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As the saying goes, of hatred, people cry. The “Rat” in particular the Fund “Rat”, but should be beaten, “the underdog” spirit to defeat them. After all, the fund holds hundreds of millions or even tens of billions of dollars for blowing hot and cold enough in the market, Moreover, its funding comes from the hands of its holder, the holder of the funds with funds for their own interests, is a kind of naked to the risk of interest in other people’s “Shuoshu” behavior.

Further to the south of the original fund managers Wang Limin, the former JP Morgan fund managers Tang Jian, factoring fund after the former fund manager Zhang Ye, Invesco Great Wall Fund, a fund manager James Strong, the Great Wall fund managers Han Gang, Liu allegedly use of non-public information stock trading investigation, the three fund managers again set off a fund “Rat” and “whirlwind.”

From media reports, the three fund managers were “grasping the present,” while things happen in the year in August. This is reminiscent of that in late October at the joint meeting of the national fund industry, the China Securities Regulatory Commission chairman Shang Fulin said that the next fund will focus on strengthening the company’s regulatory compliance management, protect the legitimate rights and interests of investors, institutions and individuals of any can not be violated “Rat”, non-fair trade and the interests of various forms of transportation triple bottom line. Clearly, the benefit of hindsight, which means self-evident.

However, in the Fund “Rat” occurred, the incident occurred fund companies have issued a public notice and “Rat” draw the line. Such as the Great Wall Fund company announcements show the company’s former fund manager Liu, Han Gang suspected of personal stock trading record for audit by regulatory authorities, the current investigation is still ongoing. The behavior of an individual employee behavior, the company is running normally. Similarly, Invesco Great Wall Fund’s announcement, said Invesco Great Wall and involved “Rat” fund manager James Strong drawn a line.

On the surface, the three fund managers “Rat” belongs to “personal behavior”, but apparently not open fund companies also write stakeholders. Imagine if this trio is not as fund manager, how can a “Rat” mean? If not fund the firewall in the internal governance mechanisms and deficiencies and vulnerabilities, how these fund managers may openly playing time at work, “Rat” mean? Furthermore, why do other fund companies have not found a “Rat” mean? Therefore, the fund was busy with the “Rat” draw the line, in essence, is an irresponsible act.

Accommodation Fund year’s “Rat” event also known as the CPE, determined after the China Securities Regulatory Commission to “personal problems.” Invesco Great Wall The Great Wall and the three fund managers, fund companies for responsibility determination, according to China Securities Regulatory Commission is clearly a “gourd” painting “scoop” of the mean. Even so, they can not put the Fund’s related to shirk all responsibilities. And all issues will be pushed fund managers, it is also hardly be fair to them.

In fact, Fusion Fund “Rat” issue, the China Securities Regulatory Commission, having identified the “personal problems”, but voted with the South and the Morgan difference is that Fusion Fund Commission funds were also a period of six ordered the Department of months of rectification, and qualification of new business intermediation funds were limited. In other words, regulators indirectly that Accommodation Fund companies need to foot the bill.

Commission has informed that this year a total of 14 fund practitioners on different forms of punishment, including the president, vice president, inspector general and the fund managers and other executive positions, suggesting that “even the ride” system has been put into effect. June 19, the Shenzhen Securities Regulatory Bureau Secretary Zhang Yundong fund supervision in the area, said the meeting, the transport of interest, fund managers build “Rat” and other serious violations of the fund law, not only to severely punish the parties, but also to implement “Even sitting,” held company president and general manager and other key leadership, the company must give the appropriate punishment. And The Great Wall Fund and INVESCO Great Wall Fund-related surveys, while not over yet, but the regulator has indicated that companies and executives will be held jointly and severally liable. Therefore, the fund was busy with the “Rat,” a clean break, but they can not “draw” should bear the responsibility.

I think that, in the Fund “Rat” incident, the fund company is not busy with the “Lao Shucang” say “worship”, but more should be in-depth analysis the causes, how to prevent Shen Zhi is to prevent similar incidents .

Bank of China, ICBC Restricted Shares occasion of lifting the ban, its controlling shareholder or major shareholder of the Central Huijin almost every waking, said lifting the ban does not mean reduction. Indeed, the central enterprises to control the domestic financial stake in the Central Huijin company, for ensuring the importance and necessity of controlling, reducing shares is a very serious matter.

27 this month, starting the formation of ICBC’s A share sale limit 236 000 000 000 lifting of the ban, according to previous estimates of ICBC shares A shares, lifting the market value of more than one trillion, in Circulation, the ICBC has more than Sinopec A shares market to become the largest market capitalization listed companies. Big Mac faces ban, Huijin’s stance is that “not underweight.”

Obviously, Huijin “no reduction” is not without reason. Last year, the stock market downturn, the China Securities Regulatory Commission revised the holdings of major shareholders of listed companies the relevant provisions of the shares after the company announced the gold exchange holdings of no more than workers, in, building the three-line 2% of the total capital stock. As of September 22, exchange gold holdings of the company plan on the three lines have been made available. Meanwhile, Huijin A total holdings of shares of the bank 281 million shares, or about the bank’s total share capital of 0.08%; holdings of Bank of China A Shares 8,160.74 million shares, representing 0.03% of the total shares of the Bank; holdings of A shares of China Construction Bank 1.29 million shares, or about the total issued shares of China Construction Bank 0.06%.

October is following in July this year after the ban, another large peak of Oct. 9 for “a good start,” has just passed, were announced on the three lines, three lines were received on October 9 Gold Inc. Shareholders Meeting notice Huijin company recently bought by way of Shanghai Stock Exchange Trading System holdings of three lines of A shares, exchange gold company for the next 12 months (since the date of this overweight) to continue its own name holdings of shares in the secondary market for three lines. Among them, the bank holdings of Huijin 3007.36 million shares, holdings of A shares of 512.60 million shares of Bank of China, Construction Bank holdings of A Shares 1,613.92 million shares.

Therefore, even if the company intends to exchange gold holdings of shares in three rows, but just completed its previous holdings, holdings of just started again, according to relevant regulations, as the majority shareholder of the exchange traded gold company that own stock in the short term, obviously There irregularities. Moreover, since the three lines are heavyweight, its ups and downs of the stock big as Huijin not be affected because the reduction of the stability of the entire market.

Clearly, the company last year and this year’s holdings of gold exchange-related reason for the three lines more of a “pretext.” Because of its three lines in the holding position either in absolute or with the Ministry of Finance or other central rate over 51% of the shares with the same absolute control, so there is no three-line issue of controlling sidelined. The Department of holdings of gold’s behavior is to increase market confidence, a sense, reflects that the regulators as a guide.

However, Huijin “no reduction” does not mean that the other shareholders party “is not underweight.” In fact, ICBC 236 000 000 000 Unit 27, began lifting the ban, its stock price has been dropped, as of the 29th, just three days, ICBC shares fell to 4.95 yuan from 5.22 yuan, a rate of 5.2%. By the bank and a number of factors, over the same period the Shanghai index was down 4.79%.

Moreover, the Central Huijin company statement, “no reduction” does not mean that its future is still not underweight. After all, even if the exchange part of the gold holdings of shares in the company, state owned controlling for the absolute position of the three lines did not be affected. The Huijin called “no reduction”, the intention of stabilizing the market is self-evident.

The second half of 2007, the stock market be called crazy, because there is no short A-share market mechanism, nor a self-regulating balance of power, leading to greater stock market bubble was blowing, even without the financial crisis, the subsequent collapse as inevitable. Now, with three rows and in the continuous oil and other heavyweight lifting and circulation, reproduction of the previous year if the market madness of the scene, regulators ordered Huijin regulation of stock holdings of shares will become easy. In this sense, Huijin “no reduction”, in fact, take the initiative for the future regulation of the market regulators laid the foreshadowing, but the hands of three major lines of its shares, then the most powerful weapon.

“Good start” will appear in October after the red, the central exchange holdings of gold in the end the company what kind of impact, etc. These are undoubtedly the topic of concern to the market investors. As China’s capital markets new to the GEM, as the focus of ever-being in the market. In particular, with the second and Thursday this week, 18 the issue of new shares on GEM, the GEM listing the days of increasingly near.

Since the GEM seven companies on the first image has taken attention from not only the market on it more and more, including the “news” is more and more, such as 20-year-old female college student Zhao Zitong Jilin GEM companies into shareholder of Xi’an Pao , 15-year-old child hiding Knight U.S. medicine and other shareholders, it is to attract the market’s eye. Although the two minority shareholders have been subjected to question, but it seems a reasonable shareholder GEM. In fact, now offering prospectus or letter of intent has been revealed that GEM companies, has been questioned a lot more than those two.

The “first GEM stocks,” said Qingdao Terios Germany, known as a “multinational ATM,” the market performance of the three main questions: First, public information paradox, and transnational corporations relations cut, and chaotic; 2 is not self-innovative technology, its technology and its subsidiaries rely heavily on TEL; Third, there is huge amount of receivables of the company, highlights the financial risk. Ireland and the SC detection of eye caught by the media “current” prospectus “leaked” to open the GEM board date has been secretly modified. Another analyst pointed out that Ireland Eye replenishment process in 2004, in the case of investment in further divestment fait accompli, procedures contrary to the law, but in order to market, the company deliberately to eliminate legal obstacles.

Although several companies if the question were issued new shares, but still smooth, then this is over for Schwab will Huayi GEM companies are not so lucky. Even had the seventh installment of the Huayi Brothers and other companies will have to prepare the new shares, and will be fourth off the Huayi Carson seems to have been any movement. Moreover, in the present all over the GEM will be the 29 companies, has only just Huayi Schwab “inaction.” Read from the media reports, the company has major problems, some people firing assault shares (and twice), offering to disclose the contents of the letter of intent may be there is a big omission or false and so on. Conversely, if the Huayi Schwab “all normal”, this week, two batches of new shares issued GEM, the Commission will make its “all alone” it?

With market speculation, although the relevant Commission officials said, GEM “on board” the time I’m not sure. However, GEM issue new shares in full swing, that time is not far listed. However, the 10-year GEM grinding sword, how can so many problems the company public? How can the GEM IPO sandwiched “tail” listing?

GEM issuance examination committee “white with black” “5 +2″ to work overtime, although its spirit is commendable, but the efficiency is not necessarily high, although some sponsors of related responsibilities. Even so, the current GEM companies would have passed the problems exposed, can not but arouse our vigilance.

No doubt, some disclosure of information for GEM companies have major flaws. In order to cover up the fact that some shady, and to be able to blend into venture board, clear disclosure of their information is “Phi” instead of “Dew”, later clarified that “clarification” rather than “clear”, so-called explanation is, “said “instead of” clear. ” Companies like this among the GEM, investors can clearly and simply how to invest? What can investors to clearly and simply based on investment?

Through the GEM status of the company’s information disclosure, at least explain securities related companies lost the integrity of the principle of survival. Although the Shenzhen Stock Exchange did not like the treatment of primary and secondary claims as to the GEM board to create a “good faith board”, but as the basic integrity of the market, regardless of what company is not losing the. Moreover, GEM has not yet listed, it is the voices of doubt have been four, and their “news” much more digging more momentum.

Shares do not sandwiched “tail” listing, information disclosure transparency for market participants to invest plainly, is the author of the GEM’s a little hope.

GEM since its introduction, the “news” appear one by one. From the initial high price of high price-earnings ratio issue, the general phenomenon of super-raise to the first batch of 28 companies listed on the first day of the GEM gain was all the more than one times, to the production of farm machinery Jifeng Nong crazy machines, etc. are all attracting market eye.

Annual report of listed companies starting 2009 after the disclosure, the GEM company launched Shenzhou Taiyue 10 3 per transfer of 15 shares sent the “History of the cattle distribution program,” and have launched a number of new shares on GEM switch to high-delivery program, but also lead to money market funds wantonly sought after. It should be noted that all the disclosure in turn want to get high GEM companies, a high percentage Songgu really is not much, it touches on most of the high increase by transferring the account. Moreover, regardless of how the performance of listed companies, “fashionable” high increase by transferring the same number. Listed as ChinaNetCenter quarter last year, the main or loss, the myth of its high growth this burst, but the 10 listed companies still want to switch to 7 to send a “please” to investors.

GEM is also listed at the beginning, securities investment funds will invest in the GEM has been the market’s attention. Since the market’s total share capital of the generally small, even float caps are “pocket” type, but has a lot of money in the fund if the speculation involved in the GEM, like a whales swim into a river, do not make waves strange. In fact, because the market price of listed shares higher, the Fund for the GEM are holding engaged in cautious. But this does not mean that funds will not be involved in the GEM, the GEM from the disclosure of the relevant company’s annual report to find the answer.

Shenzhou Taiyue shares climbed 200 mark now, has become the first high-priced shares in Shanghai and Shenzhen stock markets. From the point of view the annual report, Shanghai and Shenzhen Shenzhou Taiyue become the first high-priced stocks, but not without reason. Shenzhou Taiyue’s annual report shows that for the year ended December 31, its top ten shareholders of circulation, a total of five funds, one private and one QFII sun ranked where they pass Fonda’s three funds holding a total of Shenzhou Taiyue 48.88 shares, in accordance with the April 6 closing price of its market value has more than 100 million yuan, by comparing the list of offline placement, these funds were the secondary market to buy or jiacang. If Yi Fang Daji gold price in more than 200 shots, its profit will no doubt be very rich. Since the market all the company’s annual reports do not disclose complete and is not excluded from the GEM report did not disclose the company does not appear the figures of the Fund.

Overall, GEM companies showed a certain degree of high growth, although it does have ChinaNetCenter such companies blend into the GEM being. Funds for investment from the first GEM care, such as easy to square up to the present, Invesco Great Wall, Harvest Fund and other mutual fund companies in GEM’s top ten shareholders of circulation, the main reason for their growth or value. Moreover, the current price-earnings ratio for GEM companies look high, but if the GEM companies to sustain high growth, high price-earnings ratio is only temporary.

However, I thought, the Fund invested in the GEM or she should be very cautious approach, which control the risk will have to be given priority. GEM was shares stir, already highlighted the speculative side of the market. Look at the GEM has great Ushimata Jifeng Nong record high after the machine has been “cut” to see the high GEM generally increase by transferring funds to attract big market speculation, we can understand the hidden risks of GEM itself, how great . Same funds as the market for high GEM companies increase by transferring the pursuit, March 26, hung out the Shenzhen Stock Exchange web site entitled “comprehensive rational view of the phenomenon of high-delivery switch, to avoid the risk of theme stocks,” the article as a warning to stir business board’s risk. The object of its early warning not only against small investors, large, of course, including the generation financial management of funds.

Shenzhen Stock Exchange in the recent joint meeting organized by the sponsor organization, the Shenzhen Stock Exchange required listed companies to be recommended by the sponsor organization, we must focus on history is not sufficiently standardized to be the independence of listed companies is not strong, weak sustained profitability, raise investment project is not gold not enough for the main business or prospects of the area, regulate the operation of non-compliance, incomplete disclosure or inadequate risk revealed six major issues. Shenzhen Stock Exchange chairman Chen Dongzheng also said that the sponsor this year of the pilot system for life.

Shenzhen Stock Exchange at the sponsor meeting these demands, not without reason. Not long ago, Suzhou permanent because “the patent door” down in the listing on the eve of, nothing less than to invest in the Growth Enterprise Market of a “depth charges.” False statements, fraud and other hats listed one after another button to the company, the voices of doubt in the market, the listing of long-lasting dream of Suzhou, seems to have completely wasted. There is no doubt that this is the inevitable result of concealing the truth.

Suzhou permanent “patented door” broke out, the market for the issuance examination committee, vocal opposition intermediaries endless. Not strict issuance examination committee of the sponsor institutions can not diligence have become the focus of them. In fact, in Suzhou, long-lasting “patent” incident, issuance examination committee and the sponsor organization is certainly to blame, but to be listed as the issuer, also has to bear the corresponding responsibility.

GEM on October 30 last year to open board has been no shortage of topics. High Profits in issue, super-raise, market speculation and the Shenzhou Taiyue serious the “History of the cattle increase by transferring the program,” and so on, have attracted the market’s eye. And the Suzhou permanent “patent Gate” incident, also caused waves in the market.

In fact, if the permanent is down in Suzhou, the eve of the listing, then the problem GEM companies far more than their one. Last year on September 22, Huayi Schwab and Ireland eye, ChinaNetCenter with GEM issuance examination committee in 2009 by the 11th meeting of the audit, Ireland Eye, network technology and other places with the first batch of 26 companies listed on GEM and Huayi Schwab had not yet issued. Compared with permanent Suzhou, Huayi Schwab seem even worse. However, why has not implemented Huayi Schwab IPO, the company and regulators have not made any statement. But one thing is certain, there are some problems Huayi Schwab still not landing leading to the GEM.

In addition to permanent and Suzhou Huayi Schwab, the annual report released this week, three ChinaNetCenter market once again suffered the question. The listed company’s annual report, 2009 net profit down 4.79% main, be the first disclosure of the GEM core net profit decline in the company. Moreover, on October 30 last year listed in the fourth quarter loss of 1.59 million yuan main that. The ChinaNetCenter original prospectus show that in 2007 net profit rose 63.04%, the financial crisis of 2008, its net profit of 37.0728 million yuan, up 43.74 percent over 2007. January-September 2009, net profit 34.8609 million yuan. However, it is listed, but not the previous high growth, but also a quarterly loss of “strange” phenomenon. As a result, market doubts ChinaNetCenter cosmetic results to be listed there.

Suzhou permanent “patent door”, Huayi Schwab Today’s “diving” and ChinaNetCenter quarterly results after the listing of such loss, obviously not all accidental. In order to successfully listed on the GEM and the smooth operation, regulators, is specifically set up GEM issuance examination committee, but also a special introduction of companies listed on GEM sponsors and other related systems approach, but the problem continue to emerge, the company, from which also shows the current review mechanism for the GEM made there are some disadvantages and vulnerabilities.

In my view, the implementation of lifelong sponsors GEM system not only practical, but also necessary. In addition, the GEM made the trial mechanism, should also introduce accountability. If the sponsor and sponsor representatives as reasons for the emergence of the company causing the problem, it should bear the corresponding responsibility, not only as the year of establishment, as cancellation of the approved establishment of electronic market trouble. If it is not strict as related personnel issuance examination committee, the same can not let the matter rest. This is not only the need to protect the interests of investors, but also the future ability to develop GEM growth of the fundamental guarantee.