the bubble characteristics embodied in the more obvious, which is significant hype after the pre-closing cash in hedge funds are not unrelated, but unless the U.S. economy and the dollar to turn potential .Otherwise, prefer to believe the bull market in commodity markets will not end so soon. .</ P>.

Landing place soon burning passion for GEM.

<P> This Guide: First page: landing soon GEM "burning" passion of the second page of the local finance: Financing the Growth Enterprise New Sichuan, Hubei and cited the desire Zone "reward" the third page of listed companies: rush rush "First Bus" Shandong .GEM survey fourth page of resources: Chongqing venture capital industry: No retreat in the middle of the fifth page of the line: hundreds of Zhejiang enterprises "snatch" the first GEM places </ P> <P align=center> landing soon .GEM "burning" of local financing passion </ P> <P> GEM IPO approach is being consulted, it will be the biggest venture capitalists are positive; more importantly, the Commission plans to hold GEM Venture Capital .shares in the company shortened to one year lock-up period, which makes venture capitalists are highly encouraged. .</ P> <P> venture intends to ban one year </ P> <P> It http:// hearing, the Commission on Friday issued "initial public offering and listing on the GEM management approach (for advice .draft) "(hereinafter" the draft ")," the draft "and will be landing the GEM for the" independent innovation "and in the growing small and medium enterprises listing and financing a wide open channel. ."The introduction of the GEM is the largest venture capitalists are positive, which they cast out the best channel for enterprises." Shenzhen Stock Exchange chairman Chen Dongzheng of "First Financial Daily" said. .Will be launched one after another related to the GEM system to encourage venture capital to further express the idea, according to a CSRC official said on Friday that the idea embodied as a venture capital holding shares in companies listed on GEM lock-up period .reduced to one year. .Management approach in the motherboard in the IPO, according to the Shanghai Stock Exchange Shenzhen Stock Exchange stock market rules, controlling shareholders and actual controllers, the listing for the 3-year lock-up period, and published in the prospectus the issuer within the previous year to increase their investment in new .shareholders, the issuer complete lock-up period for the change of business registration procedures to increase their investment within 3 years. .Shorten the lock-up time is conducive to venture capital to speed up capital turnover rate, then go cash in investment income to invest in new enterprises. .Venture capitalists are all excited. .The country's most famous venture capital company, Shenzhen Capital Group Co., Ltd. President Wanshou Li told this reporter yesterday, said: "The shorter lock-up period is very good, this guide is also very conducive to innovation-oriented country strategy, which will encourage innovation .investments with innovative companies to invest in the seed stage, venture period, rather than the maturity of the speculation. "Wanshou Li proposed a refinement of the system and shorten the lock-up can enjoy the preferential policies of enterprises eligible to be distinguished," for example follow-up policy .investment in time as the planning of specific breakpoints, listing the stage two years ago to invest in this enterprise should be viewed as a risk investment, because "the draft" which provided two sets of criteria listed on business for three years, two years of profit or .profitable year, the standard, then the investor should at least be true in the market two years ago to invest in this business, because that is the bear a larger risk, should be encouraged; must not be a pre-IPO investment in this business one year .people will be able to shorten the lock-up period, as with the speculative nature of such acts should not be encouraged. "from Shenzhen Capital Association's Professor Wang Shouren told this reporter that he was very happy. ."We adhere to the proposed venture has been shortened to one year lock-up period, which reflects not only the encouragement to us, but also acknowledged the contribution of our venture." Principle, the venture can not avoid risk, but investors should .adhere to risk. ."We will properly take into account the contribution of venture capital, according to the length of time to distinguish between investment give a different lock-up period, but the venture capital market can not put a risk of the buck to the investors pulled out of his body, after all, the enterprise can .has withstood the test of the market, still need time. "Chen Dongzheng said to be balanced to grasp this. .</ P> <P> loss of corporate venture capital regret missed </ P> <P> venture capitalists are enraptured, they also feel a little regret. .IDG Venture Capital Fund, a partner that is also on the loss-making enterprises should be allowed to GEM, Sohu is the loss on the year listed. .Wanshou Li this particular business model that some enterprises have losses, but still have value. ."We spent more than 6000 million of investment is at a loss of a business, and now more than 300 million profit, but this business model is rather special, requires a certain level of ability to identify risk tolerance and investment." He believes that some companies do not belong to .rains it pours type, value judgments can not just financial data standard, but look at business models, technology research and development. .Adventurous spirit of the venture capitalists have their quality of GEM sponsors, issuance examination committee has some concerns about professional standards. ."They can adapt to the GEM companies different? GEM demanding of sponsors, not only to understand the distribution rules of the market, but also to understand the industry, understand technology, understand the market. Issuance examination committee is a small and medium panels, board .different styles, not just focus on legal, financial aspects, the GEM's value can not be reflected here, but rather reflected in the technical threshold, innovation, market potential, quality of the team, this is the ultimate success of start-ups factors, the .trial, the trial link has to be made of experts in various industries to do. "Wanshou Li said. .</ P> <P>.

GEM early June the first batch of about 70 listed companies.

<P> Pass the first landing of the GEM business will likely already have from the current market conditions in the small and medium enterprises board production, this is mainly to strictly control risks and ensure the early launch of the GEM running smoothly. .In addition, a large brokerage investment banking official said, according to the process, the earliest before the end of June this year, the company will be the first landing on GEM, the first scale will be 60-70 business </ P> <P> the first batch of medium and small companies or from .Board reserve resources </ P> <P> It http:// hearing, as the "IPO and listing on the GEM management approach (draft)" on Friday (21 May) announced the industry on the first .many listed companies approved guess. .Had a higher rate of market recognition theory is first listed on GEM listed companies in the agency share transfer system of Zhongguancun Science Park in the selected enterprises. .</ P> <P> But they have recently said that due to strictly control the risk of the market was first considered, the first listed company listed in the small board reserve selected resources. ."GEM Listing to set a lower threshold, the main purpose is to small and medium business enterprises, especially small and medium sized high-tech enterprises, innovative financing channels for enterprises." This person said. .</ P> <P> the provisions under the draft, the financial position of the issuer shall meet the following conditions: the profitability of the past two years, the last two years the cumulative net profit of not less than ten million yuan, and growing; or a recent .year earnings, and net profit of not less than five million revenue last year of not less than fifty million yuan, revenue growth the last two years no less than 30%. .</ P> <P> "lower listing threshold in the investment objective, lead to an increased risk." The source said that a market in the just-established, tend to be immature, anti-risk capability is weak. .Therefore should follow the "high step" principle, the selection of good quality companies listed on the first, to prevent the Growth Enterprise Market "sick on the road." .</ P> <P> this statement with the Shenzhen Stock Exchange chairman Chen Dongzheng coincides with the previous view. .Chen Dongzheng had admitted during two sessions, the first one listed higher qualification requirements of enterprises, and second, the first scale than the small plate to more mass market principles will be taken to prevent the hype. .According to informed sources, the first number of listed companies is expected in the 20 or so. .</ P> <P> the first batch of listed companies of about 60-70 </ P> <P> According to "the Oriental Morning Post" reports, brokerage sources, in accordance with the procedure, 21 of the draft to the public, will take .down listen to public views within two weeks. .Two weeks later, the Commission will be based on feedback to modify "procedures" and finally declared officially issued with the "management approach", then, the relevant departments will gradually be accepted and reviewed the materials submitted by the company, the review period will not exceed the maximum .three months. ."In other words, the fastest before the end of June, there will be the first company qualified GEM landing." The source said. .</ P> <P> about the current preparations for the Shenzhen Stock Exchange has 200 listed resources. .Shenzhen Stock Exchange chairman Chen Dongzheng once during the two sessions, announced that the volume is too small to avoid the initial launch will be taken each time the number of listed homes in the form of 60-70. ."Official data, the first of dozens of listed companies." A Shanghai investment company official said the first batch of enterprises are "in good quality" companies. .</ P> <P>.

97% of the fermentation has been revealed positive profit report.

<P> Market is still down in the inertia, the two cities yesterday, driven down heavyweight again, the bottom of the building appears not a single day. .In the pessimistic expectations, restore investor confidence requires a complex process. .The recent market events occur very intensive, it is all the new situation in the game of unprecedented complexity of the market led to the current market and confusing. .</ P> <P> is still good "fermentation" </ P> <P> in a number of recent fundamental and market-related information, the positive factors in the majority. .Olympic torch has been officially lit, the Olympic business opportunities on the positive effects of the economy has been closer and closer, approaching launch of the GEM, the prototype of a multi-level capital market is emerging; unpopular in Taiwan last weekend's "referendum" failed, over the years hanging in the market .to alleviate the concerns, a point often weighed on the market in sensitive excuse be removed. .</ P> <P> Policy surface continued to pick up, especially the issue of new funds. .21 China Securities Regulatory Commission approved four new funds, including three equity funds and one bond fund, which is the third consecutive year, 7 weeks since the Commission approved on Friday a new fund. .This means that A-share market's subsequent efforts to gradually strengthen the supply of funds, but also conducive to the formation of a wave of efforts to the broader market bounced up a larger market. .</ P> <P> change inflation expectations may be at a turning point. .Residents of the central bank survey showed a substantial decline in inflation expectations. .The central bank said that "interest rates, reserve ratio has increased space" only after raising the deposit reserve ratio, the intensity is actually less than expected; analysts believe that inflation in the coming months if there is no significant decline in inflation expectations may change in the residents. .</ P> <P> It http:// hearing, the Commission said it would strictly review refinancing options listed company, yesterday another fund company issued guidance on fair trading system, from the investment decision-making, trade allocation, monitoring, surveillance and information .Disclosure of fair trading system building, "Rat" and the special fund account the interests of financial transfer may occur by the scheme. .</ P> <P> but, as in the strong market rally, the bad effects of the policy tends to weaken or delay until the cumulative effect appears to play the same deficiencies in the decline of the market environment, many positive effects also need to .a fermentation period, and, as the market environment, the cold, the fermentation period also need to be extended. .</ P> <P> valuations become more reasonable </ P> <P> Annual Report is being disclosed, according to statistics, annual reports have been disclosed over profits of listed companies increased 37.75% over the same period last year; if weed out the impact of China's oil, .comparable year on year profit growth of 79.28%. .Among them, 97.15% of the listed companies profit, 86.97% of the listed companies net profit growth year on year. .Even if the business slowdown, but still growing. .The fundamentals of listed companies in the large-scale deterioration of the situation did not occur, the results sufficient to support the current share price, after a sharp correction in the market, the valuation has been amended, has little room for further decline. .Can be said that a rebound in the direction is clear, but the bottoming process is very complicated. .</ P> <P> games become more complex </ P> <P> but the market is supply and demand variables are unprecedented since the bull market. .The biggest bull market in the main body?? Funds, and their right to speak face the biggest bear market size of non-lifting of the ban the army of the main challenges. .According to statistics, from 2008 onwards in the next three years, A-share market will usher in the "ban" peak, total "ban" the scale is expected to reach 903.19 billion shares. .Among them, the number of shares in 2008 lifted a total of 118.127 billion shares, 2009 is 663.742 billion shares, up 121.321 billion shares in 2010. .Short army arrives in the new situation, the market structure becomes very complicated game, which is the bottom round market can not afford to delay the end of one of the most important factors. .Opportunities and risks in this period, the market may need more patience. .</ P>.

Today, raising the deposit reserve ratio of funds still hard to shake loose surface.

<P> Today (25) raised the deposit reserve ratio is the implementation date, but the price movements of money market funds, the market liquidity is still loose. .Relative to the corresponding reserve accumulation and a lot of money invested by the release of the central counting of funds due for the freezing of funds did not 2000 billion to the market impact. .</ P> <P> It http:// hearing, from the central bank announced that the implementation of the reserve banks to obtain funding for only one week paid. .But in fact the central bank since the 18th since the declaration notice, subject to sufficient funds to face the support of funds in the interbank market price is steadily falling, there is no sign of a rebound, pledged repo was touch the lowest weighted average interest rate to 2.25% .fell 16 basis points yesterday to 2.2013%. .And because of demand, the amount of repurchase transactions are also shrinking, reducing 266.6239 million yuan yesterday, closing 510.2782 million yuan. .</ P> <P> market analysis, this occurs mainly due to stable sources of funding capital needs and stock market turmoil to dilute the impact of two factors. .</ P> <P> the one hand, brought about by the rapid increase in foreign exchange reserves, money supply remains a larger scale, there are a lot of maturity in April stepped in and buy back the release of funds. .While the data released by General Administration of Customs, the trade surplus in February of this year plummeted to $ 8,555,000,000 of data, but the market that the larger the chance of data, through exports, FDI and other channels are still large-scale inflow of funds, they .corresponding to a large number of base money market funds are an important pool "into the water." .</ P> <P> At the same time, affected by seasonal factors, a quarter of bank liquidity has always been more abundant, more relaxed side market funds, the bank's excess reserve ratio is higher. .The open market but at this time scale is also a great central ticket expires, even if withdrawn from circulation and increase strength, or will have a lot of money to market the objective results. .According to statistics, not including repurchase expired in March due only to the central counting the amount as high as 566 billion yuan, 596 billion yuan, second only to January the second highest single month. .</ P> <P> in "into the water," a massive injection of funds for the market, while short-term money market has caused tension in the recent purchase of new shares also strengthened the capital deserted pool water effect. .Spring Festival, China Railway Construction only large-cap stocks issued in the stock market turmoil intensified, "playing the new" risk arbitrage funds, but also to securities companies, insurance companies, fund companies have been the main "playing the new" in reducing the financing in the money market .needs. .</ P> <P> simultaneously the inter-bank dealer said that this implementation of the deposit reserve ratio increase, there are still some banks are required to use the foreign exchange payment, which reduces the financial needs of the local currency market. .</ P>.

The market ahead of the advent of low or.

<P> ● With the overseas markets to stabilize and decline in valuation due to non-reduction of refinancing and the size of the expected weakening of the factors that affect the domestic stock market is improving. .</ P> <P> ● The rapid recent market fell sharply is not sustainable. .Lows may be ahead of the market coming, or already ahead of the arrival. .Part of the valuation of stocks and some sectors has fallen to the value of the range, began to show long-term strategic value. .</ P> <P> ● size of the non-lifting of the ban is a long-term future development of factors to control the market, the proposed capital market authorities to balance the market supply and demand as a basic principle and unremitting task. .</ P> <P> It http:// News, Galaxy Securities Research Center Tengtai yesterday in an interview with this reporter, said that despite recent stock market caused by the continued substantial decline in uncertainty has not been eliminated, but this .rapid decline is not sustainable, the market lows may have come earlier. .</ P> <P> for the market's recent sharp decline, Tengtai that major overseas capital markets, tight monetary policy and capital market supply and demand imbalance in the three major uncertainties common market valuation driven downward move. .</ P> <P> from external factors, the U.S. subprime mortgage crisis led to the outbreak of the relevant overseas markets have continued to adjust and indirect impact on China's market. .Since the current round of European and American stock market's decline, not because the valuation is too high, but the economic slowdown caused by reduction in the level of listed companies due to yield. .Therefore, this fall will be a long slow process. .The subprime mortgage crisis, further accelerated flow of capital, resulting in the Asian market, especially the Hong Kong market's decline occurred in Europe and America market overreaction. .</ P> <P> the other hand, Teng Tai pointed out that the market for refinancing and the size of the non-reduction of the expected fear, showing rapid decline sharply index, which is a short-term overreaction. .Refinancing just an expectation, while the size of the non-lifting of the ban is a sustained release process is a long-term behavior of stock in such a short period of time, the sharp fall in the form of concentrated burst out, not only be ahead in time .and expressed as a over-reaction. .</ P> <P> "With overseas stock markets stabilized and the resulting decline in the valuation and size of the refinancing is expected to weaken non-reduction, the factors that affect the domestic stock market is improving. But to be significantly alleviated, have to wait until the second year .end of the quarter. "Teng Tai said. .</ P> <P> Nevertheless, Tengtai expected, the recent sharp decline has been rapid market performance of the excessive reaction of the above factors, it is not sustainable. .Lows may be ahead of the market coming, or already ahead of the arrival. .Part of the valuation of stocks and some sectors has fallen to the value of the range, began to show long-term strategic value. .</ P> <P> Tengtai that gradually stabilized the situation in the neighboring market, accelerate the appreciation of the renminbi, the domestic economy will maintain rapid growth in the context of the valuation of stock has fallen space, the stock market's fundamentals remain the better .. .With the new Development Fund for the gate opening and a quarterly disclosure of listed companies, stock will be gradually stabilizing. .</ P> <P> the same time, Teng Tai also said the size of the non-lifting of the ban is a long-term future development of factors to control the market, capital market authorities should balance the market supply and demand as a basic principle and unremitting task. .Only in this way, China's capital markets to long-term prosperity and development. .</ P> <P> Related: buy clothes and see if you fit in the stock market </ P> <P> New York Times: A ratio of anti wealth effect or the United States urgently </ P>.