Category: Money tips Release Date: 2006-06-17
Fifteen years of China's stock market to invest in the securities market place has attracted more than 7,000 million on behalf of investors, but due to positioning error, eventually becoming the world has long recognized "means for misappropriating trap" at present, although the time had in its desperate engaged in change, but investors lost trillions of assets essentially is irreversible. Who swallowed the Chinese public investors hard-earned money, that is, during this period that China's stock market to support up four "wolf."
First and foremost, is the listed company. Past fifteen years, more than 1,400 listed companies, IPO, share placements, such as total issuance of more than 2000 million shares, about "financing" 900 billion yuan, but into the company's net assets per share diluted, after an average of only 2.3 yuan or so, the public investors in the "same shares same rights" under the rules is entitled to only less than 500 billion of assets rights, while the remaining 100 million of real money on the more than 4000 used "the same stock with the right" in the name of the possession by non-tradable shares. Is almost only half of these only the assets of interest, although he is still no reliable protection, and fifteen years and how much the assets of listed companies by large shareholders through related party transactions, malicious guarantees, or direct occupation of the hollowed out, people know only occupied the majority shareholder of funds recovered so far despite repeated inventory, but there are still more than 700 billion yuan. Those who are already insolvent, has a negative net assets of listed companies to the public investors, will not that go down the drain, have failed to be implemented all of the investment is not it? The ongoing share reform, non-tradable shares tradable shares to the public although some of the price paid, but it is far from not being swallowed up interest in the assets.
Second, is the broker. The stock market is China's reform and opening up emerging markets, a securities dealer that is a matter of course the emerging industry, its development prospects and potential that people could not but be optimistic and admiration. However, 10 years of China's stock market brokerage what state, a month of crisis, national governments have to come up with tens of billions to save, that is, that there are still many incurable persons, hundreds of millions, hundreds of billions of losses ultimately Only closed end. The main broker, is not that the Securities and Exchange stands to reason that an intermediary, as long as there is stock trading to continue, its income is Hanlaobaoshou's. 10 years, the Chinese investors buying and selling stocks costs of the delivery of more than 3,000 billion yuan (commissions, taxes, etc.), but still not keep a live broker, tens of millions, hundreds of millions of funds, bonds, deposits entrusted to them, you can miss no reason to missing, it is crazy to trust management by such means as the property of others in the swallow.
Furthermore, is the fund. Securities investment funds in the wake of China's stock market and raw, these so-called institutional investors, financial experts, in the repeated extraordinary development, it is now has reached 500 billion scale. One might hope that institutional investors have been able to lead the Chinese stock market is the investment philosophy is to be able to stabilize the market, the Fund's investors are experts in what they hope to financial management. But so far in China's stock market or in precarious and where to see such a large institutional investors Dinghaishenzhen role, not to mention the reason for the Fund investors, the number of fortune. Why are the prices of exchange-traded fund nearly half the sum of the discount will appear, will not that more reason for the remaining assets of the Fund is expected to do little more? Fund managers are financial management is a loss year after year, but they are paid is an unavoidable, the annual 2.5% cumulative proportion of regular daily basis to extract from the fund assets, 5000 Yi Yinian be drawn is that the management fees 12.5 billion. As it said it was in financial management, not as good as that is to swallow investors in property.
There, that is, the "banker." China's stock market investors, the loss of assets, by no means limited to when you enter the more than 4,000 listed companies, the loss of 100 million, as investors buy the stock prices of most of the initial offerings are not the price, but nearly twice the market average premium, squeeze the bubble in the value of return, the investors for losses is appalling, but unable to invest in the stock market can only be speculative, the makers of the wreak havoc and do not know how much property investors swallowed. One should recall that the market makers to manipulate Yiankeji speculation, pushing up the stock prices as high as 126 yuan, while its profit reached 470 million yuan (have * penalty forfeiture), plus Guangxia, Lam Tin shares of Dongfang Electronics, Chinese departments, Delong Department of ... ... and so, in fact, can be said that an unknown number.
Fifteen years of the Chinese stock market, and now "financing" is completely stopped, and the special record-tradable shares of stock is also a result of this reform and about to come to an end. Stock reform is to a price, that price is in fact long ago by the Chinese stock market investors in advance, while the cost of these advances, is not China's stock market during this period these four "Wolf" swallowed do?
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