Monday , August 2 2021

Buying Policy is useless! To clarify the five major institutional arrangements to avoid the impact of the secondary market – Wall Street



First, it has enriched the source of purchase funds. Repetition rules offer many sources of funding. Bus funds, financial institution loans, funds that issue preferential stock or convertible bonds and funds that emit some other investment funds can be recharged.

Secondly, listed companies allow better shares during their purchase period.

Third, the period of purchase is more flexible and the time limit to comply with the company listed by the company extends beyond one year to one year.

"block" insider trading and down holdings

Some investors are worried that listed companies may have insider trading, market manipulation, and other illegal and illegal activities in the stock purchase process. For example, sharing the most important buyer share would be to reduce shareholders' "raise the chair" and "leak cutting", and the listed company will "flicker" reload through incorrect information. There are also issues that are necessary to formulate and respond to procurement rules.

Repetition rules have made rigorous regulatory rules. On the one hand, the controlling shareholder negotiation behavior and the contracted entrepreneurs, executed by real drivers and other managers, are held in accordance with the period of repayment of shares, block insider trading and reduce the "reduction" channel; Streaming and quantity order to order commercial order of the market to avoid acquisitions of shares.

"Repression rules" clarifies that the listed company and Dong Jiangao shareholders share the participation of the Chinese Securities Regulatory Commission and the Stock Company in accordance with the shareholder share reduction quota. At the same time, if the company is committed to maintaining the company's value and shareholder rights, the shareholder controller and contractor, the actual controller and Dong Jiangao will not be able to purchase the stock reduction period.

The information for ordering the company sharing information has clear expectations. When the circumstances of the individual shareholding purchases have been clearly changed, the "Purchase Rules" are required to determine the amount of the new compensation plan or lower limits and determine the total amount of the funds in the redistribution plan, and the upper limit is not exceeded 1 Do not mislead investors. At the same time, the "Purchase Rules" is based on the relevant regulatory experience, and the Chairman, the shareholder controllers and the actual driver provide the time, quantity, price range, voting commitment and opinions proposed. The problem was placed on the proposal to relocate "proposals" to deal with misleading investors. In addition, the continuing dissemination requirements for the purchase progress are determined, and the listed company is required to establish a rigorous commitment plan.

With regard to the dissemination of information, rigid restrictions are reinforced. The company management committee "Repulsion Rules" is required to carry out a fair and feasible purchase plan that is rigorously carried out. If the purchase of the shares is intended for purposes, the redistribution plan will clearly explain the amounts purchased for the corresponding purchase plan for each purpose. Total amount of the company's capital and funds. At the same time, after publishing the purchase program, it is not arbitrarily modified or denied due to sufficient reasons. In the event of changes or cancellations of the company's production and operation and changes in its economic situation, the corresponding decision-making procedure will be strictly applied and notified. The Shanghai Stock Exchange will supervise and supervise the company's reloading program. If necessary, if it happens at any time, it will be correct.

In addition, if the company retrieves the company's shares to maintain the company's value and shareholders' rights, the business purchase period may not exceed 3 months.

Controlling the rhythm and quantity of the contract to affect the secondary market

Shared purchase allows the stock price to stabilize, but in the short term it may also be concentrated and too large a purchase that affects the price fluctuations and creates a trading order. To this end, "Purchase Rules" refers to adult foreign market practices, reducing the amount of the purchase of a reasonable period of time and reducing the purchase price and the necessary restrictions to ensure the orderly purchase of the stock.

First, according to the "Change Decision", the purchase method of the trading method is clarified. In order to ensure the fairness and rigor of the purchase of shares, and the transfer of interests and the operation of the black box operations, "Repression Norms" clearly clarifies the "open trading method open" in the "Revision Decision" "Notification" and "Opinion". Offer method for licensed bidding method of transaction and other approved methods of the China Securities Commission. At the same time, to facilitate and facilitate the sharing of shopping settings, the "Repetition rules" company only accepts one of the trading methods and a combined trading method is not allowed.

The second is to optimize the quantity requirements for recharging statements. The current business regulations state that the number of shares that are recharged every day can not be exceeded by a third of the total amount of the purchase, but the number of recharged shares per day will not exceed 200,000 shares. The "Purchase Rules" fully reflects the true needs of purchase transactions in the company's shares, which includes the mature experience of the United States and Hong Kong market and optimizes the purchase volume of purchases. The specific requirement is that the amount of refund of 5 business days should not exceed 25% of the day trading day of 5 days prior to the date of the first refunds, except for 5 days before the 5-day dealings with more than 5 million pesos. It can affect the business side of the secondary market.

Third, keep the payment window window and indicate the price limit. The "Rule of Repression" keeps the necessary regulatory restrictions, such as the recurrence window, and the current price balance of current purchases, to prevent commercial retail side effects, and, in general, periodic reports, performance information and other important information Some appear before and after by law. At the price of the acquisition of shareholders and the tender price of the tenders, there will be no "delay price" of the day, the declaration of returns will not be able to negotiate the day-to-day negotiation of the investment, half an hour before the closure and the prices without trade prices.

To perform arbitration that prohibits the use of erroneous reproduction

To avoid buying and selling short-listed companies, specifying stock prices and securing the secondary market, the "shares of the Republic" share of the stock transfer method has been increased and standardization requirements for the management of transfer and cancellation of purchase of shares have also been proposed. The period of rigorous sale of shares acquired through indirect bidding, preliminary disclosure and trading mechanism is regulated and limited strictly regulated and limited.

First of all, strict sales reduction of shares acquired through centralized purchases transactions.Repetition rules only accept the company's value and the shares acquired to maintain its equity and are sold through a centralized auction. In other cases, the shares that are charged will be transferred or canceled in accordance with the contracted purposes. If the shares do not transfer, in accordance with the provisions set out for that purpose, they will be canceled before the end of the three year period.

The second is blocked by the deadline and prior disclosure requirements in the sale of shares reviews through centralized tenders.For the sale of shares bought through the centralized debtor, the charging rule established a six-month deadline, and listed companies forecast a 15-day trading day.

The third is to control the rhythm and quantity of shares contracted by the purchase trade mechanism.Repetition rules have made restrictions and agreements exchanges, when similar to the sale of the shares acquired, by means of centralized bidding, depending on the windows window reduction period, the transaction transaction period, prices, quantity, disclosure of information, etc. Listed companies sell sales of shares purchased through centralized tenders.

Inspective information insider list for each repo

Shareholder and contractor actions, real controllers, Dong Jiangao and their close relatives are aware of the repeat regulation to find out inside information. At the same time, other important shareholders may propose a purchase movement, the proposal will be included in internal information, in order to verify the internal information in a correct, accurate and comprehensive manner.

With regard to monitoring, the Shanghai Stock Exchange will undertake a list of companies, main shareholders, real drivers and management to meet shared purchasing standards, and the company undertakes to fill in the internal information within the company for each shared purchase and insider trading. Keep in mind as regards the reduction of specific organizations, we continue to implement the sharing commitments, and the use of recharging has led to the use of illegal transfer, insider trading, market manipulation, security fraud, etc., to implement benefits to establish orderly sharing.

The original title "Heavy! Shopping Policy is useless !: Speak out five major institutional agreements, start up the main tools and influence the secondary market.


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