"Monster Hunt" 2.0 come!A-share market stingy who want to watch out!

A-share dividends of listed companies has always been the focus of investors, regulators attaches great importance to Liu Shiyu April 8 clear that we have the cash dividends of listed companies, major efforts deserve thumbs up; there are also some dividends but have the ability for many years stingy "stingy"。The SFC has been highly concerned about this issue must be dealt with, there will be a corresponding hard measures。  While since listing "stingy" and "stingy", the other side is been repeatedly refreshed high transfer record, Liu Shiyu expressed, some listed companies with a high transfer price to fueling speculation that some "Fudge style", " follow suit style "restructuring has become the market ills。There are no listed companies and market competitiveness of the main business, but its major shareholders and directors, supervisors and high lift stock prices high cash, disproportionate reduction or even clearance-type holdings, market participants say is "eat with" ugly, quilt the medium and small investors swallow。  April 8, 2017, China Securities Regulatory Commission Chairman Liu Yu attend the second session of China Listed Companies Association and members of Congress speak。Chairman Liu said in the meeting, the listed company's cash dividend is a basic way of return to investors, is the proper meaning AG system, but also the source of the intrinsic value of the stock。  A-share listed companies, although such a God Tyrant China "Deal or No Deal" returns to investors, but there has never been on the market since a number of points off the red "stingy"。Since 2016, the annual report has not been released completely, select all the A-share dividends of listed companies, the statistics show that the period from 1990 to 2015 every year, since the market has never been divided over the red company has 39。  Specifically, A shares do not pay dividends longest continuous ,, is the same as listed in mid-1992 by the end of 2015 has been 24 years, "stingy".  In addition ,,,,,,,,,,,,,,,,, and other 18 companies are listed companies 97 years ago。  "Stingy" or because of "empty pockets" can be seen from the statistics in the table after the listing of these companies never dividends, important reason is because the "cash-strapped", the cumulative net profit since its listing as many negative。  For example, Jinbei Automobile, over the years since its listing cumulative net profit is negative, its performance in recent years has fallen into a more "can not help themselves," the point, perennial rely on government subsidies to survive only。  Since 2001, Jinbei Automobile sank into a money-losing, year after year decline in trouble。2001, 2004, 2005, 2008, 2009, 2014, 2016, a total of eight fiscal years, Jinbei Automobile failed to escape the loss, and since 2001, its name constantly in stock * ST Gold, ST Gold Cup and switching between Jinbei automotive。  On the other hand, there are statistics show that the amount of government subsidies last 10 years Jinbei Automotive acquired gradually increased each year。7.79 million yuan from 2007 to 2016 1.9.2 billion yuan。10 years, won government subsidies 4.7.2 billion yuan。  (Source: data) but only know how to maintain high profits "for money." But some listed companies, holding high profits cheek "stingy" it would not be a。Show that since listing "stingy", but the cumulative net profit of listed companies billions of dollars have big ,, Intel Group Holdings, Topchoice medical ,,, Golden Circle shares ,,, S * ST striker, Yin shares, investment Tianhai , Fu Jen Catholic medicine and other 13 enterprises。  For example, China Tianying, 2013-2015 Annual growth performance significantly, 15-year net profit of 2.2.8 billion, but the company is only willing to play "10 turns 10" This Gaosongzhuan game。Broad Holdings years net profit growth is also very prominent recently, 15-year net profit of more than 300 million yuan, is also reluctant to cash dividends。  These companies refinancing to a very positive, such as the 1996 listing of the Yin shares, listed on 20 March to raise funds up to 40 billion yuan; in 1996 listed the same Pingtan development, 3 raised funds 28.6.9 billion yuan。  Regulators actively guide the dividends of listed companies in recent years, in fact, A-share dividends of listed companies has made great progress。Commission spokesman Deng Ge recently said over the years to guide the Commission listed companies to improve cash profit-sharing mechanism, the stability of continuous improvement of cash dividends of listed companies。By 2016, a total of 2031 the company achieved a cash dividend, totaling 830.1 billion yuan。There are 1181 the company has for five consecutive years of cash dividends, the company has for three consecutive years 1415 cash dividend。  Deng Ge pointed out that the next step the Commission will continue to guide the listed companies through cash dividends reward investors, listed companies have the ability to long-term dividends to strengthen supervision, not for dividends, less dividends by listed companies to send high holdings of thorough investigation punish severely。  Earlier before 2008, the Commission will launch "New Deal dividend" and demanded "the last three years the cumulative distribution of cash or shares profits of not less than thirty percent of the average annual distributable profits realized in the last three years."。In 2013 the Shanghai Stock Exchange issued the "cash dividends of listed companies guidance" and demanded cash dividend ratio of less than 30% of listed companies to fulfill more stringent disclosure obligations。  There are "stingy" and instead play only send high since listing "stingy" kind of "stingy" compared to act, some listed companies to play such a high transfer numbers game Shique "very generous"。  For example, in the table above Koo culture, its recent announcement shows that 2016 is intended to be the capital reserve for a way to send to all shareholders 30 shares for every 10 shares。  A purely just high turn sent the numbers game has been sought after by A-share market, listed companies are scrambling to join the camp, and continue to refresh the record high to go, even striving to "turn sent King"。  Eastern wealth data show that as of April 8, 2016 in dividends sent to turn the plan year, in addition to large Sheng culture, to be 10 to send 30 listed companies there are eight。  (Source: Oriental Fortune Select data) and this is just tip of the iceberg, statistics show that as of April 8, A-share market listed companies in 1170 proposed 2016 annual dividend to send transfer plan, which increase by transferring shares of 245 there are more than 20 shares of 43 homes, 10 more than the proposed 10 per share increase by transferring shares of listed companies as many as 147, to be increase by transferring 10 per share。  Some analysts pointed out that point of view, except for a few really due to the increased share liquidity needs, the majority of "high transfer" and listed companies not directly related to operating performance, can not enhance the value of listed companies, after the turn sent earnings per share also declined due to capital expansion。Look impact from the market, "high transfer" is not only a common type of speculation stocks, information can also be easily conspire to hide the class route through market manipulation。  The main reason has been questioned is with the holdings of major shareholders, Huaxin Securities, said the market target of criticism for high transfer theme mainly from some of the high proportion of shares held by shareholders of the machine Gaosongzhuan large holdings。  Regulators recently reiterated Gaosongzhuan tight watch。March 24 aspects of the Commission pointed out that listed companies to send share transfer, to send transfer ratio should match the company's growth, "high turn sent" to fully disclose relevant information, major shareholders and directors, supervisors and strict disclosure of holdings of Gaoyao plan。On the use of "high transfer" engaged in insider trading, illegal holdings and other illegal activities, will strengthen supervision over information disclosure and verification secondary market trading linkage mechanism, found illegal and severely punished according to the law, will not be tolerated。