Securities companies have blocked the gem, such as the state-owned shares of Social Security transfer rules issued

Gem has entered the formal declaration stage, the brokers are busy in full swing, Xiao Li rather leisurely down.　　Xiao Li in the National Securities Direct Investment Department, the department has invested 5-6 GEM projects, originally planned to hand over the material to the SFC in July, but due to a paper notice, the whole department's work has basically stalled down.　　One months ago, the Ministry of Finance, SASAC, the SFC, the Social Security Foundation issued the "Domestic securities market transfer some state-owned shares to enrich the National Social Security Fund Implementation Measures" (hereinafter referred to as the method) notice. "We are still waiting for the implementation of the rules, if the implementation of the rules do not exempt state capital equity investment provisions, we can only transfer, exit."　　Long, deputy general manager of China Securities Investment Bank. The "white money, white work" approach stipulates that, when the company shares the initial public offering and listing, according to the actual number of shares issued 10%, the listed companies will be part of the state-owned shares of the National Social Security Fund to hold.　　If the shareholding amount of the state-owned shareholder is less than the amount to be transferred, the actual shareholding quantity is held. The problem is that the company is investing in several listed companies, the proportion of investment capital is about 7%, according to the rules, according to the provisions of the state-owned shares transferred to the actual number of shares issued 10%, so that the investment accounted for the proposed investment enterprise IPO when the actual issue of the number of shares of 10%, once transferred to social Security,　　The business will be running out. "After a long time, once the transfer of the company equals white work."　　"said Xiao Li.　　The scope of the transfer set out in the scheme will be defined as the scope of "a limited company with state-owned shares which is publicly issued and listed in the domestic securities market".　　The 40% stake in the securities is held by Shenzhen Investment holding company, so the PE project invested by it is transferred to the Social Security list. "We also face the same problem, the investment of the few are high growth potential of small and medium-sized enterprises, before doing a lot of work, seeing the gem of the IPO will sprint, we are considering reducing or cash to pay social security, it is a pity."　　"said Guotai, a person in the merger and Acquisition department. September 2007, the SFC formally launched the Securities company direct Investment business pilot, up to now, a total of 11 securities companies under the request approved to set up a subsidiary to carry out direct investment business pilot, the overall scale is still a start-up stage. Securities companies can use 15% of the net capital of direct equity investment, the market people are directly to the brokerage firm to change the single profit model of the high expectations.　　At Goldman Sachs and other foreign investment banks, the direct investment business contributed about 60% of the revenue. However, Haitong, Huatai, Ping ' an, Guotai and other brokerages are eligible for the transfer of social security, and therefore are affected by this policy or large or small.　　[Page] reporter learned that the state-owned brokerage direct investment business, state-owned industrial investment funds, state-owned enterprises (or mixed ownership of state-owned enterprises) PE, state-owned enterprises set up a professional equity investment company, will be affected by the above methods. "The impact is particularly large investment in small and medium-sized projects of the national letter, Ping An, Haitong and other securities brokerage direct investment;Outside, the non-brokerage of state-owned PE, such as the HONGTA investment, such as the impact is also very large.　　"Guotai said.　　According to the current method, if the above-mentioned state-owned PE in the relevant listing before the equity investment, according to the rights and interests of the Social Security Fund transfer, which for the state-owned PE is basically "white money, white work", participation in such investment of enthusiasm plummeted. Guo Xin Securities Investment banking division president Hu Huayong said that the situation has been reported to the Shenzhen Sasac, hoping to work with social security, the SFC and other regulatory departments to reflect the special situation of PE.　　The current investment has largely been suspended pending the introduction of detailed government policy measures.　　It is understood that recently, companies and institutions have been found in the direct investment of national securities, hoping to accept its transfer of shares. "Once the IPO is successful, the original shares will become sweet cakes, and many of the companies we invest in say they want to buy back this part of the stake, but we are facing an exit."　　"There are some worries about China Securities Direct Investment department." Waiting rules "approach is the framework and principles, there is a need to supplement the implementation details, otherwise difficult to operate."　　"After a lapse of one months, the State Council SASAC Property Rights Bureau, said the relevant people, all work is still in progress."　　This approach has basically included all the listed companies containing state-owned shares, should be transferred to the shareholding of about 8.394 billion shares, the issue of the market value of about 63.933 billion yuan transactions, is a vast, complex project, as to the implementation of the rules can be different from the state-owned PE investment, it is difficult to distinguish.　　There is no way to worry and wait for the straight-forward brokers. "The scope, proportion and mode of the transfer are stipulated in the method." But it is regrettable that the strategic investment of state-owned PE is not mentioned and distinguished.　　"We communicate with social security, and they don't seem to have taken this factor into account," said a head of the brokerage department.　　At the same time, the fourth article stipulates that "state-owned shares in these measures refer to the shares of listed companies held by state-owned shareholders", but the nature or identity of "state-owned shareholders" is not clearly defined.　　For example, whether the state-owned PE belongs to the state shareholders, Citic Securities under the special charge of direct investment operations of the wholly-owned subsidiary stone Investment, Gold Direct investment subsidiary of Kim Jiakeng Invest Co., Ltd. is also in the row?　　In addition to the transfer of equity, the transfer of funds to the state-owned shares of another model.　　But the method is not clear, the state-owned PE shareholders in the implementation of the shares transferred to the Social Security Fund obligations, for the transfer of shares or pay cash whether there is a choice.　　At the same time, the amount of money paid is the standard, is the relevant stock price, market, or other benchmarks.　　In addition, the market people also have a concern, if the social security of state-owned PE liberalized investment, the behavior of its exemption from the transfer, there will be some state-owned capital to take equity investment forms, bypass transfer obligations; But if not to distinguish, state-owned PE investment has no enthusiasm for investment. For the current policy rules in the blank period of state-owned equity investment, it seems only embarrassing waiting for the introduction of the rules.