Liu Shiyus new unit confirmed: business spreads all over China

Yesterday (January 26) afternoon, many media reporters gathered outside the Fukai Building at No. 19 Financial Street, Xicheng District, Beijing. Several minibuses were parked at the door. The intersections on both sides of the building were also closed, and many security guardsOfficers patrol the area in front of the building.

This is where the Securities Regulatory Commission is located.

At three o'clock in the afternoon, the handover of the new and old CSRC chairmen was held here.Who would walk into the Fouquet Building?Where will Liu Shiyu go?Everyone is waiting for the official announcement.

A few minutes later, Xinhua News Agency released the news that Yi Huiman was appointed as the chairman of the China Securities Regulatory Commission.

According to China Securities Journal, the handover meeting of the chairman of the China Securities Regulatory Commission lasted about half an hour.Subsequently, Yi Huiman and several vice-chairmen of the China Securities Regulatory Commission sent Liu Shiyu to the downstairs of Fukai Building. Liu Shiyu left by car and reported to his new post. The destination was No. 45 Fuxingmennei Street - All-China Supply and Marketing Cooperation CorporationThe location of the company.

It only takes more than ten minutes to drive from Fukai Building to the All-China Federation of Supply and Marketing Cooperatives (hereinafter referred to as the All-China Federation of Supply and Marketing Cooperatives).At 4:00 p.m., a reporter from the Daily Economic News came to the National Supply and Marketing Federation. There were two security guards at the entrance of the building, and outsiders were prohibited from entering.According to property personnel, the cadre meeting of the National Supply and Marketing Federation is being held.

At around 4:35 p.m., people walked out of the building of the National Supply and Marketing Corporation one after another, and Liu Shiyu was among them.He waved his hand, saying goodbye to people, and then got in the car and left.

A few hours later, the All-China Federation of Supply and Marketing Cooperatives released news: The Central Committee of the Communist Party of China decided to appoint Comrade Liu Shiyu as deputy secretary of the Party Leadership Group of the All-China Federation of Supply and Marketing Cooperatives.

At the beginning of 2016, before A-shares had recovered, they were hit hard by the circuit breaker. Rumors about the replacement of the chairman of the China Securities Regulatory Commission flooded the entire market.On February 20 of that year, Liu Shiyu, then president of the Agricultural Bank of China, walked into the Fukai Building and began to take charge of the China Securities Regulatory Commission.For more than 20 days after that, Liu Shiyu did not appear in public until the press conference of the National Two Sessions on March 12, 2016.

Liu Shiyu's opening remarks at that time were: It has been 22 days since I took office at the China Securities Regulatory Commission, and I have not yet reached the full month, but I deeply feel that the responsibility is heavy and getting heavier.I have always adhered to the philosophy of talking less and doing more, but the capital market requires fairness, openness and transparency, so as the chairman of the China Securities Regulatory Commission, I have to say what I need to say.

On March 5, before the two sessions in 2016, Liu Shiyu accepted an interview with CCTV Financial Channel and clarified the new chairman's top priority - supervision.In the past three years, the ideas of legal supervision, strict supervision and comprehensive supervision have been implemented throughout.In 2017, 2018, and 2019, at the beginning of each new year, Liu Shiyu’s first stop for investigation was the Inspection Bureau and Inspection Team of the China Securities Regulatory Commission.

From mergers and acquisitions to refinancing, from executive shareholding reduction to delisting system, in the past three years, the China Securities Regulatory Commission has revised and promulgated many management methods, implementation rules and regulations to crack down on deceptive restructuring, refinancing chaos, illegal shareholding reduction and other behaviors.It has a huge deterrent effect.

Just look at the fines to see how strict Liu Shiyu's supervision is.

- In 2016, the China Securities Regulatory Commission imposed penalties on a total of 183 cases, an increase of 21% from 2015, and fined and confiscated a total of 4.283 billion yuan (RMB, the same below), an increase of 288% from 2015; and imposed market bans on 38 people.Income increased by 81% compared with the previous year.The number of administrative penalty decisions and the amount of fines and confiscations have reached record highs, and the number of people banned from the market has also reached a record peak.

- In 2017, the China Securities Regulatory Commission made a total of 237 administrative penalty decisions, an increase of 7% compared with 2016, and the amount of fines and confiscations involved was 7.566 billion yuan, an increase of 80% compared with 2016; entities banned from the market44 people.

- In 2018, the China Securities Regulatory Commission made 310 administrative penalty decisions, a year-on-year increase of 38.39%. The amount of fines and confiscations was 10.641 billion yuan, a year-on-year increase of 42.28%, and 50 people were banned from the market, a year-on-year increase of 13.64%.

Many cases such as Xintai Electric's fraudulent issuance, Beiba Road's market manipulation, Zhao Wei and his wife were fined and banned from the securities market for five years, all left important marks in the history of the development of China's capital market.

In addition to supervision, the normalization of IPOs is another major change Liu Shiyu has brought to the capital market.

At the end of 2016, the China Securities Regulatory Commission called for the normalization of IPOs.At that time, the market finally stabilized after a year of recovery.In early 2017, Liu Shiyu stated at the National Securities and Futures Supervision Conference that it would take 2-3 years to resolve the IPO barrier lake.Since then, the pace of IPO review has accelerated, and the approval rate of companies has also maintained a high level.

According to statistical data, in 2017, the number of companies reviewed by the IPO Review Committee, the number of companies that passed the review, and the number of companies that completed IPOs all set historical records.However, in the process of normalizing IPO, Liu Shiyu has always faced some doubts.

Finally, the IPO barrier lake problem that has plagued the capital market for many years was relieved in 2018.At present, the number of companies queuing up is less than 300, and the cost of IPO time has been greatly reduced.In June 2016, the number of queuing companies once exceeded 800.

Like the normalization of IPOs, there are many debates surrounding the registration system.

At the press conference of the National Two Sessions on March 12, 2016, Liu Shiyu categorically answered that the registration system must be implemented, but he still left some space. As for how to implement it, we must study it carefully.

At present, it seems that the Science and Technology Innovation Board and the registration system are gradually approaching.On January 23, the sixth meeting of the Central Committee for Comprehensive Deepening Reforms reviewed and approved the overall implementation plan for the establishment of a Science and Technology Innovation Board on the Shanghai Stock Exchange and the pilot registration system, and the implementation of the establishment of a Science and Technology Innovation Board on the Shanghai Stock Exchange and the pilot registration system.Opinion.The issuance system of the A-share market will enter a new stage.

In the past three years, Liu Shiyu has also left many distinctive Liu Shiyu quotations, from which we can also see the context of his supervision.

During the Two Sessions in 2016, Liu Shiyu, who had just taken office, said this: As chairman of the China Securities Regulatory Commission, I cannot advise everyone to buy stocks, let alone sell stocks.It is not easy for ordinary people to earn some money. When the market liquidity is exhausted and there is widespread panic, they can still get it if they don't make a move.

In 2016, the A-share market was full of chaotic cross-border mergers and acquisitions, and the capital market wanted to raise cards.In December, Liu Shiyu published his famous theory of evil spirits and barbarians:

It is not acceptable for you to turn from a barbarian at the gate to a robber in the industry with money that is not in the right way.You are challenging the bottom line of national laws and regulations, and you are also challenging the bottom line of your life. This is a manifestation of human immorality, not financial innovation at all.Some people enter the financial market with financial licenses and use public funds to engage in so-called leveraged buyouts. In fact, it is the majority of investors who ultimately bear the risk.

I hope that asset managers will not be extravagant local tyrants, leprechauns who stir up trouble, or evil spirits who deceive people and harm people.On January 5, 2017, Liu Shiyu said at a symposium on research, guidance, inspection and law enforcement: The capital market does not allow predators to have all the will and power and prey on retail investors, and a group of capital predators must be arrested in a planned manner.

Liu Shiyu's second year in office should be relatively easy.This year, benefiting from the value investment market of white horse blue chips, the Shanghai stock index performed strongly.Liu Shiyu's biggest move is to supervise the major shareholders of listed companies.

On April 8, 2017, Liu Shiyu was named at the second member representative conference of the China Association of Public Companies and was given the following title:

Some listed companies have no market competitiveness or main business at all, but their major shareholders, directors and supervisors have pushed up the stock price to cash out at high levels, reduced their holdings at an excessive proportion or even liquidated their holdings. Market players say it is ugly, and the majority of small and medium-sized enterprises are trapped.Investors are in trouble.

On the same day, he also clearly pointed out the phenomenon of listed companies not paying dividends:

Overall, if a listed company does not pay dividends to shareholders, it will become a speculative game.companyNot paying dividends without justifiable reasons may also be a sign of falsified financial data and insider control.There are also some iron roosters who have the ability to pay dividends but have nothing for many years. The China Securities Regulatory Commission has paid close attention to this issue and cannot leave it alone. It will take corresponding hard measures.

Liu Shiyu's next stop is the All-China Supply and Marketing Cooperative.What kind of institution is this?

According to the official website, the All-China Federation of Supply and Marketing Cooperatives is a joint organization of supply and marketing cooperatives across the country, led by the State Council.At present, it has jurisdiction over 15 directly affiliated institutions, 15 responsible associations and China Supply and Marketing Group. China Supply and Marketing Group manages 16 wholly-owned and holding subsidiaries.

As of the end of 2017, the system had 2,777 supply and marketing cooperatives at or above county level, 30,281 grassroots cooperatives, 185,934 professional cooperatives of various types established by organized farmers, and a total of 21,852 corporate enterprises of various types in the system (excluding grassroots cooperatives).There are 277 institutions affiliated to supply and marketing cooperatives at all levels.

According to Xinhua News Agency, in 2018, the National Supply and Marketing Cooperative system achieved total sales of 5.9 trillion yuan, profits of 46.8 billion yuan, and total assets of 1.6 trillion yuan.In comparison, PetroChina's operating income in 2018 was less than half that, at 2.77 trillion yuan.

From the founding of New China to 1957, supply and marketing cooperatives developed rapidly across the country, forming a national circulation network that connected up and down and crisscrossed the country.This period was a golden period for the development of supply and marketing cooperatives.

In 1982, during the institutional reform, the National Federation of Supply and Marketing Cooperatives merged with the Ministry of Commerce for the third time, but retained the brand of the National Federation of Supply and Marketing Cooperatives, established the All-China Federation of Supply and Marketing Cooperatives Council, and retained the status of provincial-level supply and marketing cooperatives.Independent organization system.

In 2011, China Supply and Marketing Group ranked 83rd among the top 500 Chinese companies with operating income of more than 96 billion yuan, and ranked 31st among the top 500 Chinese service industry companies.

In 2014, the pilot comprehensive reform of supply and marketing cooperatives was included in the work points of the Central Reform Office in 2014 and included in the Central Committee’s No. 1 Document and the Government Work Report; in 2016, the Central Committee’s No. 1 Document clearly stated that the comprehensive reform of supply and marketing cooperatives should be further promoted to improve services for farmers.ability.

According to the Central Organization Office’s reply on the main responsibilities and internal organization adjustments of the All-China Federation of Supply and Marketing Cooperatives (Central Organization Office Fuzi [2017] No. 101), the main responsibilities of the All-China Federation of Supply and Marketing Cooperatives have been adjusted to:

1. Promote and implement the guidelines and policies of the Party Central Committee and the State Council on agriculture, rural areas and farmers, and guide the development of supply and marketing cooperation nationwide.

2. Responsible for researching and formulating development strategies and plans for national supply and marketing cooperatives, and guiding and serving the reform and development of the entire system.

3. Organize, coordinate and manage the operation of important agricultural production materials and agricultural and sideline products according to authorization, and guide supply and marketing cooperatives at all levels to undertake public welfare services and other tasks entrusted by the government.

4. Promote the legal construction of supply and marketing cooperatives, study and propose policies and regulations to promote rural economic, social and industry development, and safeguard the legitimate rights and interests of supply and marketing cooperatives at all levels.

5. Coordinate the relationship with relevant departments, guide the business activities of supply and marketing cooperatives across the country, support supply and marketing cooperatives in developing e-commerce and carry out rural cooperation and integrated services, lead the establishment of professional farmer cooperatives, and better fulfill their responsibilities in serving farmers.

6. Guide the operation of social-owned assets, ensure that social-owned enterprises serve farmers, perform social-owned asset supervision responsibilities, and implement social-owned asset value maintenance and increase and safety responsibilities.

7. Represent Chinese cooperatives in the affairs of the International Cooperative Alliance and related international organizations.

8. Undertake other matters assigned by the Party Central Committee and the State Council.