Why is the property right transaction of small and medium-sized enterprises in Henan stopped?

Refer to the Southern Weekend on February 9, 65438. The following is an excerpt:

"I haven't done anything since I opened an account. Why did the exchange close for a month? "

20 10, 12, 1 citic bank building, Zhengzhou commercial inner ring road 16 floor in the afternoon, an aunt who came to consult was in a small office with a sign of "Zhongtian property right".

The exchange she mentioned refers to the Henan Technical Property Exchange, one of the five pilot institutions for enterprise property rights transactions selected by the Ministry of Industry and Information Technology (MIIT) in June 5438+ 10 last year. The other four pilot projects are in Beijing, Shanghai, Chongqing and Guangdong.

This year 165438+ 10/2, the "National Regional (Henan) SME Property Rights Exchange Market (hereinafter referred to as Henan SME Property Rights Exchange Market)" was officially opened, which was unveiled by Minister of Industry and Information Technology Li and Governor of Henan Province Guo Gengmao.

This is an unprecedented equity trading market for non-listed companies in China. The whole people participate in the investment and can open an account of 100 shares, which is in sharp contrast with the threshold of 30,000 shares per transaction of the New Third Board.

Because of this, this market is extremely hot as soon as it opens. On the first trading day, the whole day's turnover was nearly 65.438+0.5 billion yuan, and most of the first batch of 465.438+0 companies listed rose by about 300%.

However, this so-called "China NASDAQ" enterprise property rights trading market came to an abrupt end after six trading days on165438+1October 22nd, and announced that it would be temporarily closed for one month. By the close of trading, the number of accounts opened had reached 22,000.

How was this new capital market pilot favored by the Ministry of Industry and Information Technology born and operated? What happened behind the shutdown? What might happen to the exchange in a month? Southern weekend reporters rushed to Zhengzhou to uncover the mystery one by one.

It's like winning the lottery

When Chen Youting found that his company was included in the list of five pilot institutions for property rights transactions of small and medium-sized enterprises announced by the Ministry of Industry and Information Technology, he was as excited as winning the lottery prize.

The predecessor of this property rights trading center is Henan Technology Property Rights Exchange.

From June, 5438 to October, 2009 10, Chen Youting never dreamed that Henan Technology Property Exchange was one of the five property rights trading pilot institutions finally selected by the Ministry of Industry and Information Technology to broaden the financing channels for SMEs. The other four are Beijing Equity Exchange, Shanghai United Assets and Equity Exchange, Chongqing United Assets and Equity Exchange and Guangdong Southern United Assets and Equity Exchange Center.

Chen is the chairman of Henan Technical Property Exchange, and his ancestral home is Changge, Henan. He is not tall or fat, and he has an extraordinary capacity for drinking. He speaks an authentic Gege accent.

His Zhengzhou Li Long Materials Trading Company is the largest shareholder, accounting for 40% of the shares. Chen is the actual controller of this technology exchange-Zhu Xianfu, the vice chairman, rarely asks about specific affairs. He told reporters, "It was my first time to come to the exchange on the opening day."

Since its establishment in 2002, Henan Technology Property Exchange has made many efforts to develop regional capital markets, but they all ended in failure. (see D 18 China Nasdaq prequel).

In 2008, in the reform of the "Ministry system", the former Industry Department, Small and Medium Enterprises Department and Industry Department of the National Development and Reform Commission were included in the Ministry of Industry and Information Technology, and the Small and Medium Enterprises Department was the main promoter of the pilot unit of regional property rights market reform.

On May 27th of the following year, at dawn, the Ministry of Industry and Information Technology issued the "Notice on Launching the Pilot Work of Regional SME Property Rights Trading Market", which was later called "No.27 Document" by the financial circles in Henan Province, indicating that SME property rights trading is about to become popular. On June 5438+ 10, 2009, when Chen Youting found that his company was among the five pilot institutions for property rights transactions of small and medium-sized enterprises announced by the Ministry of Industry and Information Technology, he was as excited as winning the lottery prize.

The Henan provincial government was equally excited, and immediately set up the "Market Steering Committee of Henan Property Rights Exchange" composed of 22 departments including the Provincial Development and Reform Commission, the State-owned Assets Supervision and Administration Commission, the Finance Department, the Industry and Information Department and the Science and Technology Department, and immediately drafted the pilot implementation plan and reported it to the Ministry of Industry and Information Technology.

It is noteworthy that the Forestry Department even ranks among the "super committees", but it does not see the Henan Securities Regulatory Bureau, which means that the Committee is obviously aware that the future operation of this pilot project may cause dissatisfaction with the China Securities Regulatory Commission. In other words, if the CSRC is included in the "Committee", it is equivalent to the embarrassment of whether the provincial level has the property of securities trading at the beginning of the property rights transaction pilot, so the CSRC department is simply excluded.

"peanut moment"

An investor who was the first to participate in A-share investment told this reporter that when the Shanghai Stock Exchange was established 20 years ago, the situation was quite dynamic, and everyone did not want to miss the opportunity because they believed in "Durani peanuts".

In July this year, the Ministry of Industry and Information Technology gave feedback on the approval of the pilot implementation plan for property rights transactions in Henan Province. A person from one of the above-mentioned committee members said that the CITIC Department has arranged five pilots, the Henan pilot focuses on property rights transactions, and the other four pilots focus on equity, creditor's rights and intellectual property transactions.

This means that Henan officially got the birth permit. For Chen Youting, it means that his company has put up the golden signboard of "national prefix".

The pilot project in Henan has subverted the rules of the game in all previous urban enterprise property rights markets. It imitates a whole set of modes of A-share trading in the securities market, and the trading time, trading form and price fluctuation regulations are strikingly similar to those of A-shares:

The trading hours are 9: 30am-11:30am and 0: 00pm-3: 00pm on working days. It is also a continuous transaction between call auction and intraday trading, and the trading unit is one hand per 100 shares. Except on the day of listing, the daily price limit is 10.

The most striking thing is that everyone can open an account, and natural persons can open an account for free with their ID cards, directly enter the market and buy 100 shares; 200 yuan for institutional investor's account opening fee.

The stage is set up, and the troupe needs to be formed. Chen Youting began to step up recruitment. He now claims to have a group of compound talents, with doctors, researchers and senior engineers accounting for more than 90%, but some people say that most of them are "loose" cooperative relations; At the same time, he began to find someone to do the website. Now official website, Henan Technology Property Exchange, the earliest news is a working meeting related to the pilot of property rights trading on May 23rd this year.

In fact, as early as the first half of this year, the Henan provincial government and Chen Youting anticipated the coming reply from the Ministry of Industry and Information Technology, and began to warm up through the local media. In March, there were media reports that the national pilot was expected to be listed in April, and in May, it was reported that it would be listed in June.

It was not until the hammer was settled in July that the Henan provincial government issued a formal mobilization order to all cities in the province, and at the same time issued a "hero assembly number" to the whole country, as long as "the company's tangible net assets are not less than 8 million yuan, its main business income accounts for more than 60% of the total income, and it has been profitable continuously in the last two fiscal years, and its net asset profit rate in the last fiscal year is not less than 6%; Enterprises with asset-liability ratio less than 60% can come to Zhengzhou for listing.

Compared with the water test four years ago, this time, because of the "escort" of the Ministry of Industry and Information Technology and the unprecedented trading model, there are countless people flocking to it without even shouting. Similarly, in addition to local governments and small and medium-sized enterprises in Henan Province, a number of banks have launched a dispute over third-party depository business, and many institutions have begun to compete for the qualification of sponsor institutions.

At this time, the financial market in the whole Central Plains region is in a state of excitement. An investor who was the first to participate in A-share investment told this reporter that when the Shanghai Stock Exchange was established 20 years ago, the situation was quite dynamic, and everyone was unwilling to miss the opportunity because they believed in "peanuts".

From the selection of seed companies in July to the formal listing of the first batch of enterprises in June 165438+ 10/2, it took four months to complete this systematic project, which can be described as another great effort in the capital market-some enterprises even completed the shareholding system transformation in July and August or even later, such as "Lingbao Gold Industry"

Huanyan Tire, located in Xun County, Hebi City, Henan Province, is one of the listed companies. Zhang, its chairman, said in an interview with Southern Weekend that compared with the high threshold for listing on GEM, the threshold of Henan Technology Property Exchange is much lower, and with administrative promotion, it can achieve the financing purpose "faster and more economically".

According to Zhang, Henan Technical Property Exchange has issued guidance on the listing cost of enterprises, that is, calculating the total listing cost with the total assets of enterprises as reference. "Enterprises with total assets less than 654.38 billion yuan," he said, "the cost of listing in this market is between 3 million and 6 million yuan."

Interestingly, the sponsor of Huanyan Tire is Henan Xindadi Chemical Co., Ltd., a chemical enterprise located in Nanyang City, Henan Province. How do chemical enterprises become sponsors?

It turns out that Wang Ping, the head of this chemical company, has been immersed in the financial industry for many years. Not long ago, after seeing that Henan obtained the pilot qualification of state-level property rights transaction, he realized the good opportunity and communicated with Chen Youting to win the sponsorship qualification. "But the name of the sponsor-Henan Zhongtian SME Property Rights Trading Co., Ltd. ('Zhongtian Property Rights' mentioned at the beginning of the article) has to be specially approved by the Henan provincial government and the industrial and commercial departments." Lu Yongjian, Wang Ping's partner and vice president of Zhongtian Property Rights, told Southern Weekend reporter at 65438 on February 3, "So we used the name of Xindadi Chemical Company in the listing announcement of our sponsor company." "Does Zhongtian Property have a business license now?" "I just bought it two days ago." One of Lu's assistants caught the conversation.

A brief carnival

Chen Youting once said to the operator of a local media, "We only disclose one business every year, which is enough to feed your whole newspaper."

165438+1October 12 It's like another birthday of Chen Youting-the property right exchange market for small and medium-sized enterprises in Henan has finally been listed.

On the opening day, a banner was hung in front of the exchange-"China's Nasdaq was born in the Central Plains". Robert McCooey, senior vice president and head of international department of Nasdaq, who was invited to attend the opening ceremony, gave a thumbs-up and called Henan Technology Property Exchange the "China Brothers" of Nasdaq.

In China, where residents lack investment channels and small and medium-sized enterprises have difficulty in financing, the birth of this exchange has been given special exploration significance.

According to the plan, there were more than 60 listed companies in the first batch, but 4 1 company went public in the end, because the remaining 20 companies "didn't have time to go through the process".

Why did Henan set the "deadline" for listing on this day?

A person from the Henan Provincial Government told Southern Weekend that 165438+ 10/2 is the opening day of "China Zhengzhou 20 10 industrial transfer series docking activities", which is hosted by the Ministry of Industry and Information Technology and the Henan Provincial Government, and Minister Li of the Ministry of Industry and Information Technology will definitely attend the opening ceremony. "If the Henan SME property rights trading market also opens at this time, it is very likely that Minister Li will personally unveil it.

The wish of the Henan provincial government has come true. At 9: 30 this morning, Li and Guo Gengmao, the governor of Henan Province, started the button of the electronic trading system together, and the "China Nasdaq" claimed by Chen Youting officially set sail.

An hour ago, Guo Gengmao inspected the exchange, accompanied by Lian, member of the Standing Committee of Henan Provincial Committee, secretary of Zhengzhou Municipal Committee and Yang Shengdao, director of the Provincial Department of Industry and Information Technology. According to local media reports, when Guo Gengmao saw the signboard of "Henan Technology Property Exchange", he said to Chen Youting, "Why do you have such a limited name? It's better to call it' China Zhengzhou Property Rights Exchange'. Now we must study this problem as soon as possible, otherwise it will be difficult to do after the name is solidified. " "This is the old name of the company many years ago." Chen Youting replied. "We asked Zhengzhou Property Rights Exchange to build another Zhengzhou Stock Exchange, which will be the same as Shanghai Stock Exchange and Shenzhen Stock Exchange in the future." Guo Gengmao said.

Guo's so-called "Zhengzhou Stock Exchange" refers to Zhengzhou Commodity Exchange (hereinafter referred to as Zhengzhou Stock Exchange), one of the four major futures exchanges in China. "Building another Zhengzhou Stock Exchange" shows the great ambition of the Henan provincial government. But this exchange, like Shanghai Stock Exchange and Shenzhen Stock Exchange, is obviously impossible and inconvenient.

However, Chen Youting said in his opening speech that this trading market is "an important supplement and improvement to the main board, small and medium-sized board and growth enterprise market".

The capital feast began, and diners jostled shoulder to shoulder. An employee of China Bank Henan Branch told Southern Weekend that they were required to open equity trading accounts so that China Bank could be among the best in the number of third-party depository accounts.

Five banks, China Bank, China Construction Bank, Agricultural Bank, Industrial and Commercial Bank of China and China CITIC Bank, are connected with the property rights trading market of Henan SMEs to carry out third-party depository business. The five banks had previously signed a memorandum of cooperation on financial services, claiming that they would provide 240 billion yuan of equity pledge loans to enterprises listed on the trading market, including 50 billion yuan from China Bank.

The most exciting is the vast number of investors. After several rounds of media detonation, the label of "China Nasdaq" has been posted everywhere. On the opening day, those who have already opened an account and completed the bank transfer are ready to go, while those who come to consult and open an account with Wenxun are lined up in the "right business" business departments such as Zhongtian Property Rights.

On the first day of the opening, the share price of listed companies really showed a trend of crazy rise. Lingbao Jinye, a state-owned mining enterprise located in lingbao city, Henan Province, has the highest increase, with an increase of 65,438+065,438+049%, while Huangxiu, a building waterproof material company located in Huangchuan County, Henan Province, has the smallest increase, with an increase of 65,438+024%.

However, not many people can successfully experience the skyrocketing wealth. An investor who opened an account in Zhongtian Property Rights told this reporter that his client-side trading software "Forever 2008.99" was very clumsy. He wanted to chase Lingbao Gold on the first day of trading, but it was difficult to cancel the order placed by another listed company. "It took at least half an hour," he said. "I successfully cancelled the order after repeated operations, and I missed a big cow."

In an interview with Southern Weekend reporter, Lv Yongjian admitted that the trading software was relatively rough. "This software was developed by Zhengzhou University, and they are inexperienced," Lu said. "As far as I know, the CSRC has greeted all the institutions entrusted with the development of A-share securities software, and they are not allowed to accept the software business that supports the equity trading market of small and medium-sized enterprises in Henan."

Chen Youting and his Henan Technology Property Exchange are naturally the biggest winners. There are a constant stream of visitors, many of whom are investment (intermediary) institutions outside Henan Province, in order to become sponsors in their provinces and cities; Chen is more of a hot potato for Henan local media, because the information disclosure of equity transactions needs a carrier, and Chen Youting once said to the operator of a local media, "We only disclose one business every year, which is enough to feed your whole newspaper."

The game is not over yet.

"Property right transaction is the product of reform, which may be a milestone in the history of property right transaction and securities transaction in China. Regardless of the outcome, we hope that the interests of enterprises and investors will not be greatly damaged. "

However, this feast came to an abrupt end after only six trading days. 165438+1October 2 1 day, the Henan Provincial Department of Industry and Information Technology issued the Announcement on Suspension of Trading in the SME Property Rights Exchange Market, announcing the suspension of market trading and related activities from the 22nd.

In this brief announcement of more than 200 words, the Henan Provincial Department of Industry and Information Technology once again emphasized the significance of this trading market in solving the financing difficulties of small and medium-sized enterprises, and said that the enthusiastic application of small and medium-sized enterprises and the high attention of investors and the public reflected the "necessity" of this pilot project. However, due to some specific problems such as "unclear policy boundaries and imperfect operating rules", the market was ordered to suspend trading. "The term is tentatively set at one month, and the temporary trading period and reopening should be effectively maintained."

This paper announcement was like thunder, which shocked the whole market. 165438+1On Monday, October 22nd, the telephones of the whole exchange and some member companies (called "integrated members" in Henan) were almost exploded, and the site was packed. Until 65438+February 1, our reporter saw an investor in a sales department angrily asking whether this was a "money-circling game" and how likely it was that the trading market would die.

It is obviously difficult for these investors to get satisfactory answers. Because even these 40-odd comprehensive Committee members don't know the answer, even at the last minute, no one knows the answer.

Because another manifestation of "unclear policy boundaries" is that the game is going on.

Wang, director of the SME Bureau of Henan Provincial Department of Industry and Information Technology, said in an interview with Southern Weekend that the joint investigation team sent by the State Council is conducting an investigation in Zhengzhou; He refused to elaborate further on the investigation team.

According to a person from the Henan provincial government, the investigation team is mainly led by the CSRC. The CSRC pointed out that the pilot project of property rights trading for small and medium-sized enterprises in Henan Province "is to conduct securities trading in the name of property rights trading"; On June 26th, Chen Youting went to Beijing to communicate with the Ministry of Industry and Information Technology 165438+ and then returned to Zhengzhou to continue to discuss the next steps.

The atmosphere became tense. Chen Youting, who had been preaching in the property rights trading market before, disappeared. Instead, Chen Youting, who keeps meeting, or Chen Youting, who is inconvenient to answer the phone.

A broker in Henan said that the Henan Securities Regulatory Bureau once again greeted the securities companies and did not express any views on the suspension of trading in the property rights trading market.

According to the Securities Times, the suspension of the property rights trading market of small and medium-sized enterprises in Henan stems from a number of laws and regulations suspected of violating the Securities Law, the Company Law, the Operating Rules for State-owned Property Rights Trading of Enterprises, and the Regulations on the Administration of Company Registration.

For example, four years ago, the General Office of the State Council issued the Notice on Severely Cracking down on Illegal Stock Issuance and Illegal Securities Business, which pointed out that the number of shareholders of a joint-stock company is more than 2 and less than 200. If the number of shareholders exceeds 200 after issuing shares to non-specific or specific objects, it is a public offering and should be approved by the CSRC. At the same time, it is strictly forbidden for any company shareholder to transfer shares to the public by himself or by entrusting others. Now it is easy to step on this "red line" because the property rights trading market of Henan SMEs does not restrict the tasks of public investors.

However, in the view of a market participant, it is obvious that the CSRC demonstrated to the Ministry of Industry and Information Technology through this move in order to compete for the right to set operating standards and supervise unlisted public companies (joint stock limited companies that publicly issue shares but are not listed on the stock exchange).

"The CSRC's expansion of the New Third Board (referring to the expansion of the pilot park of the stock quotation transfer system for unlisted companies in Zhongguancun Science Park, and the increase in the number of brokers sponsored by the agency system) is much cry and little rain," he said. "Unexpectedly, I was robbed of the lottery by the pilot of the property rights transaction of small and medium-sized enterprises in the Ministry of Industry and Information Technology, so there was a confrontation situation, and the result was now' shooting the first bird'."

Wei, deputy director of the supervision department of unlisted public companies of China Securities Regulatory Commission, accepted a telephone interview with Southern Weekend reporter. He declined to comment.

On February 5th, 65438, Shang Fulin, chairman of the CSRC, said in a forum that the CSRC would issue the Measures for Listing of Unlisted Limited by Share Ltd as soon as possible, study and formulate the Measures for the Supervision and Administration of Unlisted Public Companies, and establish a legal system for the supervision of unlisted public companies.

Ironically, there are still a few days before the business license, and the comprehensive members such as Zhongtian Property Rights are put aside because the trading market is closed for one month. Zhongtian Property is located on the upper floor of Chen Youting Company, on the 6th floor of China CITIC Bank Building/KLOC-0, next to citic wantong Securities. The original office was smaller. Now, according to Lv Yongjian, vice president of Zhongtian Property Rights, a small signboard with the words "Zhongtian Property Rights" was also unveiled by the investigation team of the China Securities Regulatory Commission. The investigation team suspected that Zhongtian Property was suspected of illegal securities trading.

In an interview with Southern Weekend, Lv Yongjian received a phone call from a friend who was familiar with the Nasdaq market, and asked if any of the companies he was working for were qualified to go public in the United States. When the so-called "Nadaske, China" encounters embarrassment, we can first consider the real Nasdaq listing financing.

Just as the reporter of Southern Weekend left Zhengzhou, he received a short message from Zhang, director of Huanyan Tire. He wrote in a serious tone, "Property right transaction is the product of reform, which may be a milestone in the history of property right transaction and securities transaction in China. Regardless of the outcome, we hope that the interests of enterprises and investors will not be greatly damaged. "