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Shenzhen Bureau Zi [2012] No. 60 Annex 2 recent SFC Investor Protection Bureau reply to investor concerns
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SFC investor protection bureau A reporter asked (a)

Since the establishment of the China Securities Regulatory Commission Investor Protection Corporation, and actively explore ways and channels to communicate directly with investors, through research visits, convening conferences and other widely listen to the voices of investors and continued to advocate a rational investment, long-term investment, the value of the investment concept. Sort out and study the opinions and suggestions, and recently some of the hot topics on the care and concern of investors, the person in charge of the Investor Protection Bureau accepted the reporters.

Reporter: the reform and development of China’s securities market in recent years scores huge international has been widely recognized, but domestic investors have not been very satisfactory returns, especially medium and small investors, the past two years reflect the lost money, This is not true,

What is the fundamental cause of the problem?

A: China’s stock market volatility in recent years, is really a great rose after a roller-coaster, you look at the last two years, continued to fall,

large investor loss, especially the small and medium investors generally do not make money. The reason for this situation is very complex, the most fundamental reason is that China’s capital market structure is not rational enough, optimize resource allocation function does not give full play to market discipline mechanism is not strong, the operation of the market system and mechanism there are still many problems. For example, the current market parties to pay close attention to the issue of structural reform, the dividends of listed companies and the delisting system perfect, and the establishment of the Investors in the system and so very critical. The market IPO fever "IPO" three high "," hype ST shares "," hype small cap stocks phenomena with the operation of the institutional arrangements and regulatory issues related to the existence of these problems greatly damage the interests of investors. In response, the regulatory authorities attach great importance to, and are actively studying the solution.

Reporter: Recently, the SFC has been advocated to establish a good investment philosophy, including rational investment, the value of investments, long-term investment, and so I ask What to consider? Anything to do with the current market environment?

A: The development of capital market can not do without the participation of investors, without a favorable investment philosophy. Mature rational investor groups is the cornerstone of the healthy development of the capital market, but also the basic protection of the safe operation and functioning of the capital markets. The irrational investment market values and behavior, has not attracted enough attention to the majority of investors. For instance, some investors are not carefully reading the prospectus, company fundamentals, blind keen on playing new fried new results suffered great losses. Statistics show that since 2010 the Shanghai Stock Exchange, Shanghai Stock Exchange IPO first-day gain decreases year by year, shortly after the IPO stock price fell more than the broader market. 30 trading days to 70 trading days after the IPO, excluding the Shanghai Composite Index rose decline, the share price compared to the first day closing price fell to expand from 6.51% to 10.65%. 99.7% of accounts involved in the buying, personal accounts, and on the first day to buy more than to win the short-term gains, "chase" behavior exacerbated by new shares speculation, especially after the stock rose sharply, chasing the high bid account of up to 94.7% of the loss.

The Shenzhen Stock Exchange statistics show the same results. IPO first day buy personal 10 trading days and more than 60% of losses. GEM, for example, by the end of October 2009 to the end of October 2011, the first day of listing individual investors to buy the amount accounted for as high as 95.06%, which accounted for 22.77% of individual investors to buy the amount of 10 million, 100 million individual investors to buy below $ amount accounted for 62.48%; individual investors buy by the first day of the 10 trading days after the loss ratio of 64.25%, 64.62% proportion of the 10 million individual investors losses, 100 million The proportion of individual investors loss of 63.63%. Seen from these figures, the loss of most investors is obvious.

Faced with the rapid development of the market situation, we deeply feel, looking for stocks with the potential for development if the majority of investors would seriously study the fundamentals of the company, with great concentration, not blindly chasing the new, follow the trend of the concept of speculation, the stock market structure will be improved, the market The order will be improved, the investment value will increase, will make the common benefit of all parties involved in the market. Therefore, to cultivate a healthy and mature investment culture, current investors only fundamental change can really build an attractive, well-functioning markets, and enhance the confidence of participants between the parties, can really to protect the legitimate rights and interests of investors to the letter.