My Fintech Empire

As soon as he opened the material, he saw words that surprised him. Zhang Qi immediately looked away and looked at Fang Hong with a bit of surprise: "Xincheng Stock Exchange?"

Fang Hong said unhurriedly: "The idea of ​​SGX has been around for a long time. This meeting in Beijing is a good window. What do you think, Mr. Zhang?"

Hearing this, Zhang Qi did not reply immediately, but looked at the content of the material again.

In fact, Zhang Qi himself had the idea of ​​setting up an exchange in Xincheng, and the city also had the idea, but he couldn't find a suitable opportunity to promote it.

As time passed by, Zhang Qi could not help but exclaimed as he looked at the contents of the material: "There is no refinancing of restricted shares, no futures delivery, no options... Good guy, Mr. Fang, what do you think about the capital market?" The innovative ideas are really advanced. If the SGX registration system pilot can be successfully implemented, it will definitely be of far-reaching significance to the mainland capital market..."

This is a statement of high emotional intelligence. In fact, Zhang Qi was extremely shocked. When he just watched the beginning, he thought that Fang Hong just wanted Xincheng to be the entire exchange, but he didn't realize that his thoughts were not on the same channel at all.

After a preliminary look at the contents of the materials, Zhang Qi realized that Fang Hong was going to break the rules and formulate a new set of rules and gameplay, which meant that many people's cakes had to be touched.

Zhang Qi looked at the content on the material and read it word for word: "The normal delisting rules of listed companies on the SGX. The tangible assets of a listed company cannot be less than 15 million yuan; the market value cannot be less than 200 million yuan; the most recent accountant The annual net income is not less than 3 million yuan or the net income in two of the last three fiscal years is not less than 3 million yuan; the public shareholding is not less than 500,000 shares; the number of market makers is not less than 2; the number of shareholders is not less than 2. Less than 500."

"If any of the above conditions fails to meet the standards, the company will immediately enter the risk warning window and be ST, and the company will be given 6 months to repair the indicators. If the repair is completed within the specified time, the ST will be removed and the ST will return to normal. Failure to do so will If the repair is completed within the stipulated time, the company will enter the delisting risk warning ST*ST and be given a 12-month time repair indicator. If the repair is completed within the stipulated time, the company will be delisted and delisted and return to normal. Failure to do so within the stipulated time If the repair is completed, the company will enter the delisting and delisting process and complete the entire delisting process within one to three months.”

Zhang Qi turned his eyes to Fang Hong and couldn't help but said: "In other words, the normal delisting procedure of a company listed on the SGX will give the company 18 months to save itself. Once 18 months If the self-rescue window expires, will the delisting procedure be entered unconditionally and there will be no room for maneuver?”

Fang Hong said concisely and to the point: "Yes."

According to the content described in the materials, the delisting rules are clearly written and there is no room for flexibility. The rules are simply fixed.

At this time, Zhang Qi looked at the content of this page again, and after a moment he suddenly asked: "What are written here are the normal delisting rules, does that mean there are also abnormal delisting situations?"

Fang Hong nodded with a smile and said: "Mr. Zhang is keen and insightful. Yes, abnormal delisting targets listed companies that violate laws and regulations, falsify performance, market fraud, etc. The content is on the next page."

Hearing this, Zhang Qi immediately turned a page, and sure enough, he frowned slightly and stared at the content and read: "If a major shareholder illegally reduces its holdings for the first time and does not exceed 2% of the company's total share capital, the company will immediately ST. Starting from the date of ST, the cap will not be removed in the next two years, refinancing will not be allowed in three years, and the NSE 50 index will not be included in the NSE 50 index within five years. Component stocks in the NSE 50 index that violate regulations will be directly removed."

Zhang Qi was surprised when he saw these contents. This is a rather strict co-operation mechanism. If one shareholder commits a crime, all shareholders will pay the bill. Zhang Qi also quickly understood the intention of Fang Hong's design. This co-sitting mechanism allows all shareholders, large and small, to spontaneously supervise each other, and he will definitely do this, because few people will tolerate whoever cares about their interests. If your interests are harmed and others get benefits, this can act as a deterrent, thereby reducing your willingness to violate the rules.

In addition, the punishment is also very severe. Once it is discovered, it is not a fixed fine of 600,000, but the company will immediately enter the ST sequence. Even if the company operates normally, it will not be able to take off the cap for two years, and it will not be able to refinance for three years. Five They are not eligible to be included in the NSE 50 Index during the year.

And this is only the first level of punitive measures. Zhang Qi looked at the content behind and read as he read: "For listed companies that violate the second violation of the reduction of shareholding or the first violation of the reduction of more than 5% of the total share capital, they will directly enter the unconditional During the delisting process, shareholders involved in illegal reduction of holdings were banned from the SGX market for ten years.”

Seeing this, Zhang Qi called out in his heart, "Good guy. If there is a second illegal reduction of holdings or a one-time reduction of more than 5%, the company will simply delist unconditionally. The shareholders who reduced their holdings will be banned from the market for ten years. This is what he has seen." the most severe disciplinary measures.

Then, Zhang Qi looked at the next article and read: "For listed companies with serious violations of laws and regulations such as performance fraud and market fraud, once identified and confirmed, the company will unconditionally enter the delisting process, and the relevant responsible person will be banned from the SGX market." If you enter the fund for life, you will not be allowed to invest in SGX stocks for the rest of your life.”

Zhang Qi once again called out in his heart, "Good guy, if such rules are placed on the main boards of the two cities, then I don't know how many listed companies will have to withdraw, and I don't know how many people will be banned from the market for life."

For those who illegally commit money fraud and defraud listings, Fang Hong may not be able to send them to the sewing machine under the current legal provisions, but he can isolate these people from the SGX or clean them up in a timely manner after they are discovered. This does not mean anything. questionable.

After reading this section about delisting rules, Zhang Qi couldn't help but exclaim again. He never expected this to happen. He knew that the SGX that Fang Hong was going to build would most likely involve someone else's cake. But I didn't expect it to be so cruel.

Zhang Qi also has no doubt that Fang Hong is serious, nor does he doubt his determination. Once the SGX pilot is implemented, it will be strictly implemented in accordance with this top-level design.

After a while, Zhang Qi said: "What are the characteristics of this NSE 50 index?"

Fang Hong said with a smile: "The NSE 50 is the core of the SGX. It needs to be built into an exponential long-term bull. The 50 stocks listed on the SGX constitute the constituent stocks of the NSE 50 index, mainly composed of technology stocks. , so the NSE 50 Index will become the highest-performing and best-running stock index among the major stock indexes in the A-share market. Of course, the fluctuations will be much greater than those of the Shanghai Stock Exchange Index. After all, it is dominated by technology stocks."

Zhang Qi turned the page and came to the section on the NSE 50 Index, and immediately stared at it and said: "There are five basic inclusion conditions for the NSE 50 Index. (1) It must be a company listed on the SGX; (2) It must be It is a non-financial company and has been listed for more than one year. Listed companies in the top 25% of the SGX by market capitalization for three consecutive months can be reduced to half a year; (3) the average daily trading volume of the stock exceeds 1 million shares; (4) ) Submit quarterly and annual reports normally; (5) It is not in bankruptcy proceedings and there are no other circumstances that may prevent normal listing and trading."

Zhang Qi saw one of the items "must be non-financial companies" and couldn't help but think of the Nasdaq. Moreover, Fang Hong just said that it is mainly composed of technology stocks. This is obviously to build the NSE 50 Index into the Nasdaq Index of the A-share market.

No wonder it is said that this valuation will become the highest-performing and best-performing stock index among the major stock indexes in the A-share market, dominated by technology stocks, and technology stocks must have high growth, will definitely rise sharply, and will have relatively large fluctuations. .

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