On April 23, Bu Nian, China's securities exhibition history wrote a big moment in the history of China's stock market that was delisted and became the first stock in the domestic securities market to be delisted. Shanghai Narcissus Electric Co., Ltd. became the first listed public ownership in China to be delisted in accordance with the law due to years of losses.

This is a major event in the history of China's securities exhibitions, and it is another major achievement in regulating and exposing the securities market this year. The market mechanism that only enters and does not leave has finally been broken, which also means that more variables will appear in the securities market.

Not long ago, President No. 1 pointed out that to develop a market economy, it is necessary to develop the securities market. Establishing a healthy, orderly and safe securities market will play an important role in optimizing resource allocation in China, adjusting the economic structure, raising more social funds, and promoting the development of the national economy.

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

Relying on the macro environment of the National Economic Exhibition, the Chinese securities market has achieved great results after a short ten-year process. As of the end of last year, there were more than 1,200 listed companies at home and abroad in my country, and the total market value of domestic stocks reached 48,000 billion yuan.

At the same time, a large number of outstanding enterprises have become the vitality to promote the 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, the Chinese securities market started late and is still in the primary stage of development. The quality of market participants such as listed companies and securities companies needs to be improved, investors have relatively weak risk awareness, and regulatory methods need to be improved. The experience of managing the market is not yet mature.

In the Shanghai and Shenzhen stock markets, there has been a long history of listed companies that can only live but not die.

The delisting system has questions but no text, and the relevant laws and regulations lack operability.

The traitor implemented after 1998 is a transitional system adopted by securities regulatory authorities when objective conditions do not allow the implementation of the delisting system.

Many boss companies wearing children who are mixed among many listed coin companies have become a unique scene in the domestic stock market.

Although many companies are trying to find a way out for restructuring, it will take only one day for freezing, and the economic benefits of listed companies are deteriorating.

But what makes everyone feel incomprehensible is that despite their poor performance, the stock prices of these listed companies often experience intriguing fluctuations, which are sought after by the market.

An important reason for the bad-performing stock speculation is that my country's stock market has no exit mechanism. This makes the dealer have no worries and can raise or manipulate the stock price without any scruples regardless of the company's fundamentals. In particular, listed companies such as rank are generally keen on asset restructuring. There are often untimely, incomplete or even false components in information disclosure, which creates a good soil for dealer hot speculation.

Based on this situation, investors hate evil marketers and strongly call on the Chinese stock market to establish an exit power system. A healthy stock market needs an exit mechanism. After more than ten years of exhibition, the Chinese securities market has entered a major expansion period. Whether in terms of market size or regulatory level, they have the conditions to establish an exit mechanism and delist the loss-making company.

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. They have created a good public opinion environment for establishing an exit mechanism. Under such circumstances, the delisting of the Scar Narcissus has become a natural result.

However, the regulators also have psychological pressure, worried that the introduction of the delisting mechanism will cause adverse market reactions. Especially the fierce smash of the market by evil dealers will bring a severe impact on the market, especially making investors feel uneasy.

For this reason, the leaders of the China Securities Regulatory Commission specially found Fan Wubing before the delisting of the Narcissus, and asked him to help support the market to avoid any uncontrollable situations, which would be in a hurry at that time.

Although Fan Wubing had a flaw in this matter, his view of the stock market is much more rational. There is no stock market in the world that only rises but not falls. That is abnormal. The stock market must slowly develop in the rise and fall. This is normal! The government's behavior of supporting the market actually violates market rules.

of.

The introduction of a policy must withstand the test of the market, but this test is not a short-term phenomenon, but a policy that can withstand the test of long-term. Fan Wubing is really worried about whether there is a problem with their management ability?

"Oh, after all, it's just a sensation. "Fan Heng said to Fan Wubing when he mentioned this matter.

In fact, both father and son are very clear about the trick here. The Chinese stock market is the government’s ATM. This is true 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 yes.

The myth of getting rich overnight is often unreplicable. Small gambling and big gamblers are just legends. The real reality is that the wealth of countless people shrinks in the stock market and becomes the spoils of the dealers.

The delisting of the unfair is obviously of positive significance. At least it has set up a warning sign for the speculation of poor-performing stocks, which is also conducive to guiding the establishment of correct investment concepts. After all, investors may face huge risks in speculating on poor-performing stocks that may suspend listing. The establishment of a delisting mechanism will greatly curb the speculation of poor-performing stocks. Ting, it is difficult for the speculation of stocks to form a trend again.

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

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"However, since it is speculation, it is impossible to act under the intention of the manager." Fan Wubing said to Fan Heng, "There are too few investment opportunities for Chinese people to enter the stock market. Most of the stocks in the Chinese stock market and the companies represented by most stocks do not have investment value. The long-term system of no dividends or less dividends makes investors unprofitable. How to invest? So the Chinese stock market is a market dominated by speculation. Apart from this, there is no highlight that can attract people, otherwise why would I never enter the stock market actively?"

Although the stock market has functions such as financing, conversion mechanism, and optimization of resource allocation, most of the domestic "Si Yi is focusing on the financing function of the stock market. He regards Bushi as a tool to constantly draw gold. He does not work hard to change the business management mechanism of the enterprise, and does not change the medicine.

Market investment concepts have been chaotic and distorted for a long time, speculative stocks are rampant around the world, while the real few high-performance stocks, blue-chip stocks have been worshipped for a long time

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

At least for the moment, junk stocks are still a mainstream choice in the market, and this will not change due to the introduction of the market exit mechanism. Of course, this requires the dealer's gameplay to be more clever, and investors' risks are even greater.

However, this is still useful, that is, once investors suffer more losses, they will be taught to get a painful lesson, and naturally they will understand what stocks cannot be touched. Even if they look beautiful, they can only be seen but not touched. There is a saying that is very good. Among the flowers, poisonous flowers are the most beautiful.

Those who are not afraid of death can try it.

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

"If the full circulation problem is solved, it will definitely get better?" Fan Heng always had doubts about this.

When the Chinese stock market was established, the system was quite special. A large part of the stocks in a listed company could not be circulated, that is, they could not be bought and sold publicly on the exchange, including state shares, legal person shares, etc. This is the so-called issue of equity split or full circulation.

Generally, investors buy circulating outstanding shares, which causes many problems.

For example, major shareholders are generally non-circulating shareholders, and the stocks they hold cannot be sold anyway. Therefore, they do not care about the level of the stock price. They can do things that are beneficial to themselves but are not good for all shareholders, without worrying about the stock price falling. For example, transfer profits and guarantee loans to others. Some major shareholders even regard circulating shareholders as cash machines and treat the money paid by circulating shareholders as charity funds that are not cost-effective, 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 solve the funding needs for promoting the reform and development of state-owned enterprises and improve the social security mechanism, exploratory attempts to reduce state-owned shares were begun. However, due to the gap between the implementation plan and market expectations, the pilot was quickly stopped.

In June this year, the State Council promulgated the "Interim Measures for the Management of Reducing Holdings of State-owned Shares to Raise Social Security Funds", which is also a continuation of this idea. It also ended in vain due to the unsatisfactory market effect.

Therefore, some scholars proposed the so-called equity split reform, which is to allow all stocks to be freely traded, that is, to fully circulate, so that the stock market will be improved in the system and let it play a role normally.

Of course, there are many difficulties in this reform, including institutional, interests, operations, etc., one of which is the redistribution of interests.

Because the holding costs of non-circulating shareholders are mostly very low, while the cost of circulating shareholders is very high. For example, when a state-owned enterprise was transformed into a joint-stock company, it was discounted as state shares based on net assets, and later when the circulating shares were sold, it was sold at a price of several times the net assets. At that time, because state shares could not be circulated, there were not many problems during the sale.

Now if you can buy and sell it, it will be very unfair to the circulating shareholders. This requires non-circulating shareholders to pay certain compensation to the circulating shareholders to obtain the right to circulation, which is the so-called payment consideration.

In short, there are so many troubles, this can only be a confusing amount.

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

In fact, not everyone knows exactly what the merit is, and even the best entrepreneurs have not seen the drastic changes in life.

The most surprising thing is that Wang Shi, a Vanke Group, who has become a leader in the country's real estate industry, made a promise that after joining the...change, housing prices will fall by 15%. The facts that later made his prediction a joke.

However, in this year of Liwu Shengge, there is still a sluggish industry, that is, the Internet industry affected by the Nasdaq stock market crash and the US economy. The four heroes who were in a state of enthusiasm were experiencing the first cold wave in their careers.

The one that seems to be the biggest trouble is NetEase's Ding Lei. Not only does his losses rise, but Nasdaq also announced that NetEase's stock has been suspended on the grounds that there are doubts about financial statements. At the same time, there are rumors that NetEase is likely to be delisted because of this scandal. A Hong Kong Internet company said in an interview with Dow Jones News Line that it will acquire the troubled NetEase.

Ding Lei later recalled that he was actually very confused during that period and even wanted to sell NetEase. The reason for not selling was not that he didn't want to sell, but that there was a problem with their financial audit and people refused to buy it.

Later, at the suggestion of major shareholder Fan Kang, he decided to do it again and make NetEase transform. So NetEase announced that it would invest in the online game "A Chinese Odyssey" and vigorously open a text message business with mobile telecommunications companies.

Fan Wubing is quite praised for this because Ding Lei's adventure proves that he is one of the best intuition entrepreneurs in China's Internet industry. Such a person can discover where the money in an industry is hidden at the first time.

6 Jack Ma from Alibaba in Tuzhou has not been as glorious as Ding Lei, but Alibaba is also in a mess this year.

Previously, the famous American investment bank Goldman Sachs and SoftBank, led by legendary Japanese investor Masayoshi Son, have invested $25 million in Alibaba. Last September, Jack Ma also held the first industry summit of China's Internet industry in Hangzhou, "West Lake Sword Contest"

At that time, many heroes in the Internet industry emerged, and no one was convinced. No one could ever call them together for a meeting.

Jack Ma knew that few people would come by relying on his reputation, so he cleverly invited martial arts master Jin Yong to sit in the hall himself.
Chapter completed!