Category: Money Tips Date: 2006-07-30
GF Securities Yanbian highways suspected shady backdoor
Moderator:
According to media reports, July 31, the Shenzhen Stock Exchange Market Supervision issued a letter to the GF Securities, to investigate all customers in the GF Securities held by Yanbian Road detailed account information.
GF Securities, said: GF Securities clients just a few hundred million payment, rather than holding a few hundred shares, which should not be too big an impact on stock prices. But the point in time was just a coincidence.
Well, this insider trading Doubtful Case, what should or should not Cha? The arrival of the new era in full circulation, regulators how the investigations?
Background
GF Securities backdoor listing of news Yanbian Road once widely speculated in the market, Yanbian Highway shares from April 26 to 2.86 yuan, rose to June 3 along the way before the suspension 8.06 yuan, or more than 280. Especially in the three trading days before the suspension, Yanbian Highway 3 consecutive daily limit.
May 31, Yanbian Road daily limit, GF Securities seats and GF Securities Shennan business department of the transaction appeared in the top five of the largest columns. In the May 25 the daily limit of Yanbian Highway, the above GF Securities of the seats have chart.
But the Yanbian Road company has always denied GF Securities would like to take regarding its shell. May 10, when the stock price five consecutive daily limit, to 5.08 yuan, the Yanbian Road is still issued a public notice to deny access to the relevant parties to exist.
Until the June 5 announcement of the suspension, the Yanbian Road to admit that "the controlling shareholder of the company is working with GF Securities backdoor listing on the matters relating to communications and consultations."
Volkswagen evaluation Taiwan
Hai-yuan: the legal system is not perfect
I think the Chinese legal system is still not perfect, why is such an obvious loophole in the law do nothing happens then? In this case, regulators must not be ambiguous, it should be the introduction of judicial intervention, a check in the end, and never be tolerated.
Shen Yi-Bo: talk and no action can not regulate the market
GF backdoor incident occurs such a "coincidence," Anyone who can see to know everything, so even the SFC does not acknowledge this. Since the management want to standardize the market, it should come up with practical action points to, or has been talk and no action, the market is not always the norm.
Mr Fung: SFC to fulfill the obligations
As the saying goes "No rules, not a radius of" I hope that the Commission increase the inventory of efforts to find out the truth as soon as possible, but also stocks an innocent. The SFC should be moving steadily, relentlessly crack down on illegal violation of the believers, bound by law-abiding public companies, this is the bounden duty of the manager.
Lu New: can not rely on suspicion and speculation
Not simply by representation to speculate, but by the administration and the judiciary involved in investigations, so as to give the facts, but also conducive to establishing public confidence in the stock market.
Sun Xiang: the need for multi-force monitoring
China's stock market regulators still need to SFC, the Stock Exchange, the mass media, investors and other multi-force monitoring.
Topics planned and presided over the auspices of Zhu Yu Ling Jianping MSN
â—?boiling point feature
Shenzhen Stock Exchange in the investigation of the real Who?
Water Paper China Business Times deputy managing editor
Backdoor capital market is always new stories often fried, are a normal phenomenon. Many businesses choose to pass the re-listing of the completion of low-cost behavior is nothing wrong with the past, in the future there will be. And I can be expected that, in the full circulation of the major circumstances, survival of the fittest as the market's own functional recovery, this re-backdoor listing of things more and more.
Kwong Fat incident was not accidental, it is against the backdrop of warming in the market, brokers plate reversal in the market as a whole under the phenomenon. In fact, not just GF Securities has backdoor listing of the will, including Changjiang Securities has given rise to the so-called backdoor listing of East Lake High-tech hype, so that East Lake High-tech from the 3.5 per soared to 8.75 yuan. In fact, the Changjiang Securities acquisition speculation East Lake High-tech compared to Guangfa acquisition speculation among the best in the Yanbian Highway: When rumors burst, the East Lake High-tech three consecutive limit down, From 8.75 yuan GAO points all the way down to 5.2 yuan, even worse than the Yanbian Road.
Shenzhen Stock Exchange for the GF Securities should be investigated, which shows the attitude of management's supervision over the market, especially in the Shenzhen Stock Exchange the day before the occurrence of a continuous work of international, Tianyuan Science and Technology, as well as the depth of hype Weier Tai was the context of Shenzhen Stock Exchange for the disk line is a step forward to strengthen the monitoring, but also on the market are being responsible. But honestly speaking, this investigation will let it rest 10 thousand percent.
Shenzhen Stock Exchange now investigate the motives and mind have a fatal flaw, it is subject to market pressures is too large. Month, up 280 is not on the transaction constitutes a transaction, can not constitute grounds for investigation? If so, then how much inflation is reasonable? If not, then the Shenzhen Stock Exchange is not suspected of intervening in the market over there? Water skin is more willing to believe that the Shenzhen Stock Exchange for the detection of GF Securities another explanation, perhaps because it was reported to the public the fact that there are still inconvenient. SSE is now only from the accounts and investors to review the investment behavior is difficult to identify where there are irregularities. Crux of the problem itself is not widely made use of this information in the self-drive profit, so in this context there is no need to carry out the so-called clumsy and self-examination of the mass movement. Shenzhen Stock Exchange is now the practice, on the one hand that the attitude of this emphasis on the other hand, I am afraid there is also accountable for the above. However, the water skin to worry about the general direction of the transfer of the struggle, to replace the original small group of people break the law has brought about a vigorous struggle of the masses of the people. We all understand that one reason, under normal circumstances, persons responsible for the mass movement can not be found, there will be public law is not responsible for the results.
In fact, the Shenzhen Stock Exchange recurring regulatory storm also remind our investors and management, how do you view full circulation of market transaction environment? How the definition of legal and illegal? Against the new securities law, how can regulate their own behavior? If GF Securities acquisition of such behavior lead to market fluctuations needs to be explained, at least show that in the information disclosure of listed companies on the problems, who must bear the responsibility should be to clear. Likewise, a similar inventory for Changjiang Securities should also be started, it should be treated equally, it should give us a clear explanation.
