返回
当前位置:首页 > 雅思英语 >英语百科 > 证监会发减持新规

证监会发减持新规

来源:在线翻译网  时间:2023-03-21

Experts welcomed moves by the China Securities Regulatory Commission to tighten rules governing stake sales by big shareholders in listed companies.

Analysts on Tuesday said the new rules will make the stock market more stable and sustainable in the long term, besides strengthening investor sentiment.

证监会发减持新规

Stake sales by major shareholders through block deals have been often blamed for market volatility that rattled small investors.

The new policy requires major shareholders to divulge detailed information on all aspects of their stake sales via mechanisms like block deals. It also covers the sale of private placement shares and equity transfers via agreements.

The definition of "major shareholders" has been also revised. It now includes those who hold 5 percent or more shares in a company, besides senior managers.

"The improved system will guide major shareholders to reduce their holdings in a standardized, reasonable and orderly manner, which will help stabilize market expectations and shore up investor confidence," said the CSRC.

Li Zhilin, dean of the Enterprise and Economic Development Research Institute, East China Normal University, said the new policy is in alignment with a slew of recent measures aimed at reducing leverage and related risks that have been hurting the financial markets.

In the past, big shareholders' stakes were subject to a lockup period. When such shares became tradable, inadequate information disclosure requirements used to cause volatility in stock prices, eventually bringing windfall gains to sellers at the expense of retail investors.

The new policy now plugs such loopholes, and will ensure transparency as well as fair distribution of gains, said Li.

"This move helps restore investor confidence and puts the stock market on a steady and bullish track," said Li.

Sun Jinju, a researcher at Guotai Junan Securities Co, said Saturday's move will encourage investors to think long term rather than seek short-term speculative gains.

In a research note, Sun said investors will now focus more on long-term growth of a company and yields from its good performance (such as through dividends) than overnight share price surges.

The move will further strengthen the fundamental idea of investment in the stock market, which would enable more people to participate and gain from growth of companies, he wrote.

Yang Delong, executive manager with Qianhai Kaiyuan Fund Management Co, said that the new rules are "significant" for the A-share market because they protect retail investors, thus boosting their sentiment.

"In the past, some big shareholders disposed of their holdings in a 'clearance sale' manner-'everything must go'-which hurt share prices as well as retail investor confidence. The move will certainly help the securities market to rebound amid the global bullish sentiment," said Yang.

The new policy may, however, affect private placements, pre-IPO funds and private equity funds, market insiders said. Tightened regulation could hurt liquidity in secondary market trading, said a report from China Fund.

Xinhua contributed to this story.

学习英语 在线咨询
本站覆盖全国各省市中高职专本科院校及计划外招生院校,汇总各校招生要求及专业信息,如您今年尚未被任何院校录取,请自愿填写下表,我们将在全国范围内筛选适合您就读的大学,安排招生老师与您沟通。即刻报名,圆大学梦!
*

学生姓名

*

手机号码

*

户籍地址

*

当前学历

 

意向专业

立即提交

分享:

qq好友分享 QQ空间分享 新浪微博分享 微信分享 更多分享方式

Copyright © 2024 www.ywqm.com All Rights Reserved. 版权所有:在线翻译网

战略合作伙伴:红警下载人工智能小刀娱乐

ICP备案号:浙ICP备2022029279号

Top