Xiong Jinqiu market speculation treasure can reduce Vanke fear is too early – Sohu Finance-www.jlxw.cn

Xiong Jinqiu: market speculation treasure can reduce the fear of Vanke is too early – Sohu finance has reported that due to the pressure of treasure Energy Department funds, or reduce the possibility of Vanke shares. Qianhai life responded that "laws and regulations on the reduction of possession of relevant provisions, the company comply with national laws and regulations."". And some market participants believe that Bao Bao’s Qianhai life insurance is the first in July 11, 2015 and July 25th through the two market respectively holdings of 553 million shares and 103 million shares, there should be some of the shares of listed companies can reduce the trend of holdings of shares. The author believes that the legal holding period of Vanke shares held by Bao energy department is far from over, and it is too early to talk about reduction. In January 7, 2016 the Commission issued a "listed company shareholders, directors and supervisors of high holdings of shares of the" several provisions, provisions of the major shareholders in the three months through the stock exchange centralized auction trading holdings of shares of the total shares of the company, shall not exceed the total number of one percent, but its holdings of major shareholders except through the two listed companies in the market to buy shares. Qianhai life in July last year through the two market holdings of Vanke shares, obviously can not be subject to the above restrictions, rapid reduction. However, the restrictions on the reduction of the holdings of large shareholders are far beyond the above provisions. First of all, it is bound by the forty-seventh short term transactions of the securities law. The directors and supervisors of listed companies and holding shareholders of listed companies more than five percent of the shares, will hold the company’s shares sold within six months after buying, or they buy within six months after the sale, the proceeds therefrom shall belong to the company, the board of directors of the company shall withdraw the proceeds." How to define the "six months"? In 2007 the Commission "Directors and supervisors of listed companies with high shares in the company and change management rules" article twelfth stipulates that "buy within six months to sell" refers to the end of a buying point starting within six months to sell; sell within six months after the purchase "refers to finally sold the starting point within six months and to buy; at the same time the" rules "provisions of article seventeenth, holding more than 5% of the shares of shareholders of listed companies traded on the stock, according to the twelfth executive. Bao energy system last holdings in 2015 December, in accordance with the "Securities Law" forty-seventh provisions of the ban on short-term trading and related supporting provisions, Bao Department in 2016 May is not allowed to reduce, if the reduction of earnings will be turned over to vanke. Secondly, the reduction of large shareholders’ holdings will be restricted by the rules of "takeover of listed companies". The ninety-eighth article of the securities law stipulates that in the acquisition of a listed company, the shares of the listed company held by the acquirer are not transferable within twelve months after the completion of the acquisition; and the seventy-fourth regulation of the takeover of the listed company also has the similar provisions. At present, what is the "acquisition of listed companies", has not yet been clearly defined, whether Bao continued to increase the behavior of whether the formation of "acquisition of listed companies" may be controversial, but Bao Xing Department of this kind of holdings behavior is bound by the relevant rules. In September 18, 2015, the CSRC’s listing Department issued the twentieth regulation on the revision of common problems and solutions for the supervision laws and regulations of listed companies.

熊锦秋:市场臆测宝能系减持万科恐为时尚早-搜狐财经   有报道称,由于宝能系资金压力大,或有减持万科股份的可能。前海人寿回应称“法律法规对减持有相关规定,公司遵守国家法律法规”。而有市场人士认为,宝能旗下的前海人寿最早是在2015年7月11日和7月25日通过二级市场分别增持5.53亿股和1.03亿股,目前应有部分可放开 相关公司股票走势 减持的股份。笔者认为,宝能系所持万科股份的法定锁定期还远没有结束,谈减持为时尚早。  2016年1月7日证监会发布《上市公司大股东、董监高减持股份的若干规定》,规定大股东在三个月内通过证券交易所集中竞价交易减持股份的总数,不得超过公司股份总数的百分之一,但大股东减持其通过二级市场买入的上市公司股份除外。前海人寿去年7月通过二级市场增持的万科股份,显然可以不受上述限制,快速减持。  但对大股东增持后的减持行为限制,远不止上述规定。首先要受到《证券法》第47条短线交易的约束。“上市公司董监高及持有上市公司股份百分之五以上的股东,将其持有的该公司的股票在买入后六个月内卖出,或者在卖出后六个月内又买入,由此所得收益归该公司所有,公司董事会应当收回其所得收益。”这其中的“六个月”又如何界定?对此2007年证监会《上市公司董监高所持本公司股份及其变动管理规则》第12条有明确规定,“买入后六个月内卖出”是指最后一笔买入时点起算六个月内卖出的;“卖出后六个月内又买入”是指最后一笔卖出时点起算六个月内又买入的;同时该《规则》第17条规定,持有上市公司股份5%以上的股东买卖股票的,参照第12条执行。  宝能系最后一笔增持发生在2015年12月份,按照《证券法》第47条规定的短线交易禁令及其相关配套规定,宝能系在2016年5月份之前是不允许减持的,如果减持产生收益则要上缴万科。  其次大股东增持后的减持行为,还要受到“上市公司收购”方面的规则约束。《证券法》第98条规定,“在上市公司收购中,收购人持有的被收购的上市公司的股票,在收购行为完成后的十二个月内不得转让”;《上市公司收购管理办法》第74条也有类似规定。目前对何为“上市公司收购”,还没有明确定义,宝能系持续增持行为是否构成“上市公司收购”或许还会有争论,但宝能系此类增持行为却是有相关规则约束的。  2015年9月18日证监会上市部发布《关于上市公司监管法律法规常见问题与解答修订汇编》第20条规定,对于投资者收购上市公司股份成为第一大股东但持股比例低于30%的,也应当遵守《证券法》第98条、《上市公司收购管理办法》第74条有关股份锁定期的规定。也就是说,宝能系的系列增持行为已经使其成为持股万科24.26%股份的第一大股东(即便持股没有超过30%),类似宝能系的增持行为事实上已被证监会作为与“上市公司收购”行为同等对待,或者就被视作“上市公司收购”行为。宝能系理应遵守上述股份锁定期规定,“在收购行为完成后的十二个月内不得转让”。  而且,如何界定“上市公司收购行为完成”,这方面也有配套规定,2011年1月17日,证监会发布实施《上市公司收购管理办法》第74条有关通过集中竞价交易方式增持上市公司股份的收购完成时点认定的适用意见――证券期货法律适用意见第9号,提出“收购人通过集中竞价交易方式增持上市公司股份的,当收购人最后一笔增持股份登记过户后,视为其收购行为完成”。  综上,宝能系未来的减持行为,不仅受到《证券法》有关短线交易制度的约束,还受到上市公司收购规定的约束,尤其后者的约束更为严格。宝能系在最后一笔增持股份登记过户后的12个月内不得减持,也即在2016年12月份之前是不允许减持的。目前市场人士对宝能系减持的猜测纯属臆测。  不管宝能系资金链有多紧张,如果想通过快速减持万科股份来化解,显然是行不通的,因为这可能违反现行法律法规。相关的主题文章: