Regulators to sell large shareholders to cool

Regulation cooling shareholders leverage

beijingshangbao· 2017-02-08 05:55:24

" Beijing daily news (reporter Peng Mengfei) February 6th, the Shanghai Stock Exchange listed companies to Sichuan Jinding (600678) sent a letter of inquiry, is mainly aimed at the major issues of the major shareholder of the company the transfer of control of the company, which made it clear that, do not use "do not rule out" and "no" and other vague words, and make it clear that if there is a subsequent injection of assets package. Do not advocate the creation of an empty story to tell the story of the transfer of equity, from the wording of the regulators can be seen, the fire of a listed company to control the transfer of large shareholders is to drop a cool.

major shareholders of listed companies on the transfer of control right yiyanbuge phenomenon since 2016 more and more common, all of a sudden, the change become a win-win good control of a listed company, the controlling shareholder can push the old cash to leave, the new controlling shareholder of listed companies to obtain control of small and medium investors follow soup. But obviously this win-win situation is based on the shell resource of listed companies on the hype, there a change of control of listed companies because there are many fuzzy expectations and pulled up the stock price, but the Shanghai Stock Exchange to break this fuzzy expectation, no fuzzy expected after the equity transfer is still no logic fluctuate?

by the details of changes in equity book shows that part of the new shareholders will list clear holdings plans continue to increase in the next 12 months, but the vast majority of new white holdings shareholders to plan for the next 12 months, more on the "no specific plans to continue to holdings of listed companies or listed companies have to dispose of their rights but, do not rule out in the next 12 months, according to the listed company's stock price fluctuations, to find the right time to transfer through the trading system or protocol to increase its stock may".

"no" and "not exclude" terms widely cited, the Shanghai stock exchange for the Sichuan Jinding control enquiry in the clear requirements, Sichuan Jinding use of certain language, according to the actual situation to further clarify the new controlling shareholder disclosure of simple and pure within the next 12 months to increase or decrease the intention, not a "no" and "not exclude" ambiguity. Beijing a private person said

told Beijing Daily reporter, "before this, regulators seldom say no and no listed company does not exclude such vague words, the interview in Sichuan Jinding was carried out, if the future for other listed companies can not so, for those empty suspense story the sell shell has certain inhibitory effect".

general, listed companies new controlling shareholder will do injection "does not rule out future according to the strategic needs of listed companies and the actual operating condition choose into line with the national industrial development direction of the quality of assets and other similar position. This vague statement clearly from the positive side to be listed companies are expected to inject quality assets, but often this is just a gimmick, many listed companies coming controlling shareholders but ultimately did not inject quality assets. So is the transfer of control

Sichuan Jinding company said, "pure simplicity to not rule out in the next 12 months, the main business of listed companies for disposal or for the main business, major changes may be adjusted". The Shanghai Stock Exchange also strict Sichuan Jinding made clear, do not use "no" and "not exclude" ambiguity.

listed companies for the new main source of funds, has been the key regulatory information, especially for those who borrow money to buy funds of listed companies and financing of listed companies issued structured products control the controlling right, because these funds are leveraged funds, and leverage funds are required to pay interest on schedule, once these funds the gain control can not generate revenue, there is a possible rupture of lever.

Sichuan Jinding notice disclosure, the equity transfer amount of 1 billion 200 million yuan payment in cash, funds from its own funds, funds and general partner of the simple capital entrusted with the management of funds. Shanghai Sichuan Jinding detailing the total transaction amount in its own funds, funds and general partner of the simple capital management funds proportion, so can determine the approximate leverage ratio leveraged funds to the pure plain.

comprehensive view, the Shanghai stock exchange for the Sichuan golden letter of inquiry is a breakthrough, mainly for the type of Listed Companies in order to gloss it over to the new shareholders always telling the story, if the holdings of listed companies plan and operating plan is no longer vague, investors can also choose more transparent, not just because a fake cheated is expected to pick up the disc, the control transfer will no longer be absolutely good, relevant cases will become less.

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