The stock market has plummeted again. I pointed out a few days ago that "a desperate market is emerging", but unfortunately it has come true. Now, in the face of the extremely abnormal operation of the stock market, the actual controllers of the China stock market-the major shareholders, despite holding high the banner of protecting investors' interests, actually take the attitude and practice of watching from the other side of the bank and even taking the chestnut out of the fire, which puzzles the small and medium-sized investors who are clamoring for land. In fact, those who don't understand the problem look at it from common sense, and it is not difficult to understand it if we analyze it from "China characteristics". I'd like to try to analyze this "feature" from the following aspects:

1. On the surface, the value of the recording of non-tradable assets is a simple accounting problem, but it is a big problem directly related to the vital interests of major shareholders. Today, many problems in the securities market are caused by it, which is not alarmist.

to explain this problem, give an example first. During the Asian financial turmoil, the Hong Kong stock market was blocked by Quantum Fund and fell sharply. At that time, Mr. Li Ka-shing, an Asian financial giant, suffered a huge impact on his blue chip "Cheung Kong" and his share price fell sharply, so he had to increase his holdings of Cheung Kong shares to protect the market. Since Mr. Li's shareholding has exceeded 3%, increasing his position will lead to privatization, so he specifically requested the SAR government to increase its holdings without liability. It is normal and necessary for a controlling shareholder to protect the secondary market when the stock of his own company falls abnormally, as long as it is controlled within the scope permitted by law. But where does the motivation for this kind of big shareholder support come from? The fundamental driving force is that Hong Kong measures its "net worth" (wealth) by market value. When stocks fall, wealth shrinks. If you use the stock to go to the bank for mortgage financing, the stock will fall to a certain extent, which may also lead to a "short position", making hundreds of millions of wealth penniless in an instant.

in the domestic stock market, due to the split share rights, the accounting value of assets is also different. The assets of tradable shares are accounted for according to the market value, such as the asset valuation of fund companies; Non-tradable assets are valued at net assets. The problem brought about by this is that the rise and fall of stock prices in the secondary market has no influence on the net asset value of non-tradable shares, and the actual controller of listed companies, that is, the major shareholder, is irrelevant because he is not worried that the stock price in the secondary market will fluctuate the net asset and thus affect his own interests.

second, the protection of the "golden chair" system for major shareholders

due to the dual structure of equity formed in history, non-tradable shares account for more than 3% of the equity shares of most listed companies. In mature markets, too low a share price can easily lead to hostile takeover, making the original major shareholders lose control. This situation in the domestic stock market, however, because of the system, makes the position of major shareholders as secure as sitting in the golden chair. First, cost constraints. The secondary market acquisition price is high, and if the position exceeds the limit, it must be placarded. Once disclosed, the market price will skyrocket, which will increase the acquisition cost. The second is the restriction of takeover offer. At this point, non-tradable shareholders have an innate advantage, because they hold more than 3% of the shares from the time they set up a joint-stock company. If the latecomers want to become controllers and exceed 3% of the acquisition volume, they must make an offer. If the offer price is high, the cost will increase and the financial pressure of the acquirer will increase. If the bid is low and no one wants to sell the stock, the acquisition may fail. Another problem of tender offer is that when the purchase price reaches an acceptable level in the market, it may make the amount of shares purchased exceed 75% of the total issued shares of the company during the tender offer, thus causing the company to lose its qualification as a listed company, which is contrary to the original intention of the purchaser to "buy a shell". Just like this, even if the company's tradable shares fall below the par value, non-tradable shareholders can sit idly by, not afraid that someone will grab their boss position.