Original title: the case of musk is worth learning from the A share market regulation.
Author: Pi Haizhou
During China's National Day holiday this year, Tesla CEO Mask was charged by the U.S. Securities and Exchange Commission (SEC) in the United States across the ocean: Mask settled with the SEC with a $20 million fine plus resignation as chairman. In addition, under the court-approved procedure, Musk will distribute a $40 million fine to the victim investor.
On August 7, Musk tweeted that he had enough money to privatize Tesla at $420 a share. After the twitter issue, Tesla shares rose. Subsequent surveys showed that musk tweet claimed privatization just to please his girlfriend.
To this end, on September 27, the SEC said Musk issued a "false and misleading" statement against him for securities fraud charges. "Musk knows that privatisation is uncertain and will be affected by many unexpected events," the SEC said. And musk also failed to inform the regulators of the company's major events. After the news of SEC's allegation of musk, Tesla's share price collapsed.
The punishment of Musk and the collapse of Tesla's share price have witnessed the huge gap between A shares and U.S. shares in regulation.
In fact, such "false and misleading" statements as Musk's are not uncommon in the A-share market. For example, in the A share market, the chairman often boasts. For example, on December 22 last year, the chairman of a company said in an interview with the media: By 2018, the company's sales target is to double to 200 billion yuan. Meanwhile, land costs will continue to be reduced in 2018, with the aim of reducing the debt ratio to 79% in the first half of next year and 75% in the second half. It was precisely because of the chairman's "boasting" that the stock went out of the "blowout" market.
As for the "boasting" behavior of the company's chairman, the company made it clear: the chairman of the company's sales target of 200 billion yuan in 2018, the first half of 2018 to reduce the debt ratio to 79%, the whole year to 75%, and 2018 specific projects into the market number and sales targets, based on the current company's land reserves. The judgments made by the chairman on the status, project reserve, project development capacity, investment progress, management capacity, sales capacity and repayment progress are the objectives and vision of the company's development and do not constitute the company's forecast and commitment. The meaning of the company is summed up in one sentence: the chairman's "boast" speech does not represent the company's point of view, but only his personal view.
The company's chairman's "boast" clearly misled the market, and triggered the market for the company's stock crazy speculation. But this misleading market behavior only leads to the "regulatory letter" of the exchange. According to the letter, the chairman's actions violated Section 2.14 of the Stock Listing Rules (Revised in 2014). Therefore, the letter of supervision hopes that the chairman of the board of directors and other directors, supervisors and senior managers of the company will draw lessons and strengthen the standardized operation and information disclosure management of the company. In the end, the chairman's "boasting" incident ended.
It is also the chairman's personal remarks that mislead the market. In the A-share market, the parties concerned are harmless. In the U.S. stock market, the chairman is not only "losing his position", but also the chairman and the company will be punished. As a result, the gap between China and the US in daily supervision is obvious. It is not accidental that the US stock market can become a more mature and healthier market.
On this issue, A shares really need to learn from US stocks. On the one hand, we should strictly strengthen the supervision of the high-sounding acts of the directors and supervisors of listed companies, and impose top punishment on the high-sounding acts of the directors and supervisors under the current legal provisions; on the other hand, we should actively promote the amendment and promulgation of the Securities Law, improve relevant laws and regulations, and increase the investigation and punishment of the high-sounding acts of the directors and supervisors. Efforts made Dong Jiangao dare not mislead the market with words. Whoever has the courage to use words to mislead the market will win Dong Jiangao.
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