Category: Money Tips Date: 2006-08-12
Yesterday, the Securities and Futures Commission, the SASAC jointly issued a document, you do the split share structure reform has made 10 observations, which, with regard to pass a standardized and effective procedures and arrangements to protect investors to fully exercise their rights; and medium-sized listed companies, especially state-owned holding company to actively make use of to solve the split share structure to further improve the modern enterprise system; sponsor organizations should be honest and trustworthy diligence, program design must conform to reality; to create a market environment conducive to reform the formulation, not only responded to the earlier investors in the pilot some concerns, but also caused a lot of the market association.
Lenovo, one of: more perfect communication mechanism "Opinions" Summary: With regard to pass a standardized and effective procedures and arrangements to protect investors to fully exercise their rights. ... ... To safeguard investors, especially public investors to know, the right to participate and vote, and take effective measures for the reform program has a broad shareholder base.
Voice-over: The first batch of pilot companies reform program by the first-hand the development of non-tradable shareholders, shareholders of tradable shares is only the right to vote, there is no bargaining rights, precisely because there is no adequate communication, the first batch of pilot program the company appeared to "fade", such as 31 Heavy Industries plans to be released in the first months after suddenly changed the program, Taurus Energy non-tradable shareholders have increased its commitments.
Shenyin analyst Qian Kai Min: Sany Heavy Industry companies such phenomena shows that in the course of the pilot program, we must establish a bargaining mechanism, the only way to fully protect the rights of investors to maintain market stability. Reference to the views, indicating management has considered this, but it must be fine-tuned.
Lenovo's two: high-quality state-owned enterprises take the lead in the pilot "Opinions" Abstract: A medium-sized listed companies to actively share-trading reform. ... ... And medium-sized listed companies, especially state-owned holding listed companies split share structure reform will create a good demonstration effect is conducive to the reforms are expected to form a stable investor. To actively make use of the split share structure reform to further improve the modern enterprise system, so that increasing the value of the assets with a more open, fair and just basis for value judgments. ... ... State-owned assets supervision and management institutions at all levels to actively support the work of the split share structure reform.
Voice-over: the first batch of pilot companies do not appear large state-owned holding listed company's name, so there are market participants suggested that the first batch of pilot the company's representative is not strong. Some people worry that, for consideration of state-owned assets, large-scale high-quality state-owned enterprises will slow the pace of reform is not out of step.
Qian Qi-Min: "The trial Opinion" shows beyond doubt that the SFC and the SASAC and other parties in the pilot issue of a further consensus has been reached. Can be expected that the next batch of pilot list, at the central level there will be large companies. This pilot project is favorable, because only in this type of pole-type pilot of large companies, the market can right the overall impact of the split share structure has a more comprehensive understanding of a stable market outlook, expectations, which are help split share structure reform of steady progress.
Hai Tong Securities analyst Zhang Qi: If the second batch of pilot launched large-scale high-quality companies, is likely to increase market confidence, leading to a rebound Quotes. However, as advice and there is no timetable for introduction of the pilot, nor did it explicitly pilot companies must "with power", it is still on the market is expected to cause some uncertainty, once the pilot's compensation package is not satisfactory, the market will continue to be adversely affected.
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