The first category, in the name of the company's "listing" on the fourth board, Q board and E board, publicly publicizes and issues the original shares through local newspapers and other media. The second category, in the name of equity crowdfunding, publicly publicizes and issues "original shares" or publicly transfers equity through online media such as third-party website platforms, WeChat official accounts and friends circle. The third category is to implement pyramid selling in the name of selling "original shares", and to form a pyramid-shaped pyramid selling network by mutual recommendation of acquaintances to buy fictitious "original shares" of overseas listed companies.
Reminder, to identify the above scams, please keep in mind that no unit or individual may publicly issue shares without the approval of the China Securities Regulatory Commission, nor may they publicly publicize and issue shares through newspapers, television, online platforms, WeChat official accounts, telephones, promotion meetings and briefings. If investors believe in this illegal "original stock", their rights and interests will not be protected by law.
In addition to the "original stock" scam, in recent years, there have been illegal fund-raising activities under the banner of "private equity fund".
There are five kinds of illegal activities of private equity funds. The first category, through newspapers, television, the Internet and other media for public publicity and fundraising. The state stipulates that private equity funds can only be raised in a non-public way.
The second category is to raise funds on the grounds of fictitious investment projects or projects that obviously have no investment value, or to defraud investors of funds for the purpose of borrowing new debts to repay old debts. The third category is to raise funds from investors who do not have the ability to identify risks and financial strength. The fourth category is to promise investors a guaranteed income. The fifth category, the number of investors exceeds the standard. According to state regulations, if a joint-stock company establishes a private equity fund project, the number of investors shall not exceed 200; In the form of a limited company, the number of investors shall not exceed 50; In the form of partnership, the number of partners shall not exceed 50. Anyone who exceeds the number limit may constitute illegal fund-raising.
Recently, investors often report to Forum Jun that they may be cheated into buying the so-called "original shares" of a new third board company, which not only faces losses, but also cannot be sold.
Today, Forum Jun will popularize the relevant knowledge of the original shares for everyone and remind everyone to beware of scams.
What is a primitive stock?
Let's look at a case first: 2065438+June 2007, the first case of illegally operating the New Third Board stock in China was pronounced in Shanghai Jing 'an Court. 12 people, headed by Hong Moujun and Deng Mouhua, were sentenced for allegedly illegally buying and selling shares of the New Third Board.
According to the prosecution's allegations, Dianshi Company and Zheng Hong Company, which are actually controlled by Hong Moujun and Deng Mouhua, successively received shares of Xiaojin Machinery, Jingxin, Maidi Refrigeration and Yujing Machine from the original shareholders of relevant enterprises through the national share transfer system for small and medium-sized enterprises.
Directly transfer or instruct subordinate companies, agency sales companies and individual sales personnel to publicly sell the above-mentioned stocks to unspecified public through the New Third Board stock account controlled by them.
The defendant used communication tools such as WeChat to get to know a number of investors, recommended and analyzed the New Third Board shares to the deceived investors, exaggerated publicity and predicted that the New Third Board shares could be transferred to the A-share market, encouraged a number of investors to buy, and then transferred the above-mentioned New Third Board shares at a high price by mutual reporting.
Primitive shares refer to the shares issued before the company goes public and can be sold after a period of listing. Under normal circumstances, only the founding team, senior management and others will own the original shares of the company. Others want to own original shares, which can be obtained by subscribing for additional shares of the company.
However, this kind of issuance is generally private and usually only faces a few people who have special relations with the company, such as partners and suppliers. At present, many public sales of original shares to the public through telephone, store sales staff and online channels actually violate the Securities Law.
In the New Third Board, some people who are engaged in original stock agency often enthusiastically help investors open accounts and even trade stocks into investors' accounts. The stock transfer targets they choose are usually not qualified investors who know more about the New Third Board, and many of them are people who have never been exposed to the New Third Board market.
This is the case with many investors that Forum Jun has recently contacted. They not only don't understand the New Third Board, but also don't know the most basic knowledge of stock trading. The intermediary directly helped them buy the shares of the corresponding company. In terms of share price, the share price of the target company may rise sharply before investment and fall sharply after shareholding, resulting in serious losses for investors.
At present, many original stock transfer intermediaries look for target customers through social software such as WeChat and QQ. Usually, it will lurk in various exchange groups of the New Third Board and constantly recommend some stocks of listed companies. At the same time, I will often introduce stocks to some members of the group privately to publicize the huge appreciation space of stocks until the transaction is completed.
The original stock scam has a complete interest chain: if the face value of the original stock is 1 yuan, the price at the time of promotion may be four or five yuan, of which three or four yuan is the difference, the intermediary company can get one or two yuan, the salesman will be divided into 0.5 yuan, and the transferor of the original stock will also get corresponding benefits, and almost everyone can get benefits from it, only the investor will lose all his money.
Relevant laws and regulations
According to the provisions of China's Securities Law, the public offering of securities must meet the conditions stipulated by laws and administrative regulations, and be reported to the the State Council securities regulatory agency or the department authorized by the State Council for approval or examination and approval according to law; No unit or individual may issue securities to the public without approval or examination and approval according to law.
The Company Law also stipulates that shareholders must transfer their shares in a legally established stock exchange or in other ways stipulated by the State Council. The Measures for Banning Illegal Financial Institutions and Illegal Financial Business Activities stipulates that participants shall bear the losses suffered by participating in illegal financial business activities.
From this point of view, the illegal transfer and transaction of original shares do not comply with relevant laws and regulations, and it is difficult for investors' rights and interests involved in such non-listed companies' equity transfer transactions to be protected by law.
For investors, the risks of participating in the transfer of original shares are not limited to these. In most cases, the original shares that ordinary investors can buy cannot be listed at all. If you can't go public, investors will face huge exit risks.
At the same time, the adequacy, timeliness and reliability of information disclosure of non-listed companies are not enough, and investors subscribing for shares of companies they are not familiar with will inevitably increase investment risks.
In many original share transfer scams, investors can't monitor the use and income information of funds after the company receives the investment funds from investors. There is no relevant listing information for a long time after the company obtains the investment, which leads investors to never see the actual listing process and results of the company.
In addition, according to the information currently available, the sponsors of the equity of unlisted companies are basically investment consulting companies or property rights brokerage companies without securities business qualifications. It is illegal for this branch to sell equity beyond the business scope approved according to law.
Natural persons participate in the original stock trading, and there is no way to judge the true value of the enterprise, which leads to the moisture in the trading price of the stock. Therefore, it is not recommended that natural persons directly buy and sell the original shares with the shareholders of the New Third Board. Investors who want to participate in the investment can indirectly participate in the private equity investment of the New Third Board by purchasing the New Third Board Fund.
How to distinguish a scam?
The original share transfer scam with "zero risk and high return" as the gimmick mostly uses the psychology of investors to get rich overnight. Original share transfer fraud usually has the following characteristics:
Investors can try to avoid being cheated from the following aspects:
First, choose legal securities institutions. All securities investment products listed and traded in the securities market have strict entry barriers for listing. Investors should avoid "securities without management approval documents".
Second, find out whether the underwriter has the qualification to authorize the issuance of original shares. Generally, the original shares underwritten by institutions authorized by the state are sold after careful investigation, and the probability of listing is relatively high; On the contrary, it is easy to be deceived.
Third, pay attention to the sales behavior of salespeople. All securities that are not publicly issued are generally hidden, unknown to the market, and have no fixed business premises and legal business certificates. Their phone calls, letters, on-site services, etc. Should be treated with caution.
Fourth, investors should have a detailed understanding of the production and operation of the invested enterprise. To understand and inspect the operating efficiency of an enterprise, we can look at the sales revenue, sales tax and total profit of the enterprise. For investors, if a company has no development prospects, the original shares it holds are worthless, and the investment does not have the basis for obtaining returns. Yuan
Formal enterprises will certainly evaluate and audit the original company when financing, and at the same time, they will issue a resolution to new shareholders to allow them to participate in shares. Once a new shareholder decides to buy shares, the name of the new shareholder must appear in the company's articles of association and be filed with the Administration for Industry and Commerce.
Any original stock investment requires a resolution signed by the company's shareholders' meeting. If you want to see the original articles of association, you can find the information that you have become a shareholder in the industrial and commercial bureau. As long as one condition cannot be met, you may be cheated. The identity of the investor may not be recognized legally, and the identity of the investor may not be protected by laws and regulations.
Finally, investors need to remember that there will be no pie in the sky, investment is risky, and buying stocks needs to be cautious.