On weekends and weekends, the media are reporting the news of the A-share defense war, and shareholders are also discussing the A-share defense war.

However, Fang Hong did not pay attention to the outside information, but concentrated on arranging the affairs of the SGX.

Meditation Villa, study on the second floor.

"The reviewers of the adjustment of the sample stocks of the new stock 50 index have drawn a group of elites from the stars to form an advisory team, and this matter is for Shi Yao to do as soon as possible." Fang Hong thought about it and commanded.

Tian Jiayi was also in the study, she sat on the side, and immediately asked: "What about the location of the SGX headquarters building, Huayang Group wants to take it." ”

Hearing this, Fang Hong didn't think much about it and said: "Forget it, give others some food, the money can't be earned, tell Hua Yu, don't mix them in the headquarters building project and bidding, the matter of the SGX headquarters building is not important, it doesn't matter where the address is in the city or what building layout." ”

It is now July 11, Fang Hong is decided to let the exchange open on the first trading day of the year in 2016, leaving little time for the SGX, less than half a year, the exchange headquarters building will definitely not be able to be completed in half a year, so can only find a building in the new city as the temporary headquarters office of the exchange.

Waiting until the new headquarters building is built and then relocating, the trouble is a little troublesome, but it is not a big problem, the budget is a little more, and the financial budget of the new city is not bad for this budget.

Fang Hong looked at the materials and documents of the SGX in his hand and nodded to himself: "Who is the guest of honor in the stock market?" This is a very important issue, not the issuer, not the listed shareholder, but the investor. It is also necessary to further restrict issuers and major shareholders. ”

Restricting issuers and major shareholders is, on the other hand, protecting small and medium-sized shareholders and investors. SGX needs to present a new atmosphere, not to educate investors, but to educate issuers, so that issuers know that investors are their parents and guests.

The attitude towards issuers is to adopt the principle of "leniency and strict management", that is, it is easy for companies to IPO on the SGX, but as long as they are listed, they must be strictly managed.

Fang Hong glanced at Tian Jiayi and said, "You record it and go back and sort out my thoughts." For companies listed on the SGX, the rules for reducing shareholdings of issuers and major shareholders have been adjusted, and on the basis of the original rules, additional restrictions on the reduction of shareholdings of listed companies have been added. ”

The so-called large and small non-tradable shares, "non" refers to non-tradable shares, non-tradable shares can be tradable after the ban is lifted during the restriction period, that is, the so-called large and small non-reduced holdings, non-tradable shares with less than 5% of the shares are called small non, and those with more than 5% of the shares are called large non.

SGX does not have a three-year restriction period, that is, the three years after the listing of the company is a restricted period, and if the company wants to reduce its holdings from the secondary market, it needs to wait until three years after the listing.

Fang Hong said slowly: "Regarding the shareholding reduction regulations of Dafei, after the three-year sales restriction period, the reduction in the first year shall not exceed 20% of its total holdings, the reduction in the second year shall not exceed 15% of the remaining holdings, the reduction in the third year shall not exceed 10% of the remaining holdings, and the reduction in the fourth year shall not exceed 5% of the remaining holdings, and it is not free to reduce its holdings until after the fifth year." ”

Such an adjustment of regulations is equivalent to the fact that the CEO of a listed company who wants to reduce his holdings must first wait for the three-year sales restriction period to expire, and there are restrictions on reducing his holdings for the next four years, and he can not reduce his holdings freely until the fifth year, which is also the eighth year of the company's listing.

For example, if the total share capital of a listed company is 10 million shares, and a major shareholder holds 10% of the shares, that is, 1 million shares, the reduction in the first year can only be up to 20% of his shares, that is, a maximum of 200,000 shares. In the second year, the reduction of holdings on the basis of the remaining 800,000 shares shall not exceed 15%, that is, the maximum reduction of 120,000 shares, and then in the third year, it will also be reduced according to the prescribed proportion, and it will not be free to reduce its holdings until after the fifth year.

After Tian Jiayi made a memo, Fang Hong continued: "Regarding the reduction of Xiaofei's holdings, after the three-year sales restriction period, the reduction of holdings shall not exceed 35% of its total holdings in the first year, 25% of its remaining holdings in the second year, and 15% of its remaining holdings in the third year, and it will not be free to reduce its holdings until the fourth year." ”

It is roughly the same as Dafei's shareholding reduction regulations, except that the proportion is different and the time limit is one year less than that of Dafei.

Listing on the SGX must not give the issuer a feeling that as long as it can be listed, it can reduce its holdings, otherwise all the minds are focused on reducing holdings and selling the company, and it is impossible to have the mind to run the company well, and the market will not let you sell the company by giving you financing.

Fang Hong added: "There is another addition to the delisting. If an enterprise is forcibly delisted after listing without meeting the conditions, the directors, promoters and all companies established by them of the listed company shall not be allowed to directly or indirectly enter the SGX market or apply for re-listing for the next five years from the date of delisting. ”

Since it has been brushed down, it is eliminated by the market, and you have to make way for others, because the resources of the market are limited, and you have been given a chance, and you have not supported it, so you can only give limited resources to others, but it does not mean that there is no chance at all, go to the back and wait for five years.

In addition to the restrictions on the size of listed companies, there are also institutional investors Fang Hong to do further restrictions, whether it is from the degree of professionalism, the scale of funds, information access channels and other factors, for small and medium-sized investors, especially retail shareholders are a crushing gap.

Institutions can get news faster than retail investors, and the news of retail investors will always lag behind institutions, and the essence of the capital market is actually to eat poor information, and use the information gap to cause dimensionality reduction blows to opponents.

Therefore, restricting large funds and institutions is to eliminate this information gap, Fang Hong of course knows that it is impossible to absolutely eliminate the information gap, but it can be made up by formulating game rules that favor the weaker side.

It's the same as the balance adjustment of esports games, and the idea of adjustment is nothing more than two things, either weakening strong hero units or strengthening weak hero units.

There is no doubt that in the capital market, large funds and institutions must be in a strong position, while small and medium-sized investors and retail shareholders must be in a weak position. Fang Hong's thinking is also very clear: the weak side maintains the status quo and unilaterally weakens the strong side, which is equivalent to strengthening the weak side.

At this moment, Fang Hong held his chin with one hand and said: "The trading of SGX has been adjusted as follows, and institutional investors adopt the T+3 system, that is, they can only sell after buying for three days on the same day; Individual investors adopt the existing T+1 system, that is, they can only sell the next day if they buy on the same day. ”

Hearing this, Tian Jiayi was stunned and said, "Huh? Isn't this the way Indu Capital Markets plays? Oh, it's still a little different, the Indu stock market is T+3 for institutional investors, and T+0 for individual investors. ”

Fang Hong smiled and said: "Don't look at Ah San, although it is a nerve knife and a sao operation many times, there are still some things in some places, not without merit, for example, there is something in the capital market, and it has been out of ten years, I don't think it is a problem to go for another ten years." ”

"Institutional T+3, retail T+1, this set of trading mechanisms can stabilize the information gap between the two sides, what the SGX has to do is not to intervene in the market, but to formulate rules to eliminate this information gap as much as possible, institutions to obtain information faster than retail investors, but the operation is three days slower than retail investors, and when the institution can operate, retail investors almost also get the news, at this time the two sides will start a game, winning or losing is fair, in the final analysis, eliminating the information difference is for fairness, fairness or fairness."

Although Fang Hong found the idea from the third brother, he did not completely copy the third brother's gameplay, the T+0 system is indeed not suitable for domestic retail investors, and the big A has not played T+0, and the T+0 mechanism was briefly implemented in the past nine years.

And Fang Hong, who has memories of his previous life, also knows that the madness of convertible bond varieties a few years later once again shows that T+0 is not suitable for the domestic capital market, and the convertible bond variety is T+0, which can be sold on the same day and there is no limit to the rise and fall, and the convertible bond happens to be because the volume is not large, and large institutions cannot participate, basically retail investors, floating capital or small groups play in it, and the result is that the convertible bond speculation can reach two or three times the amplitude up and down in a day when it is craziest, which can make participants cut in half in one day.

Because of this, you can't copy the third brother's retail investors to implement the T+0 game, and the shareholders of Big A also need a tight spell, otherwise it will be a wild horse that has escaped, and it will be crazy to be crazy, and T+1 is this tight spell.

In addition, SGX has also continued to maintain the ±10% price limit mechanism, and Big A has adopted T+1 and ±10% price limit mechanisms for so many years, and shareholders have also adapted to it, which can also make SGX operate smoothly better and faster.

Tian Jiayi said thoughtfully: "Will such restrictions on large and small non-institutional investors make SGX's stock trading activity sluggish and market sentiment sluggish?" There is also the possibility that fewer companies will list on the SGX than expected......"

Fang Hong's face was full of disapproval: "Less is right, the effect I want is to block many inferior issuers and investors, rather than letting them come in and then forced delisting or market banning, it is better to pinch it out from the source, and it can also save a lot of unnecessary waste of public resources." ”

"Don't worry about no trading activity, no market popularity, as long as you set up the rules and strictly enforce them, the funds will find a way out. Are you going to make money here and you're afraid that no one will come to cheer for you? Are you afraid that no one will come after the new stock 50 index has risen for ten years? ”

One thing is for sure, those who really want to raise capital from the market and go back to operate and work hard to develop their enterprises will not contradict these rules, and Fang Hong will also inject strong financing capabilities into SGX through Qunxing Capital.

As long as you have real skills and your enterprise development prospects have development prospects, you can smoothly raise capital here on SGX, and it will not take too long, because the listing of SGX is based on the principle of leniency and strict management.

And for some companies that have made up their minds to make money in the capital market, they will naturally resist it, because these rules are extremely unfriendly to them.

All in all, SGX welcomes issuers who really want to grow but lack money, rather than money collectors; Investors who are interested in long-term business value growth are welcomed, not speculators who chase bubbles.

……