Pi Haizhou: The Way To Set Rules Is To Let The Stock Return Be Followed.

Why the topic of stock return is once again pushed to the front desk, which is not only related to the interests of various stakeholders, but also with the recent privatization process of Qihoo 360 and the approval of the shareholders' meeting.

Qihoo 360, or

They are all influential enterprises in China, and the A share market is the most likely choice after the privatization of the two companies.

Therefore, the privatization process of these two companies is also easy to reminiscent of the change of policy in the stock market.

Recently, the topic of the return of stocks is back to the front.

Although at the news conference in September 2nd, Deng Ge clarified the rumors about the return of China's stock market, this does not mean that the relevant provisions and policies of the stock market return to the A share market will not change in the future.

In fact, even Deng Ge said, "if there is any amendment or adjustment in the future, the SFC will announce it to the public through formal channels".

Therefore, from the perspective of development, the change of China's stock return policy will be absolute.

This is the trend of the times, and it is also a problem that the market participants, including management, need to face up to.

The stock return is a kind of market behavior, and it is also a company's choice and right.

As long as the relevant provisions and conditions are met, this choice is understandable.

Of course, as the A share market, it is necessary to face up to the question of stock return and see the danger of the return of stocks.

After all, the stock return is mainly in the A share market.

From here, such a market is more in line with the interests of China's stock market, and is more suitable for China's stock market to return money.

It not only leads to society

It is a waste of social capital, which is not conducive to the development of the real economy. It also increases the pressure on the expansion of the A share market, resulting in the waste of A share resources.

And the return of China's stock market, which is harmful to the image of Chinese companies, is not conducive to Chinese companies going out of the country to the world. It is against the trend of historical development.

Therefore, the return of stocks should be standardized and strictly supervised.

Then, whether the measure of 20 times less or no more than 20 times the price earnings ratio can play a normative role in the regression of the stock market, or play a threshold role in the return of the stock market? The answer is No.

This measure has opened the door to the return of stocks.

Because from the previous case of stock return, in addition to the relatively high price of SouFun holdings, the valuation price of the paction target is 20.23 times, other cases are below 20 times.

In fact, valuation profits can be artificially regulated, and this valuation P / E ratio can be controlled under 20 times.

And even if the paction price is lower, it will not affect the future benefits of backdoor borrower.

Because by making up stories, the market can be completely fry, so as to achieve the purpose of raising the share price.

In this way, the company can raise funds at a high price, and the original shareholders and institutional investors who participate in privatization can also cash in on high prices.

Therefore, the provisions of the 20 times valuation do not regulate the return of stocks.

How to regulate the return of stocks? I think we can start from five aspects.

First, it is stipulated that a company that has not been listed for overseas for 5 years is not allowed to return to the A share market; the two is to stipulate that the stock return is mainly based on the "A" way, or the way of stripping the listing is to return to the A share market; three, the privatization price of the privatization return to A share market is no less than the IPO price, so as to earnestly safeguard the legitimate rights and interests of the public investors and maintain the international image of the Chinese company; four, the lock up period for the privatization of the A share market, whether it is the original stockholder's shareholding, or the participation in the privatization institution's holding, shall not be less than three years.

And the performance is not up to standard, and fails to fulfill the commitments, respectively, to extend the lock up period for one year; five, the stock market companies in the backdoor listing shall not refinance the public within three years, so as to avoid the appearance of "privatization and money free development".

To achieve these five points, it will undoubtedly play a normative role in the return of stocks.