The Market Continues To Collect The Weekly Yin Line. Under The Favorable Policies, There Are Still Many Crises.

This week, the new good fortune finally brought the market back to its peak.

The Shanghai Composite Index, Shenzhen Shenzhen composite index, small and medium-sized board index and gem were 1.7%, 4.4%, 1.9% and 2.9% respectively, Zhou Yangxian and Shanghai stock index recovered the average line in one fell swoop, and all the averages except 60 antennas and 120 antennas.

At the weekend, Shanghai stock index closed at 3158 points, confirming 3016 and 3022 bottom and bottom of the market, reversing another stock market crisis.

1, chairman Liu should be enlightened.

The resolution of the stock market crisis is mainly attributable to the three major rescue policies of the SFC: the new policy of reducing the size of the stock market; slowing the pace of the expansion of new shares, and issuing new shares at the end of last week, from 10--12 per week this year to 6 billion 500 million yuan or so, to 4 yuan and 1 billion 500 million yuan respectively; the vice chairman of the securities and Futures Commission stated that more than 90% of mergers and acquisitions do not need to be examined and approved by the securities and Futures Commission (except for backdoor listing and purchase of assets through public issuance of shares).

For this reason, some economists and empty bearers accused Mr Liu of being abducted by the market's decline and condemnation, and "contrary to the original intention to bow to the market". "We should unswervingly speed up the expansion of new shares until the registration system is implemented".

Some even pointed to the experts and market participants who put forward rationalization proposals by the SFC, which is rare in the stock market in the past 27 years.

In fact, this is totally misunderstood.

It is true that President Liu listened to suggestions from some market participants. Their admonition and urge had indeed played a catalytic role in accelerating the introduction of the three favorable policies.

However, these three policies are not in a rush of decisions made by Chairman Liu to meet the needs of the market.

For example, the new policy of reducing the size is not completed until several months before organizing experts' research. Supporting and encouraging mergers and acquisitions is also mentioned by Chairman Liu at the two major exchange conference one or two months ago and the annual summary report of the two major exchanges.

The three policy is major decisions made by the SFC through a scientific and democratic process.

Besides, these three favorable policies have grasped the crux of the long run down of China's stock market and the short bear and long bear. The strength of the stock market has helped to prevent the stock market from spreading in depth in the 4 edition, avoiding new risks when dealing with financial risks, safeguarding the interests of the vast majority of institutions and investors, restoring investor confidence, and returning large numbers of investors who left the stock market in despair. It is conducive to guiding China's stock market to go on a stable and healthy development track and better serve the real economy.

How can it be said to cater to the needs of market participants and surrender to the market? Is it backward? Is it necessary to insist on the principle of marketization?

From this week

The effect of the Jedi counter attack is that the investors who have complained to Chairman Liu and are strongly dissatisfied with the past are fully convinced of Han Zhiguo's courage to stand up and shout at the time of the stock market crisis. At the same time, we can not help President Liu to lay down his body in the past few weeks, learn from his heart and mind, open up his words and ways, know his mistakes, choose the best way of admonition, and dare to take the open style and democratic style of work.

2, the three major policy combinations will show their power.

The role of the new policy of reducing the size is to stop the chaos of the previous "non liquidation" and "barbaric reduction". It has become feasible and regulated, alleviating the rhythm of the non reduction of the size and blocking the gush of the issuance of the trillion directional private placement.

But the market is still worried that this is only a delay in the lifting of restrictions on all kinds of restricted shares, and can not fundamentally eliminate the pressure on the market.

Slowing the pace of expansion of new shares is a supplement to the new policy of reducing the size of new shares.

Because reducing the number of new listings from the source is equivalent to reducing the subsequent non incremental size.

This will not only ease the tension between supply and demand in the market, but also reduce the willingness and impulse to reduce the size of the stock market.

The combination of the two great advantages makes many people turn up.

To relax control over mergers and acquisitions, and to actively encourage and vigorously support, this is better than the top two.

Its positive significance lies in:

(1) it embodies the most important functions of the capital market, such as optimizing resource allocation, risk allocation, re discovering value, securitisation of assets, floating of private capital, etc., which helps restore the confidence of institutions and investors in the one or two tier market.

(2) the amount of financing in mergers and acquisitions is far greater than IPO, so that the SFC can give an account of its implementation of "increasing the proportion of direct financing".

For example, last year, 227 new shares were issued, and only 148 billion yuan was raised, and 500 new shares were originally planned for this year, with only 300 billion financing.

In mergers and acquisitions, the assets and financing of a company are billions or even billions.

The number of refinancing in one year alone is over trillion.

(3) refinancing in mergers and acquisitions is conducive to the purchase of high-quality assets, upgrading and upgrading of listed companies.

(4) the increase in the strength of mergers and acquisitions has made many large shareholders of listed companies who are not absolutely controlled, and dare not reduce them as easily as they used to.

A little carelessness will lead to mergers and acquisitions.

(5) enabling state-owned enterprises and local state-owned enterprises to smoothly reform their state-owned assets and reform.

Because mergers and acquisitions involve equity changes, many state-controlled listed companies can re evaluate the net assets assessed ten or twenty years ago, making net assets (especially land assets) substantially appreciated, so that the pfer price of state-owned shares is much higher than that of the original net assets and is much higher than its market price.

Such as the three love rich, the net assets per share is 5.63 yuan, the stock price is 13.86 yuan, but the pfer price of the state-owned shares is as high as 20.26 yuan.

This not only made the state assets substantially appreciated, but also enhanced the value center of the state-owned assets and the whole market, stimulated the enthusiasm of the investment in the market, enhanced the vitality of the market, and accelerated the structural adjustment, pformation and upgrading of the economy and the reform of the supply side.

On Wednesday, the 4 big indexes drew a big line, which is exactly what the vice chairman of the securities and Futures Commission has done. "90% of mergers and acquisitions no longer need to be approved by the SFC". In the past two weeks, the merger and acquisition reorganized by the SFC is closely related to the quantity of the previous month.

Visible, caught.

It means grabbed the bull's nose to activate the market and restore investor confidence.

The three policies are closely linked and indispensable. Only a combination of boxing can show its power.

3, good policies can not be ended.

In my opinion, there is still more to be done to really turn the stock market crisis into a long-term bull market.

First, we should carry out the structural reform of stock rights for queuing companies to be listed, and limit the holding ratio of large shareholders to less than 33%.

The excess shares can be turned into a preferred stock that can never be reduced or held without voting rights, and only the dividends can be obtained; or the agreement can be pferred to other institutions, or as a stock to small and medium investors.

In order to prevent the reduction of new size from the source.

Second, support the listing of new industries, but not the traditional enterprises with cyclical, surplus and low performance.

Third, we must strictly grasp the standards of IPO, so as to prevent companies from listing and making fake products.

In particular, we need to strengthen the investigation of companies that face changes in performance soon after they are listed. Once they discover fraud, they will be severely punished by legal and economic means.

Fourth, in order to improve the quality of China's stock market and cultivate new companies like Amazon, Google, Microsoft, CISCO, Alibaba and Tencent, it is recommended that the real high-quality enterprises in overseas Chinese concept stocks be allowed to return to A shares to give priority to listing or backdoor listing.

It also encourages the first class newly emerging industrial enterprises that have not yet been listed in the stock market to make the listing through mergers and acquisitions and backdoor to change the situation that the Shanghai 50 index is dominated by traditional industries.

Fifth, amend the "new rules for asset restructuring" promulgated in September last year, abolish many unnecessary and too severe restrictions, especially allow cross-border mergers and acquisitions to be allowed and encouraged.

Sixth, slowing the pace of new shares expansion can not be changed.

I remember when the market downturn in May 2014, at around 2400 consolidation, the SFC announced that in the 7 months to the end of the year, no more than 100 new shares were issued. As a result, market confidence was increasing, and new capital came into large numbers. It took a long way to reach 3234 at the end of the year.

At present, 220 new shares have been issued, and now they are issued at a rate of 3-5 per week. In the year, 110 new shares will be issued, and more than 330 are in the whole year. This is the fastest pace of expansion in history.

If so, the market is expected to gradually repair, enter the 3200 point -3500 shock box.

Specifically, state-owned asset reform stocks and private enterprises asset restructuring stocks.

First, the recent management slowed down the pace of expansion of new shares, but accelerated the pace of mergers and acquisitions, and gave the latest policy guidance.

Only a week in June, more than 40 mergers and acquisitions shares were declared suspended.

Including more than 150 stocks that have announced the failure of the restructuring and have already passed the pition period are all eager to brew a new restructuring plan.

Two, according to the merger and reorganization rules, the state reform stocks and asset reorganization shares will not be allowed to reduce the size in the first half and one year after the announcement of the reorganization. Besides, the state assets share has been lifted for more than 10 years, but because of its shareholding belongs to the state and the management level of the company is basically not a share, its large and small ones have not been reduced so far, and it is the worry that the whole market has no size and no reduction.

Three is the plate plate small (3-5 billion shares), a deep decline (generally cut by the waist), low stock price (6-10 yuan), adjustment time is long (nearly 1 years).

Once launched, the gains will be considerable.

The four is exogenous growth.

Through the reform and reorganization, equity pfer, backdoor listing, pformation and upgrading, the introduction of first-class emerging industries.

Its value and growth are much larger than that of small and medium sized stocks with tens of dollars in stock price.

Five, the net assets and value of state owned shares are seriously underestimated.

Once the reform and reorganization and equity pfer are determined, the net assets that have not changed over the past 20 years will be reassessed, and there will be several times the value added.

The recent central enterprises Shenhua and Guodian power double suspension reorganization, opened the central enterprises mixed change prelude.

On Friday, Shanghai port group and Waigaoqiao suspended major reorganization.

It is reported that the intensity and handwriting of its mixed reform are unprecedented, and will open a new round of Shanghai state capital reform.

5, grasp the rise of Shanghai 50 and 500.

The characteristics of the recent market are: the Shanghai Stock Index 50 and the CSI 500 index have been pulled by turns. The market no longer has the fear of bottoms up when the Shanghai Stock Exchange reaches 50, but it is no longer a 19 phenomenon or a 28 phenomenon, but a relative balance.

The extreme polarization of "beautiful 50 and fatal 3000" in the early days has ceased to exist.

In view of the RMB appreciation rose to a new high of 6.78 yuan in 7 months, and foreign exchange reserves increased for 5 consecutive months, the CBRC relaxed the self-examination period of financial products and outsourcing investment for 3 months. The SFC will affirm the responsibility of investment and management products as a "responsible investment", and the steady economic growth in the second half of this year will remain unchanged.

Therefore, despite the uncertain factors of the Federal Reserve raising interest rate in June, the market may be repeating, but the trend of slow market volatility has already been formed.

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