Lao Sha Sees The Stock Market: Or It Will Fuse Upward And Close Ahead.

As a response to last year's abnormal fluctuations in the stock market, the largest shareholder of listed companies will be expired on Friday. The rumors of trillions of restricted shares will pressure both stock index and investor sentiment.

Before yesterday's meeting, the SFC issued information that it was studying and improving the relevant provisions on the reduction of major shareholders, which will be released in the near future. The purpose of the Commission is to exit orderly in order to prevent the reduction and impact on the market.

The reporter was informed that at present, this regulation is being submitted to the approval process. No matter when the new regulation is published, the normative effect of "prohibition reduction order" will be applied to the formal implementation of the regulation.

This means that there is no "gap period" between the "reduction of orders" and the reduction of new rules.

According to Deng Ge, a spokesman for the securities and Futures Commission, there are three main points of policy to further regulate the major shareholders and directors of the listed companies. The key points include establishing a pre disclosure system for centralized bidding pactions, limiting the reduction ratio at a certain time, and guiding the reduction of shares by way of block trading and agreement pfer.

The central bank will release liquidity again.

In the face of the recent marginal tightening of capital market, the first phase of the open market operation in 2016, the central bank not only resolutely restored the 7 day reverse repurchase, but also increased the volume of operations to over 100 billion yuan, setting a new high of four months of anti repurchase operations.

Benefit from the central bank's "rush to help" liquidity, in January 5th, the inter-bank market funds face tension gradually warmer.

Data show that the interbank market overnight repo rate down 1.7 basis points to 2.031%, 7 day repo rate down 1.4 basis points to 2.400%, 14 days repurchase rate upward 4.9 basis points to 3.050%.

Following the suspension of the reverse repo in December 31st last year, the central bank announced yesterday morning that it had launched a 130 billion yuan 7 day reverse repurchase with interest rate on the same day, with a flat interest rate of 2.25%, which has set a new high since September last year.

The recovery showed the central bank's determination to maintain stability.

This week, faced with some short-term factors such as the expiration of some MLF, the 31 convertible bonds, and the issuance of China World Trade Center convertible bonds, the pressure of RMB devaluation and the acceleration of outflow of capital and the easing of the central bank's efforts were less than expected, which made the banking system suddenly marginally tight in the past two days.

Fluctuations in the market have made many market participants unaware of this.

In particular, the pressure of RMB depreciation is increasing.

On the occasion of the lack of concern, the central bank's reverse repo rate suddenly went to 130 billion in a reasonable way, which is conducive to maintaining the stability of short-term capital prices and boosting market confidence in capital.

The industry expects that the major shareholders' new rules to be issued soon will not simply extend the "no reduction order", but will be optimized and perfected on the basis of existing laws and regulations.

It includes: according to the different sources of stock, it puts forward the reduction requirements of differentiation; establishes a pre disclosure system for large shareholders' centralized bidding and reduction of major shareholders of listed companies, requiring large shareholders of listed companies to disclose the reduction plan 15 to 20 days in advance; within a certain time limit, the proportion of large shareholders should be reduced, so as to prevent a coax and disorderly reduction; encourage off-site reduction, and try to avoid direct selling of the two tier market.

"We promise not to reduce it!" facing the sharp adjustment of the two tier market, a large number of listed companies and Dong Jiangao took the lead.

According to incomplete statistics from the Shanghai Securities Journal, as of yesterday evening's dispatch, the two cities had 26 publicly listed companies issuing the "promise not to reduce shares of the company" or "extending the sale pledge" announcement, plus the 3 Announcement of the day before yesterday, nearly 30 companies passed on to the market their confidence in long-term development and the demand for stabilizing the share price.