129725023486019344_18 - WFK

Tan: the International Board had no immediate shareholders do not have to panic On January 30, the State development and Reform Commission promulgated the "Twelve-Five" during the construction of Shanghai international financial center in the planning said: "to promote the construction of Shanghai international securities markets, denominated stocks supporting qualified foreign enterprises". Investors fear would hardly be necessary, this does not mean that the International Board is about to launch. From a drafting point, available on the International Board in the fourth part "Main tasks of the Twelve-Five during the construction of Shanghai international financial center and measures "article fifth 1th, very concise, with the goal of speeding up the construction of cross-border investment and financing of RMB Centre. Included below the International Board, bond, QFII, investment, financial derivatives, attract overseas institutional and individual investors to invest in domestic financial markets. In other words, available on the International Board is peopleCurrency internationalization, corollary to Shanghai as a financial centre, establishing its International Center, internationalisation, not to mention the International Board is impossible. Just as China's securities market will establish a hierarchical system, there must be a gem. Second, from a historical perspective, pushing the International Board's proposal is not new today, ten years ago, and have not take place. 2011Years, the International Board has become a hot topic for a moment, but in 2012, was Mayor of Shanghai one tone setting. On January 16, in Shanghai, the "two sessions" Press Conference, Shanghai Mayor Han Zheng said that now is not the best time to launch international Board, "I think international Board now and there is no clear timetable. "Investors like springtime comes, such as inspiring, the stock market a rareUp for two days. Now to mention the International Board, does not mean immediately launched "a vigorous and sound" is also. Thirdly, as regards the environment, are also not suitable timing for the launch of gem. In 2010, 2011, foot-and-a-share market in the international markets be unworthy of the honour bear, bear market at a time is the period of reflection on the market, for the IPO, back-door listing, insider trading and other reflectionsNot poor, now available on the International Board, the reflection is not exhaustive. New year's first trading day, on January 4 door huzongzhi green to close at 2,169, down 1.37%; the year's first trading day, on January 30, in the case surrounding the stock market to recover lost ground during the Spring Festival, huzongzhi door green again, closing at 2,285, down 1.47%, reflect the realEconomic and monetary tightening, under triple CrossFire system abuse, shaken market confidence, at that point is not available on the International Board's good time, I'm afraid this year cannot be launched. IV, in terms of specific initiatives have not yet fully prepared. May 19 last year, Lujiazui Forum in 2011, the former Commission Chairman Shang Fulin said in his opening speech, and manpower in ChinaCapital markets opening up to the needs and conditions, to further strengthen the system design and verification, perfect the relevant laws and regulations, actively carry out the preparatory work of the International Board. Visible, when the laws and regulations relevant to the International Board has not been completed. Focus focus, international listing companies raise its capital to flow freely, and "China's capital account is not available under freeExchange "are conflicting. If the Yuan is not used for international listing companies abroad, there are no capital account convertibility, if in the case of part of the capital account convertibility of the Renminbi, through a specific account to implement Exchange, also does not exist beyond the control of the problem. Landing the International Board of the company there are three possible forms: first foreign business institutions in China, and the other is outside our mainAnd the third is red chips. If foreign companies in China offices as a body, then there is no regulatory and other obstacles in an area, if it is outside the company listed on the main, then convergence in information disclosure, regulation and other problems, which requires cooperation between China and foreign regulators and communication, as Chinese companies in the United States and other places listed, to comply with local laws, then in the Chinese borderListed companies are supposed to abide by Chinese laws and regulations, this is China's securities regulators, and the exercise of the international market. Of course, if mostly red-chip listing and to internationalise, securities market internationalization of little significance, but red chips returning from Hong Kong to the Mainland, then ring again. Finally, to emphasize that it is, the International Board launched the inevitable. Unless ChinaStop the internationalisation, stopped development of the securities market. From Kang-Philippine oil and other cases, the internationally renowned companies insight into the essence of local operations, moral gentleman is not in the market. Who will also not be so naive as to believe that an internationally renowned company to a stock market listing, the a-share markets natural purification. But a growing number of companies listed, forced down regulatorsActually rather than on the provision and international practice, we should not expect companies to self-discipline, and must rely on rules of fairness. In fact, in the United States Unit in the back-door listing, just as there are all kinds of credit problems, through a round of shuffling, believe that speculators will run for future borrowing. Looking back at home, raising threshold is also the trend of back-door listing. International Board launched the circle does notIf money is in fact a false proposition system allows the rings money, no matter what company listing, or within, and outside, boards, and gem, why not? if the system is capable of maintaining a fair baseline, letting the market speak, too small a change to issue shares, lifting unit costs low so as to company of Heroes texture and return, then the number of listed companies are notIs a problem. International Board now causing so much controversy is because of the second board companies such as warning investors act with extreme caution, this is really not the sins of the International Board and gem, but in money.