Chapter 1415 [Supplementary new regulations to protect investors]

Most of the investors who have opened the SGX's individual stock investment permissions do not play much in individual stocks, or they only play with the funds of one-tier and two-tier warehouses. They do not panic and are very calm when they get rich.

There is no talk of removing retail investors from the SGX market, because in the first year of trading, retail investors’ capital accounted for only a small proportion of the entire market.

At present, the market value of retail investors' positions in the SGX market accounts for about 13.23% of the total circulating market value. As for the total market value, it is even less. Fang Hong's psychological upper limit is that the proportion of retail investors' funds does not exceed 20%. Now, even Less than 15%. Retail investors are not the mainstream of the SGX market at all, institutions are.

Moreover, "patient capital" accounts for the absolute volume in institutions. Short-term speculative capital is not mainstream in the SGX market. This is an inevitable result of the top-level design system of this market. If you want to make big money, you can only do patient capital.

Why can only patient capital make big money?

Because the SGX market strictly controls the entry of leveraged funds, the market itself does not have margin trading business, and the over-the-counter capital allocation is also very strictly controlled. Once discovered, you will be banned from the market for several years, and if the circumstances are particularly serious, you will be banned for life. Enter the market.

That's obvious. You have to be patient if you don't want to, unless you don't want to make a lot of money.

Of course, short-term speculative capital is also indispensable, and such funds are also needed to activate the market, but speculation cannot be allowed to become the mainstream of the market, otherwise it will be a bad thing.

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In the new city, you can live in a villa quietly.

Fang Hong was looking at the statistical report of the SGX market. Tian Jiayi, who handed this material to him, said: "This year's data shows that a lot of funds in the property market have been diverted to the stock market. To be precise, they have entered the SGX." The market.”

Tian Jiayi added: "And this trend is still growing steadily. As long as the SGX 50 index continues to maintain a bull market, next year's data will definitely grow further. Should we intervene in a targeted manner to control the inflow of property market funds into the SGX?" Will the market contain it?”

On the third anniversary of the opening of the SGX, the cumulative increase has more than tripled, and the return on investment has surpassed that of the real estate market. This has made many real estate speculators restless, and the stock market has competed with the real estate market for funds.

Moreover, since the second half of this year, the real estate market has still been sluggish. On the one hand, the real estate market itself has risen too sharply and the volume is too large. It is already very difficult to rise again. On the other hand, Fang Hong has asked Qunxing Group to launch a plan for all its companies. Housing benefit subsidies for more than 10 million regular employees of subsidiaries.

On the other hand, there is the SGX market. Because the return on investment in the stock market has exceeded that of the real estate market, a considerable amount of funds that were supposed to enter the real estate market suddenly stopped and turned into the stock market.

The stock market not only outperforms the real estate market, but also does not have as many restrictions as the real estate market, so funds are more willing to invest in the stock market.

The combination of these three factors has made the property market this year even more sluggish, with some sectors even showing signs of a correction.

After reading the material report, Fang Hong said at the same time: "No, as long as it is not illegal funds, there is no need to intervene. The SGX will strictly control and control the entry of leveraged funds into the market. The other financial outlets are really anxious. They will start from the source." Stop, why are we doing this in vain?”

Tian Jiayi said: "As long as the bull market in the SGX market continues, I estimate that the diversion of funds in the property market will be difficult to contain. At that time, the property market will have to find stars to save it..."

Hearing this, Fang Hong said with a smile: "With the size of Qunxing now, it is definitely impossible to hide. In this case, why not let the property market funds come over as soon as possible to contribute liquidity to the SGX market? Why should I do it? To shut it out?"

What is certain is that when the property market enters the cold winter of the downward cycle, the higher authorities will definitely look to the stars to "help" to lend a hand, because at that time only the stars have the ability to turn the tide. When looking to the stars to ask for a hand, Fang Hong will always have that Enlightenment cannot be denied.

On the surface, it seems that others are causing trouble, and it is up to the stars to settle things in the end. It seems a bit unfair to the stars, but don't forget how the stars are able to reach the heights they are today and still remain standing. In addition to Fang Hong's own abilities, it is also inseparable from strong support at the national level.

If nothing else, let’s talk about the SGX. Without a series of strong support from the country, can the SGX be able to play? dream!

There are many similar situations. The country has given policy and support overtly and covertly, which is why Qunxing has achieved what it has today.

When the country needs Qunxing to step up the property market, Fang Hong will not hesitate to take over the responsibility and complete the finishing work, instead of complaining that it is not Qunxing's responsibility and choosing not to do it.

If you don’t want to take on this responsibility, you should reject the series of strong support provided by the country to Qunxing from the beginning. You have taken all the benefits and yet you are not doing anything? This is unreasonable and taboo behavior.

Fang Hong understands this clearly.

Some people think that the success of their company in building a giant tree is all due to their own ability, and they even regard the support of the country as their own ability. Such people are typical of being unclear.

As soon as the country takes back its supporting hand, he will immediately become incapacitated and his original shape will be revealed.

Fang Hong knew how to resolve the problem in the property market. No matter what, when the time came to ask Qunxing to lend a hand, he would take over the task without hesitation. As for how to solve the problem, Fang Hong had a big idea. The right to speak.

The logic is also very simple: I originally asked you for something, and you readily agreed. You made some requests and I couldn't refuse. If I refused, it would be my fault, and it would even make me very passive.

This is the right to speak.

With the right to speak, Fang Hong can have the confidence to let Qunxing handle things smoothly, and at the same time, he will not let Qunxing be regarded as a pure grievance.

Finally, Fang Hong put the material aside and skipped the issue of the property market. He thought for a while and then ordered: "Please note it. Next year, the SGX will issue a new delisting regulation and add a provision for investor protection." ”

Tian Jiayi immediately made a memo.

Fang Hong said methodically: "The delisting mechanism includes forced delisting and voluntary delisting. Once the delisting decision takes effect, the exchange needs to entrust an independent professional team to conduct an asset evaluation of the delisted company and determine a fair share price of the company." price."

After a moment of pause, Fang Hong added: "The delisted company must buy back shares from public investors at the fair price, otherwise it will face penalties. In addition, the delisted company and the public investors can negotiate whether to buy back the shares at the fair price. That is to say, public investors can continue to choose to become shareholders of delisted companies. If they do not want to hold shares, the delisted company must unconditionally repurchase its shares.”

This supplement is to leave the decision-making power to public investors. The delisted company can only accept it unconditionally and passively. However, at the same time, the delisted company can also go to investors for negotiation. If it can impress investors on its own And it is also a matter of deciding to continue to hold stocks.

If the investor regrets later, SGX will ignore it. That is already a dispute between the investor and the delisted company. Whether it is a lawsuit or other methods, all consequences must be borne by the investor. I bear it myself, and I don’t take any responsibility for it wherever I go.

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