Category: Money tips Release Date: 2007-05-24
Fear of H shareholders class-action lawsuit has become a stock reform into one of the symbols in Sham Shui Po; as the representative of China Sinopec H-share companies with stock market crash of already became a decline of the culprit. While ago that with H shares, B shares A shares of stock outstanding because of the small proportion of the price could be higher, and now they are worried about high-rise on the price of a foreigner resentment, from one extreme to another extreme.
Hong Kong investors are said to have let out, if the stock price did not change on their copies, they will bring "collective action." As the H-share market, China Life has been a class action earlier, and made the words on a dizzy people. This is the share reform to date, there is no one with H shares and B shares of the company testing the waters of the main reasons.
In fact, the so-called H shares shareholders, "collective action" is a bear refuting. Not to mention dozens of H shares on the prospectus, has never had a "state-owned shares, legal person shares traded temporarily" commitment, just a low premium to issue H shares, A shares the high premium distribution, has given shareholders of H shares soiled with A shares of stock outstanding shareholders of a lot of light, so you really want to litigate is not afraid.
Split share structure reform is purely a matter between the shareholders of A shares, but it raises an issue, stock reform must not undermine the legitimate rights and interests of other shareholders, who will bear the cost of share reform is one of them.
More than three months ago, in Sany Heavy Industry, etc., when the first batch of the pilot has just kicked off, the writer's author raised this issue. Since then, the authorities issued a series of shares of this file is, unfortunately, are evading who shall assume the cost of share reform issues. Now concerning the interests of foreigners, the relevant departments sit still. The afternoon of September 26, diverted by the State Council investigation team shares the forum held in Shanghai, when someone mentioned that whether or not to H shares and B shareholders pay for the price, the relevant person in charge, and no clear position, but stressed that "the share reform program document already has operational requirements "; but the person in charge also reminds us that share reform on the premise that the interests of listed companies must not be compromised," the reform of listed companies do not bear the costs and expenses, at least in this point, the listed companies should pay more attention. "(see" China Securities Journal, "September 27 edition)
Stock reform of the State Council investigation team dedicated to remind the person in charge, "the reform of listed companies do not bear the costs and expenses", of course, including the share reform sponsor fees, as well as various public relations fees, etc. These words have put it any clearer. Because the document does not have a charge of personnel had verbal advice can I fear is that the real implementation of them or will "raise" instead of "good."
First, the "share reform costs and expenses borne by the listed company" refers to all listed companies with H shares, or just talking, B shares of the company? Needless to say the latter, because the mess it will cause international disputes. Pure A-share companies do? A shareholder stock reform is a matter undertaken by the listed company is nothing wrong ah. But wait a minute, five ministries share reform issued guidance for Article IV explicitly states: "split share structure reform is a non-tradable shares can be traded to make institutional arrangements", to be great vernacular, stock reform is to enable non-tradable shares into tradable shares, You should be non-tradable shares in circulation, but they do not dig the cost paid by the listed company, is not it a violation of my legal rights and interests of shareholders of the outstanding shares of it? But people do not bring class actions, non-tradable shares of major shareholders will not be afraid for you.
Second, the Shenzhen Stock Exchange this year, three quarterly increase in the information disclosure requirements specifically mentioned, G-share companies shall provide a detailed disclosure of the original non-circulating shares in the share reform process has made a special commitment and fulfillment on who will bear the cost of share reform has silent. The general company, millions of dollars or even million-dollar cost of share reform is not a decimal, if the non-tradable shareholders of the companies at least have to write on a stock and the cost to change a number, were non-tradable shares by the shareholders (XX) to undertake with the listed companies have nothing to do; if it is borne by the listed company, will be credited Which subjects? Is the management fee or a special fee? Is the current amortization or amortized over several years?
Stock reform bears on the long-term capital market development, and management does not take into account the above-mentioned problems? Certainly not! The only explanation is that the departments concerned to prepare either intentionally or unintentionally vague in the end.
