A Share Market Set Off A "Hengda Whirlwind", "Buy Without Lifting" Consideration.

With the lowering of the refinancing threshold, the shareholdings of listed companies have been diluted. The shareholders holding 4.95% shares have enough influence in many listed companies.

Therefore, the author suggests that it is possible to maintain a "consistent" rule with the 3% shareholding rules that have the right to vote. When the relevant shareholders hold up to 3%, they should fulfill their duty to disclose information. From 5% to 3%, it is not just a change in numbers. Not only will the changes in the shareholding of the relevant shareholders be more clear, but it will also help protect the investors' right to know.

Since the second half of this year,

Set off a "Hengda cyclone".

Evergrande group bought the Vanke stock and became the controlling shareholder of Jia Kai City.

What is more noteworthy is that behind Hengda's Hengda life insurance company becoming a shareholder of a number of listed companies, there is a general phenomenon of buying more than 4.9% but not reaching the 5% placards.

Data from the million statistics show that as of June 30, 2016, Hengda life has entered the top ten largest shareholders of 22 listed companies.

If we take into account the fact that there is no disclosure before entering the first ten, there may be more listed companies involved.

As an insurance company, Hengda life holds so many shares of listed companies, or in order to "spread the net wide" to achieve "wide range and wide income", which seems to have been interpreted from its shareholding ratio.

For example, the China Daily reported that Hengda life shares 0.57% of CITIC sea's sixth largest shareholder, holding the highest proportion of Tengda construction, but also 3.82%.

But with the disclosure of the three quarterly report, Hengda life insurance will also be held.

One of the biggest features is that Heng Sheng Shou holds more than 4.9% of the shares of listed companies.

For example, as of the end of the three quarter, Hengda life holds 4.96% of Jicheng electronics, holding 4.95% stake in Zhongyuan stock, Dong Liang new material and national technology.

In addition, although also holding 4.95% of the shares, Hengda life has become the largest shareholder of Mei Yan lucky.

There is no doubt that Hengda holding shares of the above-mentioned companies are only "one step away" from the placards.

According to the eighty-sixth provision of the securities law, within three days from the time when five percent of the shares issued by a listed company have been held by a relevant shareholder or a concerted action, the obligation of information disclosure shall be fulfilled, and the shares of the listed company shall not be traded within the above-mentioned time limit.

Since the shareholding ratio of Hengda life insurance did not reach 5%, there was no need to disclose information.

It is obvious that Hengda life has its own consideration.

If it is not for the relevant listed companies to disclose the three quarterly report, it is impossible for investors to know the information about the shares held by Heng Heng Shou.

However, if Hengda life shares hold up to 5% of the placards, then their shareholding obligations will be exposed ahead of schedule if they fulfill their duty of disclosure.

Moreover, the prohibition during the period will restrict the sale of shares by Hengda life insurance company.

And "buying without lifting" is much simpler and far less complicated than playing cards.

There is no doubt that Hengda Real Estate Holdings Limited or Hengda life has bought shares of many listed companies such as Vanke and jintin electronics. "Hengda" has become an important force in the market.

In particular, its shareholding is close to the placards, and is in a favorable position to "enter, attack, retreat and defend". It also gives the market great imagination of "space", which in turn will trigger investors' pursuit of related stocks, which is most vividly displayed on Mei Yan's auspiciousness.

In fact, the adverse reactions produced by the relevant shareholders "buy but not raise" are not allowed to be ignored.

If the 103rd law of the company law stipulates that a shareholder who holds more than three percent of the company's shares separately or collectively may submit a provisional proposal ten days before the general meeting of shareholders, and submit it to the board of directors in writing.

In April 2014, because of holding 4.98% of Ningbo's joint stock, Shanghai Zai hee suggested that Ningbo joint 2013 profit distribution plan should be 10 yuan to 15 shares to send 1.6 yuan (including tax, the same below), while the previous listed company's plan was 10 yuan 1.6 yuan.

Once the news was disclosed, Ningbo's combined two trading day increased by 21.76%.

Shanghai Chai hee did not raise the cards, but he successfully leveraged the joint Ningbo through the proposal of high delivery.

。

Another phenomenon of "buying but not lifting" is that the relevant information is not disclosed when the relevant shareholder holds 5% or even 10% of the stock line, and the game team of Shanghai Xin Mei equity competition is the same as the "Kai Nan account group".

The "Kai Nan account group" has used 15 accounts to increase the stock of Shanghai Xin Mei until its shareholding reached 14.86%. It only announced that the parties concerned had formed a concerted action relationship, but in fact, it was "concerted action" when increasing the shares.

The "buying and not taking" behavior of the "Kai Nan account group" has lowered the cost of its placards, but it has been suspected of manipulating the stock price, which in fact has also damaged the interests of some investors.

The above three phenomena of "buying but not lifting" actually wander in the gray area. Although some of them are illegal and illegal, some do not exist irregularities, but some people who have ulterior motives use "buying but not lifting" to steal market interests is also an indisputable fact.

This not only highlights the loopholes in our system construction, but also illustrates that the problem of low cost of irregularities in the A share market remains unchanged.

To solve this problem, in addition to strengthening the information disclosure work of listed companies, a substantial increase in the cost of violating regulations is also an indispensable means for those who want to take the risk to avoid crossing the "Lei Chi" step.

Another question that can be explored is whether we can adjust the conditions for triggering the placards. After Vanke's fight for equity, many listed companies have revised their articles of association in order to guard against "barbarians at the door", and listed companies such as Erie stock have launched the terms of stock holding up to 3% to disclose relevant information.

Although its revision was questioned by regulators, it actually provided us with new ideas.

Most importantly, in the 3% context, the phenomenon of "buying but not lifting" will never exert its influence at 5% hours, and its side effects will be much lighter.