Yuan Hao nodded and said: "At that time, in order to succeed in the reform of equity division and prevent non-tradable shares from impacting the secondary market too much, the measure of limiting the sale of non-tradable shares was adopted, which means that the reform of equity division was not in place in one step, but a buffer was added in the middle. ”

"Well, this method of having a cushion makes the impact of the equity division reform on the market indeed slow down a lot, this should be a good measure, how to bury the hidden dangers?" Wang Lang was puzzled.

Yuan Hao said with a wry smile: "At that time, the implementation of this measure did play a major role in the success of the later equity division reform, but the good measures depend on what to target, at that time, the original intention of this measure was specifically for the old batch of stocks with non-tradable shares and corporate shares before the equity division reform, and the purpose was also to make the old batch of non-tradable shares and corporate shares not circulate to the secondary market at once after circulation. ”

Yuan Hao put the information in his hand on the coffee table and continued: "But later, this measure was used in all the new listed companies in the future, and the measure that was originally a temporary cushion was made long-term. ”

Hearing this, Wang Lang sighed slightly and said: "I guess the regulator had to add a restriction period to all stocks for the sake of fairness, and the management's attitude at that time may have been from a cautious point of view. ”

"But it is this caution that has turned a good time that could have completely solved the circulation of equity into a hidden danger that is difficult to solve."

"What do you mean by that?"

"All the stocks listed after the management decided to divide the equity reform are also limited in the sale period and restricted ratio, which means that all the new shares listed have a period of artificially reducing the share capital, and as our retail investors and floating capital-based market, we will use the tradable shares to shrink the price during the restricted period, this method can not be seen in the market bull market, because all the people are making money, and your major shareholders want to reduce their holdings in the market."

Yuan Hao shook his head and continued: "But once the market enters a bear market, the entire securities market has an expectation gap for the future. How did this expectation difference arise, which is caused by the lifting of the ban on restricted shares. ”

"Oh, let's talk about it." Wang Lang said.

"Okay, once you enter the bear market, the market begins to weaken, and the market begins to realize that some stocks are about to expire, so the holders of this part of the stock begin to fear that the major shareholders will begin to reduce their holdings after the expiration of the ban, and the stock price is expected to fall further, which also produces the expected difference between the current stock price and the stock price after the lifting of the ban, once the stock has an expected difference, the stocks that may have fallen in place will fall further because of this uncertainty."

Yuan Hao took a breath and continued: "With more and more new shares listed, the greater the impact on the market is expected to be lifted, and the greater the impact, the stronger the expectation, this endogenous self-reinforcement has increased the volatility and uncertainty of the market that has been transformed normally, which is very detrimental to the stable operation of the market." ”

"Didn't the management strengthen the measures to lift the ban on restricted shares?" Wang Lang said.

"Hehe, boss, there is a legend in the investment world who said that what is the biggest risk in the market is not a bear market, but a random change of the rules of the game. Is it useful that the stocks that were supposed to be released normally have been artificially added for a year and a half? The expectation of lifting the ban is still there, and the uncertainty of expectations remains. As a result, retail investors' expectations are uncertain, institutional expectations are uncertain, and even major shareholders' expectations are uncertain, and various illegal means of reducing holdings frequently appear. Yuan Hao shook his head again and said.

"Yes, the uncertainty of expectations can hold back a lot of people who want to invest." Wang Lang nodded and said.

"It's a pity that after the success of the equity division reform, I didn't make up my mind to divide the old and the new, and I missed a once-in-a-lifetime opportunity to completely solve the non-tradable shares in the big bull market. If the problem of non-tradable shares had been completely solved in that big bull market, perhaps the bull market at that time would not have gone as high as it did later, but the hidden dangers of the market would have been completely solved. Yuan Hao said with emotion.

"The bear market won't solve the problem, and it won't come." Wang Lang said with a smile.

"Bull and bear transformation is a normal phenomenon in the capital market, as long as the root of the problem is solved, even if it is a bear market, once it enters the value investment range, retail investors have a bottom in their hearts, institutions have a bottom in their hearts, and major shareholders have a bottom in their hearts, so that the volatility of the market will be smoothed out a lot, and the market will be more stable." Yuan Hao said seriously.

"Is there a solution?"

"Yes, it is to completely cancel the restriction period for new listed companies in the next big bull market, so that the impact in the bull market is much smaller, and it also paves the way for the slow bull of the market." Yuan Hao said excitedly with shining eyes.

"Since this is the case now, should our plan for backdoor restructuring and listing be delayed?" Wang Lang couldn't help asking.

"It's not necessary, after all, some clean shell companies are still good, just take some time to find and negotiate later, and I have investigated the Shuoxing intelligent technology company, the texture is really good, it is indeed among the best in the field of intelligence, if the restructuring plan is slowed down, such a high-quality company may be snatched away from under the hands of others." Yuan Hao's suggestion was to continue to implement the original plan, but to change to a clean shell company.

After listening to Yuan Hao's suggestion, Wang Lang also nodded and said: "Okay, looking for a new shell target, Haozi, you hurry up, this spring president-level meeting is about to be held, our project is the highlight of President Luo last year, you must do it well." ”

"Boss, don't worry, I will advance this project to the substantive stage before the meeting, and I won't embarrass Mr. Luo." Yuan Hao said with a smile.

"You might be able to shine then." Wang Lang looked at Yuan Hao and teased.

"Ah, Boss, I'm going to participate too." Yuan Hao looked surprised when he heard this.

"If you, the master in charge of the specific operation, don't you still make a fool of me there?" Wang Lang deliberately grimaced and reproached.

"Haha, boss, you are too modest, you are the backbone, you are the guiding light, without you, I would have my legs trembling in the meeting." Yuan Hao laughed.

"You kid, don't be a sycophant, I don't know how much I mean." Wang Lang also laughed and scolded, and the atmosphere in the office was quite lively.

"By the way, Haozi, have you been to the new office of our financial asset replacement department?" Wang Lang suddenly remembered that the new office of the newly established Financial Asset Replacement Department had been decided, and he and Yuan Hao were waiting for him and Yuan Hao to take office.

"Well, I've been to see it, and the environment is good. The whole office area is a 160-square-meter large studio, including a 30-square-meter large office and a 20-square-meter small office, which is used for you and me, and a 110-square-meter office hall outside for those transferred employees. Yuan Hao responded.

"Has the transferred employee reported for duty?" Wang Lang asked.

"Not yet, just wait for us to report after we take office." Yuan Hao replied.

"Okay, tomorrow we will bring the things that should be taken here, and here you can find a skilled person from the financial investment department who has been transferred to squat here, and report to you directly if there is a major situation. I'll leave it to you in charge of this later, so I'll come and have a look when I have time. Wang Lang instructed Yuan Hao.

"Boss, don't worry, I will handle this kind of thing properly." Yuan Hao patted his chest and reassured.

————————————————————————————————————————————————————————————————

Thanks to the 500 tips and monthly tickets for dreaming of an acre of land, and thanks to the 100 tips from Silent and Senior Brother Daoxuan, I will try my best to write this book well and write my own style.