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Investor protection, clear rules, and risk awareness case-beware of "high-send transfers" with impure motives for listed companies

Investor protection, clear rules, and risk awareness case-beware of "high-send transfers" with impure motives for listed companies

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  • Time of issue:2017-08-18 00:00
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(Summary description)

Investor protection, clear rules, and risk awareness case-beware of "high-send transfers" with impure motives for listed companies

(Summary description)

  • Categories:News Center
  • Author:
  • Origin:
  • Time of issue:2017-08-18 00:00
  • Views:
Information
    China Securities Regulatory Commission www.csrc.gov.cn Time: 2017-08-04 Source: Shanghai Stock Exchange

  As one of the hot topics that have attracted much attention from the market, "high-end delivery" is often sought after by small and medium-sized investors. In the A-share market, some listed companies choose to "generate" before the disclosure of the semi-annual report and annual report. "Announcement" "10 get 20 free", or even "10 get 30", etc. A substantial increase in stock prices, irritating the nerves of investors, and alienating the "high-send transfer" into a hype theme or cooperating with major shareholders or insiders to reduce their holdings" panacea".

Company X once hit a combination of “‘high-send transfer’+‘reduced holdings’+‘large pre-loss’” to lure unsuspecting investors to speculate on the company’s stock price. Improper "market value management" pays. At the beginning of 2015, X company issued a "high-end transfer" plan. The company's shareholder Y and the company's chairman and general manager and two other shareholders used "combined with the company's actual operating conditions in 2014, and actively rewarded shareholders. Shareholders share the company's future development of the business results", proposed and agreed to the 2014 annual "high-send transfer" profit distribution plan is "10 to 20". On the same day, the above three shareholders jointly disclosed their shareholding reduction plan and cashed out more than 2 billion yuan. It is worth noting that the company's stock price rose by nearly 40% in the short term before the release of the "High-Send Transfer" news.

   However, only a few days later, X company issued a pre-loss announcement of 800 million yuan and a warning at the same time. Since there was a loss in 2013, if the loss continues in 2014, the company's stock may be subject to a delisting risk warning. One stone stirred up waves. The listed company’s inconsistencies in its performance predictions and unannounced huge losses shocked investors in the market. The company’s stock price fluctuated sharply, becoming a "high-send transfer" and misled investors. Typical cases of losses. According to rough statistics from lawyers, up to now, about 400 investors have been involved in the litigation against Company X, and the subject matter of the claims is between 80 million yuan and 100 million yuan.

As a shareholder of Company X, Mr. Y also serves as the chairman and general manager of the company. When proposing and reviewing relevant profit distribution proposals such as "Gaosongzhuan", he should be aware of or actively verify the company's operating conditions and judge the profit distribution accordingly. Whether the proposal and related disclosures are consistent with the actual operating conditions of the company. As a matter of fact, the relevant disclosures of the “high-send-to-transfer” plan issued by Company X are obviously inconsistent with the company’s announcement of a few days later on the performance pre-loss situation, which has a significant impact on investors’ judgments. Mr. Y did not perform his duties diligently, and his above behavior seriously violated the relevant provisions of the Shanghai Stock Exchange Stock Listing Rules and the Shanghai Stock Exchange’s Guidelines for the Selection and Conduct of Directors of Listed Companies. The Shanghai Stock Exchange publicly condemned Y and criticized the other two shareholders and the current director in a circular.

  At the same time, behind the "high-send transfer" may also be accompanied by illegal activities such as insider trading and market manipulation. The China Securities Regulatory Commission has also imposed fines, confiscation of illegal gains, and warnings on the illegal behavior of insider trading in the process of large-scale shareholding reduction by the relevant person in charge of X company when they knew the true financial status of the company. And administrative penalties for prohibiting access to the securities market.

There are indeed listed companies in the market with "impure motives". They use "high-send transfers" to cooperate with shareholders to reduce their holdings and lift the ban on restricted shares. There are also a small number of companies that are forced to push after their profit has turned into a loss or even their performance has deteriorated. High delivery transfer” plan. In this regard, in order to protect investors’ right to know, the regulatory authorities have comprehensively strengthened the "high-send to transfer" front-line supervision. For companies that disclose the "high-send to transfer" plan, they are regulated in accordance with classification, supervision in the event, and thorough investigations. The ” supervision model strictly controls the first pass of information disclosure review.

  As a small and medium investor, in order to avoid falling into the trap of "high-send transfer", it is necessary to have a clearer and deeper understanding of the essence of "high-send transfer". "High-pass transfer" is essentially an adjustment of the internal structure of shareholders’ equity. Although the total number of shares of the company has expanded after the "high-pass transfer", it has no effect on the return on net assets, and the company's profitability will not have any substance. As a result, the investor’s shareholders’ equity will not increase as a result. Here is a reminder to investors not to be confused by this "number game".

   In addition, the "high delivery transfer" that does not match the performance is often the "severe disaster area" where stock price speculation and shareholder reduction. When a listed company officially announces the "Gaosongzhuan" plan, investors should also focus on the true purpose behind the company's "Gaosongzhuan", comprehensively consider the company's development strategy, business performance, etc., and analyze the "Gaosongzhuan" plan. The rationality of ” avoid blindly following the trend.

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