self-regulatory measures information table

- Jan 07, 2017-

August 6, the National Small and Medium Enterprises shares transfer system announced since last year, 10 listed companies and related intermediaries were found violations, and the transfer system to take regulatory measures. This may indicate that the number of listed companies in more than 3,000, the Exchange will pay more attention to protect the quality of enterprises, and follow-up system introduced pave the way.


      According to the "self-regulatory measures information table", from March last year, including the trading company three letter shares and gas purification company AMP can, including ten new three board listed companies, Qilu Securities, CITIC Construction broker institutions, International and other intermediaries have appeared in violation of information disclosure, accepted a different degree of regulatory treatment. Among them, Ampon, to Bo and other listed company executives received a warning letter.


      However, the wide card Hang Seng Securities researcher Qiu Yi believes that these irregularities is only the new three-board market, the tip of the iceberg. "Information asymmetry, lack of information disclosure is a typical problem of the market, many companies do not know the relevant information to be disclosed, noncommittal when the non-disclosure shall prevail." He pointed out that some companies exist financial fraud, and even professional organizations Are unable to find out the business situation. In this case,


      Compared with the A-share market, the new three-board listing on the enterprise almost no threshold, regulatory supervision of disclosure of information Zeyi compliance mainly through the continuous supervision of host brokers to achieve self-management system. But the face of the rapid expansion of the number of listed companies to protect information disclosure compliance has become an increasing burden. In this case,


      In the list published in the stock transfer system, Qilu Securities, CITIC Construction, Central Plains Securities and many other brokerage firms failed to supervise listed companies to fulfill their information disclosure obligations and due diligence information disclosure documents, and was interviewed. Qiu Yi said that although the stock transfer system will supervise the rights delegated to the broker, but the number of companies far more than the number of host brokers, which allow brokers to provide counseling, the staff appears to be stretched.


      Cheng Xiaoming, vice president of securities, told reporters: "similar to the poor supervision of the phenomenon in the brokerage organization in a few, but the Qilu Securities and CITIC Construction was named, mainly because of the" They counsel many companies, stock transfer system, the system hope that they do not relax the quality of work.


      For the first time a year and a half of the regulatory measures across time information, but also reflects the influx of new enterprises in the three-board, the stock transfer system management concept is undergoing a change. Qiu wing that this means that the subsequent delisting mechanism will accelerate the introduction. He said: "In the case of delisting system is not perfect, the stock is transferred to such measures to put pressure on the company, hoping to slow down the pace of listing some of the threshold to improve the stock transfer system from the previous focus on listing the number of attitudes To strengthen the rectification, dismissed the attitude of non - standard enterprises.


      The latest round of new three-board regulation intensified in the first half of the hot market conditions. March 31, the National Share Transfer Company announced the launch of the abnormal price of ultra-high transaction investigation procedures, the "Zhongshan help" account account transactions. In April, market makers start self-examination, the Commission also organized a number of serious investigation and punishment of a new batch of three false letter, illegal transactions, damage to investors appropriate management of the case. In this case,


      Cheng Xiaoming believes that the current implementation of the new three-board self-regulation on the whole is effective. He said: "The violation is premised on the market is fully active, if the business is difficult to benefit from market transactions, the violation of the motivation will not be strong, but with the future transaction activity increased, corporate irregularities may increase. Share transfer system This is in advance of vaccination, active in the transaction before, regulate the market system and run, lay the foundation.