It is not good to have less foreign capital, and it is not good to have more foreign capital. So how much is appropriate? The Shenzhen Stock Exchange gave the answer to this. As of May 25th, the proportion of foreign investors holding Midea Group, Huace Testing and Sofia reached 27.3 1%, 26.34% and 26.22% respectively. On May 26th, Shenzhen Stock Exchange issued an early warning to these three stocks at the same time, which is the first time in the history of A shares. The warning issued by Shenzhen Stock Exchange is based on "relevant regulations", that is, the total proportion of A shares held by all foreign investors in a single listed company shall not exceed 30% of the total shares of the listed company. When the proportion of foreign ownership reaches 26%, it is regarded as an early warning point, and when it reaches 28%, foreign buying is suspended.

Relevant regulations have been implemented for 7 years.

It has happened many times in the past that foreign investors stepped on the line and were warned to stop buying. 20 15, 19 On May 9, Shanghai Airport was temporarily closed by the Shanghai Stock Exchange due to its overseas shareholding ratio exceeding 28%, becoming the first stock to be suspended from buying orders after the opening of Shanghai Stock Connect. 2065438+On March 5, 2009, due to the foreign shareholding ratio exceeding 28%, Hanzu Laser was also suspended from buying. Midea Group triggered the warning point of foreign shareholding ratio in the fourth quarter of last year, and it has stepped on the line frequently since this year.

So what are the "relevant regulations" on the basis of the restrictions on the proportion of foreign capital holding A shares? It is the "Pilot Measures for Qualified Foreign Institutional Investors to Invest in RMB Domestic Securities" promulgated and implemented by China Securities Regulatory Commission 13, which stipulates that the shareholding ratio of a single foreign investor in a single listed company shall not exceed10% of the total shares of the listed company; The total shareholding ratio of all foreign investors in A shares of a single listed company shall not exceed 30% of the total shares of the listed company. This regulation has been implemented for more than seven years, and now the situation in the capital market has undergone great changes. Can this regulation still adapt to the new situation?

Contradictory relevant provisions

Now is a rapidly changing era, and many things have happened in seven years. For example, A shares have been included in MSCI, and the proportion of inclusion factors is also increasing. The FTSE Russell index was also included in A shares and expanded; A shares have successively opened Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, and the quota limit has also been greatly increased; At the beginning of May this year, the investment quota restrictions of QFII and RQFII were cancelled. In 20 18, China announced that it would relax the foreign investment ratio of joint-venture securities companies, fund management companies and futures companies to 5 1%, and there will be no restrictions after three years. On July 20th, 20 19, the office of the State Council Financial Stability and Development Committee announced a series of policies and measures to further expand the opening up of the financial industry, including advancing the time to cancel the foreign share ratio of securities companies, fund management companies and futures companies from 202 1 to 2020.

In other words, just this year, there will be no restrictions on the ratio of foreign shares of securities companies, fund management companies and futures companies. In this context, what are the reasons for limiting the foreign shareholding ratio of listed companies? What's more, there are securities companies and futures companies in listed companies. If the ratio of foreign shares of listed companies is limited, is it not contradictory to the policy of no longer limiting the ratio of foreign shares of securities companies and futures companies? If we do not limit the foreign shareholding ratio of securities companies and futures companies in listed companies, this differential treatment also violates the "three fairness" principles of the securities market and is inappropriate.

Relevant laws and regulations are outdated.

In fact, there is no need to limit the foreign shareholding ratio of listed companies now. It is much more difficult for foreign investors to buy listed companies in the securities market than to buy non-listed companies. If foreign investors buy unlisted securities companies and futures companies, it will be much easier, as long as a few shareholders are settled. However, the acquisition of listed companies, the first encounter is a 5% placard, and the shareholding ratio has reached 30% continuously. You will also face a tender offer, and you may even face delisting because the number of shareholders holding shares is less than the quorum. In addition, the listed companies themselves may have made a poison pill plan against takeover, which has created many obstacles for external takeover. With so many difficulties ahead, what is the need to limit the foreign shareholding ratio of listed companies?

If a foreign capital will wholly acquire a listed company after going through five hurdles and cutting off six generals, it should congratulate both parties, because it is definitely a win-win situation. As for some important listed companies related to the national economy and people's livelihood, if they want to set up acquisition obstacles, they should also adopt market-oriented means. For example, the controlling shareholder should firmly maintain its absolute controlling position. Some particularly important companies should not go public in the first place, so they can't enjoy the benefits brought by listing and avoid the risk of being acquired. There is no such thing in the world.

At present, the restrictions on the foreign shareholding ratio of listed companies are mainly based on "relevant regulations", but this is not immutable. It turns out that securities companies, fund management companies and futures companies all have "relevant regulations" on the ratio of foreign shares. Isn't it all changed now? Why can't the "relevant regulations" restricting the proportion of foreign shares held by listed companies be changed? What's more, some of the "relevant regulations" have been changed, while others have not, and there are contradictions between them. It is out of date, and it is unreasonable to change them.