Comments: The gem that pats the thigh and pats the chest

Wu Junchang this week began lifting the ban on the gem, the first four days, nearly 900 million of the market value of stocks were reduced, in the evening of Thursday, the Shenzhen Stock Exchange issued a notice, requiring the gem to be listed within six months of senior executives to leave, in the following 18 month shall not reduce the holding of the company's shares, the separation within one year, in the following year shall not be reduced, but also encourage the listed company directors　　, supervisors and senior managers to extend the lockout period, set the minimum price reduction. Clearly, this rule is aimed at the surge of executives leaving the business board. According to the "Gem Stock listing Rules" and the relevant provisions of the company law, the Enterprise Board executives hold the shares, all out of four years.　　However, if these people resign, after six months of separation, their holdings of shares will be released after the expiration of all clear.　　The gem, which has already resigned from more than 20 executives who hold shares, has denied that the executives "resigned in pursuit of a cash-for-action", which the Shenzhen stock company said had been amplified by a media interview. But the current threshold for the senior executives to be raised by the Shenzhen the point is clear, aimed at curbing the resignation of executives to reduce their jobs, stabilizing management and core technical personnel, the new rules of the Shenzhen stock Company is a magic spell, according to the previous rules, executives feel at ease in the business, it takes four years to cash their paper wealth, and immediately resign, Half a year can sit on tens of millions of wealth.　　Confrontation the right to take its weight, the next four years of uncertainty greatly increased, and the current gem stock valuation hangs, at this time do not set now more when? The new rules extend the lock-up period for executives ' shares, reassuring markets and investors, but not necessarily fair to executives.　　Prior to the sale of senior executives have laws and regulations can be, "Company law" and "Gem Stock listing Rules" gave them the right to reduce their rights, this is the right to limit, the Shenzhen stock Exchange did not produce obvious legal basis, also did not conduct public hearings of the procedure.　　The securities market needs reliable and stable rules of the game, unilaterally modify the rules of the game, although its starting point is not bad, but not worthy of encouragement, if it is necessary to make up for the original system loopholes, the pursuit of results of justice, procedural justice is also indispensable. If the extension of the lock-up period 18 months later, executives still have a large number of choice to resign, waiting to be set up, the rules of the game is not changed? 18 months longer?　　There is no boundary or limit to the right, and what is more worrying is that the prison is for executives, and how can it be guaranteed that the next time it is not for ordinary investors?　　It is also about the gem, and its most watched withdrawal system is still dystocia, according to media reports, the parties to the interests of the game is difficult to reach a consensus, its final approach may be to sanbanxi, rather than directly to the market, the reason is to "protect" the investors, directly back to the city they will be huge losses, and go to Sanbanxi can continue trading, forming a buffer zone. This high-sounding rhetoric is not worth arguing, China's stock market has developed for 20 years, the "buyer's ego" common sense is still so scarce, if such logic, listed companies can only profit can not lose money, because the loss of shares will fall, stocks fall, investors will lose money, and investorsNeed to be protected ...　　Blah。　　In fact, the policy makers will not make such a simple logic mistake, the so-called protection of investors is simply rhetoric, to protect the interests of listed companies and major shareholders is its fundamental purpose, which we know. If the gem is turned to Sanbanxi, the most embarrassing even if the regulatory layer, gem listing, the regulatory authorities have repeatedly claimed in different occasions, the gem delisting system than the motherboard more stringent, the three features is "multiple standards, direct delisting, fast procedures", the words as if still in the ear,　　Under the pressure of powerful interest groups, the system has begun to distort.　　Early why.　　Contemporary officialdom has a typical "four beat", the so-called "Pat head decision, Pat chest guarantee, Pat thigh regret, Pat butt away." In the gem of the senior management of new regulations and the gem to retreat from the market, we seem to see the "Two beat": At the outset, there is no sufficient estimate of the current turnover, after the "Pat thigh" big cry regret, and the original for the gem of the delisting system has also "clap chest" guarantee will be "direct, rapid", a year later, unexpectedly renege,　　Cannot deliver on promises.　　Whether it is the "thigh" type of ex-post remedy, or the withdrawal of the system, "beat the chest" type of check, are not a mature securities market should be characteristics, so, in the gem anniversary, the reflection is not just investors. (author email:cnai422@yahoo.com.cn)