Special topic: the essence of four Securities Newspapers
Stock speculation to see Jin Kirin analyst research report, authoritative, professional, timely, comprehensive, to help you tap the potential of the theme opportunity!
On Thursday, 16 May, the main contents of today's headlines are as follows:
China Securities News
The Securities Regulatory Commission issued regulations on the management of procedural transactions in the securities market
In the view of people in the industry, the "management regulations" closely revolve around the main line of strong supervision, risk prevention, and promoting high-quality development, and adhere to the general idea of "seeking advantages and avoiding disadvantages, highlighting fairness, effective supervision, and standardized development." to make omni-directional and systematic regulations on the supervision of procedural transactions in the securities market (the market is often referred to as "quantitative transactions") is an important measure to strengthen the supervision of market transactions.
CSRC: insurance throughout the whole process of system construction, supervision and law enforcement.
On May 15, the China Securities Regulatory Commission held the 2024 "May 15 National Investor Protection publicity Day" in Beijing, with the theme "caring investors work together-promoting high-quality development and boosting investor confidence." In his speech, Wu Qing, chairman of the CSRC, said that the CSRC will pay close attention to its implementation, put investor protection through the whole process of capital market system construction and supervision and law enforcement, and further consolidate the institutional foundation of investor protection. we will further promote the improvement of the quality of listed companies, further promote industry institutions to enhance the level of professional services, and further crack down on securities crimes in accordance with the law. Further smooth the relief channels for investors to safeguard their rights. In addition, the CSRC will meet the needs of the development of new productive forces, optimize institutional arrangements such as issuance and listing, mergers and acquisitions, and equity incentives, and support companies with innovative development potential to become better and stronger, not only to support the healthy growth of high-quality emerging enterprises, but also to support the transformation and upgrading of high-quality traditional enterprises, so that investors can better share the fruits of high-quality economic development.
Market value management of industrial integration big buyers of state-owned assets are engaged in combined mergers and acquisitions
The reporter found that in the past two years, the combined transaction of "transfer by agreement + abandonment of voting rights" has quietly become popular among state-owned acquisitions. Under this mode, state-owned assets can not only become the actual controller of the listed company at a lower cost, but also solve the problem of "professional manager" in M & A, and let the former management still enjoy most of the company's income after M & A. In addition, as the major shareholders who lose the "real controller" label have fewer constraints on the reduction of their holdings, their liquidity becomes stronger.
The Supreme Law: strengthening the function of pluralistic dispute Resolution Mechanism
To construct a three-dimensional accountability system of administrative law enforcement, civil liability and criminal strike. First of all, we should work with the CSRC to promote the normalization of the class action system, let financial fraudsters pay the due price, make up for the losses of medium and small investors in a timely and effective manner, and effectively protect their rights and interests. give full play to the exemplary role of the representative litigation system in investor protection. The second is to strengthen coordination with regulatory departments, strengthen the convergence and cooperation of administrative law enforcement, civil liability and criminal crackdowns, and work together to punish crimes in the capital market and purify the capital market.
Shanghai Securities News
Wu Qing, chairman of the Securities Regulatory Commission, said at the "May 15 National Investor Protection publicity Day" that insurance will run through all aspects of system construction and the whole process of supervision and law enforcement.
Wu Qing stressed that investor protection should run through all aspects of the whole process of capital market system construction and supervision and law enforcement. and elaborated five "further": further consolidate the institutional foundation of investor protection, further promote the improvement of the quality of listed companies, further promote industry institutions to enhance the level of professional services, further crack down on securities crimes in accordance with the law, and further smooth the relief channels for investors to safeguard their rights.
The first "May 15" activity after the new "National Nine articles" releases multiple signals.
Industry insiders said that the capital market is a market that "concerns the vital interests of hundreds of millions of families and hundreds of millions of people", and there is a long way to go to protect the legitimate rights and interests of investors. After the introduction of the new "National Nine articles", the first "May 15" activity released multiple signals: first of all, in the next stage, from regulatory concept to system design, and then to regulatory law enforcement, it will better reflect the protection of the legitimate rights and interests of investors, especially medium and small investors; secondly, the capital market will give more prominence to "strong foundation" and "strict supervision and strict management" to respond to investors' concerns with the improvement of the quality of listed companies and the return of securities fund institutions. Finally, "zero tolerance" to crack down on illegal activities in the capital market is still the focus of the next stage. at the same time, combined with industry practice, the capital market diversified dispute resolution "toolbox" is expected to continue to enrich and innovate and effectively protect the legitimate rights and interests of investors.
Standardize quantitative trading, protect the rights and interests of investors, and pluralistic resolve securities and futures disputes the Securities and Futures Commission issued three institutional rules
On May 15, the China Securities Regulatory Commission (CSRC) issued three institutional rules closely related to investor protection, such as regulations on procedural Trading in the Securities Market (for trial implementation), guidelines on the Application of Regulatory rules-issuing Class No. 10, on perfecting the pluralistic settlement Mechanism of Securities and Futures disputes and further promoting the Governance of sources of Litigation. To make arrangements for the supervision of procedural transactions, the protection of the rights and interests of investors, and the diversified settlement mechanism of securities and futures disputes.
MLF equivalent parity continues to cut the reserve ratio and interest rate window or move back
The volatility of financial data superimposes the issuance of ultra-long-term special treasury bonds, and the use of the central bank's monetary policy tools has attracted much attention from the market. On May 15, the people's Bank of China carried out 2 billion yuan seven-day reverse repurchase operation and 125 billion yuan MLF (medium-term lending facility) operation, and the winning interest rates were the same as before. As there are 125 billion yuan MLF due this month, this operation to achieve the same amount of parity sequel.
Securities Times
The China Securities Regulatory Commission held the "May 15 National Investor Protection publicity Day" in 2024 to consolidate the foundation of the investor protection system and crack down on securities violations.
On May 15, the China Securities Regulatory Commission held the "May 15 National Investor Protection publicity Day" in 2024. Wu Qing, chairman of the CSRC, attended the event and delivered a speech. He said that investor protection should run through all aspects of the capital market system construction and the whole process of supervision and enforcement, including further strengthening the institutional foundation of investor protection, promoting the improvement of the quality of listed companies, promoting industry institutions to enhance the level of professional services, severely cracking down on securities crimes in accordance with the law, and unblocking relief channels for investors to safeguard their rights.
The prospectus needs to publish a statement from the issuer to investors that unprofitable enterprises are required to disclose forward-looking information such as expected profits.
On May 15, the China Securities Regulatory Commission issued guidelines on the Application of Regulatory rules-issuance Class No. 10, which will come into effect from now on. The CSRC said that the guidelines are intended to promote the establishment of the concept of responsibility to investors, strengthen the behavioral constraints of companies to be listed, and effectively protect the interests of investors.
The framework of procedural trading rules defines the high-frequency quantification to meet the strong supervision.
On May 15, the China Securities Regulatory Commission issued the revised regulations on procedural transactions in the Securities Market (for trial implementation). It makes overall and framework institutional arrangements for the procedural trading supervision of the securities market, and provides for specific matters such as procedural trading report management, transaction monitoring and risk management, information system management, high-frequency trading differentiation management, and authorizes the stock exchange to refine business rules and specific measures.
"tusk with thorns" SFC "zero tolerance" to crack down on all kinds of illegal activities
On May 15, the China Securities Regulatory Commission issued a "transcript" of law enforcement in 2023 and defined the key points of law enforcement in 2024. The CSRC said that it will severely crack down on illegal acts in the securities and futures market that seriously endanger the smooth operation of the market, infringe upon the legitimate rights and interests of investors, have a bad social impact, and are strongly reflected by the masses, and will strengthen clue discovery, strictly investigate major cases, enhance the efficiency of law enforcement, continuously deepen cooperation, and pay attention to both punishment and prevention, so as to speed up the construction of a safe, standardized, transparent, open, dynamic and resilient capital market.
Securities Daily
Wu Qing: further consolidate the foundation of investor protection system to provide more substantial fair protection for investors
"currentReelryobismurf500We are thoroughly implementing the spirit of the Central Financial work Conference, fully implementing the new 'National Nine articles', and firmly promoting the implementation of the capital market's' 1N1 'policies and measures to bear fruit. " Wu Qing said that the core content is to promote strong supervision, risk prevention, high-quality development, strengthen the foundation, strict supervision and strict management, and speed up the creation of a safe, standardized, transparent, open, dynamic and resilient capital market. To this end, the CSRC has issued a series of institutional rules, including strict control over the entry of issuance and listing, strengthening the supervision of cash dividends, share reduction, quantitative transactions, and so on, and urging industry institutions to perform their duties. All these fully reflect the distinct orientation of protecting investors.
Securities Regulatory Commission: the stock exchange implements real-time monitoring of programmed trading to strengthen the supervision of high-frequency trading
On May 15, the China Securities Regulatory Commission issued the provisions on the Management of programmed Trading in the Securities Market (for trial implementation), which further promotes the development of procedural trading norms and maintains the order of securities trading and market fairness. The Management regulations will come into effect on October 8, 2024.
In 2023, the CSRC imposed 539 administrative penalties and confiscated 63Reelryobismurf500.89 billion yuan
On May 15, the CSRC issued a summary of law enforcement in 2023. Since 2023, in accordance with the requirements of "comprehensively strengthening financial supervision", the CSRC has strengthened political guidance, faithfully performed its duties, made concerted efforts of the system, and cracked down on all kinds of violations of laws and regulations with "zero tolerance". Strive to achieve supervision and law enforcement "long teeth with thorns", angular, strong foundation, strict supervision and strict management, spare no effort to maintain the smooth operation of the capital market, protect the legitimate rights and interests of investors, and provide a strong legal guarantee for the high-quality development of the capital market.
The CSRC issued regulatory guidelines to urge issuers to firmly establish a correct "listing view"
On May 15, in order to implement the new "National Nine articles" and the "opinions on strict access to issuance and listing to improve the quality of listed companies from the Source (for trial implementation)", to promote all parties to establish the concept of responsibility to investors, strengthen the behavioral constraints of enterprises to be listed, and effectively protect the interests of investors, on May 15, the Securities Regulatory Commission issued "guidelines on the Application of Regulatory rules-issuance Class No. 10" Effective from now on.