129770904148906250_128Shenzhen Stock Exchange today released the 2011 report on self-regulatory efforts of the Shenzhen Stock Exchange. Reports show, 2011 Shenzhen Stock Exchange made a total of 44 disciplinary decisions, restrictive trading self-regulatory measures 7. Discipline and limit the number of transactions have hit new lows in recent years. Shenzhen Stock Exchange will continue to adhere to the "increasing transparency in capital markets" coreExhibition concept, and steady improvement in preventing risks in a more prominent position, pushing forward the construction of multi-level capital market. In 2011, the Shenzhen Stock Exchange mainly focused on three core business rules revision. Is the successful completion of the revision and publication of the trading rules implementation; the second is matching with the delisting, the gem system reform, synchronization starts on the the GEM listing rulesThe revision of the work; and third Board of the listing rules of the new round of revisions, amendments to the membership rules of preparation and the start of work. In 2011, the Shenzhen Stock Exchange were developed or revised business rule 19. As at December 31, 2011, the Shenzhen Stock Exchange total active business rule 112 pieces, including comprehensive5, listed on class 4, class 36 of listed companies, trading class 17, a member of class 22, Bond Fund class 28, initially formed a listing, trading, three major rules for core members, rules, guidelines and other requirements for additional business rules compatible with the multi-level capital market system. The report shows, 2011 Shenzhen Stock Exchange in accordance with the disciplinaryDisciplinary Committee meeting of the Organization of the proceedings rules 8, 44 disciplinary decisions, 45 related to listed companies, and the officers are responsible for 170 people. Among them, 17 boards company, second board company 27, venture company 1; exposed condemned the punishment involved the company 5, personnel, 37; criticismCompanies involved in 44, personnel and 131.����In accordance with the Division of disciplinary reasons, information disclosure of securities trading violations violations, 23, 20, 10 2 other breaches of corporate governance breaches. According to the report, in 2011, the Shenzhen Stock Exchange self-regulatory measures total limit transactions 7, 9 in investors securities accounts of unusual transactions limitTrade measures relating to account for agency account. Because Super sliding scale stocks 8 accounts of violations, other accounts are selling unlock restricted shares of the stock violations.����Involving a total of 2 second board stocks and 5 Board stock. In 2011, the Shenzhen Stock Exchange to promote transparency as hand, self-regulatory instruments, methods and content of innovation, make full use of the mutualNetworking and modern information and communication technologies, and enhance the transparency and effectiveness of the information disclosure of listed companies.����For example, information disclosure of listed companies through-train system was introduced, establishing and perfecting listed company investor relations "interactive" e-platform, implemented quantitative evaluation system of information disclosure. For resolving systemic risk prevention, prevent major serious incidents occurred, on the Shenzhen Stock Exchange also continued to strengthen itsMunicipal companies, the regulation of securities trading and members.����Strengthening the supervision of listed companies, carrying out risk investigation of listed companies, continually enhance risk control, prevent resolve systemic risks, exploring the classification of listed company supervision
tera gold, to improve professionalism, purposefulness and effectiveness of supervision. Strengthen regulation of securities transactions, is to contain the theme concept stocks, sharesOf hype, prevention major malignant risk; II is strengthening on suspected insider trading behavior of timely found and timely report, further perfect on major assets restructuring, and high sent go of special verification mechanism; three is increased on suspected market manipulation behavior of combat efforts
tera gold, to combat and smashed more points collusion manipulation; four is set "large market, and large regulatory, and large law enforcement" concept, deepening and expansion ofJoint Commission Regulation.����Strengthening supervision on the Member, is a combination of market risk, strengthen day-to-day supervision of the Member; the second is continuously deepening investors of appropriate management, continuous tamping the Foundation member account management. -------------------Four factors to support management of the blue-chip back blue-chip companies many times, blue-chips after all step by stepOut out of the bottom of the sign.����Blue-chip stocks since the beginning of "sing sing", was based on valuation of repair caused by the rebound in oversold, is also really have a long-term investment value? To explore the value of blue-chip investment, you first need to clear concept of blue chips. "Blue-chip" the term first originated in the Casino, meaning in the States to casinos using large denomination chips; this extension to the stock market, Produces a "blue chip" one said. Blue-chip stocks (blue chip) is not strictly quantitative concepts and standards, more of a qualitative understanding and definition of the market for companies, it often refers to a dominant position in the industry is important, good performance, companies with active and generous bonuses. United States Securities Exchange Web site for blue-chip stocks was defined as,With their product or service quality and profitability and profit beyond the economic good times and bad reliability and won the national reputation of corporate stock. In our view, the blue chip must comply with three characteristics: first, greater equity, shares relatively easy manipulation; the second is the industry leading, and the industry occupies an important place in the national economy; third companies with long-term and stable profitsRecord and good cash dividend history. Currently, backbone of index of blue-chip stocks is only to support the market, rather than leading pioneer of the market to take off.����With the frequent statements of management, I believe that blue-chip investment value will gradually return. First of all, anti-speculation is the trend of heavy investment, overall development toward enabling blue-chip system change. Value of investmentOn a-share markets was snubbed, owing mainly to the on the a-share market, speculative investment performance can be achieved compared to value investing. Under Lee, dominated by small investors and investment groups interested in the hype of new shares trash, so the market's valuation system a certain amount of distortion. However, management has begun to promote investment in blue-chip stocks, this should not be simply interpreted as a short-term rescue,To rescue clearly has a more direct means of more rapid results.����Government General, ten years "new cycle" on regulators should be the point of China's capital market from now forward into a value-driven, optimized function of investment and financing of China's stock market and truly become the barometer of the economy. Second, higher margin of safety of blue chip itself. FreeOn the vertical or horizontal, blue-chip stocks valuations are low, down relatively limited space. Currently the CSI 300 is about 11 times forward earnings (TTM, overall), and all a-share is around 14 times, small and the gem is as high as more than 30 times, while the Dow is trading nearly 13 times times, Hang Seng index nearly 12 times forward earnings, exceed the CSI 300 index.Portrait
tera power leveling, CSI 300 valuations at the end of last year fell below 10-year low point, so far this year despite a small rally, but remained an absolute low.����Of course we want to see the market valuation of convergence trends, but this convergence is not without limits, convergence to a certain level, there will be too much underestimated. Again, blue-chip stocks represent the direction of economic development as a whole, longSee more investment. From a simple data, CSI 300 index sample accounted for 64% of the total market value of the company, revenues accounted for 75% of all, total net profit of 85%. Blue chips were generally appear in the national pillar industry, blue-chip companies are leading enterprises of the industry. In anticipation of a sustained and steady economic growth in China, large blue-chip companies are mostGroups that may directly benefit from economic growth. With continuous and rapid development of the Chinese economy, these results will be sustained and stable growth of the company. As of March, there are 26 CSI 300 ingredients disclosure of annual reports, which became a backbone to support growth. At present from the valuation premium relative to the CSI 300, building materials, utilities, real estate, Financial services and other industries are in historical value in PE and PB, driven out of the area at the bottom of the market some of the kinetic energy in the future, will surely come from the low valuations of oversold blue-chip stocks. Finally, the blue chips tend to a stable dividend. A-shares has long neglected the dividend, blood not only to contribute. From the pricing theory, not profit-sharing shares do not have investment value. Dividend InvestorPaper: the most important part, determines the stock value of the company, is the cornerstone of the functioning of capital markets. Market in China and foreign countries in cash dividends on the atmosphere there is a very big gap, United States data, many United States-50% of listed companies after tax profits used to pay dividends. Last year the Commission published a notice, requiring perfect dividend policy of listed company and its decisionMechanism, decided to strengthen the distribution of profit for the company and supervision of the implementation of the decision making process, starting with the IPO prospectus of the company in the refinement of the dividend plan, dividend policy and dividend plan.����Regulators also saw a share of long-term financing disadvantages of light dividends, encouraged the dividend is permanent, long-term good capital markets. Overall, the CSI 300 index dividend is muchHigher than the a-share markets. 2010 CSI 300 sub $ 440.3 billion cumulative dividends, dividends, undistributed profits 16.6%, and representatives and small-cap stocks in the CSI 500 Index constituent stocks 27.1 billion cumulative dividends, dividends, undistributed profits of only 9.3%. In fact, the period from 2001 to 2010, only 132 companies pay dividends in a row,Most of which is listed in Shanghai Stock Exchange market of shares. (China Securities journal)
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