Agricultural firm: the definition of natural person holding is clear

Every reporter Li Flaw Tanaka Zhang Wei the kirin from Beijing, Shanghai City firm, the agricultural firm listed, is far more difficult than imagined. The new policy on the internal shareholding ratio of financial enterprises has also poured cold water on the way to identify the listed banks. Among them, the number of shareholders should not be more than 200 people become the agricultural firms, the city firm's mishap. The transfer of final equity will depend on balancing the interests of all parties. From the listed Beijing Bank, Nanjing Bank, Ningbo Bank, 3 City firms, the huge wealth-making effect makes the final achievement of this goal difficult.　　There are reports that, after the listing, Ningbo Bank 70% employees into millionaires, 2008 after the lifting of the ban on restricted shares in Nanjing Bank also produced more than 60 millionaires, the Beijing bank on the day the listing was more than 4,000 millionaires born!　　After the listing of wealth doubled expectations, doomed to the internal ownership of the clean-up is full of thorns and frustrations. Every reporter Li The flaw from Beijing "At present, we have learned some of the contents of the notice, but have not received a formal document."　　In the reporter's interview, the relevant person in charge of the agricultural firm said. Recently issued the "Ministry of Finance, the People's Bank, the Banking Regulatory Commission, the SFC, the CIRC to standardize the internal employees of financial Enterprises Notice" (hereinafter referred to as 97th), will be the long-awaited agricultural firms to clarify the listing obstacles.　　It is understood that at present, there are Zhangjiagang, Jiangyin, Wujiang and Changshu agricultural firms IPO application has been approved by the CBRC. The analysis holds that the current stock-holding ratio of the farmers is still the main obstacle. Article 97th was launched at this time to find a way for those lined up to go public. However, the article has not been issued to the hands of agricultural firms.　　For the agricultural firm, there are still many problems to be solved. The proportion of internal and natural persons ' shareholding should be defined "at present, our internal staff share ratio is 19.37%, no more than 20% of the ceiling."　　"Zhangjiagang agricultural firm Office Xu Guomin to reporters that Zhangjiagang farmers have been waiting for the 97th text issued." It is understood that in 2007 the CBRC has approved the IPO application of Zhangjiagang agricultural firm.　　But the bank's IPO process has been hampered by internal employee ownership issues. According to the provisions of article 97th, rural commercial banks, rural cooperative banks, rural credit cooperatives in the internal staff holding, should strictly implement the "China Banking Regulatory Commission on rural Small and medium-sized financial institutions of the implementation of administrative licensing measures" (CBRC 2008 3rd, hereinafter referred to 3rd) relevant provisions, " Internal workers and natural persons should not hold more than 20% of the total share capital, the proportion of individual employees shall not exceed 2% of the total share capital. "" "3rd decree stipulates that the proportion of internal workers is not more than 20%, but it is mentioned here is the proportion of internal staff and natural persons, do not know how this should be defined.　　"said the national. According to the data provided by Xu Guomin, if "internal staff and natural persons to share the proportion" including internal workers outside of natural persons, Zhangjiagang Bank This part of the shareholding will be around 64%. "IfWe will have a lot of work to do in order to be within 20%.　　"said the national. According to Jiangyin agricultural firm's 2009 Annual report, the end of the reporting period, the natural person shareholder shareholding 38,500 shares, the proportion of total equity is 56.1%. Among them, the proportion of employee holding is 19.14%, the proportion of natural person holding is 36.96%.　　Jiangyin agricultural firm is the IPO application through the CBRC approved by one of the agricultural firms, its internal staff holding ratio within 20%, if it is all natural persons holding to control in 20%, Jiangyin agricultural firm also need to buy back more natural persons holding. "Our in-house staff holdings are certainly not more than 20%. Article 97th should not conflict with article 3rd. We understand that ' internal staff and natural persons ' shareholding ratio ' is the natural person's shareholding ratio of internal staff.　　Changshu Agricultural firm board Secretary Xu Huichun told reporters. The number of shareholders is still listed indicators Xu Guomin told reporters that the current Zhangjiagang agricultural firms in all respects to meet the various conditions before the listing of agricultural firms, only waiting for the 97th text issued. "Wait until the official document issued, to find out the specific definition, I think there should be a process of carding." "" to the agricultural firm, the city firm listed, to solve the internal staff stock issue, the listing should no longer hinder. Of course, the situation of each family is different, but also need to see the regulations of the SFC. The number of shareholders should still be within 200 people.　　A banking analyst told reporters that although the number 97th did not mention the issue of shareholder size, it still had to be used as an indicator of the listing of agricultural firms. Xu Guomin said that Zhangjiagang agricultural firm was established before the new company law was enacted, because of the division of new and old companies, its listing is not affected by the number of shareholders. According to the 2009 annual report of the Zhangjiagang bank, to the end of 2009 shareholders total 2289 households.　　One of the legal person shares 13 households, natural persons 2276 households, the natural person shares of 671 employees. The analyst thinks that whether there is a new and old definition in the company law, the 200-person shareholder "Red Line" is still the standard that the SFC will review.　　As a result, agribusiness firms are also bypassing the barriers to shareholder size and also need to clean up shareholder holdings. According to the 2009 Annual report of Jiangyin agricultural firm, although the number of its employee shareholders has been reduced by 13 in 2009, its natural shareholders have increased by 18.　　As at the end of 2009, the total number of its shareholders is 1492, of which the legal person shareholder is 17, the social natural person shareholder is 819, the employee shareholder is 656. "At present, many agricultural firms are difficult to reach the requirements of the number of shareholders, to break the listing, the agricultural firm still has a lot of work to comb."　　The analyst said. "There is no timetable for listing, but we have completed the listing tutorial." Changshu Agricultural Merchants Guild as soon as possible to comb to meet the relevant requirements, this requires the board's decision, there is a long way to go.　　"Xu Huichun said.　　Sample 1200 people red line block the number of shareholders exceeded the limit to every reporter Zhang Wei from BeijingThe city's commercial banks, which have been blocked for 3 years, will see the dawn, but the size of the shareholders is another hurdle on the way to listing. Recently, the Ministry of Finance combined a line of three formally issued "on the regulation of the internal staff of financial Enterprises Notice" (Finance (2010) 97th, hereinafter referred to as "notice"), "notice" stipulates that the listed city firm after the public issue of new shares should not exceed the total share capital of 10%,　　The amount of a single employee's shareholding shall not exceed 1 or 500,000 shares of the total equity (determined by the lowest principle). In an interview with the Daily Economic news, a local banking regulatory authority said as a result of the city before the listing of the internal staff share of the clean up the standard to confirm, this marks the city firm is expected to restart the IPO, the standards will make the city firm speed up its listing process, but the city firm due to the number of shareholders seriously exceeded,　　The process of its listing is therefore fraught with uncertainty.　　"Notice" does not mention the number of shareholders "daily economic news," the original found that the "notice" of the number of shareholders is not conclusive, for the previously rumored "city firm listed, the number of its shareholders 200 of the Red Line or a breakthrough" message, the document has no specific description. A city firm insiders told reporters, Beijing, Nanjing, Ningbo Bank listing, 3 bank shareholders are significantly more than 200 people, not in line with the new "Company law" provisions. He also said that as the notice in the text stressed that "the work must be in line with the company law, the Commercial Bank Act, the Securities Act" and other relevant legal provisions. This means that the number of shareholders of the former city firms still cannot exceed 200, "but also do not rule out the possibility of approval, which are very large uncertainty, after all (city firms listed) is a precedent."　　"The number of shareholders who have been cut beyond the standard shows that, as at the end of 2009, Shanghai Bank, Dalian Bank, Hangzhou Bank, Chongqing Bank shareholders were 40064, 5219, 1827 and 3345, all far more than 200 people." "The number of severely overweight shareholders is a huge obstacle to the listing of the city's firms, and it is certainly not a bet on the regulatory authorities ' approval."　　"The city firm insiders pointed out that the city firm is now a big job is to mobilize small shareholders to transfer shares to a corporate shareholder, at the same time, the small shareholder's equity repurchase is also an important method."　　With regard to the repurchase of employees ' shares, the notice stipulates that the financial enterprise that puts forward the IPO application should take the repurchase of the internal employee's shareholding, transfer to other legal person shareholders and institutional investors, and further reduce the quantity and proportion of the internal employee's shareholding, and the repurchase or transfer price shall be determined by the two At the end of 2009, the shares of natural persons in Dalian Bank, Hangzhou Bank, Sheng Jing Bank and Chongqing Bank were 11.79%, 11.75%, 3.59% and 2.81% respectively.　　The analysis points out that, even if all the natural person's shareholding is counted as internal employee shareholding, these banks can easily dilute the internal employee shareholding to less than 10% after listing. The above-mentioned local banking and regulatory bureau people to rememberIt is pointed out that for City firms, the internal staff shareholding of not more than 10% is not a problem, "it depends on the price of the repo parties can talk about."　　He said that the real promotion of the city's corporate listing process, or to see the city of 200 shareholders in the red line of the deal.　　Shing-Kyung bank or leading the first stick in a listed city firm, the Bank of China's early submission of listing applications, most likely in the year to be listed as the top. In 2008, the Bank of Beijing began preparatory work for the IPO. In November 2009, the Bank of Beijing, at its provisional shareholder meeting, has passed the "on the initial public issue of common (A shares) shares and listing of the bill."　　Since then, Sheng Beijing Bank has revealed that the bank has passed the listing counseling and acceptance, the recent report to the Securities and Futures Commission, and strive to achieve a share listing this year. As at the end of December 2009, the total assets of Sheng-Jing bank amounted to 157.858 billion yuan, each deposit balance of 108.69 billion yuan, non-performing loan rate of 0.94%, capital adequacy ratio of 12.01%, in the current period to achieve a profit of 1.684 billion yuan.　　The financial index is not prominent in the line listed City firm. Sample two city firm Equity concentration work is under way every reporter he kirin from Shanghai before the five ministries issued 97th article on the Financial Enterprise staff shares made a new norm.　　"Daily economic news" reporter learned that some of the city firm has already acted. Bank of Hangzhou: 50% natural persons or transferred shares data show that by the end of 2009, in the Shanghai Bank, Hangzhou Bank, Huizhou Merchant Bank, Jiujiang Bank, Wenzhou Bank and Jiangsu Bank and other city firms, the Wenzhou Bank and Shanghai Bank of natural persons shares accounted for more than 10% of the total equity ratio, respectively, 19.76% and 24.32%　　, while other banks accounted for less than 10% per cent. "In general, a large proportion of natural persons stocks are employees." Therefore, the proportion of natural person shares in the total share of equity can be disclosed to a certain extent the situation of employee shareholding.　　A banking auditor said.　　It is worth mentioning that, although Hangzhou Bank's natural person shares accounted for only 5.09% of the total share capital at the end of 2009, this ratio was above 10% per cent at the end of 2008, at 11.75%. Reporter found that in 2009, the Bank has 1552 natural persons will be 70.2353 million shares transferred to Hangzhou silver All Catering Equipment Co., Ltd. 20 units. This transfer directly to the proportion of natural persons from 11.75% to 5.09% "(the problem of excessive employee ownership) should be all disposed of."　　"A senior industry insider told reporters that the bank of Hangzhou had been ready to go public a few years ago." Data show that at the end of 2009, Hangzhou Bank of natural persons shareholder number of 1698 households. If the 1552 natural persons transferring shares do not coincide with the first 1698 natural persons, the Bank of Hangzhou in 2009 has nearly 50% of the natural person shareholders to transfer their share capital to corporate shareholders, the number of shares transferred to 70.2353 million shares, about the end of 2008 total sharesBen's 5.3%.　　Shanghai Bank: Employee shareholding ratio or down to 7% "daily economic news" learned that, although the Shanghai Bank of 2009, the natural person shares accounted for up to 24.32% of the total equity, but the bank completed in the first half of this year directional additional, natural stocks accounted for a decline in the proportion.　　The 2010.5 Annual report of the Bank of Shanghai shows that the increase in total equity has led to a decrease in the share of the bank's staff, or lower than 7% per cent, through directed additional equity and Capital Provident Fund (total 1.334 billion shares). "Through this issue, the Shanghai bank listed in the process of the staff holding stock, can be initially alleviated."　　"said a brokerage analyst. According to the previous report of this newspaper, the Bank of Shanghai has taken the bank's shareholder stake in the Shanghai Equity Custody Registration Center for hosting and registration.　　A person close to the bank said that the trusteeship and registration of the shares was a routine exercise in accordance with normal procedures. This is consistent with another provision in document 97th. Document 97th stipulates the gradual implementation of centralized trusteeship of the shares of the financial enterprises with the completion of shareholding reform.　　After standardizing the stock of internal workers and employees, the financial enterprises that have completed the shareholding reform should concentrate all the shares, including the internal employee shares, into the independent equity trusteeship institutions approved by the competent authorities. In 2007, when the Bank of Ningbo and Nanjing Banks listed more than 200 shareholders, Wu Yonggang, a senior Guotai banking analyst, told the Daily economic news that such an exception would not happen again in the future. "That's a special case of the past, and it should all be compliant (no more than 200 people)." "Reporters observe the recovery of workers ' shares 97th of the text of the question every reporter Tianwen will be from Beijing, 97th from the original cooperative financial system formed by the restructuring of the financial enterprises within the proportion of employees and the stock market after the proportion of shares have clear provisions, City firms and agribusiness firms, which have a clear threshold for listed financial companies, also mean　　The door reopened.　　However, the provision or deletion of the key pricing problems in the process of cleaning up the employees ' stocks in article 97th may cause more controversy in the actual operation.　　How does the negotiation price agree? Article 97th stipulates that public offering of new shares shall not exceed 10% per cent of the total share capital, and no single employee shall exceed 1 or 500,000 shares of the total share capital (as determined by the lowest principle); Before listing, the financial enterprises should take the repurchase of internal employees ' shares, transfer to other corporate shareholders and institutional investors,　　Further reduce the number and proportion of internal workers ' shares, the repurchase or transfer price is determined by the parties in consultation. Since it is the consultation between the two sides, we must be satisfied.　　Due to the imminent listing, the wealth effect will appear, the estimated willingness to transfer of workers is a minority, the same market price of listed banks may be the bottom line for workers to accept. This year, the PB in the bank shares between 1.4~2.6 Times, has reached the 2008 financial crisis in the low point of the bank shares of the PB value, at that time about 1.8 times times; In 2007, when the market was high, the bank PB were nearly 6 times timesor more than 6 times times.　　The fluctuation in the valuation of bank stocks in the level two market will greatly affect the expectations of the banks ' employees on repurchase and transfer prices.　　is the excess 20% partial repurchase price too low? For illegal and disproportionate holdings of internal staff stocks (reported yesterday), financial enterprises can be bought back and according to the provisions of the reduction of registered capital, or to other corporate shareholders, social security funds and other institutional investors transfer according to law.　　In the case of repurchase, the repurchase price shall be determined by the actual capital contribution plus the interest of the same period deposit (interest is subject to the benchmark interest rate stipulated by the People's Bank). The repurchase price may be too low if the proceeds are listed as such.　　Even if the reference to the previous operation of the transfer of staff shares, but also too low suspicion. The city firm and the agricultural firm and so on originates from the cooperative financial institution the financial enterprise, its worker stock's formation history is comparatively long, the current bank net assets should be compared with the original employee shares the difference.　　The corresponding net assets of the employees ' ownership should be significantly different from the original investment and the same period deposit interest. In addition, the treatment referred to above includes both transfer and repurchase, but the document only stipulates the way in which the price of the repurchase is determined, and the method of determining the transfer price is not involved, which may result in the competing interests of the parties concerned in the actual operation.　　But objectively also to be asked to transfer the share of the workers greater freedom. In addition, as a result of the 20% before the market, after listing 10% of the ridge. So which employees ' stocks will be excluded? What about the standard? This is also easily controversial in practice.