10 die market innovative solutions to get 3 default.

<P> Week, second-round 38 share reform of listed companies into the reform process, together with 40 published last Monday, and pre-pilot phase of the two groups of listed companies, the total number has more than one hundred, close to the Shanghai and Shenzhen listed companies .one-tenth of the number. .In the hundred shares of listed companies has launched a reform program, the highest price reached 10 get 5 shares, the lowest at the moment do not, but promised to share with other secondary changes. .</ P> <P> these four groups together the share reform program of study, the program is no doubt accounts for the core of bonus shares and bonus shares on average 10 to send the standard 3 or so. .Although this principle has no official government agencies to confirm, but the consensus seems to have become the default reference for share reform. .</ P> <P> bonus issue shareholding structure determines the proportion of </ P> <P> In fact, the standard 10 to send three shares in the share reform started long before the "OK." ."OK" this standard is not an individual or a group of people, but the structural conditions of the equity market itself. .</ P> <P> To illustrate this problem, we can use a simple model to push down: Non-tradable shares in the share reform in the need to achieve two purposes, one does not lose its right to absolute control, and second, the consideration to be paid .get the right flow. .If a non-tradable shares of listed companies and circulation of only A shares and bonus shares after the original non-tradable shares held by the equity ratio remained above 50%, in theory, price limits may be paid for how much? .This requires equity ratio to under the original terms, if the limit is 10 to send 3, what conclusions can be drawn? .That is, the proportion of the original non-tradable shares and the proportion of tradable shares should be 61.54%, respectively, with 38.46%. .And this ratio is precisely with the current A-share listed company market share distribution of the average proportion of basic agreement. .</ P> <P> from the market average, if the non-tradable shares after the share reform both want to maintain absolute control of position and want as little as possible on this basis in exchange for the payment of the price of tradable, the average bonus issue standards .is 10 get 3 shares. .The market is actually happening is the case. .</ P> <P> into a very small number of innovative solutions to why </ P> <P> in the second batch of pilot time, all parties to promote and support innovation in the share reform program, announced today the 32 companies listed on the program ., there are 29 bonus shares by the way, most of the bonus shares is a simple way of the main innovations in a lot of people expected to peak did not occur. .This is not because of lack of interested parties on program development and flexible means of wisdom, but the market seems to innovative solutions outside of bonus shares is not very welcome, most of them died in the board's final vote. .</ P> <P> split share structure reform is to redefine the nature of equity ratio, based on the non-tradable equity in a step to allow the flow to equity share reform program of natural-based, it is indispensable to any other program. .Major Holders of the shares represented by the re-division plan, and truly reflects the content of this reform. .The other is similar to warrants, tender offers and other programs and does not reflect the "Option Agreement" the core reform elements, so can only aid, but can not become mainstream. .</ P> <P> This is not a complex or simple relationship between the program, nor is the logic of the calculation, there are many options can be calculated as "equivalent" to 10 get a few shares, but did not actually touch the core of the share reform, so .is not widely accepted. .</ P> <P> with B shares or H-share companies share reform too sensitive </ P> <P> market appears containing the list of second batch of B shares or H-share companies have been looking forward to, however, the program announced today, 32 .listed companies does not contain this type of company, and why? .</ P> <P> published in the previous management, "management approach" that: "issues of overseas listed foreign shares, foreign shares listed on domestic A-share market listed companies, shareholders of the A-share market-related negotiation of non-tradable shares .shares in the A share market can be traded issue. " .The previous "guidance," also stressed that "exist for the H shares or B shares in the A-share listed companies, related by the A-share market tradable shareholders to resolve the issue in consultation." </ P> <P> possible .investor understanding of these policies are biased, that the A-share market's tradable shares and B shares, H shares has nothing to do, is not the case. .</ P> <P> to bonus shares as an Example: If the listed company of such bonus shares to A shares and also in the A share market, may encounter such a trouble Co., Ltd. --- that is, "the same .shares with the right "principle to protect? .Administrative documents relevant departments within the jurisdiction of the department only binding but not binding outside, do not dismiss the possibility of other confounding factors appear more sensitive to this problem, also need to be careful. .</ P> <P> from a legal point of view, perhaps the program is non-tradable shares Sugu B shares and H shares with the company the most feasible solution (Oddly, the views of many experts is that the most feasible solution), because it .outstanding shares of all classes of shareholders, with shares of the same line with the principle of the right. .This is our next batch of shares of companies which expect to change the content. .</ P>.