Return of stock borrowing a share, to set the valuation limit for 20 times, it is not groundless.
September 1 noon, foreign media reported that the SFC guidance recently asking overseas listed stocks to seek shelter when returned to the domestic market, need to ensure that the valuation is not more than 20 times times forecast profits.
Surging News (www.thepaper.CN) reporter learned from a number of large brokerage executives, they had received the Commission's guidance.
"Yes, we have received the notification. Instruction set in the ceiling, is in accordance with nothing in return, shell after the company forecast profit to calculate. "Surging brokerage executives told News (www.thepaper.CN), in May of this year, the Commission has drafted a programme, there are two main purposes: one is to reduce the return to a-share market after the impact, second, protecting the interests of small and medium retail.
At present, the Commission has yet to comment.
Data compiled by Bloomberg show, is currently in the United States trading unit is 16 times the median price-earnings ratio, in Shanghai and Shenzhen trading company, is 57 times the median times earnings. In China-listed stocks based on median price-earnings ratio was 41 times times estimated earnings.
For this guidance to be able to have much effect, the majority of capital market participants believe that the effect will be limited, "useless, primitive market 20 times, after starting the trading in the secondary market, turning several times. "
"This provision is agreed in overseas stocks can reverse the return. Market valuations lower fear, new shares have been speculated, make up a story, the dealer the opportunity to try. Become demon would not be difficult. So, now we are more concerned about the problem, although regulators of good intentions, but fear of backfire, as a pilot circuit breakers. "Declined to surging securities head of investment banking for news.
Comb in the stock market from October last year, as China's stock market bounced back, the SFC restart IPO, based on the Sino-US market valuation difference, qihoo 360 led a number of companies have started to dismantle in VIE framework and advancement of the privatization process, to return to a-share market, while in April this year, also set off a wave of privatizations in the climax.
At the time, registered shell company introducing a moratorium on upgrading the secondary market trading is expected, have almost completed the privatization of companies, to the a-share market into the greatest imagination. Australia 60 real estate mogul voice to the Government
Assets, shell, brokers restless domestic borrowing markets, each team raced to find shells, shell boss sat starting at brokers appetites. Several fund companies have to journalists described the surging, the a-share market was very much like crazy before the property market in Shenzhen, a day, had talked about, but suddenly the party bosses to raise 200 million, are no longer rare, just like homeowners suddenly increases 500,001. And fund with resources, shell is also rising in her hand, love to buy it, lined up behind the grab (shell) who is right.
Return premium arising from three aspects: a privatization process is at a premium, the second is privatization of assets cross-market valuation premium, when three is reunited with a stock borrowing cost premium. Therefore, return to surge once the market speculated to shell resources.
However, the frenzied fried shells soon attracted the attention of regulators, securities and Futures Commission said on May 6 this year, has taken note of the inside and outside to the market believed that the market had spread speculation attention, shell resources, SFC delisting of Chinese enterprises overseas, through analysis of IPO research back to the a-share listing, such as the m.
Subsequently, the Commission issued new rules on mergers and clearly tightened backdoor listing. Include: clearly defined backdoor listing and IPO "equivalence" review after the merger is completed, the actual controller or controlling shareholders to raise its stake, the old unit is also committed to locking 12 months five provisions.
M rules are more rigid and massive withdrawal of capital and privatizations in rapid cooling, Mo Mo, Vianet will share in the company also withdrew its buyout offer.
"The Commission considered measures to restrict the return of stock borrowing, including the return to valuation according to certain earnings limit, and limit the number of return of stock borrowing transactions in the year. The SFC has issued guidance to the return to valuation limit, can be said to be limited in the '2.0' Edition of return measures. "Many domestic brokerage investment banker said.
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