Five trading days after the implementation of the new regulations on reduction of holdings, the impact of the disorderly reduction of major shareholders in the A-share market on the secondary market has begun to suppress the impact on the secondary market, and the scale of large-scale transactions has also declined to a certain extent.
According to the statistics of Flush, from May 31 to June 6, the total amount of large transactions was about 7.784 billion yuan, compared with the week before the implementation of the new regulations (May 22-May 26, 13.686 billion yuan) , the chain fell 43.12%. Taking the Shanghai Stock Exchange as an example, in the week after the implementation of the new regulations, the size of large-scale transactions was 2.361 billion yuan, compared with 3.765 billion yuan in the week before the implementation, down 37.29% month-on-month.
On May 27, the China Securities Regulatory Commission issued and implemented the revised “Several Regulations on the Reduction of Shares by Shareholders, Directors, Supervisors and Senior Management of Listed Companies”. The introduction of the new regulations on shareholding reduction by the China Securities Regulatory Commission has initially restrained the impact of the disorderly reduction of major shareholders on the secondary market, which is conducive to improving the basic system of the capital market. After the implementation of the new regulations on reduction of holdings, the daily average amount of reduction of holdings through the auction trading system in Shanghai and Shenzhen has dropped significantly compared with that before the implementation.
The shareholding reduction system implemented in January 2016 mainly regulates the shareholding reduction through centralized bidding transactions, and there is no restriction on shareholders’ shareholding reduction through block transactions. In practice, some major shareholders “reduced their holdings across the bridge” through block transactions, avoiding the restrictions on the proportion of centralized bidding transactions. According to the new regulations on reduction of holdings, major shareholders of listed companies reduce their shareholdings through block transactions, or shareholders reduce their holdings of shares issued before the company’s initial public offering or non-publicly issued shares of listed companies through block transactions. , The transferee shall abide by the provisions of the stock exchange on the amount to be reduced and the holding time. The implementation rules of the Shanghai and Shenzhen Stock Exchanges for reduction of holdings clearly require the transferor to abide by the limit on the reduction of holdings.
It is reported that after the implementation of the new regulations on reduction of holdings, the Shanghai Stock Exchange has set up a platform for large-scale reduction of specific shares for major shareholders and specific shareholders to reduce their holdings of specific shares. However, in the three trading days (from May 31 to June 2) after the implementation of the new regulations on shareholding reduction, no major shareholders or specific shareholders of the Shanghai Stock Exchange have conducted relevant reductions through the platform for large-scale reduction of specific shares. On the Shenzhen Stock Exchange, during the same period, major shareholders, specific shareholders and directors, supervisors and senior executives of listed companies reduced their holdings by 2.191 billion yuan through block transactions, accounting for 17% of the total block transaction amount.
“Securities Daily” reporter learned that the next step of the Shanghai and Shenzhen Stock Exchange will effectively implement the implementation of the new regulations on reduction of holdings, guide the orderly reduction of holdings in compliance with regulations, strengthen the monitoring of holding reduction trading behavior, prevent and control abnormal holding reduction behaviors, and jointly create a stable and healthy market environment.
