真正让市场陷入沉思，这是今年下半年，证券行业的争议。中信证券和国信证券委员会立案调查他们，他们都面临着人事动荡之前。 10多名高级总经理郑波明包括中信证券已被带走调查，其中包括最近宣布了他的退休王东明灵魂; 10月23日，陈香，国信证券总裁桥梁被发现吊死在家中。陈宏桥之所以自杀，市场传出多个版本。有消息称，两家券商关键人物，无论是救援总指挥，原主席助理张育军委员会密切调查。
媒体调查发现，泽熙系徐翔部和中信证券操盘ST长油退市相交。 2014年6月5日，ST长油股票被上海证券交易所摘牌。 2014年8月6日，ST长油股在国内正式中小企业股份转让系统，证券简称：英寸长油3英寸;,自4月20日，在全国传输系统恢复2015年转让公司股票的股份，股票通过提到了英寸长油3英寸以英寸长油5＆
公开信息显示，11月5日，＆ 2.49元隆油5'收盘价。而且，由于4月20日恢复交易，英寸长油5英寸股价一度达到4.17元高位。信息英寸长油3英寸（2014年8月6日至2015年4月20号的简称）公布的三季报显示，2014年，徐翔家族的四成英寸长油3，＆ ，前十大股东中的徐翔，应颖（徐翔的妻子），徐佰良（徐翔的父亲），郑酥贞（徐翔的母亲）四连前十名股东，持有5.5亿股英寸长油3英寸共有2200股。据行业信息，市场进入成本估计徐翔毛家大约相当于7级以上。在此转换中，根据英寸长油5英寸高值计算，持股徐翔家族的市值翻了近六倍。即使在低成本计算11月5日，总市值翻了三倍。
Since June brokerage accident inventory
In just two days, the three main bailout CITIC Securities, Guoxin Securities and Haitong Securities has announced that the Commission received notice of investigation, which also makes the main bailout this year, "national team" being investigated by the number to 6. Insiders said, "Some people say that the brokerage stocks accordingly entered the winter, probably not without reason."
November 26 and November 27, the three main bailout CITIC Securities, Guoxin Securities and Haitong Securities has announced that the Commission received notice of investigation, have said because the company accused of alleged violation of the "Securities Company the relevant provisions of supervision and management regulations ", China Securities Regulatory Commission decided to carry out its investigation. By the series of bad news hit, A-share market a large Yinxian heaven. November 27, both Shanghai and Shenzhen hit a three-month single-day decline, decline surpassed 5%, in the eye of the storm of the brokerage stocks almost across the board limit.
Three "rescue team" the main investigation
CITIC Securities, Guoxin Securities and Haitong announcement, did not disclose the reason for the investigation by the Commission. According to media reports, this is the first time personally inspection division survey of three brokerage firms, but also the national team three main bailout.
In late August Huatai Securities, Haitong Securities, Founder Securities and GF Securities brokerage and other four have been to initiate an investigation, investigators are from the local inspection agencies.
It is understood that before the next inspection department issued a notice of a formal investigation will be conducted preliminary evidence, understood that after the master certain circumstances will officially launch a criminal investigation.
On the same day, publicly reported that the Securities Association of China announced OTC securities business development situation report that in April 2015 to September, a total of CITIC Securities inflated scale of 1.06 trillion yuan swaps. Securities Association of China said it is further investigation and verification. Some market participants suggested that inflated the true purpose is to cover up the whereabouts of funds. CITIC Securities official responded that "filing error." Market participants pointed out that in the end is not 'submit error' to be relevant departments for verification. Night CITIC Securities has revealed the big news was the SFC investigation.
A-share day into a "Black Friday," the crash, CITIC Securities and Guoxin Securities both limit; H shares of CITIC Securities fell 4.93 percent. Haitong Securities A shares Friday from opening since that is the temporary suspension, its H shares after the opening short transactions, from 9:36 from the suspension, suspended when the stock fell 3.8%, a record low since November 4. The company announced that the HKEx, not for insider news bulletin.
recently as "rescue team" 21 brokerage Haitong Securities, one of the senior team did not change the appearance of the news. That night, the Hai Tong Securities announced, confirming earlier media speculation. Hai Tong Securities announced yesterday received the China Securities Regulatory Commission "investigation notice" that the company suspected of violating the relevant provisions of "Securities Supervision and Regulation." According to "People's Republic of China Securities Law" stipulates that the Commission decides to initiate an investigation of the company.
two brokerage executives and Zhang Yujun closely
really let the market deep in thought, it is the second half of this year, the securities industry controversy. CITIC Securities and Guoxin Securities Commission to initiate an investigation before they are, they are faced with personnel turbulence. More than 10 senior general manager Cheng Boming including CITIC Securities has been taken in for questioning, including, recently announced his retirement Wang Dongming soul; October 23, Chen Hong, president of Guoxin Securities bridge was found hanged at home. Chen Hong bridge reason for suicide, the market came in several versions. It is said that the two brokerages key figure, both with rescue commander, former assistant to the chairman Zhang Yujun Commission closely investigated.
September 15, general manager of CITIC Securities 程博明 been taken in for questioning, Cheng Boming was later accused of alleged insider trading, disclosure of inside information. After a day, the Assistant Chairman of the SFC Zhang Yujun was declared to be taken away, which opened the securities industry Earthquake and the big screen.
In Zhang Yujun circle of friends, Zhang Yujun and Cheng Boming factions belong to Wudaokou rumors the two enjoyed good personal relations, hobnobbing. From both sides resume can be found during the Zhang Yujun enrolled in Wudaokou Institute of Finance Central Bank, and later studied with 程博明 presidency China Securities Regulatory Commission Liu Hongru first term, they are the real fellow with the door, with sacked within a week , can not trigger market reverie. In addition, general manager of CITIC Securities 程博明 addition, CITIC Securities checked one of the members of the Executive Committee Zhang Yujun Xu Gang also alumni.
Chen Hong and Zhang Yujun bridge is the intersection of important figures deep in the capital circle, the two not only North alumni, the Shenzhen Stock Exchange also worked for six years. Public information display, Zhang Yujun from 2000 to 2008 served as general manager of the Shenzhen Stock Exchange, during which Chen has been its skeleton staff, served as deputy general manager. Media ed informed sources of news that Zhang Yujun Chen Hong has been the bridge to the "old leadership" proportionate, and strongly praised Zhang Yujun promote innovation brokerage business in the securities industry in Shenzhen, the Shenzhen Stock Exchange after leaving Zhang, Chen Hong bridge in charge of the business increasingly marginalized.
two brokerages were checked with the Secretary of the relevant
CITIC Securities and Guoxin Securities, the intersection of the two brokerages, in addition to Zhang Yujun, but also because the Secretary of the Company and linked.
Secretary of the company during the market crash become the focus of the bailout, the two stock exchanges in Shanghai and Shenzhen in late July to revoke the declaration or frequent frequent reporting suspected affect the price of 24 securities trading accounts taken restrictive trade measures, one of which is Secretary of the trading company, and the Secretary of the major shareholders is one of the world's largest hedge fund Citadel.
Guoxin Securities Division of the accused for the alleged existence of a large-scale short sales transactions facilitated. Recently, a "briefing Guoxin Securities abnormal trading of stock index futures," the document online streaming, the content is Guoxin Securities due to shorting index futures and single facilitate short sales for the Division of the company being notified. With the previous announcement due to a number of brokerage firms with financing problems being investigated different, the only internal communications, not disclosed. Under the notification content, the Commission has requested the Shenzhen Securities Regulatory mechanism of Guoxin Securities, the main person responsible, in charge of self-employed business executives to talk, and ordered the company to conduct an internal personnel responsible accountable. This is also one of the reasons the market that Chen Hong bridge accident.
CITIC Securities Division is also been speculation that the degree have been involved. It is understood that the Secretary for the establishment of the company in 2010, when the Year of CITIC invested $ 1,000,000 Investment Division of the company, accounting for 20% stake. Business information, Gold Stone CITIC owns the Year with more than 92% stake. Public security agencies in the investigation of being general manager of CITIC Securities Cheng Boming, after 2009 years ago, as well as stone investment CITIC Lianchuang chairman of both companies.
Chen Hong bridge in Guoxin Securities suicide the same day, a subsidiary of CITIC Securities Gold Stone direct investment institutions, general manager 祁曙光 also been taken in for questioning, it was not confirmed to be under investigation or assist in the investigation. Qi Shuguang former wholly owned subsidiary of Citadel Secretary of the founding shareholders of CITIC Lianchuang general manager, responsible for CITIC Securities direct investment business, has been involved in Investment Division of the company. There are signs the market is hard to believe, CITIC Securities totally distance themselves from the relationship with the Secretary of the Corporation.
CITIC Securities Xu Xiang stepped in stocks?
private equity giant Xu Xiang after investigation, Xu Xiang and the intersection of CITIC Securities, naturally become the focus of market attention.
The media survey found Chak Hee Department, Xu Xiang Department and CITIC Securities Trader ST long oil delisting intersect. June 5, 2014, ST long oil shares were delisted from the Shanghai Stock Exchange. August 6, 2014, ST long oil stocks in the country formally SME share transfer system, the securities referred to: "long oil 3", since April 20, 2015 transfer of shares of company stock in the national transfer system recovery, the stock referred to by the "long oil 3" to "long oil 5."
public information display, November 5, "long oil 5 'closing price of 2.49 yuan. And since April 20 to resume trading, "long oil 5" shares once reached a high of 4.17 yuan. The information "long oil 3" (August 6, 2014 to April 20, 2015 for short) published three quarterly show in 2014, Xu Xiang family of four into the "long oil 3," the top ten shareholders in. Xu Xiang, should Ying (Xu Xiang wife), Xu Bailiang (Xu Xiang father), Zheng Suzhen (Xu Xiang mother) four with the top ten shareholders, holding 550 million shares are "long oil 3", a total of 2,200 shares. According to trade information, market entry costs estimated Xu Xiang Mao family's roughly 7 above. In this conversion, in accordance with the "long oil 5" high-value calculation, the market value of holdings of Xu Xiang family turned nearly six-fold. Even under the low-cost computing November 5, the market capitalization tripled.
The market believes that Xu Xiang family more hope, "long oil 5" back to the motherboard. According to the contents of 2015 three quarterly show, the "long oil 5" has been achieved profitability. In accordance with established objectives, and if in 2016 continue to be profitable, we will be able to re-listed in 2017, when a few cents an incursion into the stock "long oil 5" Xu Xiang family holdings, will probably realize the number of times growth.
The Trader ST long oil delisting rotation plate matters CITIC Securities. CITIC Securities bear delisting ST long oil caused a hunting hot money, the most ferocious force in the family came from Xu Xiang. Market questioned if Xu Xiang associated with CITIC Securities traders have communication, you can better explain Xu Xiang operation.
At the same time, after being arrested Xu Xiang, Xu Xiang stocks tumbled, the market thus found, CITIC Securities also stepped in Xu Xiang stocks. November 2 and 3, part of the stock holdings of Xu Xiang Zheng Suzhen mother behaved quite tragic, Daheng Technology both limit, Wenfeng shares fell over 12%. Three quarterly show this year, Zheng Suzhen holds 27,500 shares Wenfeng shares, 14.88% stake, is the second largest shareholder of the company; Daheng Technology holds 12996 shares, 29.75% stake, is the company's largest shareholder. According to media statistics, the two listed companies, three quarterly show, end of the third quarter of this year, CITIC Securities holds Daheng Technology 209.1 million shares, ranking it the seventh largest tradable shareholders; Wenfeng shares held 384 million shares, Also ranked it the seventh-largest holders of tradable shares.
What Have relations, the market remains skeptical between the two.
for map / Vision China
brokerage unit into the winter?
Friday, A shares staged a "Black Friday", the main stock index fell 5.48%, Shenzhen Component Index plunged 6.31 percent. Brokerage plate lift limit tide, plate fell up to 9.76%, led by the two cities the industry sector. Soochow Securities, Huatai Securities, Guoyuan Securities, CITIC Securities, Societe Generale Securities, Guoxin Securities and other 19 stocks collective limit. From capital flows, the brokerage sector collective showing a net outflow, the net outflow of 23 stocks traded funds can be surpassed billion mark, plate cumulative net outflow of funds up to 68 billion yuan.
brokerage stocks collective slump, the industry believes that this is due to the pressure caused by multiple bad. Commission income securities exchange to suspend operations, "deleveraging" extended to OTC derivative transactions, while CITIC Securities, Guoxin Securities and Haitong Securities Commission to initiate an investigation is to become the market fell blasting point, in addition, on November 30 subscription of new shares, cause some pressure on the financial side.
Market analysts pointed out that the recent events checked or will have some impact various business brokerage. Greater risk of CITIC Securities, Guoxin Securities and Hai Tong Securities encountered, from the investigation after the downgrade risk could face penalties and landing brought.
It is understood that under the "Securities companies classified regulatory requirements", the normal operation of the brokerage benchmark score of 100 points. Classification of securities companies in 2015 results, CITIC Securities, Guoxin Securities were rated highest level AA. Datong Securities analyst Zhang Cheng said that if a broker was punished, their scores will be reduced accordingly, and has the potential downgrade. Once the broker downgrades, it is bound to have some impact on investors. Broker rating low, will not carry out innovative business. Margin, stock pledge repurchase and reverse repurchase debt through the upcoming Shanghai and Hong Kong (including the Hong Kong-Shenzhen), and other services, we need to have a high rating securities. In addition, brokerage rating is low, need to pay more investor protection fund for capital consumption is large, the same effect on other businesses.
For three brokerages collective investigation, financial columnist Wannan said that three big brokerages often flawed resulting in China accident. She pointed out that, first, the Chinese securities industry should not have qualified for "birth certificate"; secondly, because there is a market first and then there are regulations, dry up and say a lot of things; and finally, regulators and the regulated part-time with each other, as profits to create the conditions.
According to media reports, the current rescue the main city "national team" has six investigation. August 25, "Securities Daily" on the front page entitled "to destroy the confidence of the Chinese stock market will jeopardize the overall reform," the article pointed out: "Some institutions almost gave up analysis of the fundamentals and instead to concentrate on 'making national stability fund money 'on top;. Their approach has become an important factor in damage market stability, "the article issued by the evening, with CITIC, the letter the same as" Haitong bailout national team ", GF, China and Thailand, Founder four brokerages announcement was SFC investigation. According to the wording of the notification at the time, he was investigating the cause of the "alleged Failing review, understand customer identity and other illegal acts."
chief market analyst at Shenyin Wanguo Securities Research Institute Gui Haoming is worried that "someone whereby said brokerage shares into the winter now, probably not without reason." The first is the measure of leverage regulators fall constantly, in a fold increase of the proportion of the margin trading business margin after they stopped the financing business class return swaps, multi-channel brokerage income was inhibited, while the volumes constitute some kind of pressure. Secondly, the past few years, the asset management business brokerage, focusing on the channel. Now on the one hand the market interest rates fall, on the other hand after the year of the stock market crash, all walks of life to lend the funds risk awareness is also increasing, profit margins channel business is being compressed.
Gui Haoming believe that brokerage internal management may be more disturbing. Although a lot of things inconclusive, some things just a coincidence, but brokers are exposed loopholes in management, as well as core management staff because the problem caused by shock and other companies, seems to be unavoidable. Brokerage stocks now is probably relatively high in a period of uncertainty, which can not but affect its valuation. Text / reporter Liu Shen-liang