散戶1 personal page - To The Moon

散戶1

No personal profile

0Follow

0Followers

0Topic

0Badge

01-16

$納斯達克100等權重指數(NDXE)$

2025-12-12

$邁威爾科技(MRVL)$ fuxking trash

2024-08-14

Old news is so exciting

Huang Renxun continues to reduce his stake in Nvidia: 2 months to cash out over $500 million

2024-04-12

On9

Detailed explanation of the heavy landing of "National Nine Articles version 3.0": A shares may have a new atmosphere in these directions

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"4166876181140802","uuid":"4166876181140802","gmtCreate":1703773054128,"gmtModify":1704690050971,"name":"散戶1","pinyin":"s戶1san戶1","introduction":"","introductionEn":"","signature":"","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":0,"tweetSize":13,"questionSize":0,"limitLevel":999,"accountStatus":1,"level":{"id":0,"name":"","nameTw":"","represent":"","factor":"","iconColor":"","bgColor":""},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"init","userBadges":[],"userBadgeCount":0,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":12,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":522111567196920,"gmtCreate":1768503772829,"gmtModify":1768503775686,"author":{"id":"4166876181140802","authorId":"4166876181140802","name":"散戶1","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4166876181140802","idStr":"4166876181140802"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/NDXE\">$納斯達克100等權重指數(NDXE)$</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/NDXE\">$納斯達克100等權重指數(NDXE)$</a>&nbsp;","text":"$納斯達克100等權重指數(NDXE)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/522111567196920","isVote":1,"tweetType":1,"viewCount":321,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":509749108229040,"gmtCreate":1765478569911,"gmtModify":1765489959468,"author":{"id":"4166876181140802","authorId":"4166876181140802","name":"散戶1","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4166876181140802","idStr":"4166876181140802"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/MRVL\">$邁威爾科技(MRVL)$&nbsp;</a> fuxking trash","listText":"<a href=\"https://ttm.financial/S/MRVL\">$邁威爾科技(MRVL)$&nbsp;</a> fuxking trash","text":"$邁威爾科技(MRVL)$ fuxking trash","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/509749108229040","isVote":1,"tweetType":1,"viewCount":513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":338165843374256,"gmtCreate":1723579140764,"gmtModify":1723581417073,"author":{"id":"4166876181140802","authorId":"4166876181140802","name":"散戶1","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4166876181140802","idStr":"4166876181140802"},"themes":[],"htmlText":"Old news is so exciting&nbsp;","listText":"Old news is so exciting&nbsp;","text":"Old news is so exciting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/338165843374256","repostId":"1152448493","repostType":2,"repost":{"id":"1152448493","kind":"news","weMediaInfo":{"introduction":"欢迎收听雷帝触网，雷帝触网是中国最多产的互联网科技自媒体，内容中立，快、准、狠，其由资深媒体人雷建平创办，雷建平是今日头条签约作家，也入驻了一点资讯、搜狐、网易等平台。","home_visible":1,"media_name":"雷递","id":"52","head_image":"https://static.tigerbbs.com/f45a6cbcc8ec48a7a2f52177324d0c16"},"pubTimestamp":1723548923,"share":"https://ttm.financial/m/news/1152448493?lang=en_US&edition=fundamental","pubTime":"2024-08-13 19:35","market":"us","language":"zh","title":"Huang Renxun continues to reduce his stake in Nvidia: 2 months to cash out over $500 million","url":"https://stock-news.laohu8.com/highlight/detail?id=1152448493","media":"雷递","summary":"在英伟达市值持续走高过程中，英伟达创始人、CEO黄仁勋近期持续抛售公司股权。进入2024年8月以来，黄仁勋依然未停止减持的步伐，黄仁勋分别2024年8月1日、2日、5日、6日、7日、8日、9日继续抛售所持英伟达股权，每天减持12万股，每天套现1198万美元到1356万美元。黄仁勋已经减持42个交易日，一共减持了504万股，仅以保守的每天套现1200万美元计算，黄仁勋2个月时间已套现超过5亿美元。黄仁勋并不是唯一一个抛售股票的内部人士。","content":"<p><html><head></head><body><p style=\"text-align: justify;\">Since 2024,<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>The stock price continued to rise, and at one point the market value exceeded $3 trillion or even exceeded<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>、<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Become the most valuable company in the world.</p><p><p style=\"text-align: justify;\">In the process of Nvidia's market value continuing to rise, Huang Renxun, founder and CEO of Nvidia, recently continued to sell the company's equity.</p><p><p style=\"text-align: justify;\">According to the filing, Huang made reductions on each trading day of June 13, 14, 17, 18, 20, 21, 24, 25, 26, 27, 28, 2024, July 1, 2, 3, 5, 8, 9, 10, 11, 12, 15, 16, 17, 18, 19, 22, 23, 24, 25, 26, 29, 30, and 31, 2024, reducing his holdings by 120,000 shares each time.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e6957c1dd243296b1d654c2343041abf\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"1486\"/></p><p>Since August 2024, Huang Renxun has not stopped reducing his holdings.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5241dc740f8f712d49b7d9db8cfc1c02\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"230\"/></p><p><p style=\"text-align: justify;\">Huang Renxun continued to sell his shares in Nvidia on August 1, 2, 5, 6, 7, 8 and 9, 2024, respectively, reducing his holdings by 120,000 shares every day and cashing out $11.98 million to $13.56 million every day.</p><p><p style=\"text-align: justify;\">Huang Renxun has reduced his holdings for 42 trading days, with a total of 5.04 million shares. Based on the conservative daily cash-out of $12 million, Huang Renxun has cashed out more than $500 million in two months.</p><p><p style=\"text-align: justify;\">Jensen Huang isn't the only insider selling shares.</p><p><p style=\"text-align: justify;\">In the first half of 2024, company executives and directors dumped more than $700 million worth of stock, an amount more than at any other time in the company's history.</p><p><p style=\"text-align: justify;\"><strong>There is a huge bubble in artificial intelligence</strong></p><p><p style=\"text-align: justify;\">At present, many giants, including Microsoft and Meta, are buying Nvidia's chips in large sums.</p><p><p style=\"text-align: justify;\">According to the report, more than 40% of Nvidia's revenue comes from some familiar names in the \"Big Seven\" stocks — Microsoft, Meta, Alphabet and<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>。</p><p><p style=\"text-align: justify;\">Meta has placed at least $10 billion in orders, and Microsoft has increased the size of orders by 20% in recent weeks. Microsoft plans to prepare 55,000-65,000 GB200 chips for OpenAI by Q1 2025.</p><p><p style=\"text-align: justify;\">However, recently, Nvidia revealed that the upcoming AI chip will be delayed by three months or more due to design flaws, and Blackwell's mass production may be delayed until the first quarter of next year.</p><p><p style=\"text-align: justify;\">This may affect<a href=\"https://laohu8.com/S/META\">Meta Platforms</a>、<a href=\"https://laohu8.com/S/GOOG\">Google</a>And Microsoft, which together ordered billions of dollars worth of chips.</p><p><p style=\"text-align: justify;\">Blackwell can be described as the \"white moonlight\" in the hearts of technology companies, carrying the high hopes of giants. If the upcoming AI chips such as B100, B200 and GB200 are delayed by three months or even longer, Nvidia's customers will really have to worry.</p><p><p style=\"text-align: justify;\">What worries investors even more is that the giants have made huge investments in artificial intelligence, but the returns generated are still far off. Some fund managers said, \"Wall Street doesn't have much patience. They see that you spend billions of dollars and want to see revenue increase. If these companies don't meet expectations or don't far exceed expectations, they will be hit.\"</p><p><p style=\"text-align: justify;\">There are also investors who say that many of the supposed uses of AI \"will never be cost-effective, will never really work, will only consume too much energy, or will prove to be discredited\".</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Huang Renxun continues to reduce his stake in Nvidia: 2 months to cash out over $500 million</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHuang Renxun continues to reduce his stake in Nvidia: 2 months to cash out over $500 million\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/52\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/f45a6cbcc8ec48a7a2f52177324d0c16);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">雷递 </p>\n<p class=\"h-time smaller\">2024-08-13 19:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><p style=\"text-align: justify;\">Since 2024,<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>The stock price continued to rise, and at one point the market value exceeded $3 trillion or even exceeded<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>、<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Become the most valuable company in the world.</p><p><p style=\"text-align: justify;\">In the process of Nvidia's market value continuing to rise, Huang Renxun, founder and CEO of Nvidia, recently continued to sell the company's equity.</p><p><p style=\"text-align: justify;\">According to the filing, Huang made reductions on each trading day of June 13, 14, 17, 18, 20, 21, 24, 25, 26, 27, 28, 2024, July 1, 2, 3, 5, 8, 9, 10, 11, 12, 15, 16, 17, 18, 19, 22, 23, 24, 25, 26, 29, 30, and 31, 2024, reducing his holdings by 120,000 shares each time.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e6957c1dd243296b1d654c2343041abf\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"1486\"/></p><p>Since August 2024, Huang Renxun has not stopped reducing his holdings.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5241dc740f8f712d49b7d9db8cfc1c02\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"230\"/></p><p><p style=\"text-align: justify;\">Huang Renxun continued to sell his shares in Nvidia on August 1, 2, 5, 6, 7, 8 and 9, 2024, respectively, reducing his holdings by 120,000 shares every day and cashing out $11.98 million to $13.56 million every day.</p><p><p style=\"text-align: justify;\">Huang Renxun has reduced his holdings for 42 trading days, with a total of 5.04 million shares. Based on the conservative daily cash-out of $12 million, Huang Renxun has cashed out more than $500 million in two months.</p><p><p style=\"text-align: justify;\">Jensen Huang isn't the only insider selling shares.</p><p><p style=\"text-align: justify;\">In the first half of 2024, company executives and directors dumped more than $700 million worth of stock, an amount more than at any other time in the company's history.</p><p><p style=\"text-align: justify;\"><strong>There is a huge bubble in artificial intelligence</strong></p><p><p style=\"text-align: justify;\">At present, many giants, including Microsoft and Meta, are buying Nvidia's chips in large sums.</p><p><p style=\"text-align: justify;\">According to the report, more than 40% of Nvidia's revenue comes from some familiar names in the \"Big Seven\" stocks — Microsoft, Meta, Alphabet and<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>。</p><p><p style=\"text-align: justify;\">Meta has placed at least $10 billion in orders, and Microsoft has increased the size of orders by 20% in recent weeks. Microsoft plans to prepare 55,000-65,000 GB200 chips for OpenAI by Q1 2025.</p><p><p style=\"text-align: justify;\">However, recently, Nvidia revealed that the upcoming AI chip will be delayed by three months or more due to design flaws, and Blackwell's mass production may be delayed until the first quarter of next year.</p><p><p style=\"text-align: justify;\">This may affect<a href=\"https://laohu8.com/S/META\">Meta Platforms</a>、<a href=\"https://laohu8.com/S/GOOG\">Google</a>And Microsoft, which together ordered billions of dollars worth of chips.</p><p><p style=\"text-align: justify;\">Blackwell can be described as the \"white moonlight\" in the hearts of technology companies, carrying the high hopes of giants. If the upcoming AI chips such as B100, B200 and GB200 are delayed by three months or even longer, Nvidia's customers will really have to worry.</p><p><p style=\"text-align: justify;\">What worries investors even more is that the giants have made huge investments in artificial intelligence, but the returns generated are still far off. Some fund managers said, \"Wall Street doesn't have much patience. They see that you spend billions of dollars and want to see revenue increase. If these companies don't meet expectations or don't far exceed expectations, they will be hit.\"</p><p><p style=\"text-align: justify;\">There are also investors who say that many of the supposed uses of AI \"will never be cost-effective, will never really work, will only consume too much energy, or will prove to be discredited\".</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5a4967ef24d323b6e7241bea182fdf2","relate_stocks":{"IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","BK4527":"明星科技股","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","BK4543":"AI","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","NVDA":"英伟达","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU0072462426.USD":"贝莱德全球配置 A2","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","BK4592":"伊斯兰概念","LU0079474960.USD":"联博美国增长基金A","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU0056508442.USD":"贝莱德世界科技基金A2","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152448493","content_text":"2024年以来，英伟达股价持续走高，一度市值突破3万亿美元，甚至超过微软、苹果成为全球市值最高的公司。在英伟达市值持续走高过程中，英伟达创始人、CEO黄仁勋近期持续抛售公司股权。文件显示，黄仁勋在2024年6月13日、14日、17日、18日、20日、21日、24日、25日、26日、27日、28日、2024年7月1日、2日、3日、5日、8日、9日、10日、11日、12日、15日、16日、17日、18日、19日、22日、23日、24日、25日、26日、29日、30日、31日的每个交易日都进行减持，每次减持12万股。进入2024年8月以来， 黄仁勋依然未停止减持的步伐，黄仁勋分别2024年8月1日、2日、5日、6日、7日、8日、9日继续抛售所持英伟达股权，每天减持12万股，每天套现1198万美元到1356万美元。黄仁勋已经减持42个交易日，一共减持了504万股，仅以保守的每天套现1200万美元计算，黄仁勋2个月时间已套现超过5亿美元。黄仁勋并不是唯一一个抛售股票的内部人士。2024年上半年，公司高管和董事抛售了价值超过7亿美元的股票，这一金额超过公司历史上的任何其他时期。人工智能存在巨大泡沫当前，包括微软、Meta等多家巨头均在大笔购买英伟达的芯片。据报告显示，英伟达超过40%的收入来自“七大”股票中的一些熟悉的名字——微软、Meta、Alphabet 和亚马逊。Meta已定下至少100亿美元的订单，微软最近几周将订单规模增加20%。微软计划在2025年Q1之前为OpenAI准备5.5万-6.5万块GB200芯片。不过，近期英伟达曝出即将推出的AI芯片将因设计缺陷而延迟三个月或更长时间，Blackwell的大规模生产可能被推迟到明年第一季度。这可能会影响Meta Platforms、谷歌和微软等客户，这些客户共订购了价值数十亿美元的芯片。Blackwell可谓科技公司心中的“白月光”，承载着巨头们的厚望。如果即将发布的B100、B200、GB200等AI芯片被推迟三个月甚至更长时间，英伟达的客户们可就真的要担心了。更让投资者担忧的是，巨头们在人工智能领域进行了巨额投资，但产生的回报仍遥遥无期。有基金经理称，“华尔街没有太多耐心。他们看到你花费了数十亿美元，就希望看到收入也有所增加。如果这些公司的业绩没有达到预期或没有远超预期，它们就会受到打击。”还有投资者称，人工智能许多假定的用途“永远不会具备成本效益，永远不会发挥真正的作用，只会消耗太多能量，或者会被证明是不可信的”。","news_type":1,"symbols_score_info":{"NVDA":1}},"isVote":1,"tweetType":1,"viewCount":1383,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":294576609706120,"gmtCreate":1712936456166,"gmtModify":1712937176963,"author":{"id":"4166876181140802","authorId":"4166876181140802","name":"散戶1","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4166876181140802","idStr":"4166876181140802"},"themes":[],"htmlText":"On9","listText":"On9","text":"On9","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/294576609706120","repostId":"1125373899","repostType":2,"repost":{"id":"1125373899","kind":"news","pubTimestamp":1712935884,"share":"https://ttm.financial/m/news/1125373899?lang=en_US&edition=fundamental","pubTime":"2024-04-12 23:31","market":"sh","language":"zh","title":"Detailed explanation of the heavy landing of \"National Nine Articles version 3.0\": A shares may have a new atmosphere in these directions","url":"https://stock-news.laohu8.com/highlight/detail?id=1125373899","media":"华尔街见闻","summary":"围绕资本市场下一阶段的重大改革举措，正在从更高层面赫然开启。","content":"<p><html><head></head><body>Major reform measures around the next stage of the capital market are starting from a higher level.</p><p><p style=\"text-align: justify;\">On April 12th, the State Council issued \"Several Opinions on Strengthening Supervision, Preventing Risks and Promoting High-quality Development of Capital Market\" (hereinafter referred to as \"Opinions\"). The full text focuses on the listing and issuance of new shares, supervision of listed companies, delisting mechanism, strengthening institutional supervision and strengthening transaction supervision, and further clarifies the mechanism and direction of the capital market through nine measures.</p><p><p style=\"text-align: justify;\">For this reason, this opinion is also regarded as version 3.0 of the new policy of the National Nine Articles after version 1.0 of the National Nine Articles in 2004 (\"Several Opinions on Promoting the Reform, Opening up and Stable Development of the Capital Market\") and version 2.0 of the National Nine Articles in 2014 (\"Several Opinions of the State Council on Further Promoting the Healthy Development of the Capital Market\").</p><p><p style=\"text-align: justify;\">Through combing, trade wind found that strict listing and issuance review, highlighting the improvement of delisting mechanism, attaching importance to shareholders' returns of listed companies, and preventing and curbing all kinds of risk violations, so as to promote the high-quality development of the capital market, may be the main line of \"National Nine 3.0\".</p><p><p style=\"text-align: justify;\">From the perspective of the industry, with the continuous implementation of reform supporting measures, the positive expectations for the capital market are also expected to be further improved and consolidated.</p><p><h2 id=\"id_4048268513\" style=\"text-align: start;\">I. \"Double improvement\" of IPO standards and processes</h2><p style=\"text-align: justify;\">On the occasion of the implementation of the A-share registration system, the reform of the listing and issuance system has become the first area mentioned in the National Nine Article 3.0.</p><p><p style=\"text-align: justify;\">The opinion pointed out that the issuance and listing system should be further improved. The listing standards of the main board and GEM will be improved, and the evaluation standards of science and technology attributes of the science and technology innovation board will be improved.</p><p><p style=\"text-align: justify;\">According to the supporting documents of the CSRC and the exchange on the same day, the income and net profit of the IPO of the main board and GEM have all improved.</p><p><p style=\"text-align: justify;\">Taking the GEM as an example, the previous standard 1 of \"the net profit in the last two years is positive, and the accumulated net profit is not less than 50 million yuan\" has been upgraded to \"the accumulated net profit is not less than 100 million yuan and the net profit in the last year is not less than 60 million yuan.\"; The second standard of \"estimated market value is not less than 1 billion yuan and revenue in the latest year is not less than 100 million yuan\" is upgraded to \"estimated market value is not less than 1.5 billion yuan\" and \"revenue in the latest year is not less than 400 million yuan\" respectively.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1622d85744a1a19c98da246766d87945\" tg-width=\"640\" tg-height=\"325\"/></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd835070836c236e72988b9a7db8f56b\" tg-width=\"640\" tg-height=\"331\"/></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb47850cef45bfcc74519a4adb1dfadf\" tg-width=\"640\" tg-height=\"671\"/></p><p><p style=\"text-align: justify;\">In fact, in the previous practical operation, the recent IPO audit rhythm has slowed down.</p><p><p style=\"text-align: justify;\">Since 2024, Wind data as of April 12th shows that there are only two IPO companies in the \"newly accepted\" state of North Exchange projects.</p><p><p style=\"text-align: justify;\">Correspondingly, 104 projects failed to break through IPO due to withdrawal and rejection during the year.</p><p><p style=\"text-align: justify;\">\"Maybe from the brewing time, the acceptance rhythm has slowed down, because it is necessary to ensure that the new and old are cut off, otherwise some enterprises that do not meet the new standards may come in in the planning stage.\" An investment banker from a brokerage firm in East China pointed out.</p><p><p style=\"text-align: justify;\">In the audit process, the opinion proposes that \"the quality and efficiency of issuance and listing counseling will be improved, and the coverage of on-site inspections of enterprises under review and related intermediaries will be expanded.\"</p><p><p style=\"text-align: justify;\">Such a statement means that IPO review is strengthening supervision from both horizontal and vertical dimensions-vertically, the quality and efficiency of the counseling link before enterprises apply for listing are being paid attention to; Horizontally, more IPO companies and even intermediaries may enter the scope of on-site inspection.</p><p><p style=\"text-align: justify;\">\"Improving the quality and efficiency of the counseling period means that the focus of the listing review process is further advanced, because before, it was mainly grasped by acceptance.\" An investment banker from a listed securities firm in Beijing pointed out, \"The expansion of the scope of on-site inspection can find problems on the one hand, and on the other hand, it can also improve the deterrent effect of IPO review and curb the fluke mentality of some companies and intermediaries.\"</p><p><p style=\"text-align: justify;\">National Article 3.0 also pointed out that the responsibility of the whole chain of issuance and listing will be strengthened, the main responsibility of exchange audit will be implemented, and a retrospective accountability mechanism will be established.</p><p><p style=\"text-align: justify;\">\"Further compact the main responsibility of the exchange audit, improve the establishment method and operation mechanism of the stock listing committee, and strengthen the whole process supervision of the performance of duties by members.\" The opinion pointed out, \"Establish an audit retrospective accountability mechanism. Further compact the first responsibility of the issuer and the 'gatekeeper' responsibility of the intermediary agency, and establish a 'blacklist' system of the intermediary agency. Adhere to 'declaration is responsibility' and strictly investigate fraudulent issuance and other illegal issues.\"</p><p><p style=\"text-align: justify;\">For the chaos such as over-raising, high price and grouping in the underwriting link, the opinions clearly put forward strengthening constraints.</p><p><p style=\"text-align: justify;\">\"Intensify the supervision of issuance and underwriting. Strengthen the supervision of all aspects of inquiry, pricing and placement of new share issuance, and rectify market chaos such as high-priced over-raising and group price reduction.\" The opinion put forward, \"Strictly strengthen the supervision of information disclosure of fundraising projects. Standardizing and guiding the healthy development of capital according to law, strengthening penetrating supervision and supervision coordination, and severely cracking down on illegal holding, unexpected shareholding at abnormal prices, and benefit transfer.\"</p><p><h2 id=\"id_187537297\" style=\"text-align: start;\">2. Determination to delist \"separately\"</h2><p style=\"text-align: justify;\">Among the \"National Nine Articles 3.0\" opinions, one reform measure ushered in a \"separate list\", that is, the delisting mechanism.</p><p><p style=\"text-align: justify;\">In versions 1.0 and 2.0 of the Nine Articles of China, there has also been an explanation on the delisting mechanism, but more of them exist as sub-items of the Nine Articles.</p><p><p style=\"text-align: justify;\">For example, in the National Nine Articles 1.0 in 2004, the reference to delisting is more to prevent it as a financial risk.</p><p><p style=\"text-align: justify;\">For example, it is mentioned in the opinions that \"establishing an accountability mechanism for dereliction of duty by senior executives of delisted companies\" and \"all regions and relevant competent authorities should strengthen the management of delisted companies according to law to ensure the smooth and smooth delisting work\".</p><p><p style=\"text-align: justify;\">The reason is that there were a large number of listed companies at that time, and the market's focus on delisting was more on investor protection. In addition, the complexity of interests involved behind the company's listing led to A-shares being criticized for the poor delisting mechanism for many years.</p><p><p style=\"text-align: justify;\">Today, 20 years later, delisting seems to be no longer regarded as a local risk, and \"not being able to leave the market\" has become a chronic disease of the stock market.</p><p><p style=\"text-align: justify;\">Ten years ago, in the 2014 version of National Nine Articles 2.0, the importance of the delisting mechanism was improved, but it only existed as the eighth sub-item of the second largest article \"Developing Multi-level Stock Market\", and the relevant exposition length was only 167 words.</p><p><p style=\"text-align: justify;\">In the latest National Nine Articles 3.0, the opinion separately took out \"one of the nine articles\" to highlight \"deepening the reform of delisting system\", with a total length of 393 words, more than twice that of 10 years ago.</p><p><p style=\"text-align: justify;\">In terms of specific measures, the opinions put forward to speed up the formation of a normalized delisting pattern that should be retreated and cleared in time.</p><p><p style=\"text-align: justify;\">On the one hand, the mandatory delisting standards will be further strictly enforced. Establish and improve the differentiated delisting standard system for different sectors. Scientifically set the scope of application of major illegal delisting. Tighten financial delisting indicators. Improve market value standards and other trading delisting indicators.</p><p><p style=\"text-align: justify;\">On the other hand, the implementation of normative delisting will be strengthened. Further unblock diversified delisting channels. Improve policies and regulations such as absorption and merger, and encourage and guide head companies to strengthen the integration of listed companies in the industrial chain based on their main businesses. Further cut the value of \"shell\" resources. Strengthen the supervision of mergers and acquisitions, strengthen the relevance of the main business, strictly control the quality of injected assets, strengthen the supervision of \"backdoor listing\", and accurately crack down on all kinds of illegal \"shell-preserving\" behaviors.</p><p><p style=\"text-align: justify;\">At the same time, it is also proposed to further strengthen the delisting supervision. Strictly implement delisting, and severely crack down on financial fraud, market manipulation and other illegal activities that maliciously evade delisting. Improve the investor compensation relief mechanism in the delisting process, and compensate investors for their losses according to law by controlling shareholders, actual controllers, directors and senior executives responsible for major illegal delisting.</p><p><p style=\"text-align: justify;\">\"This time, the National Nine Articles obviously have greater determination in delisting, which is itself a long-standing problem for A shares for many years.\" The above-mentioned investment bankers in Beijing admitted frankly, \"Because there are too many places, investors, intermediaries and other related parties involved behind a listed company, the implementation efficiency of the delisting system is not high.\"</p><p><p style=\"text-align: justify;\">Wind data shows that as of April 12, 2024, the cumulative number of delisted companies totaled only 243.</p><p><p style=\"text-align: justify;\">Compared with the increasing number of new shares, the scale of delisting is obviously insignificant-the data shows that the total number of IPOs in the A-share market in the past 34 years has reached 5,363, while the number of new shares in the past five years has reached 1,775, accounting for 1/3.</p><p><p style=\"text-align: justify;\">However, with the promotion of the registration system reform in recent years, the number of delisted companies has increased.</p><p><p style=\"text-align: justify;\">According to the data, among the above 243 delisted companies, 143 have been delisted in the past five years, accounting for nearly 60%.</p><p><h2 id=\"id_2670479049\" style=\"text-align: start;\">Enhancing the Weighting of \"Shareholders' Return\"</h2><p style=\"text-align: justify;\">Compared with earlier, version 3.0 of National Nine Articles pays more attention to the return measures of shareholders of listed companies and the protection of investors' interests.</p><p><p style=\"text-align: justify;\">In terms of supervision of listed companies, the opinion proposes that the supervision of cash dividends of listed companies will be strengthened.</p><p><p style=\"text-align: justify;\">\"For companies that have not paid dividends for many years or have a low dividend ratio, restrict major shareholders from reducing their holdings and implement risk warnings.\" The opinion pointed out, \"Increase incentives for companies with high-quality dividends, and take multiple measures to promote the increase of Dividend rate. Enhance the stability, sustainability and predictability of dividends, and promote multiple dividends, pre-dividends and dividends before the Spring Festival a year.\"</p><p><p style=\"text-align: justify;\">From the data point of view, the dividend ratio of profitable companies in the A-share market has increased in the past 10 years.</p><p><p style=\"text-align: justify;\">According to trade Wind (ID: TradeWind01) statistics, among the 4,037 companies in 2022, the number of companies that implemented dividends reached 3,397, accounting for 84.15%, an increase of nearly 5 percentage points from 79.16% 10 years ago.</p><p><p style=\"text-align: justify;\">\"With the improvement of corporate governance, the company's enthusiasm for dividends will be improved. At the same time, due to the stable return of overall economic growth and the reduction of corporate capital expenditure, the cash available for dividends will also increase.\" A strategist at a securities firm in Beijing pointed out, \"Increasing the incentive measures for dividends and guiding listed companies to give back to shareholders are in line with the development direction of the market.\"</p><p><p style=\"text-align: justify;\">Repurchase has also become the focus of opinions, which proposes to \"guide listed companies to repurchase shares and cancel them according to law\".</p><p><p style=\"text-align: justify;\">\"This time, the cancellation was particularly emphasized, because in the past, many buybacks were prepared for equity incentives for the company's management. It was obviously a measure to give back to shareholders, but instead it became a means for the management to motivate itself at a low price.\" The above-mentioned analysts emphasized. \"This clear relationship between repurchase and share cancellation is to further promote the repurchase behavior to return to the origin of the purpose of 'giving back to shareholders'.\"</p><p><p style=\"text-align: justify;\">It is suggested that listed companies will be promoted to enhance their investment value through market value management, focusing on main business, mergers and acquisitions and reorganizations.</p><p><p style=\"text-align: justify;\">\"Formulate guidelines for market value management of listed companies. Study the incorporation of market value management of listed companies into the internal and external assessment and evaluation system of enterprises. At the same time, encourage listed companies to focus on their main businesses and comprehensively use mergers and acquisitions, equity incentives and other methods to improve development quality.\" The opinions also pointed out.</p><p><p style=\"text-align: justify;\">His left hand was to support the superior, while his right hand was to limit the inferior.</p><p><p style=\"text-align: justify;\">In order to clarify the dividend policy of listed companies and guide more dividends to be shared by public shareholders of listed companies, the opinion also puts forward that \"the 'clearance' dividends before IPO will be included in the negative list of issuance and listing\".</p><p><p style=\"text-align: justify;\">The Shanghai and Shenzhen Stock Exchanges said on the same day that the preliminary consideration in terms of indicators is that the cumulative dividend amount in the three years of the reporting period accounts for more than 80% of the net profit in the same period; Or if the cumulative dividend amount in the three years of the reporting period accounts for more than 50% of the net profit in the same period and the cumulative dividend amount exceeds 300 million yuan, and the total proportion of replenishment and loan repayment in the raised funds is higher than 20%, it will not be allowed to be issued and listed.</p><p><p style=\"text-align: justify;\">\"Dividends will be paid only if there are sufficient funds, and IPOs will be paid only if there is a lack of funds. The two themselves are contradictory.\" The above-mentioned investment banker in East China said, \"Such norms will help to improve the governance level of listed companies.\"</p><p><p style=\"text-align: justify;\">For another example, in view of the phenomenon of holding reduction, Article 3.0 of the National Nine proposes to introduce new management measures for holding reduction of listed companies, and severely crack down on all kinds of illegal holding reduction.</p><p><p style=\"text-align: justify;\">\"Strictly regulate the reduction of holding by major shareholders, especially controlling shareholders and actual controllers, and resolutely prevent all kinds of detour reduction in accordance with the principle of substance over form. Order the illegal entities to buy back the illegally reduced shares and pay the price difference.\" The opinion was put forward.</p><p><p style=\"text-align: justify;\">At the same time, National Nine Article 3.0 also emphasizes information disclosure and corporate governance supervision.</p><p><p style=\"text-align: justify;\">The opinion pointed out that it is necessary to build a comprehensive punishment and prevention system for anti-counterfeiting and anti-counterfeiting in the capital market, and seriously rectify illegal activities in key areas such as financial fraud and capital occupation. To urge listed companies to improve their internal control system. We will give full play to the supervisory role of independent directors and strengthen the guarantee and restraint of performance of duties.</p><p><h2 id=\"id_41089836\" style=\"text-align: start;\">Four, the sword pointing to important risk points</h2><p style=\"text-align: justify;\">Focusing on some hotly discussed phenomena in the new era of capital market, the National Nine Articles put forward targeted improvement measures for the supervision of institutions, markets and other links.</p><p><p style=\"text-align: justify;\">For example, in recent years, the \"snowball\" structured products that have been controversial and contain derivatives, as well as the phenomenon of \"around the bid\" and \"intra-day turnaround\" trading caused by the two financial institutions, suggest that the supervision system of key businesses such as derivatives, margin financing and securities lending will be improved.</p><p><p style=\"text-align: justify;\">\"The activity of Snowball and Liangrong in recent years has caused some market controversy. For this kind of institutional business with strong externalities, the standards and procedures of supervision may be improved.\" The person in charge of the business department of a Huijin securities firm commented, \"It is not excluded that more detailed rules will be implemented later.\"</p><p><p style=\"text-align: justify;\">In recent years, regarding the polarization phenomenon of \"the stronger is the stronger\" of securities fund institutions, the opinions also put forward that the head institutions will be supported to enhance their core competitiveness through mergers and acquisitions, organizational innovation, etc., and small and medium-sized institutions will be encouraged to develop differently and operate with characteristics.</p><p><p style=\"text-align: justify;\">\"A big problem of securities operating institutions is that they can't be cleared for a long time. Although it is a cyclical industry itself, many small institutions have been in a zombie operation due to many special factors.\" A head broker close to the regulatory authorities pointed out, \"For example, some local brokers are not doing well, but they rely on the support of local state-owned assets to last for a long time. In the process of integration and merger among some brokers, the shareholders of the integrated institutions have relatively great resistance.\"</p><p><p style=\"text-align: justify;\">\"But if industry mergers become an encouraged direction, it is possible that industry efficiency can be improved.\" The person said, \"Of course, there is another direction for differentiated development, but the current business is homogeneous, and the space for innovation is actually limited.\"</p><p><p style=\"text-align: justify;\">The National Nine Article 3.0 also proposed that transaction supervision will be strengthened and the inherent stability of the capital market will be enhanced.</p><p><p style=\"text-align: justify;\">At the beginning of February this year, the quantitative strategy of small and medium-sized cap and micro-cap stocks, which has been favored by the market in recent years, triggered a stampede-style stock market crash due to excessive strategic crowding. This incident once triggered the reflection of all parties in the market and even the supervision on the supervision of quantitative trading.</p><p><p style=\"text-align: justify;\">With the increase of the penetration rate of A-share quantitative private placement, programmed trading and the market impact, the New Deal also put forward the regulatory direction in a targeted manner.</p><p><p style=\"text-align: justify;\">For example, the opinion proposes that procedural transaction supervision regulations will be introduced to strengthen the supervision of high-frequency quantitative transactions. Formulate operating rules for private equity funds. Strengthen bottom-line thinking and improve response measures in extreme situations.</p><p><p style=\"text-align: justify;\">The expected management of some major policies is also included in the scope of the National Nine Articles 3.0.</p><p><p style=\"text-align: justify;\">For example, at the end of 2023, the game stock sector experienced a \"black swan\" of drastic adjustment due to changes in industry policies, and the market value of the game industry increased by more than 400 billion yuan in a short time.</p><p><p style=\"text-align: justify;\">The opinion puts forward that \"the expectation management mechanism will be improved\".</p><p><p style=\"text-align: justify;\">\"Incorporate the assessment content of the impact of major economic or non-economic policies on the capital market into the assessment framework of macro-policy orientation consistency, and establish a coordination mechanism for the release of major policy information.\" The opinion is put forward.</p><p><p style=\"text-align: justify;\">In view of the problems of illegal crimes in the capital market, Article IX 3.0 of the State put forward many measures to improve the mechanism, and emphasized that it will \"promote the strengthening of the rule of law in the capital market and greatly increase the cost of illegal violations\".</p><p><p style=\"text-align: justify;\">For example, the opinion proposes that judicial interpretations of the crime of breach of trust harming the interests of listed companies, judicial interpretations of civil compensation such as insider trading and market manipulation, and judicial documents to crack down on criminal acts such as misappropriation of private equity fund funds and breach of trust using entrusted property will be promoted.</p><p><p style=\"text-align: justify;\">Regarding the potential corruption problem, the opinion put forward that the management of resigned personnel will be strictly and tightly improved.</p><p><p style=\"text-align: justify;\">\"Rectify problems such as 'shadow shareholders', improper shareholding, 'revolving door' of politics and business, and 'escape resignation'. Eradicate the soil and conditions for corruption, resolutely punish corruption problems such as corruption and risk interweaving, capital and power collusion, and create a clean and upright political ecology,\" the opinion pointed out. (Zheng Minfang and Wang Yating also contributed to this article)</p><p></body></html></p>","source":"live_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Detailed explanation of the heavy landing of \"National Nine Articles version 3.0\": A shares may have a new atmosphere in these directions</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDetailed explanation of the heavy landing of \"National Nine Articles version 3.0\": A shares may have a new atmosphere in these directions\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2024-04-12 23:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Major reform measures around the next stage of the capital market are starting from a higher level.</p><p><p style=\"text-align: justify;\">On April 12th, the State Council issued \"Several Opinions on Strengthening Supervision, Preventing Risks and Promoting High-quality Development of Capital Market\" (hereinafter referred to as \"Opinions\"). The full text focuses on the listing and issuance of new shares, supervision of listed companies, delisting mechanism, strengthening institutional supervision and strengthening transaction supervision, and further clarifies the mechanism and direction of the capital market through nine measures.</p><p><p style=\"text-align: justify;\">For this reason, this opinion is also regarded as version 3.0 of the new policy of the National Nine Articles after version 1.0 of the National Nine Articles in 2004 (\"Several Opinions on Promoting the Reform, Opening up and Stable Development of the Capital Market\") and version 2.0 of the National Nine Articles in 2014 (\"Several Opinions of the State Council on Further Promoting the Healthy Development of the Capital Market\").</p><p><p style=\"text-align: justify;\">Through combing, trade wind found that strict listing and issuance review, highlighting the improvement of delisting mechanism, attaching importance to shareholders' returns of listed companies, and preventing and curbing all kinds of risk violations, so as to promote the high-quality development of the capital market, may be the main line of \"National Nine 3.0\".</p><p><p style=\"text-align: justify;\">From the perspective of the industry, with the continuous implementation of reform supporting measures, the positive expectations for the capital market are also expected to be further improved and consolidated.</p><p><h2 id=\"id_4048268513\" style=\"text-align: start;\">I. \"Double improvement\" of IPO standards and processes</h2><p style=\"text-align: justify;\">On the occasion of the implementation of the A-share registration system, the reform of the listing and issuance system has become the first area mentioned in the National Nine Article 3.0.</p><p><p style=\"text-align: justify;\">The opinion pointed out that the issuance and listing system should be further improved. The listing standards of the main board and GEM will be improved, and the evaluation standards of science and technology attributes of the science and technology innovation board will be improved.</p><p><p style=\"text-align: justify;\">According to the supporting documents of the CSRC and the exchange on the same day, the income and net profit of the IPO of the main board and GEM have all improved.</p><p><p style=\"text-align: justify;\">Taking the GEM as an example, the previous standard 1 of \"the net profit in the last two years is positive, and the accumulated net profit is not less than 50 million yuan\" has been upgraded to \"the accumulated net profit is not less than 100 million yuan and the net profit in the last year is not less than 60 million yuan.\"; The second standard of \"estimated market value is not less than 1 billion yuan and revenue in the latest year is not less than 100 million yuan\" is upgraded to \"estimated market value is not less than 1.5 billion yuan\" and \"revenue in the latest year is not less than 400 million yuan\" respectively.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1622d85744a1a19c98da246766d87945\" tg-width=\"640\" tg-height=\"325\"/></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd835070836c236e72988b9a7db8f56b\" tg-width=\"640\" tg-height=\"331\"/></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb47850cef45bfcc74519a4adb1dfadf\" tg-width=\"640\" tg-height=\"671\"/></p><p><p style=\"text-align: justify;\">In fact, in the previous practical operation, the recent IPO audit rhythm has slowed down.</p><p><p style=\"text-align: justify;\">Since 2024, Wind data as of April 12th shows that there are only two IPO companies in the \"newly accepted\" state of North Exchange projects.</p><p><p style=\"text-align: justify;\">Correspondingly, 104 projects failed to break through IPO due to withdrawal and rejection during the year.</p><p><p style=\"text-align: justify;\">\"Maybe from the brewing time, the acceptance rhythm has slowed down, because it is necessary to ensure that the new and old are cut off, otherwise some enterprises that do not meet the new standards may come in in the planning stage.\" An investment banker from a brokerage firm in East China pointed out.</p><p><p style=\"text-align: justify;\">In the audit process, the opinion proposes that \"the quality and efficiency of issuance and listing counseling will be improved, and the coverage of on-site inspections of enterprises under review and related intermediaries will be expanded.\"</p><p><p style=\"text-align: justify;\">Such a statement means that IPO review is strengthening supervision from both horizontal and vertical dimensions-vertically, the quality and efficiency of the counseling link before enterprises apply for listing are being paid attention to; Horizontally, more IPO companies and even intermediaries may enter the scope of on-site inspection.</p><p><p style=\"text-align: justify;\">\"Improving the quality and efficiency of the counseling period means that the focus of the listing review process is further advanced, because before, it was mainly grasped by acceptance.\" An investment banker from a listed securities firm in Beijing pointed out, \"The expansion of the scope of on-site inspection can find problems on the one hand, and on the other hand, it can also improve the deterrent effect of IPO review and curb the fluke mentality of some companies and intermediaries.\"</p><p><p style=\"text-align: justify;\">National Article 3.0 also pointed out that the responsibility of the whole chain of issuance and listing will be strengthened, the main responsibility of exchange audit will be implemented, and a retrospective accountability mechanism will be established.</p><p><p style=\"text-align: justify;\">\"Further compact the main responsibility of the exchange audit, improve the establishment method and operation mechanism of the stock listing committee, and strengthen the whole process supervision of the performance of duties by members.\" The opinion pointed out, \"Establish an audit retrospective accountability mechanism. Further compact the first responsibility of the issuer and the 'gatekeeper' responsibility of the intermediary agency, and establish a 'blacklist' system of the intermediary agency. Adhere to 'declaration is responsibility' and strictly investigate fraudulent issuance and other illegal issues.\"</p><p><p style=\"text-align: justify;\">For the chaos such as over-raising, high price and grouping in the underwriting link, the opinions clearly put forward strengthening constraints.</p><p><p style=\"text-align: justify;\">\"Intensify the supervision of issuance and underwriting. Strengthen the supervision of all aspects of inquiry, pricing and placement of new share issuance, and rectify market chaos such as high-priced over-raising and group price reduction.\" The opinion put forward, \"Strictly strengthen the supervision of information disclosure of fundraising projects. Standardizing and guiding the healthy development of capital according to law, strengthening penetrating supervision and supervision coordination, and severely cracking down on illegal holding, unexpected shareholding at abnormal prices, and benefit transfer.\"</p><p><h2 id=\"id_187537297\" style=\"text-align: start;\">2. Determination to delist \"separately\"</h2><p style=\"text-align: justify;\">Among the \"National Nine Articles 3.0\" opinions, one reform measure ushered in a \"separate list\", that is, the delisting mechanism.</p><p><p style=\"text-align: justify;\">In versions 1.0 and 2.0 of the Nine Articles of China, there has also been an explanation on the delisting mechanism, but more of them exist as sub-items of the Nine Articles.</p><p><p style=\"text-align: justify;\">For example, in the National Nine Articles 1.0 in 2004, the reference to delisting is more to prevent it as a financial risk.</p><p><p style=\"text-align: justify;\">For example, it is mentioned in the opinions that \"establishing an accountability mechanism for dereliction of duty by senior executives of delisted companies\" and \"all regions and relevant competent authorities should strengthen the management of delisted companies according to law to ensure the smooth and smooth delisting work\".</p><p><p style=\"text-align: justify;\">The reason is that there were a large number of listed companies at that time, and the market's focus on delisting was more on investor protection. In addition, the complexity of interests involved behind the company's listing led to A-shares being criticized for the poor delisting mechanism for many years.</p><p><p style=\"text-align: justify;\">Today, 20 years later, delisting seems to be no longer regarded as a local risk, and \"not being able to leave the market\" has become a chronic disease of the stock market.</p><p><p style=\"text-align: justify;\">Ten years ago, in the 2014 version of National Nine Articles 2.0, the importance of the delisting mechanism was improved, but it only existed as the eighth sub-item of the second largest article \"Developing Multi-level Stock Market\", and the relevant exposition length was only 167 words.</p><p><p style=\"text-align: justify;\">In the latest National Nine Articles 3.0, the opinion separately took out \"one of the nine articles\" to highlight \"deepening the reform of delisting system\", with a total length of 393 words, more than twice that of 10 years ago.</p><p><p style=\"text-align: justify;\">In terms of specific measures, the opinions put forward to speed up the formation of a normalized delisting pattern that should be retreated and cleared in time.</p><p><p style=\"text-align: justify;\">On the one hand, the mandatory delisting standards will be further strictly enforced. Establish and improve the differentiated delisting standard system for different sectors. Scientifically set the scope of application of major illegal delisting. Tighten financial delisting indicators. Improve market value standards and other trading delisting indicators.</p><p><p style=\"text-align: justify;\">On the other hand, the implementation of normative delisting will be strengthened. Further unblock diversified delisting channels. Improve policies and regulations such as absorption and merger, and encourage and guide head companies to strengthen the integration of listed companies in the industrial chain based on their main businesses. Further cut the value of \"shell\" resources. Strengthen the supervision of mergers and acquisitions, strengthen the relevance of the main business, strictly control the quality of injected assets, strengthen the supervision of \"backdoor listing\", and accurately crack down on all kinds of illegal \"shell-preserving\" behaviors.</p><p><p style=\"text-align: justify;\">At the same time, it is also proposed to further strengthen the delisting supervision. Strictly implement delisting, and severely crack down on financial fraud, market manipulation and other illegal activities that maliciously evade delisting. Improve the investor compensation relief mechanism in the delisting process, and compensate investors for their losses according to law by controlling shareholders, actual controllers, directors and senior executives responsible for major illegal delisting.</p><p><p style=\"text-align: justify;\">\"This time, the National Nine Articles obviously have greater determination in delisting, which is itself a long-standing problem for A shares for many years.\" The above-mentioned investment bankers in Beijing admitted frankly, \"Because there are too many places, investors, intermediaries and other related parties involved behind a listed company, the implementation efficiency of the delisting system is not high.\"</p><p><p style=\"text-align: justify;\">Wind data shows that as of April 12, 2024, the cumulative number of delisted companies totaled only 243.</p><p><p style=\"text-align: justify;\">Compared with the increasing number of new shares, the scale of delisting is obviously insignificant-the data shows that the total number of IPOs in the A-share market in the past 34 years has reached 5,363, while the number of new shares in the past five years has reached 1,775, accounting for 1/3.</p><p><p style=\"text-align: justify;\">However, with the promotion of the registration system reform in recent years, the number of delisted companies has increased.</p><p><p style=\"text-align: justify;\">According to the data, among the above 243 delisted companies, 143 have been delisted in the past five years, accounting for nearly 60%.</p><p><h2 id=\"id_2670479049\" style=\"text-align: start;\">Enhancing the Weighting of \"Shareholders' Return\"</h2><p style=\"text-align: justify;\">Compared with earlier, version 3.0 of National Nine Articles pays more attention to the return measures of shareholders of listed companies and the protection of investors' interests.</p><p><p style=\"text-align: justify;\">In terms of supervision of listed companies, the opinion proposes that the supervision of cash dividends of listed companies will be strengthened.</p><p><p style=\"text-align: justify;\">\"For companies that have not paid dividends for many years or have a low dividend ratio, restrict major shareholders from reducing their holdings and implement risk warnings.\" The opinion pointed out, \"Increase incentives for companies with high-quality dividends, and take multiple measures to promote the increase of Dividend rate. Enhance the stability, sustainability and predictability of dividends, and promote multiple dividends, pre-dividends and dividends before the Spring Festival a year.\"</p><p><p style=\"text-align: justify;\">From the data point of view, the dividend ratio of profitable companies in the A-share market has increased in the past 10 years.</p><p><p style=\"text-align: justify;\">According to trade Wind (ID: TradeWind01) statistics, among the 4,037 companies in 2022, the number of companies that implemented dividends reached 3,397, accounting for 84.15%, an increase of nearly 5 percentage points from 79.16% 10 years ago.</p><p><p style=\"text-align: justify;\">\"With the improvement of corporate governance, the company's enthusiasm for dividends will be improved. At the same time, due to the stable return of overall economic growth and the reduction of corporate capital expenditure, the cash available for dividends will also increase.\" A strategist at a securities firm in Beijing pointed out, \"Increasing the incentive measures for dividends and guiding listed companies to give back to shareholders are in line with the development direction of the market.\"</p><p><p style=\"text-align: justify;\">Repurchase has also become the focus of opinions, which proposes to \"guide listed companies to repurchase shares and cancel them according to law\".</p><p><p style=\"text-align: justify;\">\"This time, the cancellation was particularly emphasized, because in the past, many buybacks were prepared for equity incentives for the company's management. It was obviously a measure to give back to shareholders, but instead it became a means for the management to motivate itself at a low price.\" The above-mentioned analysts emphasized. \"This clear relationship between repurchase and share cancellation is to further promote the repurchase behavior to return to the origin of the purpose of 'giving back to shareholders'.\"</p><p><p style=\"text-align: justify;\">It is suggested that listed companies will be promoted to enhance their investment value through market value management, focusing on main business, mergers and acquisitions and reorganizations.</p><p><p style=\"text-align: justify;\">\"Formulate guidelines for market value management of listed companies. Study the incorporation of market value management of listed companies into the internal and external assessment and evaluation system of enterprises. At the same time, encourage listed companies to focus on their main businesses and comprehensively use mergers and acquisitions, equity incentives and other methods to improve development quality.\" The opinions also pointed out.</p><p><p style=\"text-align: justify;\">His left hand was to support the superior, while his right hand was to limit the inferior.</p><p><p style=\"text-align: justify;\">In order to clarify the dividend policy of listed companies and guide more dividends to be shared by public shareholders of listed companies, the opinion also puts forward that \"the 'clearance' dividends before IPO will be included in the negative list of issuance and listing\".</p><p><p style=\"text-align: justify;\">The Shanghai and Shenzhen Stock Exchanges said on the same day that the preliminary consideration in terms of indicators is that the cumulative dividend amount in the three years of the reporting period accounts for more than 80% of the net profit in the same period; Or if the cumulative dividend amount in the three years of the reporting period accounts for more than 50% of the net profit in the same period and the cumulative dividend amount exceeds 300 million yuan, and the total proportion of replenishment and loan repayment in the raised funds is higher than 20%, it will not be allowed to be issued and listed.</p><p><p style=\"text-align: justify;\">\"Dividends will be paid only if there are sufficient funds, and IPOs will be paid only if there is a lack of funds. The two themselves are contradictory.\" The above-mentioned investment banker in East China said, \"Such norms will help to improve the governance level of listed companies.\"</p><p><p style=\"text-align: justify;\">For another example, in view of the phenomenon of holding reduction, Article 3.0 of the National Nine proposes to introduce new management measures for holding reduction of listed companies, and severely crack down on all kinds of illegal holding reduction.</p><p><p style=\"text-align: justify;\">\"Strictly regulate the reduction of holding by major shareholders, especially controlling shareholders and actual controllers, and resolutely prevent all kinds of detour reduction in accordance with the principle of substance over form. Order the illegal entities to buy back the illegally reduced shares and pay the price difference.\" The opinion was put forward.</p><p><p style=\"text-align: justify;\">At the same time, National Nine Article 3.0 also emphasizes information disclosure and corporate governance supervision.</p><p><p style=\"text-align: justify;\">The opinion pointed out that it is necessary to build a comprehensive punishment and prevention system for anti-counterfeiting and anti-counterfeiting in the capital market, and seriously rectify illegal activities in key areas such as financial fraud and capital occupation. To urge listed companies to improve their internal control system. We will give full play to the supervisory role of independent directors and strengthen the guarantee and restraint of performance of duties.</p><p><h2 id=\"id_41089836\" style=\"text-align: start;\">Four, the sword pointing to important risk points</h2><p style=\"text-align: justify;\">Focusing on some hotly discussed phenomena in the new era of capital market, the National Nine Articles put forward targeted improvement measures for the supervision of institutions, markets and other links.</p><p><p style=\"text-align: justify;\">For example, in recent years, the \"snowball\" structured products that have been controversial and contain derivatives, as well as the phenomenon of \"around the bid\" and \"intra-day turnaround\" trading caused by the two financial institutions, suggest that the supervision system of key businesses such as derivatives, margin financing and securities lending will be improved.</p><p><p style=\"text-align: justify;\">\"The activity of Snowball and Liangrong in recent years has caused some market controversy. For this kind of institutional business with strong externalities, the standards and procedures of supervision may be improved.\" The person in charge of the business department of a Huijin securities firm commented, \"It is not excluded that more detailed rules will be implemented later.\"</p><p><p style=\"text-align: justify;\">In recent years, regarding the polarization phenomenon of \"the stronger is the stronger\" of securities fund institutions, the opinions also put forward that the head institutions will be supported to enhance their core competitiveness through mergers and acquisitions, organizational innovation, etc., and small and medium-sized institutions will be encouraged to develop differently and operate with characteristics.</p><p><p style=\"text-align: justify;\">\"A big problem of securities operating institutions is that they can't be cleared for a long time. Although it is a cyclical industry itself, many small institutions have been in a zombie operation due to many special factors.\" A head broker close to the regulatory authorities pointed out, \"For example, some local brokers are not doing well, but they rely on the support of local state-owned assets to last for a long time. In the process of integration and merger among some brokers, the shareholders of the integrated institutions have relatively great resistance.\"</p><p><p style=\"text-align: justify;\">\"But if industry mergers become an encouraged direction, it is possible that industry efficiency can be improved.\" The person said, \"Of course, there is another direction for differentiated development, but the current business is homogeneous, and the space for innovation is actually limited.\"</p><p><p style=\"text-align: justify;\">The National Nine Article 3.0 also proposed that transaction supervision will be strengthened and the inherent stability of the capital market will be enhanced.</p><p><p style=\"text-align: justify;\">At the beginning of February this year, the quantitative strategy of small and medium-sized cap and micro-cap stocks, which has been favored by the market in recent years, triggered a stampede-style stock market crash due to excessive strategic crowding. This incident once triggered the reflection of all parties in the market and even the supervision on the supervision of quantitative trading.</p><p><p style=\"text-align: justify;\">With the increase of the penetration rate of A-share quantitative private placement, programmed trading and the market impact, the New Deal also put forward the regulatory direction in a targeted manner.</p><p><p style=\"text-align: justify;\">For example, the opinion proposes that procedural transaction supervision regulations will be introduced to strengthen the supervision of high-frequency quantitative transactions. Formulate operating rules for private equity funds. Strengthen bottom-line thinking and improve response measures in extreme situations.</p><p><p style=\"text-align: justify;\">The expected management of some major policies is also included in the scope of the National Nine Articles 3.0.</p><p><p style=\"text-align: justify;\">For example, at the end of 2023, the game stock sector experienced a \"black swan\" of drastic adjustment due to changes in industry policies, and the market value of the game industry increased by more than 400 billion yuan in a short time.</p><p><p style=\"text-align: justify;\">The opinion puts forward that \"the expectation management mechanism will be improved\".</p><p><p style=\"text-align: justify;\">\"Incorporate the assessment content of the impact of major economic or non-economic policies on the capital market into the assessment framework of macro-policy orientation consistency, and establish a coordination mechanism for the release of major policy information.\" The opinion is put forward.</p><p><p style=\"text-align: justify;\">In view of the problems of illegal crimes in the capital market, Article IX 3.0 of the State put forward many measures to improve the mechanism, and emphasized that it will \"promote the strengthening of the rule of law in the capital market and greatly increase the cost of illegal violations\".</p><p><p style=\"text-align: justify;\">For example, the opinion proposes that judicial interpretations of the crime of breach of trust harming the interests of listed companies, judicial interpretations of civil compensation such as insider trading and market manipulation, and judicial documents to crack down on criminal acts such as misappropriation of private equity fund funds and breach of trust using entrusted property will be promoted.</p><p><p style=\"text-align: justify;\">Regarding the potential corruption problem, the opinion put forward that the management of resigned personnel will be strictly and tightly improved.</p><p><p style=\"text-align: justify;\">\"Rectify problems such as 'shadow shareholders', improper shareholding, 'revolving door' of politics and business, and 'escape resignation'. Eradicate the soil and conditions for corruption, resolutely punish corruption problems such as corruption and risk interweaving, capital and power collusion, and create a clean and upright political ecology,\" the opinion pointed out. (Zheng Minfang and Wang Yating also contributed to this article)</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3712615\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/718d9d0cee89dacb8ae3664167fe24e6","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://wallstreetcn.com/articles/3712615","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1125373899","content_text":"围绕资本市场下一阶段的重大改革举措，正在从更高层面赫然开启。4月12日，国务院发布《关于加强监管防范风险推动资本市场高质量发展的若干意见》（以下简称“意见”），全文围绕新股上市发行、上市公司监管、退市机制、强化机构监管、加强交易监管等环节，合计通过九大条举措进一步明确资本市场的机制和方向。正因如此，此次意见也被视为继2004年国九条1.0版（《关于推进资本市场改革开放和稳定发展的若干意见》）、2014年国九条2.0版（《国务院关于进一步促进资本市场健康发展的若干意见》）之后，有关“国九条”新政的3.0版本。信风通过梳理发现，从严上市发行审核、突出退市机制完善、重视上市公司股东回报、防范遏制各类风险违规现象，以促进资本市场高质量发展，或许正是“国九条3.0”的主线。在业内看来，随着改革配套举措的持续落地，针对资本市场的积极预期也有望进一步向好并得到夯实。一、IPO标准、流程“双提升”在A股注册制实施满岁之际，有关上市发行制度的改革，成为了国九条3.0中首个被提及的领域。意见指出，进一步完善发行上市制度。将提高主板、创业板上市标准，完善科创板科创属性评价标准。而据同日证监会及交易所的配套文件显示，主板、创业板IPO的收入、净利润等指标均有提升。以创业板为例，此前标准一的“最近2年净利润均为正，且累计净利润不低于5000万元”提升为“累计净利润不低于1亿元且最近一年净利润不低于6000万元。”；而标准二的“预计市值不低于10亿元、最近一年营收不低于1亿元”则分别调升为“预计市值不低于15亿元”、“最近一年营收不低于4亿元”。其实在此前的实操环节，近来的IPO审核节奏已在有所放缓。2024年以来截至4月12日的Wind数据显示，处于“新受理”状态的IPO企业仅有两单北交所项目。与之对应的是，年内因撤回、被否等原因导致IPO闯关失败的项目已达104单。“可能从酝酿的时候，受理节奏就放缓了，因为要保证新老划断，否则筹划阶段可能会有一些不符合新标准的企业进来。”华东一家券商投行人士分析指出。审核流程上，意见则提出将“提高发行上市辅导质效，扩大对在审企业及相关中介机构现场检查覆盖面。”如此表态，意味着IPO审核正在从横线、纵向两个维度上强化监管——纵向上，企业申报上市前的辅导环节的质效正在被重视；横向上或有更多拟IPO企业乃至中介机构进入现场检查范围。“提升辅导期的质效，意味着上市审核流程的关注点正在进一步前置，因为之前主要是以受理为节点来把握的。”北京一家上市券商投行人士指出，“现场检查范围的扩大，一方面能发现问题，另一方面也可以提高IPO审核的震慑作用，遏制一些公司和中介机构的侥幸心理。”国九条3.0同时指出，将强化发行上市全链条责任，落实交易所审核主体责任，建立回溯追责机制。“进一步压实交易所审核主体责任，完善股票上市委员会组建方式和运行机制，加强对委员履职的全过程监督。”意见指出，“建立审核回溯问责追责机制。进一步压实发行人第一责任和中介机构‘看门人’责任，建立中介机构‘黑名单’制度。坚持‘申报即担责’，严查欺诈发行等违法违规问题。”对于承销环节的超募、高价、抱团等乱象，意见则明确提出强化约束。“加大发行承销监管力度。强化新股发行询价定价配售各环节监管，整治高价超募、抱团压价等市场乱象。”意见提出，“从严加强募投项目信息披露监管。依法规范和引导资本健康发展，加强穿透式监管和监管协同，严厉打击违规代持、以异常价格突击入股、利益输送等行为。”二、“单列”退市的决心在“国九条3.0”意见中，有一项改革措施迎来了“单列”，那就是退市机制。在国九条的1.0、2.0版本中，也曾有过关于退市机制的阐述，但更多是作为“九条”中的子项存在。例如2004年的国九条1.0中，对退市的提及则更多是将其作为金融风险进行防范。例如在意见中提及“建立对退市公司高管人员失职的责任追究机制”、“各地区和有关主管部门要依法加强对退市公司的管理，确保退市工作平稳顺利”。原因在于，彼时上市公司数量较多，而市场对于退市的着眼点更多放在了投资者保护，加之公司上市背后涉及的利益复杂性，导致A股多年来因退市机制不畅而备受诟病。20年后的今天，退市似乎已不再被视为局部性风险，“退不了市”反而更多成为股票市场的慢性顽疾。10年前2014版本国九条2.0中，退市机制的重要性得到了提高，但也仅作为第二大条“发展多层次股票市场”中的第8小项存在的，相关阐述篇幅仅167个字。在最新落地的国九条3.0中，意见则单独拿出“9条中的1条”来着重突出“深化退市制度改革”，合计篇幅达到了393字，较10年前的2倍还多。而在具体措施上，意见提出，加快形成应退尽退、及时出清的常态化退市格局。一方面，将进一步严格强制退市标准。建立健全不同板块差异化的退市标准体系。科学设置重大违法退市适用范围。收紧财务类退市指标。完善市值标准等交易类退市指标。另一方面，会加大规范类退市实施力度。进一步畅通多元退市渠道。完善吸收合并等政策规定，鼓励引导头部公司立足主业加大对产业链上市公司的整合力度。进一步削减“壳”资源价值。加强并购重组监管，强化主业相关性，严把注入资产质量关，加大对“借壳上市”的监管力度，精准打击各类违规“保壳”行为。同时还提出，要进一步强化退市监管。严格退市执行，严厉打击财务造假、操纵市场等恶意规避退市的违法行为。健全退市过程中的投资者赔偿救济机制，对重大违法退市负有责任的控股股东、实际控制人、董事、高管等要依法赔偿投资者损失。“这次的国九条在退市上显然有更大的决心，这本身也是A股多年来的老大难。”上述北京地区投行人士坦言，“因为一家上市公司背后牵涉的地方、投资者、中介机构等相关方太多了，所以导致退市制度的实施效率并不高。”Wind数据显示，截止2024年4月12日累计退市公司数量合计仅有243家。和不断增加的新股数量相比，如此退市规模显然是小巫见大巫——数据显示，A股市场34年来合计IPO总数达5363家，而近5年来新股数量就达1775家，占比达1/3。不过伴随近年来的注册制改革推动，退市公司数量已有所上升。数据显示，在上述243家已退市公司中，有143家均是在近5年内退市的，占比接近6成。三、提升“股东回报”权重和早前相比，国九条3.0版本更加看重对上市公司股东的回报举措和投资者利益的保护。在上市公司监管方面，意见提出将强化上市公司现金分红监管。“对多年未分红或分红比例偏低的公司，限制大股东减持、实施风险警示。”意见指出，“加大对分红优质公司的激励力度，多措并举推动提高股息率。增强分红稳定性、持续性和可预期性，推动一年多次分红、预分红、春节前分红。”从数据来看，A股市场盈利公司的分红比例在近10年已有所提升。信风（ID：TradeWind01）统计Wind数据显示，2022年的4037家公司中，实施分红公司数量达3397家，占比达84.15%，相较10年前的79.16%提升了近5个百分点。“随着公司治理的提高，公司分红积极性会有所提升，同时由于整体经济增速的回归平稳，企业资本开支的减少，可供分红的现金也会增多。”北京一家券商策略分析师指出，“增加分红的激励举措，引导上市公司回馈股东，符合市场的发展方向。”回购也成为了意见的关注点，其提出将“引导上市公司回购股份后依法注销”。“这一次格外强调了注销的事，因为过去很多回购背后是为了给公司管理层做股权激励来预备的，明明是回馈股东的举措，反而变成了管理层低价激励自我的一种手段。”上述分析师强调。“这次明确回购和股份注销的关系，是在进一步推动回购行为回归‘回馈股东’的目的本源。”意见提出，将促进上市公司通过市值管理、聚焦主业、并购重组等方式提升自身投资价值。“制定上市公司市值管理指引。研究将上市公司市值管理纳入企业内外部考核评价体系。同时，鼓励上市公司聚焦主业，综合运用并购重组、股权激励等方式提高发展质量。”意见同时也指出。左手是扶优，右手则是限劣。为了明确上市公司的分红政策，引导将更多分红留存给上市公司公众股东分享，意见还提出“将对IPO前的‘清仓式’分红等情形纳入发行上市负面清单”。沪深交易所当日表示，在指标方面的初步考虑是，对于报告期三年累计分红金额占同期净利润比例超过80%的；或者报告期三年累计分红金额占同期净利润比例超过50%且累计分红金额超过3亿元，同时募集资金中补流和还贷合计比例高于20%的，将不允许其发行上市。“有充足资金才会分红，缺少资金才会IPO，两者本身是矛盾的。”上述华东地区投行人士称，“这样的规范有助于提高上市公司的治理水平。”再如针对减持现象，国九条3.0提出要出台新的上市公司减持管理办法，并严厉打击各类违规减持。“严格规范大股东尤其是控股股东、实际控制人减持，按照实质重于形式的原则坚决防范各类绕道减持。责令违规主体购回违规减持股份并上缴价差。”意见提出。同时国九条3.0也着重强调了信息披露和公司治理监管。意见指出，要构建资本市场防假打假综合惩防体系，严肃整治财务造假、资金占用等重点领域违法违规行为。督促上市公司完善内控体系。切实发挥独立董事监督作用，强化履职保障约束。四、剑指重要风险点围绕资本市场新时期的部分热议现象，国九条针对机构、市场等环节监管提出了有针对性的完善举措。例如近年来颇受争议且含有衍生品性质的“雪球”结构化产品，以及两融引发的“绕标”、“日内回转”交易现象，意见提出将完善对衍生品、融资融券等重点业务的监管制度。“雪球、两融这些年的活跃引发了一些市场争议，针对这类外部性较强的机构业务，可能监管的标准和流程都会有所提高。”一家汇金系券商营业部负责人评价称，“不排除会有更多的细则会在后面落地。”对于近年来证券基金机构“强者愈强”的两极分化现象，意见也提出将支持头部机构通过并购重组、组织创新等方式提升核心竞争力，鼓励中小机构差异化发展、特色化经营。“证券经营机构的一个很大问题是迟迟无法出清，虽然本身是个周期性行业，但由于许多特殊因素，许多小机构却一直处于僵尸运营状态。”一位接近监管层的头部券商人士指出，“比如一些地方券商做的并不好，但靠当地国资的支持长期续命，还有一些券商之间的整合兼并过程中，被整合机构的股东阻力比较大。”“但如果行业兼并成为被鼓励的方向，有可能行业效率能有所提高。”该人士称，“当然还有一种方向是差异化发展，但目前的业务同质化，创新的空间其实是有限的。”此次国九条3.0还提出，将加强交易监管，增强资本市场内在稳定性。今年2月初，备受近年市场青睐的中小盘和微盘股量化策略，因过高的策略拥挤度而引发了踩踏式股灾，此次事件一度引发市场各方乃至监管针对量化交易监管的反思。伴随A股量化私募、程序化交易渗透率的提高以及产生的市场影响，此次新政亦有针对性的提出了监管方向。例如意见就提出，将出台程序化交易监管规定，加强对高频量化交易监管。制定私募证券基金运作规则。强化底线思维，完善极端情形的应对措施。部分重大政策的预期管理，也列入了此次国九条3.0的指向范围。例如在2023年年底，游戏股板块因行业政策变化而出现了剧烈调整的“黑天鹅”，游戏行业市值短时间内增发超过4000亿元。意见则提出将“健全预期管理机制”。“将重大经济或非经济政策对资本市场的影响评估内容纳入宏观政策取向一致性评估框架，建立重大政策信息发布协调机制。”意见提出。针对资本市场的违法犯罪等问题，国九条3.0更提出众多机制完善举措，并着重强调将“推动加强资本市场法治建设，大幅提升违法违规成本”。例如意见提出，将推动出台背信损害上市公司利益罪的司法解释、内幕交易和操纵市场等民事赔偿的司法解释，以及打击挪用私募基金资金、背信运用受托财产等犯罪行为的司法文件。对于潜在的腐败问题，意见提出将从严从紧完善离职人员管理。“整治‘影子股东’、不当入股、政商‘旋转门’、‘逃逸式辞职’等问题。铲除腐败问题产生的土壤和条件，坚决惩治腐败与风险交织、资本与权力勾连等腐败问题，营造风清气正的政治生态。”意见指出。（郑敏芳、王亚婷对此文亦有贡献）","news_type":1,"symbols_score_info":{"000001.SH":1.1}},"isVote":1,"tweetType":1,"viewCount":1289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":522111567196920,"gmtCreate":1768503772829,"gmtModify":1768503775686,"author":{"id":"4166876181140802","authorId":"4166876181140802","name":"散戶1","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4166876181140802","authorIdStr":"4166876181140802"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/NDXE\">$納斯達克100等權重指數(NDXE)$</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/NDXE\">$納斯達克100等權重指數(NDXE)$</a>&nbsp;","text":"$納斯達克100等權重指數(NDXE)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/522111567196920","isVote":1,"tweetType":1,"viewCount":321,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":509749108229040,"gmtCreate":1765478569911,"gmtModify":1765489959468,"author":{"id":"4166876181140802","authorId":"4166876181140802","name":"散戶1","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4166876181140802","authorIdStr":"4166876181140802"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/MRVL\">$邁威爾科技(MRVL)$&nbsp;</a> fuxking trash","listText":"<a href=\"https://ttm.financial/S/MRVL\">$邁威爾科技(MRVL)$&nbsp;</a> fuxking trash","text":"$邁威爾科技(MRVL)$ fuxking trash","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/509749108229040","isVote":1,"tweetType":1,"viewCount":513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":338165843374256,"gmtCreate":1723579140764,"gmtModify":1723581417073,"author":{"id":"4166876181140802","authorId":"4166876181140802","name":"散戶1","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4166876181140802","authorIdStr":"4166876181140802"},"themes":[],"htmlText":"Old news is so exciting&nbsp;","listText":"Old news is so exciting&nbsp;","text":"Old news is so exciting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/338165843374256","repostId":"1152448493","repostType":2,"repost":{"id":"1152448493","kind":"news","weMediaInfo":{"introduction":"欢迎收听雷帝触网，雷帝触网是中国最多产的互联网科技自媒体，内容中立，快、准、狠，其由资深媒体人雷建平创办，雷建平是今日头条签约作家，也入驻了一点资讯、搜狐、网易等平台。","home_visible":1,"media_name":"雷递","id":"52","head_image":"https://static.tigerbbs.com/f45a6cbcc8ec48a7a2f52177324d0c16"},"pubTimestamp":1723548923,"share":"https://ttm.financial/m/news/1152448493?lang=en_US&edition=fundamental","pubTime":"2024-08-13 19:35","market":"us","language":"zh","title":"Huang Renxun continues to reduce his stake in Nvidia: 2 months to cash out over $500 million","url":"https://stock-news.laohu8.com/highlight/detail?id=1152448493","media":"雷递","summary":"在英伟达市值持续走高过程中，英伟达创始人、CEO黄仁勋近期持续抛售公司股权。进入2024年8月以来，黄仁勋依然未停止减持的步伐，黄仁勋分别2024年8月1日、2日、5日、6日、7日、8日、9日继续抛售所持英伟达股权，每天减持12万股，每天套现1198万美元到1356万美元。黄仁勋已经减持42个交易日，一共减持了504万股，仅以保守的每天套现1200万美元计算，黄仁勋2个月时间已套现超过5亿美元。黄仁勋并不是唯一一个抛售股票的内部人士。","content":"<p><html><head></head><body><p style=\"text-align: justify;\">Since 2024,<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>The stock price continued to rise, and at one point the market value exceeded $3 trillion or even exceeded<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>、<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Become the most valuable company in the world.</p><p><p style=\"text-align: justify;\">In the process of Nvidia's market value continuing to rise, Huang Renxun, founder and CEO of Nvidia, recently continued to sell the company's equity.</p><p><p style=\"text-align: justify;\">According to the filing, Huang made reductions on each trading day of June 13, 14, 17, 18, 20, 21, 24, 25, 26, 27, 28, 2024, July 1, 2, 3, 5, 8, 9, 10, 11, 12, 15, 16, 17, 18, 19, 22, 23, 24, 25, 26, 29, 30, and 31, 2024, reducing his holdings by 120,000 shares each time.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e6957c1dd243296b1d654c2343041abf\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"1486\"/></p><p>Since August 2024, Huang Renxun has not stopped reducing his holdings.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5241dc740f8f712d49b7d9db8cfc1c02\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"230\"/></p><p><p style=\"text-align: justify;\">Huang Renxun continued to sell his shares in Nvidia on August 1, 2, 5, 6, 7, 8 and 9, 2024, respectively, reducing his holdings by 120,000 shares every day and cashing out $11.98 million to $13.56 million every day.</p><p><p style=\"text-align: justify;\">Huang Renxun has reduced his holdings for 42 trading days, with a total of 5.04 million shares. Based on the conservative daily cash-out of $12 million, Huang Renxun has cashed out more than $500 million in two months.</p><p><p style=\"text-align: justify;\">Jensen Huang isn't the only insider selling shares.</p><p><p style=\"text-align: justify;\">In the first half of 2024, company executives and directors dumped more than $700 million worth of stock, an amount more than at any other time in the company's history.</p><p><p style=\"text-align: justify;\"><strong>There is a huge bubble in artificial intelligence</strong></p><p><p style=\"text-align: justify;\">At present, many giants, including Microsoft and Meta, are buying Nvidia's chips in large sums.</p><p><p style=\"text-align: justify;\">According to the report, more than 40% of Nvidia's revenue comes from some familiar names in the \"Big Seven\" stocks — Microsoft, Meta, Alphabet and<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>。</p><p><p style=\"text-align: justify;\">Meta has placed at least $10 billion in orders, and Microsoft has increased the size of orders by 20% in recent weeks. Microsoft plans to prepare 55,000-65,000 GB200 chips for OpenAI by Q1 2025.</p><p><p style=\"text-align: justify;\">However, recently, Nvidia revealed that the upcoming AI chip will be delayed by three months or more due to design flaws, and Blackwell's mass production may be delayed until the first quarter of next year.</p><p><p style=\"text-align: justify;\">This may affect<a href=\"https://laohu8.com/S/META\">Meta Platforms</a>、<a href=\"https://laohu8.com/S/GOOG\">Google</a>And Microsoft, which together ordered billions of dollars worth of chips.</p><p><p style=\"text-align: justify;\">Blackwell can be described as the \"white moonlight\" in the hearts of technology companies, carrying the high hopes of giants. If the upcoming AI chips such as B100, B200 and GB200 are delayed by three months or even longer, Nvidia's customers will really have to worry.</p><p><p style=\"text-align: justify;\">What worries investors even more is that the giants have made huge investments in artificial intelligence, but the returns generated are still far off. Some fund managers said, \"Wall Street doesn't have much patience. They see that you spend billions of dollars and want to see revenue increase. If these companies don't meet expectations or don't far exceed expectations, they will be hit.\"</p><p><p style=\"text-align: justify;\">There are also investors who say that many of the supposed uses of AI \"will never be cost-effective, will never really work, will only consume too much energy, or will prove to be discredited\".</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Huang Renxun continues to reduce his stake in Nvidia: 2 months to cash out over $500 million</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHuang Renxun continues to reduce his stake in Nvidia: 2 months to cash out over $500 million\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/52\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/f45a6cbcc8ec48a7a2f52177324d0c16);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">雷递 </p>\n<p class=\"h-time smaller\">2024-08-13 19:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><p style=\"text-align: justify;\">Since 2024,<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>The stock price continued to rise, and at one point the market value exceeded $3 trillion or even exceeded<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>、<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Become the most valuable company in the world.</p><p><p style=\"text-align: justify;\">In the process of Nvidia's market value continuing to rise, Huang Renxun, founder and CEO of Nvidia, recently continued to sell the company's equity.</p><p><p style=\"text-align: justify;\">According to the filing, Huang made reductions on each trading day of June 13, 14, 17, 18, 20, 21, 24, 25, 26, 27, 28, 2024, July 1, 2, 3, 5, 8, 9, 10, 11, 12, 15, 16, 17, 18, 19, 22, 23, 24, 25, 26, 29, 30, and 31, 2024, reducing his holdings by 120,000 shares each time.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e6957c1dd243296b1d654c2343041abf\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"1486\"/></p><p>Since August 2024, Huang Renxun has not stopped reducing his holdings.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5241dc740f8f712d49b7d9db8cfc1c02\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"230\"/></p><p><p style=\"text-align: justify;\">Huang Renxun continued to sell his shares in Nvidia on August 1, 2, 5, 6, 7, 8 and 9, 2024, respectively, reducing his holdings by 120,000 shares every day and cashing out $11.98 million to $13.56 million every day.</p><p><p style=\"text-align: justify;\">Huang Renxun has reduced his holdings for 42 trading days, with a total of 5.04 million shares. Based on the conservative daily cash-out of $12 million, Huang Renxun has cashed out more than $500 million in two months.</p><p><p style=\"text-align: justify;\">Jensen Huang isn't the only insider selling shares.</p><p><p style=\"text-align: justify;\">In the first half of 2024, company executives and directors dumped more than $700 million worth of stock, an amount more than at any other time in the company's history.</p><p><p style=\"text-align: justify;\"><strong>There is a huge bubble in artificial intelligence</strong></p><p><p style=\"text-align: justify;\">At present, many giants, including Microsoft and Meta, are buying Nvidia's chips in large sums.</p><p><p style=\"text-align: justify;\">According to the report, more than 40% of Nvidia's revenue comes from some familiar names in the \"Big Seven\" stocks — Microsoft, Meta, Alphabet and<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>。</p><p><p style=\"text-align: justify;\">Meta has placed at least $10 billion in orders, and Microsoft has increased the size of orders by 20% in recent weeks. Microsoft plans to prepare 55,000-65,000 GB200 chips for OpenAI by Q1 2025.</p><p><p style=\"text-align: justify;\">However, recently, Nvidia revealed that the upcoming AI chip will be delayed by three months or more due to design flaws, and Blackwell's mass production may be delayed until the first quarter of next year.</p><p><p style=\"text-align: justify;\">This may affect<a href=\"https://laohu8.com/S/META\">Meta Platforms</a>、<a href=\"https://laohu8.com/S/GOOG\">Google</a>And Microsoft, which together ordered billions of dollars worth of chips.</p><p><p style=\"text-align: justify;\">Blackwell can be described as the \"white moonlight\" in the hearts of technology companies, carrying the high hopes of giants. If the upcoming AI chips such as B100, B200 and GB200 are delayed by three months or even longer, Nvidia's customers will really have to worry.</p><p><p style=\"text-align: justify;\">What worries investors even more is that the giants have made huge investments in artificial intelligence, but the returns generated are still far off. Some fund managers said, \"Wall Street doesn't have much patience. They see that you spend billions of dollars and want to see revenue increase. If these companies don't meet expectations or don't far exceed expectations, they will be hit.\"</p><p><p style=\"text-align: justify;\">There are also investors who say that many of the supposed uses of AI \"will never be cost-effective, will never really work, will only consume too much energy, or will prove to be discredited\".</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5a4967ef24d323b6e7241bea182fdf2","relate_stocks":{"IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","BK4527":"明星科技股","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","BK4543":"AI","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","NVDA":"英伟达","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU0072462426.USD":"贝莱德全球配置 A2","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","BK4592":"伊斯兰概念","LU0079474960.USD":"联博美国增长基金A","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU0056508442.USD":"贝莱德世界科技基金A2","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152448493","content_text":"2024年以来，英伟达股价持续走高，一度市值突破3万亿美元，甚至超过微软、苹果成为全球市值最高的公司。在英伟达市值持续走高过程中，英伟达创始人、CEO黄仁勋近期持续抛售公司股权。文件显示，黄仁勋在2024年6月13日、14日、17日、18日、20日、21日、24日、25日、26日、27日、28日、2024年7月1日、2日、3日、5日、8日、9日、10日、11日、12日、15日、16日、17日、18日、19日、22日、23日、24日、25日、26日、29日、30日、31日的每个交易日都进行减持，每次减持12万股。进入2024年8月以来， 黄仁勋依然未停止减持的步伐，黄仁勋分别2024年8月1日、2日、5日、6日、7日、8日、9日继续抛售所持英伟达股权，每天减持12万股，每天套现1198万美元到1356万美元。黄仁勋已经减持42个交易日，一共减持了504万股，仅以保守的每天套现1200万美元计算，黄仁勋2个月时间已套现超过5亿美元。黄仁勋并不是唯一一个抛售股票的内部人士。2024年上半年，公司高管和董事抛售了价值超过7亿美元的股票，这一金额超过公司历史上的任何其他时期。人工智能存在巨大泡沫当前，包括微软、Meta等多家巨头均在大笔购买英伟达的芯片。据报告显示，英伟达超过40%的收入来自“七大”股票中的一些熟悉的名字——微软、Meta、Alphabet 和亚马逊。Meta已定下至少100亿美元的订单，微软最近几周将订单规模增加20%。微软计划在2025年Q1之前为OpenAI准备5.5万-6.5万块GB200芯片。不过，近期英伟达曝出即将推出的AI芯片将因设计缺陷而延迟三个月或更长时间，Blackwell的大规模生产可能被推迟到明年第一季度。这可能会影响Meta Platforms、谷歌和微软等客户，这些客户共订购了价值数十亿美元的芯片。Blackwell可谓科技公司心中的“白月光”，承载着巨头们的厚望。如果即将发布的B100、B200、GB200等AI芯片被推迟三个月甚至更长时间，英伟达的客户们可就真的要担心了。更让投资者担忧的是，巨头们在人工智能领域进行了巨额投资，但产生的回报仍遥遥无期。有基金经理称，“华尔街没有太多耐心。他们看到你花费了数十亿美元，就希望看到收入也有所增加。如果这些公司的业绩没有达到预期或没有远超预期，它们就会受到打击。”还有投资者称，人工智能许多假定的用途“永远不会具备成本效益，永远不会发挥真正的作用，只会消耗太多能量，或者会被证明是不可信的”。","news_type":1,"symbols_score_info":{"NVDA":1}},"isVote":1,"tweetType":1,"viewCount":1383,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":294576609706120,"gmtCreate":1712936456166,"gmtModify":1712937176963,"author":{"id":"4166876181140802","authorId":"4166876181140802","name":"散戶1","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4166876181140802","authorIdStr":"4166876181140802"},"themes":[],"htmlText":"On9","listText":"On9","text":"On9","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/294576609706120","repostId":"1125373899","repostType":2,"repost":{"id":"1125373899","kind":"news","pubTimestamp":1712935884,"share":"https://ttm.financial/m/news/1125373899?lang=en_US&edition=fundamental","pubTime":"2024-04-12 23:31","market":"sh","language":"zh","title":"Detailed explanation of the heavy landing of \"National Nine Articles version 3.0\": A shares may have a new atmosphere in these directions","url":"https://stock-news.laohu8.com/highlight/detail?id=1125373899","media":"华尔街见闻","summary":"围绕资本市场下一阶段的重大改革举措，正在从更高层面赫然开启。","content":"<p><html><head></head><body>Major reform measures around the next stage of the capital market are starting from a higher level.</p><p><p style=\"text-align: justify;\">On April 12th, the State Council issued \"Several Opinions on Strengthening Supervision, Preventing Risks and Promoting High-quality Development of Capital Market\" (hereinafter referred to as \"Opinions\"). The full text focuses on the listing and issuance of new shares, supervision of listed companies, delisting mechanism, strengthening institutional supervision and strengthening transaction supervision, and further clarifies the mechanism and direction of the capital market through nine measures.</p><p><p style=\"text-align: justify;\">For this reason, this opinion is also regarded as version 3.0 of the new policy of the National Nine Articles after version 1.0 of the National Nine Articles in 2004 (\"Several Opinions on Promoting the Reform, Opening up and Stable Development of the Capital Market\") and version 2.0 of the National Nine Articles in 2014 (\"Several Opinions of the State Council on Further Promoting the Healthy Development of the Capital Market\").</p><p><p style=\"text-align: justify;\">Through combing, trade wind found that strict listing and issuance review, highlighting the improvement of delisting mechanism, attaching importance to shareholders' returns of listed companies, and preventing and curbing all kinds of risk violations, so as to promote the high-quality development of the capital market, may be the main line of \"National Nine 3.0\".</p><p><p style=\"text-align: justify;\">From the perspective of the industry, with the continuous implementation of reform supporting measures, the positive expectations for the capital market are also expected to be further improved and consolidated.</p><p><h2 id=\"id_4048268513\" style=\"text-align: start;\">I. \"Double improvement\" of IPO standards and processes</h2><p style=\"text-align: justify;\">On the occasion of the implementation of the A-share registration system, the reform of the listing and issuance system has become the first area mentioned in the National Nine Article 3.0.</p><p><p style=\"text-align: justify;\">The opinion pointed out that the issuance and listing system should be further improved. The listing standards of the main board and GEM will be improved, and the evaluation standards of science and technology attributes of the science and technology innovation board will be improved.</p><p><p style=\"text-align: justify;\">According to the supporting documents of the CSRC and the exchange on the same day, the income and net profit of the IPO of the main board and GEM have all improved.</p><p><p style=\"text-align: justify;\">Taking the GEM as an example, the previous standard 1 of \"the net profit in the last two years is positive, and the accumulated net profit is not less than 50 million yuan\" has been upgraded to \"the accumulated net profit is not less than 100 million yuan and the net profit in the last year is not less than 60 million yuan.\"; The second standard of \"estimated market value is not less than 1 billion yuan and revenue in the latest year is not less than 100 million yuan\" is upgraded to \"estimated market value is not less than 1.5 billion yuan\" and \"revenue in the latest year is not less than 400 million yuan\" respectively.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1622d85744a1a19c98da246766d87945\" tg-width=\"640\" tg-height=\"325\"/></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd835070836c236e72988b9a7db8f56b\" tg-width=\"640\" tg-height=\"331\"/></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb47850cef45bfcc74519a4adb1dfadf\" tg-width=\"640\" tg-height=\"671\"/></p><p><p style=\"text-align: justify;\">In fact, in the previous practical operation, the recent IPO audit rhythm has slowed down.</p><p><p style=\"text-align: justify;\">Since 2024, Wind data as of April 12th shows that there are only two IPO companies in the \"newly accepted\" state of North Exchange projects.</p><p><p style=\"text-align: justify;\">Correspondingly, 104 projects failed to break through IPO due to withdrawal and rejection during the year.</p><p><p style=\"text-align: justify;\">\"Maybe from the brewing time, the acceptance rhythm has slowed down, because it is necessary to ensure that the new and old are cut off, otherwise some enterprises that do not meet the new standards may come in in the planning stage.\" An investment banker from a brokerage firm in East China pointed out.</p><p><p style=\"text-align: justify;\">In the audit process, the opinion proposes that \"the quality and efficiency of issuance and listing counseling will be improved, and the coverage of on-site inspections of enterprises under review and related intermediaries will be expanded.\"</p><p><p style=\"text-align: justify;\">Such a statement means that IPO review is strengthening supervision from both horizontal and vertical dimensions-vertically, the quality and efficiency of the counseling link before enterprises apply for listing are being paid attention to; Horizontally, more IPO companies and even intermediaries may enter the scope of on-site inspection.</p><p><p style=\"text-align: justify;\">\"Improving the quality and efficiency of the counseling period means that the focus of the listing review process is further advanced, because before, it was mainly grasped by acceptance.\" An investment banker from a listed securities firm in Beijing pointed out, \"The expansion of the scope of on-site inspection can find problems on the one hand, and on the other hand, it can also improve the deterrent effect of IPO review and curb the fluke mentality of some companies and intermediaries.\"</p><p><p style=\"text-align: justify;\">National Article 3.0 also pointed out that the responsibility of the whole chain of issuance and listing will be strengthened, the main responsibility of exchange audit will be implemented, and a retrospective accountability mechanism will be established.</p><p><p style=\"text-align: justify;\">\"Further compact the main responsibility of the exchange audit, improve the establishment method and operation mechanism of the stock listing committee, and strengthen the whole process supervision of the performance of duties by members.\" The opinion pointed out, \"Establish an audit retrospective accountability mechanism. Further compact the first responsibility of the issuer and the 'gatekeeper' responsibility of the intermediary agency, and establish a 'blacklist' system of the intermediary agency. Adhere to 'declaration is responsibility' and strictly investigate fraudulent issuance and other illegal issues.\"</p><p><p style=\"text-align: justify;\">For the chaos such as over-raising, high price and grouping in the underwriting link, the opinions clearly put forward strengthening constraints.</p><p><p style=\"text-align: justify;\">\"Intensify the supervision of issuance and underwriting. Strengthen the supervision of all aspects of inquiry, pricing and placement of new share issuance, and rectify market chaos such as high-priced over-raising and group price reduction.\" The opinion put forward, \"Strictly strengthen the supervision of information disclosure of fundraising projects. Standardizing and guiding the healthy development of capital according to law, strengthening penetrating supervision and supervision coordination, and severely cracking down on illegal holding, unexpected shareholding at abnormal prices, and benefit transfer.\"</p><p><h2 id=\"id_187537297\" style=\"text-align: start;\">2. Determination to delist \"separately\"</h2><p style=\"text-align: justify;\">Among the \"National Nine Articles 3.0\" opinions, one reform measure ushered in a \"separate list\", that is, the delisting mechanism.</p><p><p style=\"text-align: justify;\">In versions 1.0 and 2.0 of the Nine Articles of China, there has also been an explanation on the delisting mechanism, but more of them exist as sub-items of the Nine Articles.</p><p><p style=\"text-align: justify;\">For example, in the National Nine Articles 1.0 in 2004, the reference to delisting is more to prevent it as a financial risk.</p><p><p style=\"text-align: justify;\">For example, it is mentioned in the opinions that \"establishing an accountability mechanism for dereliction of duty by senior executives of delisted companies\" and \"all regions and relevant competent authorities should strengthen the management of delisted companies according to law to ensure the smooth and smooth delisting work\".</p><p><p style=\"text-align: justify;\">The reason is that there were a large number of listed companies at that time, and the market's focus on delisting was more on investor protection. In addition, the complexity of interests involved behind the company's listing led to A-shares being criticized for the poor delisting mechanism for many years.</p><p><p style=\"text-align: justify;\">Today, 20 years later, delisting seems to be no longer regarded as a local risk, and \"not being able to leave the market\" has become a chronic disease of the stock market.</p><p><p style=\"text-align: justify;\">Ten years ago, in the 2014 version of National Nine Articles 2.0, the importance of the delisting mechanism was improved, but it only existed as the eighth sub-item of the second largest article \"Developing Multi-level Stock Market\", and the relevant exposition length was only 167 words.</p><p><p style=\"text-align: justify;\">In the latest National Nine Articles 3.0, the opinion separately took out \"one of the nine articles\" to highlight \"deepening the reform of delisting system\", with a total length of 393 words, more than twice that of 10 years ago.</p><p><p style=\"text-align: justify;\">In terms of specific measures, the opinions put forward to speed up the formation of a normalized delisting pattern that should be retreated and cleared in time.</p><p><p style=\"text-align: justify;\">On the one hand, the mandatory delisting standards will be further strictly enforced. Establish and improve the differentiated delisting standard system for different sectors. Scientifically set the scope of application of major illegal delisting. Tighten financial delisting indicators. Improve market value standards and other trading delisting indicators.</p><p><p style=\"text-align: justify;\">On the other hand, the implementation of normative delisting will be strengthened. Further unblock diversified delisting channels. Improve policies and regulations such as absorption and merger, and encourage and guide head companies to strengthen the integration of listed companies in the industrial chain based on their main businesses. Further cut the value of \"shell\" resources. Strengthen the supervision of mergers and acquisitions, strengthen the relevance of the main business, strictly control the quality of injected assets, strengthen the supervision of \"backdoor listing\", and accurately crack down on all kinds of illegal \"shell-preserving\" behaviors.</p><p><p style=\"text-align: justify;\">At the same time, it is also proposed to further strengthen the delisting supervision. Strictly implement delisting, and severely crack down on financial fraud, market manipulation and other illegal activities that maliciously evade delisting. Improve the investor compensation relief mechanism in the delisting process, and compensate investors for their losses according to law by controlling shareholders, actual controllers, directors and senior executives responsible for major illegal delisting.</p><p><p style=\"text-align: justify;\">\"This time, the National Nine Articles obviously have greater determination in delisting, which is itself a long-standing problem for A shares for many years.\" The above-mentioned investment bankers in Beijing admitted frankly, \"Because there are too many places, investors, intermediaries and other related parties involved behind a listed company, the implementation efficiency of the delisting system is not high.\"</p><p><p style=\"text-align: justify;\">Wind data shows that as of April 12, 2024, the cumulative number of delisted companies totaled only 243.</p><p><p style=\"text-align: justify;\">Compared with the increasing number of new shares, the scale of delisting is obviously insignificant-the data shows that the total number of IPOs in the A-share market in the past 34 years has reached 5,363, while the number of new shares in the past five years has reached 1,775, accounting for 1/3.</p><p><p style=\"text-align: justify;\">However, with the promotion of the registration system reform in recent years, the number of delisted companies has increased.</p><p><p style=\"text-align: justify;\">According to the data, among the above 243 delisted companies, 143 have been delisted in the past five years, accounting for nearly 60%.</p><p><h2 id=\"id_2670479049\" style=\"text-align: start;\">Enhancing the Weighting of \"Shareholders' Return\"</h2><p style=\"text-align: justify;\">Compared with earlier, version 3.0 of National Nine Articles pays more attention to the return measures of shareholders of listed companies and the protection of investors' interests.</p><p><p style=\"text-align: justify;\">In terms of supervision of listed companies, the opinion proposes that the supervision of cash dividends of listed companies will be strengthened.</p><p><p style=\"text-align: justify;\">\"For companies that have not paid dividends for many years or have a low dividend ratio, restrict major shareholders from reducing their holdings and implement risk warnings.\" The opinion pointed out, \"Increase incentives for companies with high-quality dividends, and take multiple measures to promote the increase of Dividend rate. Enhance the stability, sustainability and predictability of dividends, and promote multiple dividends, pre-dividends and dividends before the Spring Festival a year.\"</p><p><p style=\"text-align: justify;\">From the data point of view, the dividend ratio of profitable companies in the A-share market has increased in the past 10 years.</p><p><p style=\"text-align: justify;\">According to trade Wind (ID: TradeWind01) statistics, among the 4,037 companies in 2022, the number of companies that implemented dividends reached 3,397, accounting for 84.15%, an increase of nearly 5 percentage points from 79.16% 10 years ago.</p><p><p style=\"text-align: justify;\">\"With the improvement of corporate governance, the company's enthusiasm for dividends will be improved. At the same time, due to the stable return of overall economic growth and the reduction of corporate capital expenditure, the cash available for dividends will also increase.\" A strategist at a securities firm in Beijing pointed out, \"Increasing the incentive measures for dividends and guiding listed companies to give back to shareholders are in line with the development direction of the market.\"</p><p><p style=\"text-align: justify;\">Repurchase has also become the focus of opinions, which proposes to \"guide listed companies to repurchase shares and cancel them according to law\".</p><p><p style=\"text-align: justify;\">\"This time, the cancellation was particularly emphasized, because in the past, many buybacks were prepared for equity incentives for the company's management. It was obviously a measure to give back to shareholders, but instead it became a means for the management to motivate itself at a low price.\" The above-mentioned analysts emphasized. \"This clear relationship between repurchase and share cancellation is to further promote the repurchase behavior to return to the origin of the purpose of 'giving back to shareholders'.\"</p><p><p style=\"text-align: justify;\">It is suggested that listed companies will be promoted to enhance their investment value through market value management, focusing on main business, mergers and acquisitions and reorganizations.</p><p><p style=\"text-align: justify;\">\"Formulate guidelines for market value management of listed companies. Study the incorporation of market value management of listed companies into the internal and external assessment and evaluation system of enterprises. At the same time, encourage listed companies to focus on their main businesses and comprehensively use mergers and acquisitions, equity incentives and other methods to improve development quality.\" The opinions also pointed out.</p><p><p style=\"text-align: justify;\">His left hand was to support the superior, while his right hand was to limit the inferior.</p><p><p style=\"text-align: justify;\">In order to clarify the dividend policy of listed companies and guide more dividends to be shared by public shareholders of listed companies, the opinion also puts forward that \"the 'clearance' dividends before IPO will be included in the negative list of issuance and listing\".</p><p><p style=\"text-align: justify;\">The Shanghai and Shenzhen Stock Exchanges said on the same day that the preliminary consideration in terms of indicators is that the cumulative dividend amount in the three years of the reporting period accounts for more than 80% of the net profit in the same period; Or if the cumulative dividend amount in the three years of the reporting period accounts for more than 50% of the net profit in the same period and the cumulative dividend amount exceeds 300 million yuan, and the total proportion of replenishment and loan repayment in the raised funds is higher than 20%, it will not be allowed to be issued and listed.</p><p><p style=\"text-align: justify;\">\"Dividends will be paid only if there are sufficient funds, and IPOs will be paid only if there is a lack of funds. The two themselves are contradictory.\" The above-mentioned investment banker in East China said, \"Such norms will help to improve the governance level of listed companies.\"</p><p><p style=\"text-align: justify;\">For another example, in view of the phenomenon of holding reduction, Article 3.0 of the National Nine proposes to introduce new management measures for holding reduction of listed companies, and severely crack down on all kinds of illegal holding reduction.</p><p><p style=\"text-align: justify;\">\"Strictly regulate the reduction of holding by major shareholders, especially controlling shareholders and actual controllers, and resolutely prevent all kinds of detour reduction in accordance with the principle of substance over form. Order the illegal entities to buy back the illegally reduced shares and pay the price difference.\" The opinion was put forward.</p><p><p style=\"text-align: justify;\">At the same time, National Nine Article 3.0 also emphasizes information disclosure and corporate governance supervision.</p><p><p style=\"text-align: justify;\">The opinion pointed out that it is necessary to build a comprehensive punishment and prevention system for anti-counterfeiting and anti-counterfeiting in the capital market, and seriously rectify illegal activities in key areas such as financial fraud and capital occupation. To urge listed companies to improve their internal control system. We will give full play to the supervisory role of independent directors and strengthen the guarantee and restraint of performance of duties.</p><p><h2 id=\"id_41089836\" style=\"text-align: start;\">Four, the sword pointing to important risk points</h2><p style=\"text-align: justify;\">Focusing on some hotly discussed phenomena in the new era of capital market, the National Nine Articles put forward targeted improvement measures for the supervision of institutions, markets and other links.</p><p><p style=\"text-align: justify;\">For example, in recent years, the \"snowball\" structured products that have been controversial and contain derivatives, as well as the phenomenon of \"around the bid\" and \"intra-day turnaround\" trading caused by the two financial institutions, suggest that the supervision system of key businesses such as derivatives, margin financing and securities lending will be improved.</p><p><p style=\"text-align: justify;\">\"The activity of Snowball and Liangrong in recent years has caused some market controversy. For this kind of institutional business with strong externalities, the standards and procedures of supervision may be improved.\" The person in charge of the business department of a Huijin securities firm commented, \"It is not excluded that more detailed rules will be implemented later.\"</p><p><p style=\"text-align: justify;\">In recent years, regarding the polarization phenomenon of \"the stronger is the stronger\" of securities fund institutions, the opinions also put forward that the head institutions will be supported to enhance their core competitiveness through mergers and acquisitions, organizational innovation, etc., and small and medium-sized institutions will be encouraged to develop differently and operate with characteristics.</p><p><p style=\"text-align: justify;\">\"A big problem of securities operating institutions is that they can't be cleared for a long time. Although it is a cyclical industry itself, many small institutions have been in a zombie operation due to many special factors.\" A head broker close to the regulatory authorities pointed out, \"For example, some local brokers are not doing well, but they rely on the support of local state-owned assets to last for a long time. In the process of integration and merger among some brokers, the shareholders of the integrated institutions have relatively great resistance.\"</p><p><p style=\"text-align: justify;\">\"But if industry mergers become an encouraged direction, it is possible that industry efficiency can be improved.\" The person said, \"Of course, there is another direction for differentiated development, but the current business is homogeneous, and the space for innovation is actually limited.\"</p><p><p style=\"text-align: justify;\">The National Nine Article 3.0 also proposed that transaction supervision will be strengthened and the inherent stability of the capital market will be enhanced.</p><p><p style=\"text-align: justify;\">At the beginning of February this year, the quantitative strategy of small and medium-sized cap and micro-cap stocks, which has been favored by the market in recent years, triggered a stampede-style stock market crash due to excessive strategic crowding. This incident once triggered the reflection of all parties in the market and even the supervision on the supervision of quantitative trading.</p><p><p style=\"text-align: justify;\">With the increase of the penetration rate of A-share quantitative private placement, programmed trading and the market impact, the New Deal also put forward the regulatory direction in a targeted manner.</p><p><p style=\"text-align: justify;\">For example, the opinion proposes that procedural transaction supervision regulations will be introduced to strengthen the supervision of high-frequency quantitative transactions. Formulate operating rules for private equity funds. Strengthen bottom-line thinking and improve response measures in extreme situations.</p><p><p style=\"text-align: justify;\">The expected management of some major policies is also included in the scope of the National Nine Articles 3.0.</p><p><p style=\"text-align: justify;\">For example, at the end of 2023, the game stock sector experienced a \"black swan\" of drastic adjustment due to changes in industry policies, and the market value of the game industry increased by more than 400 billion yuan in a short time.</p><p><p style=\"text-align: justify;\">The opinion puts forward that \"the expectation management mechanism will be improved\".</p><p><p style=\"text-align: justify;\">\"Incorporate the assessment content of the impact of major economic or non-economic policies on the capital market into the assessment framework of macro-policy orientation consistency, and establish a coordination mechanism for the release of major policy information.\" The opinion is put forward.</p><p><p style=\"text-align: justify;\">In view of the problems of illegal crimes in the capital market, Article IX 3.0 of the State put forward many measures to improve the mechanism, and emphasized that it will \"promote the strengthening of the rule of law in the capital market and greatly increase the cost of illegal violations\".</p><p><p style=\"text-align: justify;\">For example, the opinion proposes that judicial interpretations of the crime of breach of trust harming the interests of listed companies, judicial interpretations of civil compensation such as insider trading and market manipulation, and judicial documents to crack down on criminal acts such as misappropriation of private equity fund funds and breach of trust using entrusted property will be promoted.</p><p><p style=\"text-align: justify;\">Regarding the potential corruption problem, the opinion put forward that the management of resigned personnel will be strictly and tightly improved.</p><p><p style=\"text-align: justify;\">\"Rectify problems such as 'shadow shareholders', improper shareholding, 'revolving door' of politics and business, and 'escape resignation'. Eradicate the soil and conditions for corruption, resolutely punish corruption problems such as corruption and risk interweaving, capital and power collusion, and create a clean and upright political ecology,\" the opinion pointed out. (Zheng Minfang and Wang Yating also contributed to this article)</p><p></body></html></p>","source":"live_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Detailed explanation of the heavy landing of \"National Nine Articles version 3.0\": A shares may have a new atmosphere in these directions</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDetailed explanation of the heavy landing of \"National Nine Articles version 3.0\": A shares may have a new atmosphere in these directions\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2024-04-12 23:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Major reform measures around the next stage of the capital market are starting from a higher level.</p><p><p style=\"text-align: justify;\">On April 12th, the State Council issued \"Several Opinions on Strengthening Supervision, Preventing Risks and Promoting High-quality Development of Capital Market\" (hereinafter referred to as \"Opinions\"). The full text focuses on the listing and issuance of new shares, supervision of listed companies, delisting mechanism, strengthening institutional supervision and strengthening transaction supervision, and further clarifies the mechanism and direction of the capital market through nine measures.</p><p><p style=\"text-align: justify;\">For this reason, this opinion is also regarded as version 3.0 of the new policy of the National Nine Articles after version 1.0 of the National Nine Articles in 2004 (\"Several Opinions on Promoting the Reform, Opening up and Stable Development of the Capital Market\") and version 2.0 of the National Nine Articles in 2014 (\"Several Opinions of the State Council on Further Promoting the Healthy Development of the Capital Market\").</p><p><p style=\"text-align: justify;\">Through combing, trade wind found that strict listing and issuance review, highlighting the improvement of delisting mechanism, attaching importance to shareholders' returns of listed companies, and preventing and curbing all kinds of risk violations, so as to promote the high-quality development of the capital market, may be the main line of \"National Nine 3.0\".</p><p><p style=\"text-align: justify;\">From the perspective of the industry, with the continuous implementation of reform supporting measures, the positive expectations for the capital market are also expected to be further improved and consolidated.</p><p><h2 id=\"id_4048268513\" style=\"text-align: start;\">I. \"Double improvement\" of IPO standards and processes</h2><p style=\"text-align: justify;\">On the occasion of the implementation of the A-share registration system, the reform of the listing and issuance system has become the first area mentioned in the National Nine Article 3.0.</p><p><p style=\"text-align: justify;\">The opinion pointed out that the issuance and listing system should be further improved. The listing standards of the main board and GEM will be improved, and the evaluation standards of science and technology attributes of the science and technology innovation board will be improved.</p><p><p style=\"text-align: justify;\">According to the supporting documents of the CSRC and the exchange on the same day, the income and net profit of the IPO of the main board and GEM have all improved.</p><p><p style=\"text-align: justify;\">Taking the GEM as an example, the previous standard 1 of \"the net profit in the last two years is positive, and the accumulated net profit is not less than 50 million yuan\" has been upgraded to \"the accumulated net profit is not less than 100 million yuan and the net profit in the last year is not less than 60 million yuan.\"; The second standard of \"estimated market value is not less than 1 billion yuan and revenue in the latest year is not less than 100 million yuan\" is upgraded to \"estimated market value is not less than 1.5 billion yuan\" and \"revenue in the latest year is not less than 400 million yuan\" respectively.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1622d85744a1a19c98da246766d87945\" tg-width=\"640\" tg-height=\"325\"/></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd835070836c236e72988b9a7db8f56b\" tg-width=\"640\" tg-height=\"331\"/></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb47850cef45bfcc74519a4adb1dfadf\" tg-width=\"640\" tg-height=\"671\"/></p><p><p style=\"text-align: justify;\">In fact, in the previous practical operation, the recent IPO audit rhythm has slowed down.</p><p><p style=\"text-align: justify;\">Since 2024, Wind data as of April 12th shows that there are only two IPO companies in the \"newly accepted\" state of North Exchange projects.</p><p><p style=\"text-align: justify;\">Correspondingly, 104 projects failed to break through IPO due to withdrawal and rejection during the year.</p><p><p style=\"text-align: justify;\">\"Maybe from the brewing time, the acceptance rhythm has slowed down, because it is necessary to ensure that the new and old are cut off, otherwise some enterprises that do not meet the new standards may come in in the planning stage.\" An investment banker from a brokerage firm in East China pointed out.</p><p><p style=\"text-align: justify;\">In the audit process, the opinion proposes that \"the quality and efficiency of issuance and listing counseling will be improved, and the coverage of on-site inspections of enterprises under review and related intermediaries will be expanded.\"</p><p><p style=\"text-align: justify;\">Such a statement means that IPO review is strengthening supervision from both horizontal and vertical dimensions-vertically, the quality and efficiency of the counseling link before enterprises apply for listing are being paid attention to; Horizontally, more IPO companies and even intermediaries may enter the scope of on-site inspection.</p><p><p style=\"text-align: justify;\">\"Improving the quality and efficiency of the counseling period means that the focus of the listing review process is further advanced, because before, it was mainly grasped by acceptance.\" An investment banker from a listed securities firm in Beijing pointed out, \"The expansion of the scope of on-site inspection can find problems on the one hand, and on the other hand, it can also improve the deterrent effect of IPO review and curb the fluke mentality of some companies and intermediaries.\"</p><p><p style=\"text-align: justify;\">National Article 3.0 also pointed out that the responsibility of the whole chain of issuance and listing will be strengthened, the main responsibility of exchange audit will be implemented, and a retrospective accountability mechanism will be established.</p><p><p style=\"text-align: justify;\">\"Further compact the main responsibility of the exchange audit, improve the establishment method and operation mechanism of the stock listing committee, and strengthen the whole process supervision of the performance of duties by members.\" The opinion pointed out, \"Establish an audit retrospective accountability mechanism. Further compact the first responsibility of the issuer and the 'gatekeeper' responsibility of the intermediary agency, and establish a 'blacklist' system of the intermediary agency. Adhere to 'declaration is responsibility' and strictly investigate fraudulent issuance and other illegal issues.\"</p><p><p style=\"text-align: justify;\">For the chaos such as over-raising, high price and grouping in the underwriting link, the opinions clearly put forward strengthening constraints.</p><p><p style=\"text-align: justify;\">\"Intensify the supervision of issuance and underwriting. Strengthen the supervision of all aspects of inquiry, pricing and placement of new share issuance, and rectify market chaos such as high-priced over-raising and group price reduction.\" The opinion put forward, \"Strictly strengthen the supervision of information disclosure of fundraising projects. Standardizing and guiding the healthy development of capital according to law, strengthening penetrating supervision and supervision coordination, and severely cracking down on illegal holding, unexpected shareholding at abnormal prices, and benefit transfer.\"</p><p><h2 id=\"id_187537297\" style=\"text-align: start;\">2. Determination to delist \"separately\"</h2><p style=\"text-align: justify;\">Among the \"National Nine Articles 3.0\" opinions, one reform measure ushered in a \"separate list\", that is, the delisting mechanism.</p><p><p style=\"text-align: justify;\">In versions 1.0 and 2.0 of the Nine Articles of China, there has also been an explanation on the delisting mechanism, but more of them exist as sub-items of the Nine Articles.</p><p><p style=\"text-align: justify;\">For example, in the National Nine Articles 1.0 in 2004, the reference to delisting is more to prevent it as a financial risk.</p><p><p style=\"text-align: justify;\">For example, it is mentioned in the opinions that \"establishing an accountability mechanism for dereliction of duty by senior executives of delisted companies\" and \"all regions and relevant competent authorities should strengthen the management of delisted companies according to law to ensure the smooth and smooth delisting work\".</p><p><p style=\"text-align: justify;\">The reason is that there were a large number of listed companies at that time, and the market's focus on delisting was more on investor protection. In addition, the complexity of interests involved behind the company's listing led to A-shares being criticized for the poor delisting mechanism for many years.</p><p><p style=\"text-align: justify;\">Today, 20 years later, delisting seems to be no longer regarded as a local risk, and \"not being able to leave the market\" has become a chronic disease of the stock market.</p><p><p style=\"text-align: justify;\">Ten years ago, in the 2014 version of National Nine Articles 2.0, the importance of the delisting mechanism was improved, but it only existed as the eighth sub-item of the second largest article \"Developing Multi-level Stock Market\", and the relevant exposition length was only 167 words.</p><p><p style=\"text-align: justify;\">In the latest National Nine Articles 3.0, the opinion separately took out \"one of the nine articles\" to highlight \"deepening the reform of delisting system\", with a total length of 393 words, more than twice that of 10 years ago.</p><p><p style=\"text-align: justify;\">In terms of specific measures, the opinions put forward to speed up the formation of a normalized delisting pattern that should be retreated and cleared in time.</p><p><p style=\"text-align: justify;\">On the one hand, the mandatory delisting standards will be further strictly enforced. Establish and improve the differentiated delisting standard system for different sectors. Scientifically set the scope of application of major illegal delisting. Tighten financial delisting indicators. Improve market value standards and other trading delisting indicators.</p><p><p style=\"text-align: justify;\">On the other hand, the implementation of normative delisting will be strengthened. Further unblock diversified delisting channels. Improve policies and regulations such as absorption and merger, and encourage and guide head companies to strengthen the integration of listed companies in the industrial chain based on their main businesses. Further cut the value of \"shell\" resources. Strengthen the supervision of mergers and acquisitions, strengthen the relevance of the main business, strictly control the quality of injected assets, strengthen the supervision of \"backdoor listing\", and accurately crack down on all kinds of illegal \"shell-preserving\" behaviors.</p><p><p style=\"text-align: justify;\">At the same time, it is also proposed to further strengthen the delisting supervision. Strictly implement delisting, and severely crack down on financial fraud, market manipulation and other illegal activities that maliciously evade delisting. Improve the investor compensation relief mechanism in the delisting process, and compensate investors for their losses according to law by controlling shareholders, actual controllers, directors and senior executives responsible for major illegal delisting.</p><p><p style=\"text-align: justify;\">\"This time, the National Nine Articles obviously have greater determination in delisting, which is itself a long-standing problem for A shares for many years.\" The above-mentioned investment bankers in Beijing admitted frankly, \"Because there are too many places, investors, intermediaries and other related parties involved behind a listed company, the implementation efficiency of the delisting system is not high.\"</p><p><p style=\"text-align: justify;\">Wind data shows that as of April 12, 2024, the cumulative number of delisted companies totaled only 243.</p><p><p style=\"text-align: justify;\">Compared with the increasing number of new shares, the scale of delisting is obviously insignificant-the data shows that the total number of IPOs in the A-share market in the past 34 years has reached 5,363, while the number of new shares in the past five years has reached 1,775, accounting for 1/3.</p><p><p style=\"text-align: justify;\">However, with the promotion of the registration system reform in recent years, the number of delisted companies has increased.</p><p><p style=\"text-align: justify;\">According to the data, among the above 243 delisted companies, 143 have been delisted in the past five years, accounting for nearly 60%.</p><p><h2 id=\"id_2670479049\" style=\"text-align: start;\">Enhancing the Weighting of \"Shareholders' Return\"</h2><p style=\"text-align: justify;\">Compared with earlier, version 3.0 of National Nine Articles pays more attention to the return measures of shareholders of listed companies and the protection of investors' interests.</p><p><p style=\"text-align: justify;\">In terms of supervision of listed companies, the opinion proposes that the supervision of cash dividends of listed companies will be strengthened.</p><p><p style=\"text-align: justify;\">\"For companies that have not paid dividends for many years or have a low dividend ratio, restrict major shareholders from reducing their holdings and implement risk warnings.\" The opinion pointed out, \"Increase incentives for companies with high-quality dividends, and take multiple measures to promote the increase of Dividend rate. Enhance the stability, sustainability and predictability of dividends, and promote multiple dividends, pre-dividends and dividends before the Spring Festival a year.\"</p><p><p style=\"text-align: justify;\">From the data point of view, the dividend ratio of profitable companies in the A-share market has increased in the past 10 years.</p><p><p style=\"text-align: justify;\">According to trade Wind (ID: TradeWind01) statistics, among the 4,037 companies in 2022, the number of companies that implemented dividends reached 3,397, accounting for 84.15%, an increase of nearly 5 percentage points from 79.16% 10 years ago.</p><p><p style=\"text-align: justify;\">\"With the improvement of corporate governance, the company's enthusiasm for dividends will be improved. At the same time, due to the stable return of overall economic growth and the reduction of corporate capital expenditure, the cash available for dividends will also increase.\" A strategist at a securities firm in Beijing pointed out, \"Increasing the incentive measures for dividends and guiding listed companies to give back to shareholders are in line with the development direction of the market.\"</p><p><p style=\"text-align: justify;\">Repurchase has also become the focus of opinions, which proposes to \"guide listed companies to repurchase shares and cancel them according to law\".</p><p><p style=\"text-align: justify;\">\"This time, the cancellation was particularly emphasized, because in the past, many buybacks were prepared for equity incentives for the company's management. It was obviously a measure to give back to shareholders, but instead it became a means for the management to motivate itself at a low price.\" The above-mentioned analysts emphasized. \"This clear relationship between repurchase and share cancellation is to further promote the repurchase behavior to return to the origin of the purpose of 'giving back to shareholders'.\"</p><p><p style=\"text-align: justify;\">It is suggested that listed companies will be promoted to enhance their investment value through market value management, focusing on main business, mergers and acquisitions and reorganizations.</p><p><p style=\"text-align: justify;\">\"Formulate guidelines for market value management of listed companies. Study the incorporation of market value management of listed companies into the internal and external assessment and evaluation system of enterprises. At the same time, encourage listed companies to focus on their main businesses and comprehensively use mergers and acquisitions, equity incentives and other methods to improve development quality.\" The opinions also pointed out.</p><p><p style=\"text-align: justify;\">His left hand was to support the superior, while his right hand was to limit the inferior.</p><p><p style=\"text-align: justify;\">In order to clarify the dividend policy of listed companies and guide more dividends to be shared by public shareholders of listed companies, the opinion also puts forward that \"the 'clearance' dividends before IPO will be included in the negative list of issuance and listing\".</p><p><p style=\"text-align: justify;\">The Shanghai and Shenzhen Stock Exchanges said on the same day that the preliminary consideration in terms of indicators is that the cumulative dividend amount in the three years of the reporting period accounts for more than 80% of the net profit in the same period; Or if the cumulative dividend amount in the three years of the reporting period accounts for more than 50% of the net profit in the same period and the cumulative dividend amount exceeds 300 million yuan, and the total proportion of replenishment and loan repayment in the raised funds is higher than 20%, it will not be allowed to be issued and listed.</p><p><p style=\"text-align: justify;\">\"Dividends will be paid only if there are sufficient funds, and IPOs will be paid only if there is a lack of funds. The two themselves are contradictory.\" The above-mentioned investment banker in East China said, \"Such norms will help to improve the governance level of listed companies.\"</p><p><p style=\"text-align: justify;\">For another example, in view of the phenomenon of holding reduction, Article 3.0 of the National Nine proposes to introduce new management measures for holding reduction of listed companies, and severely crack down on all kinds of illegal holding reduction.</p><p><p style=\"text-align: justify;\">\"Strictly regulate the reduction of holding by major shareholders, especially controlling shareholders and actual controllers, and resolutely prevent all kinds of detour reduction in accordance with the principle of substance over form. Order the illegal entities to buy back the illegally reduced shares and pay the price difference.\" The opinion was put forward.</p><p><p style=\"text-align: justify;\">At the same time, National Nine Article 3.0 also emphasizes information disclosure and corporate governance supervision.</p><p><p style=\"text-align: justify;\">The opinion pointed out that it is necessary to build a comprehensive punishment and prevention system for anti-counterfeiting and anti-counterfeiting in the capital market, and seriously rectify illegal activities in key areas such as financial fraud and capital occupation. To urge listed companies to improve their internal control system. We will give full play to the supervisory role of independent directors and strengthen the guarantee and restraint of performance of duties.</p><p><h2 id=\"id_41089836\" style=\"text-align: start;\">Four, the sword pointing to important risk points</h2><p style=\"text-align: justify;\">Focusing on some hotly discussed phenomena in the new era of capital market, the National Nine Articles put forward targeted improvement measures for the supervision of institutions, markets and other links.</p><p><p style=\"text-align: justify;\">For example, in recent years, the \"snowball\" structured products that have been controversial and contain derivatives, as well as the phenomenon of \"around the bid\" and \"intra-day turnaround\" trading caused by the two financial institutions, suggest that the supervision system of key businesses such as derivatives, margin financing and securities lending will be improved.</p><p><p style=\"text-align: justify;\">\"The activity of Snowball and Liangrong in recent years has caused some market controversy. For this kind of institutional business with strong externalities, the standards and procedures of supervision may be improved.\" The person in charge of the business department of a Huijin securities firm commented, \"It is not excluded that more detailed rules will be implemented later.\"</p><p><p style=\"text-align: justify;\">In recent years, regarding the polarization phenomenon of \"the stronger is the stronger\" of securities fund institutions, the opinions also put forward that the head institutions will be supported to enhance their core competitiveness through mergers and acquisitions, organizational innovation, etc., and small and medium-sized institutions will be encouraged to develop differently and operate with characteristics.</p><p><p style=\"text-align: justify;\">\"A big problem of securities operating institutions is that they can't be cleared for a long time. Although it is a cyclical industry itself, many small institutions have been in a zombie operation due to many special factors.\" A head broker close to the regulatory authorities pointed out, \"For example, some local brokers are not doing well, but they rely on the support of local state-owned assets to last for a long time. In the process of integration and merger among some brokers, the shareholders of the integrated institutions have relatively great resistance.\"</p><p><p style=\"text-align: justify;\">\"But if industry mergers become an encouraged direction, it is possible that industry efficiency can be improved.\" The person said, \"Of course, there is another direction for differentiated development, but the current business is homogeneous, and the space for innovation is actually limited.\"</p><p><p style=\"text-align: justify;\">The National Nine Article 3.0 also proposed that transaction supervision will be strengthened and the inherent stability of the capital market will be enhanced.</p><p><p style=\"text-align: justify;\">At the beginning of February this year, the quantitative strategy of small and medium-sized cap and micro-cap stocks, which has been favored by the market in recent years, triggered a stampede-style stock market crash due to excessive strategic crowding. This incident once triggered the reflection of all parties in the market and even the supervision on the supervision of quantitative trading.</p><p><p style=\"text-align: justify;\">With the increase of the penetration rate of A-share quantitative private placement, programmed trading and the market impact, the New Deal also put forward the regulatory direction in a targeted manner.</p><p><p style=\"text-align: justify;\">For example, the opinion proposes that procedural transaction supervision regulations will be introduced to strengthen the supervision of high-frequency quantitative transactions. Formulate operating rules for private equity funds. Strengthen bottom-line thinking and improve response measures in extreme situations.</p><p><p style=\"text-align: justify;\">The expected management of some major policies is also included in the scope of the National Nine Articles 3.0.</p><p><p style=\"text-align: justify;\">For example, at the end of 2023, the game stock sector experienced a \"black swan\" of drastic adjustment due to changes in industry policies, and the market value of the game industry increased by more than 400 billion yuan in a short time.</p><p><p style=\"text-align: justify;\">The opinion puts forward that \"the expectation management mechanism will be improved\".</p><p><p style=\"text-align: justify;\">\"Incorporate the assessment content of the impact of major economic or non-economic policies on the capital market into the assessment framework of macro-policy orientation consistency, and establish a coordination mechanism for the release of major policy information.\" The opinion is put forward.</p><p><p style=\"text-align: justify;\">In view of the problems of illegal crimes in the capital market, Article IX 3.0 of the State put forward many measures to improve the mechanism, and emphasized that it will \"promote the strengthening of the rule of law in the capital market and greatly increase the cost of illegal violations\".</p><p><p style=\"text-align: justify;\">For example, the opinion proposes that judicial interpretations of the crime of breach of trust harming the interests of listed companies, judicial interpretations of civil compensation such as insider trading and market manipulation, and judicial documents to crack down on criminal acts such as misappropriation of private equity fund funds and breach of trust using entrusted property will be promoted.</p><p><p style=\"text-align: justify;\">Regarding the potential corruption problem, the opinion put forward that the management of resigned personnel will be strictly and tightly improved.</p><p><p style=\"text-align: justify;\">\"Rectify problems such as 'shadow shareholders', improper shareholding, 'revolving door' of politics and business, and 'escape resignation'. Eradicate the soil and conditions for corruption, resolutely punish corruption problems such as corruption and risk interweaving, capital and power collusion, and create a clean and upright political ecology,\" the opinion pointed out. (Zheng Minfang and Wang Yating also contributed to this article)</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3712615\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/718d9d0cee89dacb8ae3664167fe24e6","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://wallstreetcn.com/articles/3712615","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1125373899","content_text":"围绕资本市场下一阶段的重大改革举措，正在从更高层面赫然开启。4月12日，国务院发布《关于加强监管防范风险推动资本市场高质量发展的若干意见》（以下简称“意见”），全文围绕新股上市发行、上市公司监管、退市机制、强化机构监管、加强交易监管等环节，合计通过九大条举措进一步明确资本市场的机制和方向。正因如此，此次意见也被视为继2004年国九条1.0版（《关于推进资本市场改革开放和稳定发展的若干意见》）、2014年国九条2.0版（《国务院关于进一步促进资本市场健康发展的若干意见》）之后，有关“国九条”新政的3.0版本。信风通过梳理发现，从严上市发行审核、突出退市机制完善、重视上市公司股东回报、防范遏制各类风险违规现象，以促进资本市场高质量发展，或许正是“国九条3.0”的主线。在业内看来，随着改革配套举措的持续落地，针对资本市场的积极预期也有望进一步向好并得到夯实。一、IPO标准、流程“双提升”在A股注册制实施满岁之际，有关上市发行制度的改革，成为了国九条3.0中首个被提及的领域。意见指出，进一步完善发行上市制度。将提高主板、创业板上市标准，完善科创板科创属性评价标准。而据同日证监会及交易所的配套文件显示，主板、创业板IPO的收入、净利润等指标均有提升。以创业板为例，此前标准一的“最近2年净利润均为正，且累计净利润不低于5000万元”提升为“累计净利润不低于1亿元且最近一年净利润不低于6000万元。”；而标准二的“预计市值不低于10亿元、最近一年营收不低于1亿元”则分别调升为“预计市值不低于15亿元”、“最近一年营收不低于4亿元”。其实在此前的实操环节，近来的IPO审核节奏已在有所放缓。2024年以来截至4月12日的Wind数据显示，处于“新受理”状态的IPO企业仅有两单北交所项目。与之对应的是，年内因撤回、被否等原因导致IPO闯关失败的项目已达104单。“可能从酝酿的时候，受理节奏就放缓了，因为要保证新老划断，否则筹划阶段可能会有一些不符合新标准的企业进来。”华东一家券商投行人士分析指出。审核流程上，意见则提出将“提高发行上市辅导质效，扩大对在审企业及相关中介机构现场检查覆盖面。”如此表态，意味着IPO审核正在从横线、纵向两个维度上强化监管——纵向上，企业申报上市前的辅导环节的质效正在被重视；横向上或有更多拟IPO企业乃至中介机构进入现场检查范围。“提升辅导期的质效，意味着上市审核流程的关注点正在进一步前置，因为之前主要是以受理为节点来把握的。”北京一家上市券商投行人士指出，“现场检查范围的扩大，一方面能发现问题，另一方面也可以提高IPO审核的震慑作用，遏制一些公司和中介机构的侥幸心理。”国九条3.0同时指出，将强化发行上市全链条责任，落实交易所审核主体责任，建立回溯追责机制。“进一步压实交易所审核主体责任，完善股票上市委员会组建方式和运行机制，加强对委员履职的全过程监督。”意见指出，“建立审核回溯问责追责机制。进一步压实发行人第一责任和中介机构‘看门人’责任，建立中介机构‘黑名单’制度。坚持‘申报即担责’，严查欺诈发行等违法违规问题。”对于承销环节的超募、高价、抱团等乱象，意见则明确提出强化约束。“加大发行承销监管力度。强化新股发行询价定价配售各环节监管，整治高价超募、抱团压价等市场乱象。”意见提出，“从严加强募投项目信息披露监管。依法规范和引导资本健康发展，加强穿透式监管和监管协同，严厉打击违规代持、以异常价格突击入股、利益输送等行为。”二、“单列”退市的决心在“国九条3.0”意见中，有一项改革措施迎来了“单列”，那就是退市机制。在国九条的1.0、2.0版本中，也曾有过关于退市机制的阐述，但更多是作为“九条”中的子项存在。例如2004年的国九条1.0中，对退市的提及则更多是将其作为金融风险进行防范。例如在意见中提及“建立对退市公司高管人员失职的责任追究机制”、“各地区和有关主管部门要依法加强对退市公司的管理，确保退市工作平稳顺利”。原因在于，彼时上市公司数量较多，而市场对于退市的着眼点更多放在了投资者保护，加之公司上市背后涉及的利益复杂性，导致A股多年来因退市机制不畅而备受诟病。20年后的今天，退市似乎已不再被视为局部性风险，“退不了市”反而更多成为股票市场的慢性顽疾。10年前2014版本国九条2.0中，退市机制的重要性得到了提高，但也仅作为第二大条“发展多层次股票市场”中的第8小项存在的，相关阐述篇幅仅167个字。在最新落地的国九条3.0中，意见则单独拿出“9条中的1条”来着重突出“深化退市制度改革”，合计篇幅达到了393字，较10年前的2倍还多。而在具体措施上，意见提出，加快形成应退尽退、及时出清的常态化退市格局。一方面，将进一步严格强制退市标准。建立健全不同板块差异化的退市标准体系。科学设置重大违法退市适用范围。收紧财务类退市指标。完善市值标准等交易类退市指标。另一方面，会加大规范类退市实施力度。进一步畅通多元退市渠道。完善吸收合并等政策规定，鼓励引导头部公司立足主业加大对产业链上市公司的整合力度。进一步削减“壳”资源价值。加强并购重组监管，强化主业相关性，严把注入资产质量关，加大对“借壳上市”的监管力度，精准打击各类违规“保壳”行为。同时还提出，要进一步强化退市监管。严格退市执行，严厉打击财务造假、操纵市场等恶意规避退市的违法行为。健全退市过程中的投资者赔偿救济机制，对重大违法退市负有责任的控股股东、实际控制人、董事、高管等要依法赔偿投资者损失。“这次的国九条在退市上显然有更大的决心，这本身也是A股多年来的老大难。”上述北京地区投行人士坦言，“因为一家上市公司背后牵涉的地方、投资者、中介机构等相关方太多了，所以导致退市制度的实施效率并不高。”Wind数据显示，截止2024年4月12日累计退市公司数量合计仅有243家。和不断增加的新股数量相比，如此退市规模显然是小巫见大巫——数据显示，A股市场34年来合计IPO总数达5363家，而近5年来新股数量就达1775家，占比达1/3。不过伴随近年来的注册制改革推动，退市公司数量已有所上升。数据显示，在上述243家已退市公司中，有143家均是在近5年内退市的，占比接近6成。三、提升“股东回报”权重和早前相比，国九条3.0版本更加看重对上市公司股东的回报举措和投资者利益的保护。在上市公司监管方面，意见提出将强化上市公司现金分红监管。“对多年未分红或分红比例偏低的公司，限制大股东减持、实施风险警示。”意见指出，“加大对分红优质公司的激励力度，多措并举推动提高股息率。增强分红稳定性、持续性和可预期性，推动一年多次分红、预分红、春节前分红。”从数据来看，A股市场盈利公司的分红比例在近10年已有所提升。信风（ID：TradeWind01）统计Wind数据显示，2022年的4037家公司中，实施分红公司数量达3397家，占比达84.15%，相较10年前的79.16%提升了近5个百分点。“随着公司治理的提高，公司分红积极性会有所提升，同时由于整体经济增速的回归平稳，企业资本开支的减少，可供分红的现金也会增多。”北京一家券商策略分析师指出，“增加分红的激励举措，引导上市公司回馈股东，符合市场的发展方向。”回购也成为了意见的关注点，其提出将“引导上市公司回购股份后依法注销”。“这一次格外强调了注销的事，因为过去很多回购背后是为了给公司管理层做股权激励来预备的，明明是回馈股东的举措，反而变成了管理层低价激励自我的一种手段。”上述分析师强调。“这次明确回购和股份注销的关系，是在进一步推动回购行为回归‘回馈股东’的目的本源。”意见提出，将促进上市公司通过市值管理、聚焦主业、并购重组等方式提升自身投资价值。“制定上市公司市值管理指引。研究将上市公司市值管理纳入企业内外部考核评价体系。同时，鼓励上市公司聚焦主业，综合运用并购重组、股权激励等方式提高发展质量。”意见同时也指出。左手是扶优，右手则是限劣。为了明确上市公司的分红政策，引导将更多分红留存给上市公司公众股东分享，意见还提出“将对IPO前的‘清仓式’分红等情形纳入发行上市负面清单”。沪深交易所当日表示，在指标方面的初步考虑是，对于报告期三年累计分红金额占同期净利润比例超过80%的；或者报告期三年累计分红金额占同期净利润比例超过50%且累计分红金额超过3亿元，同时募集资金中补流和还贷合计比例高于20%的，将不允许其发行上市。“有充足资金才会分红，缺少资金才会IPO，两者本身是矛盾的。”上述华东地区投行人士称，“这样的规范有助于提高上市公司的治理水平。”再如针对减持现象，国九条3.0提出要出台新的上市公司减持管理办法，并严厉打击各类违规减持。“严格规范大股东尤其是控股股东、实际控制人减持，按照实质重于形式的原则坚决防范各类绕道减持。责令违规主体购回违规减持股份并上缴价差。”意见提出。同时国九条3.0也着重强调了信息披露和公司治理监管。意见指出，要构建资本市场防假打假综合惩防体系，严肃整治财务造假、资金占用等重点领域违法违规行为。督促上市公司完善内控体系。切实发挥独立董事监督作用，强化履职保障约束。四、剑指重要风险点围绕资本市场新时期的部分热议现象，国九条针对机构、市场等环节监管提出了有针对性的完善举措。例如近年来颇受争议且含有衍生品性质的“雪球”结构化产品，以及两融引发的“绕标”、“日内回转”交易现象，意见提出将完善对衍生品、融资融券等重点业务的监管制度。“雪球、两融这些年的活跃引发了一些市场争议，针对这类外部性较强的机构业务，可能监管的标准和流程都会有所提高。”一家汇金系券商营业部负责人评价称，“不排除会有更多的细则会在后面落地。”对于近年来证券基金机构“强者愈强”的两极分化现象，意见也提出将支持头部机构通过并购重组、组织创新等方式提升核心竞争力，鼓励中小机构差异化发展、特色化经营。“证券经营机构的一个很大问题是迟迟无法出清，虽然本身是个周期性行业，但由于许多特殊因素，许多小机构却一直处于僵尸运营状态。”一位接近监管层的头部券商人士指出，“比如一些地方券商做的并不好，但靠当地国资的支持长期续命，还有一些券商之间的整合兼并过程中，被整合机构的股东阻力比较大。”“但如果行业兼并成为被鼓励的方向，有可能行业效率能有所提高。”该人士称，“当然还有一种方向是差异化发展，但目前的业务同质化，创新的空间其实是有限的。”此次国九条3.0还提出，将加强交易监管，增强资本市场内在稳定性。今年2月初，备受近年市场青睐的中小盘和微盘股量化策略，因过高的策略拥挤度而引发了踩踏式股灾，此次事件一度引发市场各方乃至监管针对量化交易监管的反思。伴随A股量化私募、程序化交易渗透率的提高以及产生的市场影响，此次新政亦有针对性的提出了监管方向。例如意见就提出，将出台程序化交易监管规定，加强对高频量化交易监管。制定私募证券基金运作规则。强化底线思维，完善极端情形的应对措施。部分重大政策的预期管理，也列入了此次国九条3.0的指向范围。例如在2023年年底，游戏股板块因行业政策变化而出现了剧烈调整的“黑天鹅”，游戏行业市值短时间内增发超过4000亿元。意见则提出将“健全预期管理机制”。“将重大经济或非经济政策对资本市场的影响评估内容纳入宏观政策取向一致性评估框架，建立重大政策信息发布协调机制。”意见提出。针对资本市场的违法犯罪等问题，国九条3.0更提出众多机制完善举措，并着重强调将“推动加强资本市场法治建设，大幅提升违法违规成本”。例如意见提出，将推动出台背信损害上市公司利益罪的司法解释、内幕交易和操纵市场等民事赔偿的司法解释，以及打击挪用私募基金资金、背信运用受托财产等犯罪行为的司法文件。对于潜在的腐败问题，意见提出将从严从紧完善离职人员管理。“整治‘影子股东’、不当入股、政商‘旋转门’、‘逃逸式辞职’等问题。铲除腐败问题产生的土壤和条件，坚决惩治腐败与风险交织、资本与权力勾连等腐败问题，营造风清气正的政治生态。”意见指出。（郑敏芳、王亚婷对此文亦有贡献）","news_type":1,"symbols_score_info":{"000001.SH":1.1}},"isVote":1,"tweetType":1,"viewCount":1289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}