The CSRC Finally Took The Lead In Regulating Refinancing Activities.

The market refinancing problem has been widely questioned because of its low threshold and large quantity. The CSRC has finally taken the lead in regulating the Refinancing Behavior, and the market has applauded. But the biggest problem in the refinancing market is the high premium asset problem and the failure of performance to gambling. The SFC did not catch the essence of the problem and failed to change the problem of refinancing.

In accordance with the SFC's statement, guiding capital flows to the most needed parts of the real economy, avoiding the "de going to virtual" of capital, and combining the principle of blocking and blocking, preventing the behavior of "speculation" and arbitrage financing from forming an asset bubble, while meeting the reasonable financing needs of listed companies, optimizing the financing structure, making steady progress and adjusting the rules to implement new and old decisions.

If a listed company applies for a non-public offering of shares, the number of shares to be issued shall not exceed 20% of the total share capital issued before the listing. The issuance date of a listed company's issuance, rights issue and non-public offering shall not be less than 18 months from the date of the previous raise of funds. If a listed company applies for refinancing, except for financial enterprises, in principle, it is not allowed to hold a larger amount, longer term trading financial assets and available for sale at the end of the latest term.

Financial investments such as loans to others and financial services entrusted to others.

The market has applauded, because the SFC has constrained the amount of refinancing, can this policy really change the fundamental problem of the stock market in China's stock market? Can the Chinese stock market change the bear world from now on? Can the Chinese stock market really enter into the slow cow? The author's opinion that the new deal of the SFC does not grasp the essence of the matter, though it has a certain effect on reducing the blood loss of the market, but it can not change the chaos of the market refinancing.

It is equivalent to 10 times of IPO, becoming the largest blood drawing machine in the market. This is not objective. In fact, many refinancing does not require investors to pay directly from the two tier market. The refinancing has increased by one year, the three years are fixed and the shares are purchased three. In fact, only a small amount of supplementary financing is added. There is not much liquidity in the refinancing, which is usually accompanied by asset acquisitions and matching funds. The biggest attraction of the capital market lies in M & A, making use of the platform of the company to buy and sell high-quality assets to make itself bigger or stronger, or to open up the upper and lower reaches of the industry chain so that they can remain invincible. Therefore, simply limiting the scale and duration of refinancing may not be appropriate, which will make some companies lose opportunities for development, so that they can not be bigger and stronger. According to the market, 16 years IPO only raised 182 billion yuan, but the refinancing was as high as 1 trillion and 700 billion yuan.

If a listed company obtains a lucrative quality asset by increasing its price at a reasonable price, it is better.

In fact, investors do not object to high-quality asset injection, but welcome the injection of high-quality assets. The market speculation of state-owned enterprises reform and military sector is to expect the parent company's high-quality asset securitization to be injected into the listed companies, so that listed companies can gain strong assets with strong profitability, and thus quickly realize the pformation of profitability.

And a lot of refinancing does not require two tier market investors to take the capital to bear the additional shares, the market is not directly obvious blood collection, such as Lingyun shares all the acquisition funds are listed company shareholders subscribe, but after the resumption of trading stock price two trading, investors Man Xinhuan Le, such an asset injection volume bigger the better, the more times the better, the shorter the interval the better.

Therefore, the refinancing itself is not terrible. The terrible thing is that the supervision is not in place, and the listed companies suffer huge losses and investors suffer huge losses.

Therefore, the regulation of refinancing is not to limit the time limit between the number of restrictions but to punish those who are not trustworthy. For example, the reporter gave an example to increase the popularity of the Tianjin maritime pport in the circle. At the beginning, no one believed that 12 billion of the financing would really buy 10 boats, and the result was smooth meeting, approval and issuance. After the money came, there was no purchase of the ship.

The figure of the investigation.

　　像这种严重的失信行为，笔者认为应该取消定增能，要求上市公司退还募集资金，其次是对高溢价并购行为出台更严格的监管，投资者欢迎定价合理的优质资产，反对肆无忌惮的高溢价溢价，十几倍的高溢价资产不要说投资者是不欢迎的，但证监会面对市场巨大质疑，依然核准放行，这是对市场道德底线的严重挑战，对监管不力的严重挑战，三是不守承诺，监管丝毫没有办法可言，现在市场进入了高溢价并购还债高危时期，证监会虽然也在关注商誉减值问题，但是面对一些没有信用的失信行为，没有进行严厉的惩治，这是没有任何作用的，因为不能降低市场风险，关键在于对失信行为进行严厉的惩治，达到杀鸡给猴看或者是杀猴给鸡看的效果，让失信者没有市场可以立足。

The four is to introduce stricter fixed share pfer provisions to prevent some illegal elements from pferring shares in advance and avoid performance compensation. The five is to modify the existing reduction rules. The performance commitments for assets exceeding 3 times premium will be extended to 10 years or more, or even until all investments are recovered.

From the perspective of investor protection, I think

The new deal has nothing to do with it, and it has nothing to do with punishing the market's dishonesty. It has no restriction on the acquisition of the manufacturing concept. There is no argument about the acquisition of the high premium, so it is hard to say that it is a good thing, especially for some state-owned enterprises reform and the second time share plate, which constitutes a major negative effect on some of the shell and resource sectors with high price.

Investors reacted against refinancing mainly by using the popular concept of listing platform to achieve higher stock price reduction, so as to push up the high price reduction behavior of stock prices, and oppose the use of loopholes in the system to purchase inferior assets at high prices, especially shell companies, mainly famous movie actors and actress companies, so as to increase the reputation value of listed companies, so that the interests of listed companies are seriously damaged, and the interests of listed companies are seriously damaged, so that the interests of investors in the two tier market are damaged, and the irresponsible M & A activities are opposed. In particular, the M & A parties do not abide by their commitments, arbitrarily change their performance to gamble, or even make use of various advantages not to promise to fail to perform their performance against gambling, so that the listed companies suffer huge losses. They are opposed to fictitious projects, financing by random means, and then raising investment projects into floating clouds.

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