On August 6, the National SME Share Transfer System announced the violations discovered by ten listed companies and related intermediaries since last year, as well as the regulatory measures adopted by the share transfer system. This may indicate that after more than 3,000 listed companies, the exchange will pay more attention to ensuring the quality of the company and paving the way for the follow-up system.
According to the "Self-Regulatory Measures Information Sheet", from March last year to now, including the trading company Sanxin shares and the flue gas purification company Anpueng, the ten new three board listed companies, Qilu Securities, CITIC Construction and other brokerage institutions, as well as the mid-term review Intermediaries such as the international have had information disclosure violations and accepted different levels of supervision. Among them, the executives of listed companies such as Ampeng and Kelaibo received warning letters.
However, Guangyi Hengsheng Securities researcher Qiu Yi believes that these violations are only the tip of the iceberg of the new three-board market. "Now information asymmetry and insufficient information disclosure are typical problems in the market. Many companies do not know whether relevant information should be disclosed. If they are not allowed, they will not be disclosed." He pointed out that some enterprises have financial fraud and even professional institutions. Can't figure out the status of the company.
Compared with the A-share market, the NEEQ has almost no threshold for listing companies. The supervision is mainly based on information disclosure compliance supervision, and the self-discipline management system is realized through the continuous supervision of the sponsoring securities companies. However, in the face of the rapid expansion of the number of listed companies, the protection of information disclosure compliance has become an increasingly burden.
In the list published by the stock transfer system, Qilu Securities, CITIC Construction, Zhongyuan Securities and other brokerage institutions were interviewed because they failed to supervise the listed companies to fulfill their information disclosure obligations and due diligence information disclosure documents. Qiu Yi said that although the share transfer system delegated the rights of supervision to brokers, the number of companies far exceeds the number of sponsored brokers, which makes the brokers seem to be stretched when providing counseling.
Cheng Xiaoming, vice president of securities of the Pacific (601099) and director of the New Third Board of Qichao, told the “First Financial Daily†reporter: “The phenomenon of similar supervision is not lacking in the brokerage institutions, but Qilu Securities and CITIC Construction are named, mainly because They are coaching a lot of companies, and the share transfer system wants them not to relax the quality of their work."
The information on the first-and-a-half-year regulatory measures for the first time has also reflected that the management concept of the share-transfer system is changing after the company has accelerated its influx into the NEEQ. Qiu Yi believes that this indicates that the subsequent delisting mechanism will be accelerated. He said: "In the case of imperfect delisting system, the stock market is exerting pressure on enterprises by such measures. It is hoped that the listing rhythm will be slowed down and the threshold will be raised a little. The stock transfer system is paying attention to the number of listings. Changed to strengthen the attitude of rectifying and retreating non-standard enterprises."
The recent round of new three-board supervision has strengthened in the first half of the market. On March 31, the National Stock Transfer Company announced that it initiated an investigation procedure for unusually high price abnormal transactions and restricted account transactions for the “Zhongshan Gang†account. In April, the market makers started self-inspection, and the CSRC also organized forces to seriously investigate and deal with a number of cases involving false approval of new three boards, illegal transactions, and disrupting the appropriate management of investors.
Cheng Xiaoming believes that the self-regulation of the implementation of the New Third Board is generally effective. He said: "The premise of violations is that the market is fully active. If the company is difficult to benefit from market transactions, its motives for violations will not be strong. However, as the transaction activity increases in the future, the company's violations may increase. The stock transfer system is to take precautionary measures in advance, and to regulate the market system and operation before the transaction is active, and lay a good foundation.
According to the "Self-Regulatory Measures Information Sheet", from March last year to now, including the trading company Sanxin shares and the flue gas purification company Anpueng, the ten new three board listed companies, Qilu Securities, CITIC Construction and other brokerage institutions, as well as the mid-term review Intermediaries such as the international have had information disclosure violations and accepted different levels of supervision. Among them, the executives of listed companies such as Ampeng and Kelaibo received warning letters.
However, Guangyi Hengsheng Securities researcher Qiu Yi believes that these violations are only the tip of the iceberg of the new three-board market. "Now information asymmetry and insufficient information disclosure are typical problems in the market. Many companies do not know whether relevant information should be disclosed. If they are not allowed, they will not be disclosed." He pointed out that some enterprises have financial fraud and even professional institutions. Can't figure out the status of the company.
Compared with the A-share market, the NEEQ has almost no threshold for listing companies. The supervision is mainly based on information disclosure compliance supervision, and the self-discipline management system is realized through the continuous supervision of the sponsoring securities companies. However, in the face of the rapid expansion of the number of listed companies, the protection of information disclosure compliance has become an increasingly burden.
In the list published by the stock transfer system, Qilu Securities, CITIC Construction, Zhongyuan Securities and other brokerage institutions were interviewed because they failed to supervise the listed companies to fulfill their information disclosure obligations and due diligence information disclosure documents. Qiu Yi said that although the share transfer system delegated the rights of supervision to brokers, the number of companies far exceeds the number of sponsored brokers, which makes the brokers seem to be stretched when providing counseling.
Cheng Xiaoming, vice president of securities of the Pacific (601099) and director of the New Third Board of Qichao, told the “First Financial Daily†reporter: “The phenomenon of similar supervision is not lacking in the brokerage institutions, but Qilu Securities and CITIC Construction are named, mainly because They are coaching a lot of companies, and the share transfer system wants them not to relax the quality of their work."
The information on the first-and-a-half-year regulatory measures for the first time has also reflected that the management concept of the share-transfer system is changing after the company has accelerated its influx into the NEEQ. Qiu Yi believes that this indicates that the subsequent delisting mechanism will be accelerated. He said: "In the case of imperfect delisting system, the stock market is exerting pressure on enterprises by such measures. It is hoped that the listing rhythm will be slowed down and the threshold will be raised a little. The stock transfer system is paying attention to the number of listings. Changed to strengthen the attitude of rectifying and retreating non-standard enterprises."
The recent round of new three-board supervision has strengthened in the first half of the market. On March 31, the National Stock Transfer Company announced that it initiated an investigation procedure for unusually high price abnormal transactions and restricted account transactions for the “Zhongshan Gang†account. In April, the market makers started self-inspection, and the CSRC also organized forces to seriously investigate and deal with a number of cases involving false approval of new three boards, illegal transactions, and disrupting the appropriate management of investors.
Cheng Xiaoming believes that the self-regulation of the implementation of the New Third Board is generally effective. He said: "The premise of violations is that the market is fully active. If the company is difficult to benefit from market transactions, its motives for violations will not be strong. However, as the transaction activity increases in the future, the company's violations may increase. The stock transfer system is to take precautionary measures in advance, and to regulate the market system and operation before the transaction is active, and lay a good foundation.
General junction box consists of box cover, box body, wiring terminal, diode, connecting line and connector.
The Shell should have strong anti-aging and UV resistance; Meet the requirements of outdoor harsh environment conditions;
The self-locking function makes the connection more convenient and firm;
There must be waterproof and sealed design, scientific insulation protection against electric shock, with better safety performance;
Digital Junction Box,Load Cell Accessories,Stainless Steel Junction Box,Waterproof Digital Junction Box,8 ways junction box
Ningbo Santwell Imp & Exp Co.,Ltd , https://www.santwell.com