2065438+On February 26th, 2007, Chairman Liu of China Securities Regulatory Commission responded when answering a reporter's question:

What do you think I should do next if I tell you everything? Thank you.

Label chaos.

Liu said: "It took me a long time to understand all kinds of chaos in the capital market after I worked in the CSRC. I was shocked. Seeing these chaos, I want to find a simple, suitable word that everyone can understand and label every chaos. I didn't create this. " "Barbarian wars", "goblins", "harming people" and "predators" often wear legal cloaks and play the role of the system to exploit loopholes in the capital market and erode the legitimate rights and interests of the majority of small and medium-sized investors. "

The difference between one idea and another: "angel" and "devil"

In the financial market, the temptation of money is enormous. "Angel" and "Devil" are only one thought apart, and financiers are only half a step away from "financial predators" in the capital market.

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I advocate that our fund industry institutions should not be "barbarians", "goblins" and "harmers"; I'm talking about "capital predators" infringing on the accounts of small and medium-sized investors, and I'm talking about behavior. However, you can't assume that someone did it just because you saw what kind of behavior. There is a long distance between them. If you find clues about behavior, you must find people through investigation and analysis.

Liu, chairman of the China Securities Regulatory Commission, quipped:

20 16 12.3 The second member congress of China Asset Management Association expressed that "I hope asset managers will not be extravagant local tyrants, evil spirits who make waves, and do harm to others."

20 17 1.5, "research and guidance, inspection and law enforcement discussion and exchange" to crack down on illegal and criminal activities in securities and futures, "severely punish capital predators who challenge the legal bottom line, catch rats and fight wolves and dare to show their swords".

The chaos in the capital market that opened the eyes of the chairman of the China Securities Regulatory Commission.

"The capital market said no to the' rat warehouse', and' catching rats and preventing wolves' strengthened the release.

What is a rat barn?

Rat warehouse trading is a kind of "food price" practice by unscrupulous brokers who are unfaithful to customers. Specifically, before using public funds to raise the stock price, the banker first uses his own personal funds (heads of institutions, traders and their relatives, related households) to open positions at a low level. After the public funds are raised to a high level, the individual positions are the first to sell for profit.

1. Insider trading and "rat positions" in the securities fund industry occur from time to time.

Up to now, Chen Zhimin, the former vice president of E Fund and a star fund manager as famous as Wang Yawei, has used undisclosed information to participate in securities trading activities related to this information. The number of stocks bought and sold reached 87, with a turnover of 188404756.25 yuan and an illegal profit of 28260587.27 yuan.

2. The rat warehouse case spread from traditional funds and brokers to banks and insurance.

20 15

Ou Haitao, former deputy general manager of China Life Asset Management Stock Investment Department, involved 936 million yuan, and the illegal income was 65.438+05.94 million yuan;

The case of Deng Ruixiang, former general manager of China Life Asset Management Stock Investment Department, involving 697 million yuan; Zhang Hao, the former investment manager of China Life Asset Management Company, was involved in RMB 842 million.

20 16

Because the former employees of Zheshang Property Insurance Company were suspected of rat warehouses, the CIRC suspended the filing of their stock investment ability.

2065438+September 2006

Shanghai police cracked a "rat warehouse" case of an insurance company involving 65.438+0.2 billion yuan, and the suspect who fled abroad for more than half a year was persuaded to return.

"In addition to catching mice and killing wolves, we must also challenge predators!

It has become a strange ecology for capital predators to harvest retail investors in China's capital market. The "capital crocodile" is amazing in size and fierce in temperament. These predators constantly challenge the legal bottom line and seek ill-gotten gains by manipulating stock prices and insider trading. Few people dare to challenge the regulatory authorities.

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* Catch Xu Xiang, the lone wolf: Xu Xiang, the legal representative and general manager of Shanghai Zexi Investment Management Co., Ltd., He, Wang Wei and Manipulation 13 Company, used more than 40 billion yuan to manipulate the share price of the above-mentioned stocks, and earned several billion yuan, and is awaiting judicial sanctions.

* In addition, in the case of illegal market manipulation, Huang, once known as "no less than Xu Xiang", manipulated shares such as "First Travel Hotel" and was confiscated by the CSRC for more than 500 million yuan, but he has not been brought to justice so far.

* Ren Liangcheng, another mysterious and low-key "crocodile", was fined more than 654.38 billion yuan for manipulating "Longzhou Shares" and other stocks.

* Qu Shu Ming, who was hiding behind Shen Fuxing, a super bull with unlimited limelight, was fined more than 654.38 billion yuan for manipulating shares such as Hengyuan Coal and Electricity.

* Another "hot money tycoon", Xiao Haidong, manipulated stocks such as "Tongguang Cable" and fined 1000 million yuan.

Liu pointed out that to crack down on illegal activities, we should dare to show our swords and be good at showing them. Inspection and law enforcement can only be strengthened, not weakened. There are many weasels and capital predators in the market. The more cases investigated, the heavier the punishment, which shows that the CSRC is the patron saint of the capital market and the guardian of loyalty. We should not only catch mice and fight wolves, but also dare to challenge predators. China's capital market does not allow anyone to make waves and do whatever they want.

Once again, it sounded the alarm for the barbarian's "robber-like acquisition"

Case: Vanke's equity dispute

Looking back over the past year, Vanke's shareholding structure has undergone tremendous changes. The largest shareholder changed from China Resources to Baoneng, Evergrande became the third largest shareholder, and Vanke became a multi-party holding company. Who will enter Vanke? 18 February 18, Vanke announced that its marriage with Shenzhen Railway failed, and the rumor that Evergrande said it would not join Vanke and Baoneng sought to quit, the trend of Vanke's equity dispute gradually became clear. With the coming of the election date of Vanke's board of directors in March, 2065438+2007, it may be time to completely solve this matter.

On February 22 this year, the person in charge of the China Insurance Regulatory Commission said again: "The insurance market must abide by the insurance regulatory rules and bear the social responsibility of the insurance industry to society, the real economy and the people, otherwise we will resolutely expel it from the insurance industry." "We must never turn insurance into a rich club, and we must not let insurance be borrowed and hidden by financial predators."

The capital market "Darkmouth" profited.

The first kind of Darkmouth.

The most common are all kinds of analysts, all kinds of so-called comments on the Internet, and Kan Kan's predictions on TV. At the same time, some media and self-media often play the role of "Darkmouth" in order to gain eyeballs.

The second kind of Darkmouth

Use your influence to seek benefits by the behavior mode of "buy stocks first, then recommend stocks, and then sell stocks".

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* The case of "Darkmouth" recommended by China Securities Regulatory Commission was disclosed. From March 0, 2065,438+2065,438+2004 to August 25, 2004, Zhu Weiming, a securities broker of CDB, publicly evaluated and publicized "Liyuan Refinement" and "Wanma Shares" by stating the stock name or describing the stock characteristics. As a securities practitioner, Zhu Weiming's two acts of buying and selling stocks and publicly recommending stocks after opening positions first violated the provisions of the Securities Law and were not fined. At the same time, he was banned from entering the securities market for life.

* The famous Darkmouth Wang Jianzhong, the legal representative, executive director and manager of Capital Co., Ltd., used the influence of Capital Co., Ltd. and himself in the investment consulting industry to manipulate the market by "buying securities first, then recommending them to the public, and then selling them" to make illegal profits. From June 65438, 2007 to May 2008, he traded 55 times through the above method, buying and selling 38 stocks or warrants, and accumulated profits of10.25 billion yuan. This technology is not uncommon.

On February 10, Liu pointed out at the National Conference on Securities and Futures Work Supervision that the CSRC attaches importance to the management of policy expectations, pays attention to communication with all sectors of society and the media, and responds to questions in a timely manner. Last year, 47 press conferences were held to deal with the silence of a group of securities companies and analysts, and this one will be strengthened this year.

Liu pointed out that all good policies were blown away by the "black whistle", and some economists of securities firms openly talked nonsense, hoping to strengthen the punishment for the "black whistle".

Abnormal placards and risky placards are regarded as "barbarian invasion"

"Branded" acquisition: In order to protect the interests of small and medium-sized investors and prevent large institutional investors from manipulating the stock price, the Securities Law stipulates that when an investor holds 5% of the issued shares of a listed company, he shall make a written report to the the State Council securities regulatory agency and the stock exchange within 3 days from the date of this fact, notify the listed company and make an announcement, and fulfill the obligations stipulated by relevant laws. The industry calls it "placarding".

Insurance capital placard: insurance companies invest in some listed companies. The so-called insurance capital refers to funds raised by companies in the insurance industry. Insurance placards, such as Anbang Insurance's placards Vanke and Minsheng Bank, should disclose the source of funds for Anbang Insurance Company to purchase shares in these companies.

It is understood that in 20 16 years, the number of placards in the A-share market reached 100 times, including nearly 20 placards of insurance funds.

Among many risks, Evergrande Life Insurance, Vanke A, Langfang Development and Meiyan Jixiang, which are the most concerned, also hold shares in many listed companies, which are close to the placard. Other insurance funds that have attracted much attention due to placards include Guohua Life Insurance (placarding changjiang securities and Tianchen shares); Centennial Life (brand Feng Wan Aowei, Shengli Precision); Anbang Assets (brand China Building); Qianhai Life Insurance (165438+ 10 increased its shareholding in Gree Electric to 4. 13% at the end of October, which is close to the placard). These funds entered the market strongly and were regarded as "barbarians" invasion.

Severely crack down on abnormal placards and backdoor listings (arbitrage)

2065438+On February 24th and 25th, 2007, China Insurance Regulatory Commission (CIRC) threw out two landlords in succession to impose administrative penalties on illegal cases of Qianhai Life Insurance and Evergrande Life Insurance. Among them, Yao Zhenhua/KLOC-0, the former chairman of Qianhai Life Insurance Company, was cancelled from insurance qualifications and banned from the insurance industry in 0/0, and six responsible persons of relevant departments were given warnings and fined 654.38+10,000 yuan. Evergrande Life Insurance is restricted from stock investment 1 year, and some responsible persons are prohibited from entering the insurance industry.

Backdoor listing case

2016,21,the SSE announced, * ST Yuan Bo decided to terminate the listing because the disclosure of major information was illegal and the situation was extremely serious, and he did not have the conditions to resume listing, becoming the first stock to be forcibly delisted in the history of China A shares.

In July this year, Xintai Electric, a GEM listed company, was forced to withdraw from the market due to fraudulent issuance. At the same time, the exchange announced that Xintai Electric would not re-list after delisting.

Current situation of capital market supervision in China

The regulatory authorities' supervision of the current chaos in China's capital market has effectively deterred the illegal activities in the capital market by severely punishing the major information disclosure violations and frauds of issuers and related intermediaries.

Regulatory thinking: "Firmly adhere to the reform direction of marketization, rule of law and internationalization, adhere to legal supervision, comprehensive supervision and strict supervision, fully respect market rules, conform to market demand, and strive to build a multi-level capital market to better serve the real economy."

Liu, chairman of the CSRC, also said in response to a reporter's question on February 26th that the primary task of the CSRC is supervision. If there is a second task, it is also supervision, and the third task is supervision. This point cannot be vague or shaken. Only through supervision, that is, supervision according to law, comprehensive supervision and strict supervision, can we maintain an open, fair and just market order. Without the principle of "three publics", it is impossible to protect the rights and interests of investors. Without the market order of "three publics", the legitimate rights and interests of small and medium-sized investors cannot be effectively protected.