Chapter 1046 The Floundering Securities Market

April 23rd of the year Bu. The history of China's stock exchanges has written a shocking event. Xian's stock was terminated from listing and became the first stock to be delisted in the domestic securities market. Shanghai Xinxian Electric Co., Ltd. became the first domestic company to be delisted in accordance with the law due to consecutive years of losses. City's listed public

This is a major event in the history of China Securities Exhibition, and it is also another major achievement in regulating and developing the securities market this year. The market mechanism of only entering but not exiting has finally been broken, which also means that more variables will appear in the securities market. .

Not long ago, Chief No. 1 pointed out that to develop a market economy, we must develop a securities market. Establishing a securities market that is healthy, well-ordered and safe in operation plays an important role in optimizing domestic resource allocation, adjusting economic structure, raising more social funds, and promoting the development of the national economy.

Over the past decade, the central government and the State Council have also attached great importance to the development of the securities market and introduced many policies and measures to regulate and promote the healthy development of the securities market.

Relying on the macro-environment of national economic development, China's securities market has achieved great results in just ten years. As of the end of last year, there were more than 1,200 domestic and foreign listed companies in my country, and the total market value of domestic stocks reached 4.8 trillion yuan.

At the same time, a large number of outstanding enterprises have become a major force in promoting the development of the national economy through the incubation role of the securities market, and their ability to participate in international market competition has been significantly enhanced.

However, compared with mature foreign markets. China's securities market started late and is still in its infancy. The quality of market participants such as listed companies and securities companies needs to be improved. Investors' risk awareness is relatively weak, and regulatory measures need to be improved. Experience in managing the market is not yet mature.

In the Shanghai and Shenzhen stock exchanges, there has long been a phenomenon that listed companies can only live but not die.

The delisting system has no title, and the relevant laws and regulations lack operability.

The delisting and delisting measures implemented after 1998 are a transitional system adopted by the securities regulatory authorities when objective conditions do not allow the implementation of the delisting system.

Among the many listed companies, there are many companies with bosses wearing arrogance, which has become a unique scene in the domestic stock market.

Although many companies are trying hard to find a way out of restructuring, the situation is not frozen overnight, and the economic performance of listed companies has deteriorated for a long time.

But what makes everyone feel incomprehensible is. Despite their poor performance, the stock prices of these listed companies often experience intriguing fluctuations. Being sought after by the market.

An important reason for the excessive speculation in stocks with poor performance is that there is no exit mechanism in my country's stock market. As a result, the banker has no worries and can raise or manipulate the stock price without any scruples regardless of the company's fundamentals.

In particular, listed companies such as China Securities Regulatory Commission and China Securities Regulatory Commission are generally keen on asset restructuring. In terms of information disclosure, there are often untimely, incomplete and even false elements, which creates good soil for market makers to speculate.

Based on this situation, the majority of investors hate the evil market and strongly call on the Chinese stock market to establish an exit right system. A healthy stock market requires an exit mechanism. After more than ten years of development, China's securities market has entered a period of major development. Both in terms of market size and regulatory level, it has the conditions to establish an exit mechanism and delist loss-making companies.

Since the beginning of this year, relevant departments have introduced a series of regulations and policies to regulate the stock market and improve the quality of listed companies. A good public opinion environment has been created for the establishment of an exit mechanism. In this case. The delisting of Narcissus is a matter of course.

However, regulators are also under psychological pressure. They are worried that the introduction of the delisting mechanism will cause adverse reactions in the market, especially bad market makers who will violently smash the market, which will have a severe impact on the market, especially making investors feel uneasy.

For this reason, the leaders of the China Securities Regulatory Commission deliberately found Fan Wubing before Gan Narcissus was delisted and asked him to help support the market to avoid any uncontrollable situation that would cause chaos and chaos.

Although Fan Wubing didn't answer the question. However, his views on the stock market are much more rational. There can be no stock market in the world that only rises but never falls. That's not normal. The stock market has to develop slowly through ups and downs. This is normal! The government's behavior of supporting the market actually violates market regulations.

of.

The launch of a policy must be tested by the market, but this test is not a short-term phenomenon, but a policy that can withstand long-term tests. As the current management is so worried about gains and losses, Fan Wubing really doubts their management. Is there a problem with ability?

"Well, in the final analysis, it's all about making money," Fan Heng said to Fan Wubing when he mentioned this matter.

In fact, both father and son are very aware of the tricks involved. The Chinese stock market is the government's cash machine. This is absolutely true. Can you make money in the stock market? The answer is yes. But can most people make money in the stock market? The answer is definitely no.

The myth of getting rich overnight is often unreplicable, and the small gamblers who enjoy themselves and the big gamblers are just legends. The real reality is that the wealth of countless people shrinks in the stock market and becomes the spoils of bookmakers.

Buxian's delisting is obviously of positive significance. It at least puts up a warning sign for the speculation of poor-performing stocks, and is also conducive to guiding the establishment of correct investment concepts. After all, investors may face huge risks by speculating on low-performing stocks that may be suspended from listing. The establishment of a delisting mechanism will also greatly curb the hype of low-performing stocks. It is difficult for speculation and stock-watching to become a trend again.

The establishment of an exit mechanism for listed companies is a major measure to standardize the development of the securities market, a necessary way to ensure the overall quality of listed companies, and an inevitable result of the survival of the fittest function of the securities market. The investment value of listed companies mainly depends on their future profitability and earnings growth rate. Therefore, companies with good performance and good growth potential should have higher market pricing and should be sought after by the market, while junk stocks should be favored by the majority of investors due to continuous losses or low profits.

"However, since it is speculation, it is impossible to act according to the intentions of the managers," Fan Wubing said to Fan Heng. "Chinese people have too few investment opportunities to enter the stock market. Most stocks in the Chinese stock market, and most stocks are None of the companies represented have investment value. The long-term no-dividend or low-dividend system has made it unprofitable for investors. Therefore, the Chinese stock market is a market dominated by speculation. There are no attractive highlights, otherwise why would I never take the initiative to enter the stock market?”

Although the stock market has functions such as raising funds, converting mechanisms, optimizing resource allocation, etc., most domestic bosses only focus on the financing function of the stock market. They use market prediction companies as a tool to continuously make money. They do not make any effort to transform business operations. We have worked hard on the management mechanism, but the business management has changed.

The market investment philosophy has been chaotic and distorted for a long time, and speculative stocks are rampant, while a few truly blue-chip stocks and blue-chip stocks have been ignored for a long time.

Trying to reverse this situation cannot be achieved in three or two years. In fact, according to Fan Wubing's understanding, unless all listed companies are privatized. Only then can it be possible to achieve a high proportion of dividends, and only then can the domestic stock market turn from a speculation market into an investment market.

At least for now, speculating on junk stocks is still a mainstream choice in the market. This will not change due to the launch of the market exit mechanism. Of course, this requires the bookmakers to be more sophisticated in their gaming methods, and the risk for investors is Bigger.

However, this is still of some use, that is, once investors suffer losses many times, they will be taught the hard way, and they will naturally understand which stocks should not be touched. Even if they look beautiful, they are just that. You can't touch what you see. There is a saying that goes very well. Among the flowers, poisonous flowers are the most beautiful.

If you are not afraid of death, you can give it a try.

"Actually, if the issue of full circulation is not resolved, the stock market will still be in a mess." Fan Wubing said.

"If the problem of full circulation is solved, things will definitely get better?" Fan Heng always had doubts in his heart about this.

When China's stock market was established, it had a rather special system. The stocks of a listed company. A large part of it is not tradable, that is, it cannot be traded publicly on the exchange, including state stocks. Legal person shares, etc. This is the so-called share split or full circulation issue.

Generally, investors buy tradable shares that can be circulated, which causes many problems.

For example, major shareholders are generally shareholders of non-tradable shares, and the stocks in their hands cannot be sold anyway. So they don't care about the level of the stock price. They can do things that are good for themselves but bad for all shareholders without worrying that the stock price will fall. For example, transferring profits and guaranteeing loans for others. Some major shareholders even regard tradable shareholders as cash machines and regard the money provided by tradable shareholders as free charity. This has greatly affected the normal development of the stock market.

From the second half of 1998 to the first half of 1999, in order to meet the funding needs to promote the reform and development of state-owned enterprises and improve the social security mechanism. An exploratory attempt to reduce state-owned shares began. However, due to the gap between the implementation plan and market expectations, the pilot was quickly stopped.

In June this year, the State Council promulgated the "Interim Measures for the Management of Reducing State-owned Shareholdings to Raise Social Security Funds", which was also a continuation of this idea. It also came to an end due to unsatisfactory market effects.

Therefore, some scholars have proposed the so-called share-trading reform, which is to allow all stocks to be freely bought and sold, that is, fully circulated, so that the stock market can be institutionally perfected and function normally.

Of course, there are many difficulties in this reform, including institutional, interest, operational, etc. One of them is the redistribution of interests.

Because the cost of holding shares for non-tradable shareholders is mostly very low, while the cost for tradable shareholders is very high. For example, when state-owned enterprises were transformed into joint-stock companies in the past, they were converted into state shares based on their net assets. Later, when tradable shareholders were converted into tradable shares, they were converted into state shares at a multiple of their net assets. price line. At that time, state shares were not tradable. There weren't many problems when traveling.

If they can all be bought and sold now, it would be very unfair to tradable shareholders. This requires non-tradable shareholders to pay certain compensation to tradable shareholders to obtain the right to circulate. This is the so-called payment of consideration.

All in all, it's a lot of trouble and it can only be a confusing account.

In addition to the turbulent stock market, this year is a very important topic for the vast majority of Chinese people.

In fact, not everyone knows exactly what Gong is, and even the best entrepreneurs have not seen clearly the dramatic changes that are taking place.

The most surprising thing is that Wang Shi of Vanke Group, who has become a leader in the national real estate industry, vowed to predict that after joining... House prices would fall by 15%, but subsequent facts made his prediction a joke.

However, in this prosperous year, there are still some sluggish industries, namely the Internet industry affected by the Nasdaq stock market crash and the US economy. Those high-spirited four heroes are now facing the first major cold wave in their careers.

The one who seems to be in the biggest trouble is Ding Lei of NetEase. Not only are the losses increasing, but Nasdaq has also announced that NetEase's stock has been suspended from trading on the grounds that there are doubts in the financial statements. At the same time, there are rumors that NetEase is likely to be delisted because of this scandal, and a Hong Kong Internet company said in an interview with Dow Jones Newswire that it will acquire the troubled NetEase.

Ding Lei later recalled that he was actually very confused during that period and even wanted to sell NetEase. The reason for not selling was not that he didn't want to sell, but that there was a problem with their financial audit and people were unwilling to buy it.

Later, under the advice of major shareholder Fan Kang, he decided to start over and transform NetEase, so NetEase announced that it would invest in the online game "A Chinese Odyssey" and vigorously develop SMS business with mobile telecom operators.

Fan Wubing was quite impressed by this, because Ding Lei's adventure proved that he was one of the most intuitive entrepreneurs in China's Internet industry, and such a person could find out where the money of an industry was hidden at the first time.

6 Alibaba's Jack Ma has not been as glorious as Ding Lei, but Alibaba has also been in a mess this year.

Before that, the famous American investment bank Goldman Sachs and SoftBank, led by the legendary Japanese investor Masayoshi Son, had invested 25 million US dollars in Alibaba. Last September, Jack Ma also held the first industry summit of China's Internet industry, "West Lake Sword Discussion", in Hangzhou.

At that time, there were many heroes in the Internet industry, and no one was convinced by anyone. No one had ever been able to gather them together for a meeting.

Jack Ma knew that few people would come to the heroic invitation based on his reputation, so he cleverly invited the martial arts master Jin Yong to sit in person.

Wang Juntao, Wang Zhidong and Ding Lei are all very obsessed fans of Jin Yong, and they all agreed to attend the meeting, which made the host Jack Ma feel like a leader. "Today's first update is here. Please support me with monthly tickets. If you want to know what happens next, please log in to 6. There are more chapters. Support the author and support genuine readers.