Company executives leave the gem to the anniversary of the itch

One side is hundreds of thousands of of the annual salary, while the tens of millions of million or even hundreds of millions of equity returns, what would you choose? Facing the start of the first anniversary of the upcoming lifting of the ban flood peak, the above issues in many listed companies in front of corporate executives.　　Will they not set off a wave of resignation in order to get an equity dividend hundreds of times times higher than their annual salary?　　In the face of this scene, shareholders are also beginning to worry about the holding of the gem stock is there any investment value? Why executives staged the "resignation tide" according to statistics, November 1 this year, the first batch of listed 28 gem companies, in addition to the sale of all shareholders before the shares of the 3 years of sales, the other 27 companies will usher in a batch of the original shares of the release of the market. These 27 gem companies lifted the number of shares close to 1.196 billion shares, and currently their total circulation of capital only 1.03 billion shares.　　At the closing price of September 14, the lifting of the market will exceed $30 billion.　　Meanwhile, some executives at the gem are busy resigning. According to the "China Economic weekly" reporter statistics, starting from October 23, 2009 after the opening of the board 3 months since the start, the number of executives resigned 28, involving 28 companies. Including, the director, Vice president, deputy general Manager 15, Supervisors, financial Controller 10, Dong 3.　　As of September 14 the closing price, 28 senior executives total stock market value reached 1.6 billion yuan.　　Among them, the resignation executive with the highest stock market value is Lianghui, deputy general manager of the bi-water resources, which holds 8.415 million shares of bi-water source, and shares the total market value of 804 million yuan in accordance with the closing price of September 14 95.60 yuan.　　Reporters through the company reported that the same flush is the first company executives resigned, the company last December 25, this January 18, the company's secret recipe Super and supervisor Yichome both resigned, from the company listed only 15 trading days. It is reported that Silver shares and testing also become the first group of senior executives resigned, at the end of January this year, successive independent directors and deputy general manager resigned. February, there are Li-Chuang Tong, Netac Technology, Dayu Water-saving and Meteno several company executives resigned.　　Subsequently, every month, the Gem executives announced their departure. Since then, from March to April this year, a total of 12 companies ' executives tendered their resignations. There have even been 1 of corporate executives concentrating on resigning.　　March 10, the network of Science and technology will be announced that the company's directors, general manager and sole director resigned, March 25 and March 30, before and after only 5 days, silicon Bao technology has been bulletin board supervisors and financial officials resigned.　　It is reported that the reasons for the resignation of senior executives are strange, mostly because of "personal reasons", including "couples separated", "health worrying" and so on.　　Why do you choose to resign at this point in time?　　In the industry, the resignation of senior executives, quite a detour to the regulatory level of listed companies to set up the current rules, to achieve the purpose of the early realization of huge wealth. According to the 142th article of the company law, the directors, supervisors and seniorThe shares of the managers transferred annually during their term of office shall not exceed 25% of the total number of shares held by the company, and the shares held by the company shall not be transferable within 1 years from the date of the listing of the company's shares.　　The above-mentioned persons shall not transfer their shares in the company within half a year after their departure.　　At the same time, the Shenzhen Stock Exchange stipulates that the number of listed companies to reduce the amount of shares of the company can not exceed 25% of their own holdings, within 12 months after the senior management returns 6 months, the number of shares of the company shall not exceed 50% of its own holding of the shares, and all will be unlocked after　　In other words, as an executive of the gem listed company, if they want to sell the shares, the company must be listed for 1 years before they can sell, and not more than 25% a year, if the resignation, six months later can sell 50%, 1.5 can be sold after all.　　Further, executives want to sell more shares, the best option is to go public after six months to resign, when the resignation expires six months, the company also listed for a year. A securities analyst told China Economic Weekly that the resignation of senior executives would have a huge negative impact on the gem, which is in a vulnerable period. "This also confirms the market appeared before the gem executives are not optimistic about the development of their own company rumors." "The analysts believe that the release of the majority of the lifting of the shares of the venture capital institutions, due to the low cost of these entry shareholders, coupled with the high valuation of the gem, induce the original shareholders of the impulse to profit, so the gem or face an unprecedented crisis."　　Why does the page organization leave the field?　　"Foresight" is not just for the executives who want to be present, but also for the most astute institutions.　　UBS Securities managing director Aquiline told China Economic Weekly, the current gem has more than 60 times multiples, in the future, small stocks face a large area of the lifting of the ban, there will be a relatively large area of the callback. Perhaps to see the gem in the next few months will be a sharp decline in the current situation, the original heavy warehouse institutions have been off the field. The fourth quarterly Bulletin of 2009 shows that 26 fund companies have 68 of the fund products Heavy Warehouse holds the first batch of 28 gem companies, of which there are 13 fund heavy warehouse Huayi Brothers 8 only heavy Cang China Thai Yue Jiffeng farm machinery robots, red Sun medicine and Le PU medical care, etc. are also more than a fund to hold more than a warehouse respectively. And to the first quarter of this year, the second batch of new Venture board fund plummeted to 17, the number of stock-holding fund products decreased by 75%.　　By the end of the second quarter of this year, only 8 fund companies under the 14 fund products heavy Warehouse shares the above 28 gem companies.　　According to information data, from the beginning of July this year to September 2 in the two months, the first batch of 28 companies in the GEM stock transactions accumulated net outflow of 4.75 billion yuan. In this respect, a number of fund company respondents told the "China Economic Weekly", in the gem immature conditions, the gem business performance is not good, coupled with the future of the original stock release period, the downward pressure on its share price will be heavier, the combination of these conditions, many funds early exit.　　Compared with the fund company, some private equity fund also began to exit the Gem Company's floating shareholder list successively. The head of a private equity fund in Beijing told the China Economic Weekly that most private equity funds have been withdrawn since 1 months ago. "No one is willing to lose money, and I heard that the gem of the delisting mechanism will soon be introduced, then withdraw later, taking advantage of the current system and other aspects are not perfect, can only make a point to withdraw."　　"When will the delisting mechanism come out?"　　The head of the private equity fund said that, in addition to the lifting of the tide can benefit from the factors, gem delisting mechanism of the delay also led to the resignation of senior executives and corporate shares fell.　　The person said that if the withdrawal mechanism is introduced, most of the ailing gem stock will be hit and risk of delisting, then the stock will not be as valuable as it is now.　　The financial commentator Tan said that the Chinese securities market is only not in, indigestion, there is no delisting mechanism of the result is shell resources fried days, all investors infected with gamblers color, to buy St shares for proud, to crazy speculation new shares proud.　　In many people's view, the lack of delisting mechanism behind the GEM has formed a super high Commission, the wind and the approval of a series of interest chain. "Gem only to achieve there are out, so that poor and not meet the requirements of the company exit, so that fresh blood in order to maintain the vitality of the market, but also to enable more SMEs can get the support of the capital market."　　Li, director of the British Securities Institute, said.　　But when will the withdrawal mechanism be introduced?　　Earlier, the Shenzhen Stock Exchange General manager liping in public, said in the second half difficult to launch the gem delisting mechanism, now there is no specific timetable. Why did the delisting mechanism drag on? Some experts have pointed out that the listed companies are now the usual delisting standards are not standard profit, stock exchange transactions are not active, contrary to the major information disclosure System 3 categories.　　But at present, because the gem listed enterprises most of the original intention is to "circle money", its corporate earnings fluctuations are too large, it is difficult to use a quantitative indicators to restrain, coupled with some agencies of the joint hype, the stock price is unable to test the fundamentals of a company. Shenzhen related people also said that the gem start-up time is too short, and can not clearly see which category or which company to be eliminated, the current exit has not yet clear standards, but the performance is not the only consideration criteria.