Wealth

The 23rd of April of the Bu year. In the history of China’s stock exhibition, it was written that the stocks of Bei Nian, which were worth a shock, were terminated from listing and became the first stock to be delisted on the domestic stock market. Shanghai Narcissus Electric Co., Ltd. became the first domestic company to withdraw due to consecutive years of losses. Publicly listed

This is a major event in the history of the China Securities Exhibition, and it is also another major achievement in regulating and developing the securities market this year. The market mechanism of only entry and no exit has finally been broken, which also means that there will be more variables in the securities market. .

Not long ago, Chief No. 1 pointed out that to develop a market economy, it is necessary to develop the securities market. The establishment of a healthy, well-ordered, and safe-running securities market plays an important role in optimizing the allocation of resources in the country, adjusting the economic structure, raising more social funds, and promoting the development of the national economy.

Over the past ten years, the Central Government and the State Council have also attached great importance to the development of the securities market, and introduced many policy measures to regulate and promote the healthy development of the securities market.

Relying on the macro environment of the National Economic Exhibition, China's securities market has achieved great results after a short period of ten years. By the end of last year, there were more than 1,200 domestic and overseas listed companies, and the total market value of domestic stocks reached 48 trillion yuan.

At the same time, a large number of outstanding companies have become vigorous for promoting national economic development through the incubation 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 the initial stage of development. 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. The experience of managing the market is not yet mature.

In the Shanghai and Shenzhen stock markets, there has long been a phenomenon that listed companies can only survive.

The delisting system is untitled, and the relevant laws and regulations lack operability.

The fraud and slurs 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, many wearing boss companies have become a unique scene in the domestic stock market.

Although many companies are struggling to find a way out of reorganization, but it is freezing three feet, not a day's cold, and the deterioration of the economic benefits of listed companies is hard to return.

But what makes everyone feel incomprehensible is. Despite their poor performance, the stock prices of these listed companies often fluctuate intriguingly. Sought after by the market.

An important reason for the bad speculation in poorly performing stocks is that China's stock market has no exit mechanism. As a result, market makers have no worries and can unscrupulously push up or manipulate stock prices regardless of the company's fundamentals. In particular, listed companies such as Xianji are generally keen on asset restructuring. In terms of information disclosure, there are often untimely, incomplete or even false elements, which creates a good soil for market makers to hype.

Based on this situation, the majority of investors hate villains and strongly urge the Chinese stock market to establish an exit system. A healthy stock market requires an exit mechanism. After more than ten years of exhibitions, the Chinese securities market has entered a major exhibition period. Both the market size and the level of supervision have the conditions for establishing an exit mechanism and delisting loss-making companies.

Since the beginning of this year, relevant departments have issued 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, under such circumstances. The delisting of Scared Narcissus is a matter of course.

However, the supervisory authorities are also under psychological pressure, worrying that the introduction of the delisting mechanism will cause adverse market reactions, especially the fierce smashing of villains, which will have a severe impact on the market, especially making investors feel uneasy.

For this reason, the leaders of the Securities Regulatory Commission deliberately found Fan Wuyi before the liver Narcissus was delisted, and asked him to help the market, so as to avoid any uncontrollable situation that will be rushed.

Although Fan Wubing gave a fault on this matter. However, his views on the stock market have to be more sensible, and there can be no stock market in the world that only rises and does not fall. That is not normal. The stock market has to grow up and down slowly. This is normal! The government’s support of the market actually violated market regulations.

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The introduction of a policy has to be tested by the market, but this test is not a short-term phenomenon, but a policy that can withstand the long-term test. Like the current management, Fan Wubing really doubts their management. Is there a problem with ability?

"Hey, in the final analysis, it's still making money around," Fan Heng said to Fan Wuyao when he mentioned the incident.

In fact, both father and son are well aware of the tricks here. The Chinese stock market is the government's cash machine. This is not wrong at all, 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 impossible to replicate. Small gamblers and big gamblers are just legends. The real reality is that countless people's wealth has shrunk in the stock market and become the spoils of dealers.

The delisting without cents is obviously positive. At least it sets up a warning sign for the speculation of poorly performing stocks, and is also conducive to guiding the establishment of a correct investment philosophy. After all, to speculate on poorly performing stocks that may be suspended from listing, investors may face huge risks. The establishment of a delisting mechanism will also greatly curb the speculation of poorly performing stocks. It is difficult for the speculation of Ting and **** to form a trend again.

Establishing the exit mechanism of the Shanghai A company is a major measure to standardize the development of the securities market and a necessary way to ensure the overall quality of listed companies. It is also an inevitable result of the securities market's function of survival of the fittest. The investment value of a listed company mainly depends on its future profitability and profit growth rate. Therefore, companies with good performance and growth potential should have higher market pricing and should be sought after by the market, while junk stocks should be favored by investors due to continuous losses or meager profits.

“However, since it’s a speculation, it’s impossible to act on the intentions of managers,” Fan Wubing told Fan Heng. “Chinese people have too few investment opportunities to enter the stock market. The represented companies do not have investment value. The long-term system of no dividends or less dividends has made investors unprofitable. How to invest? Therefore, the Chinese stock market is a market dominated by speculation. In addition, There is no bright spot to attract people, otherwise why would I never take the initiative to enter the stock market?"

Although the stock market has functions such as fund-raising, conversion mechanism, and optimizing resource allocation, most of the domestic supervisors blindly value the fund-raising function of the stock market. They use the Bushi company as a tool to continuously invest in AU funds. No effort is made to switch business operations. Efforts are made on the management mechanism, and corporate management changes the soup instead of the medicine.

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

Trying to reverse this situation is not something that can be done in three or two years. In fact, according to Fan's understanding, unless all listed companies are privatized. It is possible to realize the possibility of a high proportion of dividends, and then it is possible for the domestic stock market to change from a speculative market to an investment market.

At least for now, speculation in junk stocks is still a mainstream choice in the market. This will not change due to the introduction of the market exit mechanism. Of course, this requires the game makers to be more sophisticated, and the risk of investors is Bigger.

But this is still somewhat useful. Once investors suffer more losses, they will be miserably taught, and they will naturally understand what stocks cannot be touched. Even if they look beautiful, they can only be used. If you can't touch it, there is a saying that is very good. Among the flowers, the poisonous flower is the most beautiful.

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

"In fact, if the full circulation problem is not resolved, the stock market will still be a mess." Fan Wubing said.

"If you solve the problem of full circulation, you can definitely get better?" Fan Heng always had doubts in his heart.

When the Chinese stock market was established, the system was rather special. In the stocks of a listed company. A large part of it cannot be circulated, that is, it cannot be publicly traded on the exchange, including state stocks. Legal person shares and so on, this is the so-called equity split or full circulation problem.

General investors buy tradable shares, which causes many problems.

For example, major shareholders are generally shareholders of non-tradable shares, and their stocks cannot be sold anyway. So they don't care about the stock price. They can do things that are good for them but bad for all shareholders without worrying about the stock price falling. For example, transferring profits and guaranteeing loans to others. Some Dadong shares even regard tradable shareholders as cash machines, and treat the money paid by tradable shareholders as charity funds without cost, which greatly affects the normal development of the stock market.

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

In June of this year, the State Council promulgated the "Interim Measures for the Management of Raising Social Security Funds by Reducing State-owned Shares", which is also a continuation of this line of thinking. Also, due to the unsatisfactory market effect, it ended without disease.

Therefore, some scholars have proposed the so-called share-trading reform, which is to allow all stocks to be freely traded, that is, to be fully circulated, so that the stock market can be improved in terms of the system and allow it to function normally.

Of course, this reform has many difficulties, system, interest, operation, etc. One of them is the redistribution of benefits.

Because the holding costs of non-tradable shareholders are mostly very low, while the cost of tradable shareholders is high. For example, when a state-owned enterprise was restructured into a joint-stock company, the net assets were discounted into state shares, and when the tradable shares were later released, the assets were cleaned several times. Price line. At that time, the state shares could not be circulated. There are not too many problems.

Now if they can be bought and sold, it would be very unfair to the tradable shareholders. This requires non-tradable shareholders to pay a certain amount of compensation to the tradable shareholders to obtain the right of circulation. This is the so-called payment of consideration.

All in all, there are so many troubles, this can only be a mess.

In addition to the turbulent stock market, "o is a very important topic for most Chinese people this year."

In fact, not all people know exactly what gong is all about, and even the best entrepreneurs have not seen the drastic changes that are occurring.

One of the most surprising is that Wang Shi of the Vanke Group, who has become a leader in the real estate industry in the country, has vowed to predict that after joining the... Housing prices will fall by 15%, and the facts later made his prediction a joke.

However, in this year of dancing and singing, there is still a downturn in the industry, that is, the Internet industry affected by the Nasdaq stock market crash and the U.S. economy. Those four high spirits of the year, the heroes are encountering the first in their careers. Road to a big cold current.

It seems that the biggest trouble is NetEase’s Ding Lei. Not only did the loss increase, but Nasdaq announced that NetEase’s stock was stopped trading on the grounds that the financial statements were suspicious. At the same time, there are rumors that NetEase is likely to be delisted due to this scandal. A Hong Kong Internet company said in an interview with the Dow Jones News Line that it would acquire the troubled NetEase.

Ding Lei later recalled that in fact, he was very confused during that time, and he even had the heart to sell NetEase. The reason for not selling is not that he did not want to sell, but that there was a problem with their financial audit and they refused to buy.

Later, at the suggestion of the majority shareholder Fan Kang, he was determined to come back and transform NetEase, so NetEase announced that it would invest in the online game "Westward Journey", and also vigorously open SMS services with mobile telecom companies~www.wuxiamtl.com~Fan Wu Bing feels quite applauded for this, because Ding Lei's adventure proves that he is one of the most intuitive entrepreneurs in China's Internet industry. This kind of person can immediately find out where the money in an industry is hidden.

6 Ma Yun of Alibaba, Tuzhou, has not been as famous as Ding Lei, but Alibaba is also in desperation this year.

Prior to this, the famous American investment bank Goldman Sachs and SoftBank, led by the legendary Japanese investor Sun Zhengyi, have invested 25 million U.S. dollars in Alibaba. In September last year, Jack Ma hosted the first China Internet industry in Hangzhou. Industry Summit "West Lake on the Sword"

At that time, there were a large number of Internet heroes, and no one was convinced. No one had ever recruited them for a meeting.

Ma Yun knew that few people would come by relying on his reputation to spread the hero posts, so he cleverly invited the martial arts master Jin Yong to sit on the altar himself.

Wang Juntao, Wang Zhidong, and Ding Lei are all obsessed Jin Yong fans, and they have agreed to attend the meeting. This is a great addiction for the host Ma Yun. "Today's first update arrives, ask for monthly pass for help one by one. If you want to know what's going on, please log on to 6th. There are more chapters. Support the author and support the original version.