Xinhua - English
Securities Law must be better enforced
www.chinaview.cn 2005-04-27 09:04:06
BEIJING, April 27 -- The proposed amendment to the Securities Law rekindles a ray of hope for the ailing stock market, which stumbled to six-year low on Monday.
However, how long the flickering hope will last, or whether it will become stronger, will depend on more than an amended law although it was revealed the law will close many loopholes in the country's securities legislation.
The draft amendment to the Securities Law, which took effect in 1999, came under the review of top legislators on Sunday.
The following day, the benchmark Shanghai composite index continued its slump and registered its lowest closing price in six years.
The market's nonchalance towards the legal amendment, which should be, in the words of mainstream analysts and officials, a great stimulus to investor mood, shows deep-rooted distrust in the authorities' efforts to save the market.
It is not because the new amendment fails to represent the interest of investors.
Lawmakers have revealed the draft law amendment proposes to include a wider scope for civil lawsuits. Top managers of listed companies would be required to shoulder more responsibility over the disclosure of information. And an insurance fund for small investors may also be established.
All these points are key to fostering a healthy market.
Take corporate information disclosure as an example. A Shanghai Stock Exchange report said more than 83 per cent of listed companies' misconduct concerned deceptive information disclosure, which misleads investors.
Any good measures, however, take time to take effect. The new amendment, even if passed by legislators, will only rehabilitate the market gradually.
To save the market, its leadership must first come to terms with the real causes behind the low market mood.
It is widely argued that the current downward trend has been caused by disappearing investor hope over a solution to the lingering problem of non-tradable shares. As a transitional move in the reform of State-owned enterprises, listed companies in the A-share market have about 60 per cent of their shares held by the State. These are non-tradable. Last week, it was rumoured that a quick solution will be found to this issue.
The worries, expectations and despair in the wake of the rumour have shaken the market. But that is not all the story.
The recent doldrums have lasted for four years. Last year alone, the Shanghai stock index slid by 15 per cent, making it one of the world's worst performers. Each of the country's 70 million stock accounts, on average, lost more than 2,000 yuan (US$241).
What is worse, there is no sign the depressed market will improve in the near future.
Behind all this are wild market irregularities, which have forced investors to "vote with their feet" and for which the authorities are responsible.
Thanks to its loose approval procedures, the securities authorities have allowed many bad-performing companies in the market so they can benefit from cheap money from investors. It has failed to ferret out problematic companies. Moreover, it has not meted out adequate punishment for those engaged in price rigging, false information disclosure and market manipulation.
Loose regulations are a de facto encouragement for other misdeeds.
To reshape the market, the authorities must play its role of strengthening market regulation. Merely pinning their hopes on an amended law is childish.
(Source: China Daily)
Wednesday, April 27, 2005
Yahoo! Australia & NZ Finance
Yahoo! Australia & NZ Finance
China Direct Signs Agreements To Acquire Controlling Interest in $20 Million Chinese Furniture Manufacturing Company
Wednesday April 27, 2005, 1:27 am
BEIJING, April 26, 2005 (PRIMEZONE) -- China Direct Trading Corporation (OTCBB:CHDT)("CHDT") signed an agreement today to acquire a 40% equity stake and majority board representation for Beijing Huawei Furniture Manufacture Co., Ltd. ("Huawei"), an 11-year-old premier Beijing manufacturer of quality commercial furniture with FY 2004 gross revenues of $16,000,000 and income of $1,500,000. The new joint venture (JV) will be called Beijing Huawei International Furniture Manufacturing Corporation Ltd., and CHDT will consolidate 40% of all financial data of Huawei, including revenues, assets, and income. CHDT was also presented by the auditors with an appraisal on the factory's assets of $13,000,000. Projected gross revenues for 2005 for the new joint venture are $20,000,000.
"Partnering with Huawei fits wonderfully into our expanding business plan, and will dramatically increase the size of China Direct.. We appreciate Huawei's confidence in our company and feel confident that the sales exposure we can provide in North and South America will add to their current growth and profitability as well as our own," said Howard Ullman, Chairman and CEO of CHDT. "The investment China Direct is making in Huawei will permit China Direct to become a major player in the residential and commercial furniture markets of the United States and China and to capitalize on the surging demand for high-quality, reasonably priced furniture in both markets," Ullman said.
"We are looking forward to a long and productive relationship with China Direct and the creation of a major new marketing force in the Chinese and U.S. furniture industry," said Wang Hong Kun, Chairman of the Board of Directors of the new joint venture. Mr. Wang has won numerous awards as one of the outstanding businessmen in China, and has been recognized as one of the top ten young entrepreneurs in Beijing. He is President of the Beijing Furniture Association.
Basic Terms
Under the agreement, CHDT will exchange $1,325,000 worth of CHDT Common Stock and make an investment of $5 million over the next year to be used to build a new million square foot production facility. This investment will be matched by a $7.5 million investment in the same factory by Huawei. CHDT will receive shares of Huawei capital stock equal to 40% of Huawei's issued and outstanding shares as well as majority of the Huawei board seats.
Reasons for Acquisition
CHDT is making this acquisition because CHDT believes that it will: (1) allow CHDT to meet the standards for listing CHDT common stock on the Nasdaq SmallCap Market; (2) enhance shareholder value by substantially increasing CHDT's revenues, income, and assets; (3) allow CHDT to directly exploit what CHDT sees as a potentially significant demand in the U.S. for Huawei products (which potential is based on CHDT marketing efforts to date for Huawei); and (4) establish CHDT's presence in China as a Chinese joint venture company, which status will enable CHDT to acquire other attractive companies in China.
Contingencies to Acquisition
The consummation of the Huawei acquisition is contingent upon the following conditions--all of which must be satisfied for final consummation of the acquisition: (1) CHDT must obtain funding for the $5 million investment over the next 12 months in the new Huawei factory; (2) Huawei must file an audited GAAP-approved financial statement. (3) the CHDT-Huawei joint venture must be approved by the Chinese government, which CHDT does not anticipate will be a problem.
About Huawei
Huawei Furniture Manufacture Co. Ltd. is a leading furniture maker in Beijing. Over the past decade, it has rapidly grown from a family-run shop into an established brand name in China. The corporate head office and production facilities take up an area of 4 hectares. It has two main production lines, which installed 60 sets of machines from Germany. The registered capital is RMB118 million and 800 full time employees.
Huawei has been awarded with ISO9001 certificate, ISO14001 Environmental Management Certificate, National Class A Quality Certificate, Official supplier and Vender for Government Procurement, and etc. The loyal client base includes the Great Hall of People, Ministry of Agriculture, Ministry of Health, Ministry of Foreign Affairs, Bank of China, China Academy of Science, Peking University, Beijing Oriental Plaza, General Hospital of Arm Forces, Beijing Shangri-la Hotel, Otani Hotel, just to name a few.
Business
CHDT is a global trading company engaged in product development, manufacturing, distribution, logistics, and product placement into mass retail. The company holds patents and sells products to importers, theme parks and directs to retail worldwide. By establishing relationships with various governmental agencies, public and private institutions, and private industries in China, the Company aims to play a key role in assisting U.S. companies that desire to move production or investments into China as well as helping Chinese firms grow through U.S. distribution and financial support. In addition, the company acquires and invests in innovative products, services, or technology companies.
Forward-looking Statements:
This press release includes "forward-looking statements" within the meaning of the federal securities laws. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Many factors are beyond the company's and its subsidiaries' control. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's existing and future filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
CONTACT:
Rubenstein Investor Relations
Tim Clemenson
212-843-9337
--------------------------------------------------------------------------------
Source:China Direct Trading Corp.
China Direct Signs Agreements To Acquire Controlling Interest in $20 Million Chinese Furniture Manufacturing Company
Wednesday April 27, 2005, 1:27 am
BEIJING, April 26, 2005 (PRIMEZONE) -- China Direct Trading Corporation (OTCBB:CHDT)("CHDT") signed an agreement today to acquire a 40% equity stake and majority board representation for Beijing Huawei Furniture Manufacture Co., Ltd. ("Huawei"), an 11-year-old premier Beijing manufacturer of quality commercial furniture with FY 2004 gross revenues of $16,000,000 and income of $1,500,000. The new joint venture (JV) will be called Beijing Huawei International Furniture Manufacturing Corporation Ltd., and CHDT will consolidate 40% of all financial data of Huawei, including revenues, assets, and income. CHDT was also presented by the auditors with an appraisal on the factory's assets of $13,000,000. Projected gross revenues for 2005 for the new joint venture are $20,000,000.
"Partnering with Huawei fits wonderfully into our expanding business plan, and will dramatically increase the size of China Direct.. We appreciate Huawei's confidence in our company and feel confident that the sales exposure we can provide in North and South America will add to their current growth and profitability as well as our own," said Howard Ullman, Chairman and CEO of CHDT. "The investment China Direct is making in Huawei will permit China Direct to become a major player in the residential and commercial furniture markets of the United States and China and to capitalize on the surging demand for high-quality, reasonably priced furniture in both markets," Ullman said.
"We are looking forward to a long and productive relationship with China Direct and the creation of a major new marketing force in the Chinese and U.S. furniture industry," said Wang Hong Kun, Chairman of the Board of Directors of the new joint venture. Mr. Wang has won numerous awards as one of the outstanding businessmen in China, and has been recognized as one of the top ten young entrepreneurs in Beijing. He is President of the Beijing Furniture Association.
Basic Terms
Under the agreement, CHDT will exchange $1,325,000 worth of CHDT Common Stock and make an investment of $5 million over the next year to be used to build a new million square foot production facility. This investment will be matched by a $7.5 million investment in the same factory by Huawei. CHDT will receive shares of Huawei capital stock equal to 40% of Huawei's issued and outstanding shares as well as majority of the Huawei board seats.
Reasons for Acquisition
CHDT is making this acquisition because CHDT believes that it will: (1) allow CHDT to meet the standards for listing CHDT common stock on the Nasdaq SmallCap Market; (2) enhance shareholder value by substantially increasing CHDT's revenues, income, and assets; (3) allow CHDT to directly exploit what CHDT sees as a potentially significant demand in the U.S. for Huawei products (which potential is based on CHDT marketing efforts to date for Huawei); and (4) establish CHDT's presence in China as a Chinese joint venture company, which status will enable CHDT to acquire other attractive companies in China.
Contingencies to Acquisition
The consummation of the Huawei acquisition is contingent upon the following conditions--all of which must be satisfied for final consummation of the acquisition: (1) CHDT must obtain funding for the $5 million investment over the next 12 months in the new Huawei factory; (2) Huawei must file an audited GAAP-approved financial statement. (3) the CHDT-Huawei joint venture must be approved by the Chinese government, which CHDT does not anticipate will be a problem.
About Huawei
Huawei Furniture Manufacture Co. Ltd. is a leading furniture maker in Beijing. Over the past decade, it has rapidly grown from a family-run shop into an established brand name in China. The corporate head office and production facilities take up an area of 4 hectares. It has two main production lines, which installed 60 sets of machines from Germany. The registered capital is RMB118 million and 800 full time employees.
Huawei has been awarded with ISO9001 certificate, ISO14001 Environmental Management Certificate, National Class A Quality Certificate, Official supplier and Vender for Government Procurement, and etc. The loyal client base includes the Great Hall of People, Ministry of Agriculture, Ministry of Health, Ministry of Foreign Affairs, Bank of China, China Academy of Science, Peking University, Beijing Oriental Plaza, General Hospital of Arm Forces, Beijing Shangri-la Hotel, Otani Hotel, just to name a few.
Business
CHDT is a global trading company engaged in product development, manufacturing, distribution, logistics, and product placement into mass retail. The company holds patents and sells products to importers, theme parks and directs to retail worldwide. By establishing relationships with various governmental agencies, public and private institutions, and private industries in China, the Company aims to play a key role in assisting U.S. companies that desire to move production or investments into China as well as helping Chinese firms grow through U.S. distribution and financial support. In addition, the company acquires and invests in innovative products, services, or technology companies.
Forward-looking Statements:
This press release includes "forward-looking statements" within the meaning of the federal securities laws. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Many factors are beyond the company's and its subsidiaries' control. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's existing and future filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
CONTACT:
Rubenstein Investor Relations
Tim Clemenson
212-843-9337
--------------------------------------------------------------------------------
Source:China Direct Trading Corp.
Tuesday, April 26, 2005
China Bans Management Buyouts for Some
China Bans Management Buyouts for Some
washingtonpost.com
China Bans Management Buyouts for Some
By ELAINE KURTENBACH
The Associated Press
Friday, April 15, 2005; 8:09 AM
SHANGHAI, China -- China on Friday announced it was banning executives at major state-owned companies from buying government shareholdings, acting to prevent theft of state assets as the country moves to reform its stock markets.
The ban on management buyouts follows news that the government has endorsed a plan for trial sales of state-owned shares in hopes of lifting stock prices.
Newspaper reports gave few details of the notice from the Ministry of Finance and the ministry-level State-owned Assets Supervision and Administration Commission. However, they said management buyouts would be permitted at small and medium-sized state companies.
China's stock market regulator said earlier this week that the government would proceed cautiously with stock market reforms to avoid hurting investors' interests.
A key concern appears to be avoiding stock buy-ups by state industry managers and their families. Allegations of such insider dealings have sparked numerous corruption allegations and protests by workers who accuse bosses of pocketing government money while selling off the source of their livelihoods.
Non-tradable state-owned shares account for about two-thirds of equity capital in companies listed on China's two domestic bourses. The government also holds controlling stakes in most major companies whose shares are traded in Hong Kong or other overseas markets.
Chinese leaders have pledged to gradually privatize a number of industries, while retaining state control in areas considered strategically important.
According to the new rules, managers who wish to buy assets of smaller state companies would be excluded from restructuring plans or asset evaluations. Managers found liable for poor corporate performance or those involved in fraud would also be excluded.
"Such irregularities and unstable factors have to be dealt with efficiently," the state-run newspaper China Daily cited Li Rongrong, minister of the state assets agency, as saying. "Management acquisitions of state assets and equities must be done in an orderly way."
China lacks the financing tools and assessment mechanisms to allow management buyouts at big state companies, the report cited Li as saying. He said the government was also drafting rules to govern the use of stock options on an experimental basis.
China had 150,000 state enterprises at the end of 2003. Most are controlled by local or provincial governments, though the largest and most strategically important are directed by the central government.
Earlier this year, the government ordered Communist Party officials to take a more active role in managing state companies, part of tighter controls imposed following a slew of financial scandals and corruption cases.
© 2005 The Associated Press
washingtonpost.com
China Bans Management Buyouts for Some
By ELAINE KURTENBACH
The Associated Press
Friday, April 15, 2005; 8:09 AM
SHANGHAI, China -- China on Friday announced it was banning executives at major state-owned companies from buying government shareholdings, acting to prevent theft of state assets as the country moves to reform its stock markets.
The ban on management buyouts follows news that the government has endorsed a plan for trial sales of state-owned shares in hopes of lifting stock prices.
Newspaper reports gave few details of the notice from the Ministry of Finance and the ministry-level State-owned Assets Supervision and Administration Commission. However, they said management buyouts would be permitted at small and medium-sized state companies.
China's stock market regulator said earlier this week that the government would proceed cautiously with stock market reforms to avoid hurting investors' interests.
A key concern appears to be avoiding stock buy-ups by state industry managers and their families. Allegations of such insider dealings have sparked numerous corruption allegations and protests by workers who accuse bosses of pocketing government money while selling off the source of their livelihoods.
Non-tradable state-owned shares account for about two-thirds of equity capital in companies listed on China's two domestic bourses. The government also holds controlling stakes in most major companies whose shares are traded in Hong Kong or other overseas markets.
Chinese leaders have pledged to gradually privatize a number of industries, while retaining state control in areas considered strategically important.
According to the new rules, managers who wish to buy assets of smaller state companies would be excluded from restructuring plans or asset evaluations. Managers found liable for poor corporate performance or those involved in fraud would also be excluded.
"Such irregularities and unstable factors have to be dealt with efficiently," the state-run newspaper China Daily cited Li Rongrong, minister of the state assets agency, as saying. "Management acquisitions of state assets and equities must be done in an orderly way."
China lacks the financing tools and assessment mechanisms to allow management buyouts at big state companies, the report cited Li as saying. He said the government was also drafting rules to govern the use of stock options on an experimental basis.
China had 150,000 state enterprises at the end of 2003. Most are controlled by local or provincial governments, though the largest and most strategically important are directed by the central government.
Earlier this year, the government ordered Communist Party officials to take a more active role in managing state companies, part of tighter controls imposed following a slew of financial scandals and corruption cases.
© 2005 The Associated Press
China outlines moves to update its markets
China outlines moves to update its markets
China outlines moves to update its markets
Agence France-Presse
TUESDAY, APRIL 26, 2005
Chinese regulators have pledged further changes in the country's equity and fledgling futures markets, the state media reported on Monday.
The China Securities Regulatory Commission will promote the listing of large, high-quality companies in the domestic market while developing a corporate bond market, The China Securities Journal reported.
The setting up of a unified bond market will allow the trading of bonds on markets between commercial banks, the newspaper said.
Other initiatives include expanding the size of equity investment funds and the quota for qualified foreign institutional investors, the system by which overseas banking entities are allocated fund quotas to invest in the domestic equity markets. The commission said it planned to adjust some policies to provide a more favorable investment environment for foreign institutional investors, but no details were provided.
Vowing to severely punish brokerage managers who violate rules or cheat investors, the commission also said it would throw its support behind securities houses' efforts to expand their business.
The brokerages have struggled for profits amid an official crackdown on corruption and a slumping stock market, which has contributed to a decline in public interest in equities.
The commission also wants to accelerate the pace to establish investor protection funds and a framework to ensure security in margin trading, it said.
Insurance investors wanted
China's insurance regulator has told domestic insurers to bring in more strategic investors to help improve their managerial structures, Reuters reported from Beijing, citing The China Securities Journal.
Such strategic investors could be foreign or domestic, Wu Xiaoping, vice chairman of the China Insurance Regulatory Commission, said on Saturday at a conference. Major shareholders currently have too much influence, Wu was quoted as saying.
Beijing wants to inject foreign capital and expertise into the sector, which is facing hundreds of billions of dollars in policy obligations and is rapidly opening to overseas competition.
Foreign players from HSBC Holdings to Goldman Sachs Group have picked up strategic stakes in the country's largest insurers, like China Life Insurance and Ping An Insurance. The government is also encouraging strategic investment in the banking industry, partly to bring in international expertise, and it has told insurers they can work with foreign companies in the asset management business. In February it said the industry could set up six to eight joint-venture asset management companies by the end of the year.
In keeping with its World Trade Organization commitments, China this year lifted restrictions on where foreign insurers could operate and what products they could offer.
Total foreign capital in the Chinese insurance market reached 194.8 billion yuan, or $23.5 billion, in 2003, up from 4 billion yuan in 1999, according to state media.
Copyright © 2005 The International Herald Tribune | www.iht.com
China outlines moves to update its markets
Agence France-Presse
TUESDAY, APRIL 26, 2005
Chinese regulators have pledged further changes in the country's equity and fledgling futures markets, the state media reported on Monday.
The China Securities Regulatory Commission will promote the listing of large, high-quality companies in the domestic market while developing a corporate bond market, The China Securities Journal reported.
The setting up of a unified bond market will allow the trading of bonds on markets between commercial banks, the newspaper said.
Other initiatives include expanding the size of equity investment funds and the quota for qualified foreign institutional investors, the system by which overseas banking entities are allocated fund quotas to invest in the domestic equity markets. The commission said it planned to adjust some policies to provide a more favorable investment environment for foreign institutional investors, but no details were provided.
Vowing to severely punish brokerage managers who violate rules or cheat investors, the commission also said it would throw its support behind securities houses' efforts to expand their business.
The brokerages have struggled for profits amid an official crackdown on corruption and a slumping stock market, which has contributed to a decline in public interest in equities.
The commission also wants to accelerate the pace to establish investor protection funds and a framework to ensure security in margin trading, it said.
Insurance investors wanted
China's insurance regulator has told domestic insurers to bring in more strategic investors to help improve their managerial structures, Reuters reported from Beijing, citing The China Securities Journal.
Such strategic investors could be foreign or domestic, Wu Xiaoping, vice chairman of the China Insurance Regulatory Commission, said on Saturday at a conference. Major shareholders currently have too much influence, Wu was quoted as saying.
Beijing wants to inject foreign capital and expertise into the sector, which is facing hundreds of billions of dollars in policy obligations and is rapidly opening to overseas competition.
Foreign players from HSBC Holdings to Goldman Sachs Group have picked up strategic stakes in the country's largest insurers, like China Life Insurance and Ping An Insurance. The government is also encouraging strategic investment in the banking industry, partly to bring in international expertise, and it has told insurers they can work with foreign companies in the asset management business. In February it said the industry could set up six to eight joint-venture asset management companies by the end of the year.
In keeping with its World Trade Organization commitments, China this year lifted restrictions on where foreign insurers could operate and what products they could offer.
Total foreign capital in the Chinese insurance market reached 194.8 billion yuan, or $23.5 billion, in 2003, up from 4 billion yuan in 1999, according to state media.
Copyright © 2005 The International Herald Tribune | www.iht.com
Monday, April 25, 2005
sec law revision
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《证券法》修改稿：从严从苛监管券商
21世纪经济报道 2005-04-20 16:25:07
区淑宜绘
《证券法》修改系列报道之二
本报记者 刘欣 北京报道
有专家认为，《证券法》是证券市场最高层次的法律，应该体现原则性的东西，留下空间以便细则的具体实施和修改。这份修改稿的许多内容应该在《证券公司管理条例》中出现，不应该搬入《证券法》。
即将提请全国人大常委会审议的《证券法》修改稿，关于证券公司的内容修改力度很大，篇幅也大大增加。监管层在券商地雷不断引爆、行业危机深重而苦无良策的情况下，对券商的监管立法从严从苛，首次提出“审慎监管原则”。但是，严苛的监管条例能否为加强券商的内控机制起到作用，专家表示担忧。
改变以资本论成分
本次《证券法》修改稿的一个醒目之处是取消券商综合类和经纪类的分类。原《证券法》第119条规定：国家对证券公司实行分类管理，分为综合类证券公司和经纪类证券公司。修改稿改为：经国务院证券监督管理机构批准，证券公司可以开展下列部分或者全部业务：1.证券经纪；2.证券投资咨询；3.证券承销与保荐；4.财务顾问；5.证券自营；6.资产管理；7.国务院证券监督管理机构批准的其他业务。其后，集合理财业务也在修改稿中出现。
《证券法》专家郭锋认为，这样做改变了以往对证券公司以资本论成分的做法，有利于公平竞争，公平发展。
监管层对证券公司“大不见得就好”的思想转变，其实在去年出台的证券公司分类监管中已经有所体现。进入创新试点，即A类券商名单的11家券商中，东海证券、东方证券在业内都算不上是知名大券商，其中东海证券公司前身为常州证券有限责任公司，注册资本10.1亿元，不符合创新试点券商“最近一年净资本不低于12亿元”的基本条件。知情人士透露，东海证券因“成立以来连续11年实现了盈利”而挤入创新试点榜中。
同时，海通证券、申银万国、银河证券、华夏证券等一批老券商能否进入创新试点这一券商排头兵阵营，还是未知数。
取消综合和经纪类的分类之后，《证券法》修改稿将设立证券公司的主要资金条件定为：主要股东及其实际控制人……净资产不低于人民币2亿元。这是现行的《证券公司管理办法》中对综合类券商的规定。
证监会对设立证券公司没有注册资本金的要求。申银万国分析师蒋建蓉说，这体现了监管机构以净资本为核心的监管方法的转变。通俗地说，净资本相当于银行的资本充足率。
值得一提的是，对向来定义模糊、争议比较大的客户资产所有权的归属，修改稿作了明确规定。第132条中明确要求：“客户交易结算资金的所有权、使用权属于客户。证券公司不得将客户交易结算资金归入其固有资产。”并且还规定，“严禁任何机构或者个人以任何形式挪用客户交易结算资金。证券公司破产或清算时，客户交易结算资金不属于其破产财产或清算财产，非因客户本身的债务，不得将客户交易结算资金封查、冻结、扣划或者强制执行。”
另外，这一条后面还规定，证券公司必须将客户的交易结算资金全额交付“专门的存管机构”，单独管理。这一句话比原条例稍作改动，原条例规定，客户交易结算资金必须全额存入“指定的商业银行”。
蒋建蓉说，在国外，有数家券商发起成立专门的存管银行，区别于商业银行。联想2003年央行“5号令”引起的轩然大波，以及券商息差收入归属和上下浮动引起的争论，这一点改动看起来不起眼，其实乾坤颇大。
审慎监管
就像上市公司一样，证券公司缺乏内控机制，或者一把手关键时刻总能超越内控机制，被认为是证券公司频频引爆地雷的重要原因之一。修改稿中大量篇幅的规定都体现了监管层对此的痛定思痛。
修改稿中首次出现了“审慎监管原则”字样。在设立证券公司以及证券公司经营上的第3条至第7条中，“审慎监管原则”一再出现。
这几年证券公司出现问题，相当一部分责任在股东身上。2003年鸿仪系进入泰阳证券，其掌门人鄢彩宏对其他股东毫不掩饰地说，自己之所以进入证券公司，就是因为“资金链特别紧张”。其时鄢彩宏在证券市场上已经掌控了四五家上市公司。
像鄢彩宏这样怀揣着“缺钱、找钱”的想法进入证券公司的企业，在最近几年里并非个案。针对这种情况，《证券法》修改稿增加一条：证券公司不得为其股东和股东的关联人提供融资或者担保。
第168条还规定，“国务院证券监督管理机构有权要求证券公司及其股东、实际控制人在指定的期限内提供有关信息、资料。”
修改稿对证券公司能够开展的业务、设立证券公司条件、股东、资产结构、高管人员、客户资产等一系列问题作了详尽的规定。
第124条规定，“国务院证券监督管理机构应当对证券公司的净资本，净资本与负债的比例，净资本与净资产的比例，净资本与自营、承销、资产管理等业务规模比例，负债与净资产比例，以及流动资产与流动负债的比例等风险控制指标作出规定。”
对证券公司的高管人员，修改稿125条规定，“应当正直诚实，品行良好，熟悉证券法律、行业规定……等等”。
券商变更持有5％股权的股东或5％以上的实际控制人、收购分支机构、章程制定和修改，都需要向证监会报批。
郭锋和蒋建蓉均认为，《证券法》是证券市场最高层次的法律，应该体现原则性的东西，留下空间以便细则的具体实施和修改。这份修改稿的许多内容应该在《证券公司管理条例》中出现，实际上也确实是在现行的《证券公司管理条例》中有所规定的内容，不应该搬入《证券法》。许多内容和条件，比如证券公司设立的净资本条件，这是会随着经济水平的发展相应变化的，《证券法》修改一次很难，而这一条件如果长时间不变的话，不会有助于经济发展。
华东政法学院教授罗培新认为，券商业务开展各有所长，各有侧重，统一对业务开展的各种财务指标作出规定，不利于券商开展错位竞争。
证券公司的内控机制，“说的时候重要，做的时候次要，拿的时候不要”。罗培新认为，这份修改稿说明，在券商行业乌云压城的现状下，监管层不再愿意把自治权力交给券商，自己要取而代之，压缩券商自治空间。
但是，他认为，监管层同样是有监管成本的，“监管滞后”以及“智慧落后于市场”几乎已经是不争的事实。管得过细，未必就等同于建立起了合格的内控机制。
新增监管权大多针对券商
修改稿给监管层赋予了比以往更多的权力，一些甚至是准司法权，这些权力大部分针对券商。
修改稿规定，证监会要审查证券公司章程；证监会可以对证券公司进行“现场检查”，“发现违法违规行为的，责令限期改正；情节严重的，可暂停直接负责人履行职务，或要求上述机构限期解除其职务；逾期未改的，可以暂停或取消其证券业务”；“证券公司应当按照规定，定期向国务院监督管理机构报送业务、财务等经营管理信息和资料”；“……认为有必要时，可以指定会计师事务所或者其他中介机构对证券公司的财务状况、内部控制状况进行审计或者评估，有关费用由被审计或者评估公司承担”；“证券公司净资本及其他风险控制指标不符合规定的”，证监会甚至可以责令控股股东出局，“转让股权或者限制相关股东的权力”，这已经远远超过了《公司法》的规定，后者只要求虚假出资或抽逃资本的股东补足资本，其他股东负有连带出资责任。
对给予证监会过多权限以及准司法权，反对者理由有三：
其一，监管也应当有边界，修改稿赋予证监会准司法权，等于是认定证监会具有能够公正客观执行准司法权的能力。证监会是否有这种能力，大多数人心存疑问。
其二，2004年7月1日实行的《行政许可法》的核心精神是尊重市场自治，市场自治优先于政府监管。罗培新认为，修改稿中赋予证监会过多权限，与《行政许可法》精神相悖，不适当地设置了行政许可。
其三，担心侵犯个人权利。
专家认为，现在证券市场的问题不是证监会权限不够，而是监管不到位，目前赋予证监会的权力已经足够；证监会权力的调整不能以赋予准司法权为代价，否则后果不堪设想。
一名专家说，如果证监会认为证券公司违规，在没有证据的前提下就可以随意检查券商财务报表并且封账，那么势必将出现“人人做两本账”的局面，“如果人人都要对自己的合法性提供证明，那么这个市场就死了。”
不过，申银万国分析师蒋建蓉认为，增加这些规定是因为证监会以往执法不强很大程度上是因为权限不够，因此赋予证监会“尚方宝剑”也是合理的。
百度一下(http：／／www.baidu.com)“证券公司监管”相关网页266000篇。
即将提请全国人大常委会审议的《证券法》修改稿，关于证券公司的内容修改力度很大，篇幅也大大增加。监管层在券商地雷不断引爆、行业危机深重而苦无良策的情况下，对券商的监管立法从严从苛，首次提出“审慎监管原则”。但是，严苛的监管条例能否为加强券商的内控机制起到作用，专家表示担忧。
《证券法》修改稿：从严从苛监管券商
21世纪经济报道 2005-04-20 16:25:07
区淑宜绘
《证券法》修改系列报道之二
本报记者 刘欣 北京报道
有专家认为，《证券法》是证券市场最高层次的法律，应该体现原则性的东西，留下空间以便细则的具体实施和修改。这份修改稿的许多内容应该在《证券公司管理条例》中出现，不应该搬入《证券法》。
即将提请全国人大常委会审议的《证券法》修改稿，关于证券公司的内容修改力度很大，篇幅也大大增加。监管层在券商地雷不断引爆、行业危机深重而苦无良策的情况下，对券商的监管立法从严从苛，首次提出“审慎监管原则”。但是，严苛的监管条例能否为加强券商的内控机制起到作用，专家表示担忧。
改变以资本论成分
本次《证券法》修改稿的一个醒目之处是取消券商综合类和经纪类的分类。原《证券法》第119条规定：国家对证券公司实行分类管理，分为综合类证券公司和经纪类证券公司。修改稿改为：经国务院证券监督管理机构批准，证券公司可以开展下列部分或者全部业务：1.证券经纪；2.证券投资咨询；3.证券承销与保荐；4.财务顾问；5.证券自营；6.资产管理；7.国务院证券监督管理机构批准的其他业务。其后，集合理财业务也在修改稿中出现。
《证券法》专家郭锋认为，这样做改变了以往对证券公司以资本论成分的做法，有利于公平竞争，公平发展。
监管层对证券公司“大不见得就好”的思想转变，其实在去年出台的证券公司分类监管中已经有所体现。进入创新试点，即A类券商名单的11家券商中，东海证券、东方证券在业内都算不上是知名大券商，其中东海证券公司前身为常州证券有限责任公司，注册资本10.1亿元，不符合创新试点券商“最近一年净资本不低于12亿元”的基本条件。知情人士透露，东海证券因“成立以来连续11年实现了盈利”而挤入创新试点榜中。
同时，海通证券、申银万国、银河证券、华夏证券等一批老券商能否进入创新试点这一券商排头兵阵营，还是未知数。
取消综合和经纪类的分类之后，《证券法》修改稿将设立证券公司的主要资金条件定为：主要股东及其实际控制人……净资产不低于人民币2亿元。这是现行的《证券公司管理办法》中对综合类券商的规定。
证监会对设立证券公司没有注册资本金的要求。申银万国分析师蒋建蓉说，这体现了监管机构以净资本为核心的监管方法的转变。通俗地说，净资本相当于银行的资本充足率。
值得一提的是，对向来定义模糊、争议比较大的客户资产所有权的归属，修改稿作了明确规定。第132条中明确要求：“客户交易结算资金的所有权、使用权属于客户。证券公司不得将客户交易结算资金归入其固有资产。”并且还规定，“严禁任何机构或者个人以任何形式挪用客户交易结算资金。证券公司破产或清算时，客户交易结算资金不属于其破产财产或清算财产，非因客户本身的债务，不得将客户交易结算资金封查、冻结、扣划或者强制执行。”
另外，这一条后面还规定，证券公司必须将客户的交易结算资金全额交付“专门的存管机构”，单独管理。这一句话比原条例稍作改动，原条例规定，客户交易结算资金必须全额存入“指定的商业银行”。
蒋建蓉说，在国外，有数家券商发起成立专门的存管银行，区别于商业银行。联想2003年央行“5号令”引起的轩然大波，以及券商息差收入归属和上下浮动引起的争论，这一点改动看起来不起眼，其实乾坤颇大。
审慎监管
就像上市公司一样，证券公司缺乏内控机制，或者一把手关键时刻总能超越内控机制，被认为是证券公司频频引爆地雷的重要原因之一。修改稿中大量篇幅的规定都体现了监管层对此的痛定思痛。
修改稿中首次出现了“审慎监管原则”字样。在设立证券公司以及证券公司经营上的第3条至第7条中，“审慎监管原则”一再出现。
这几年证券公司出现问题，相当一部分责任在股东身上。2003年鸿仪系进入泰阳证券，其掌门人鄢彩宏对其他股东毫不掩饰地说，自己之所以进入证券公司，就是因为“资金链特别紧张”。其时鄢彩宏在证券市场上已经掌控了四五家上市公司。
像鄢彩宏这样怀揣着“缺钱、找钱”的想法进入证券公司的企业，在最近几年里并非个案。针对这种情况，《证券法》修改稿增加一条：证券公司不得为其股东和股东的关联人提供融资或者担保。
第168条还规定，“国务院证券监督管理机构有权要求证券公司及其股东、实际控制人在指定的期限内提供有关信息、资料。”
修改稿对证券公司能够开展的业务、设立证券公司条件、股东、资产结构、高管人员、客户资产等一系列问题作了详尽的规定。
第124条规定，“国务院证券监督管理机构应当对证券公司的净资本，净资本与负债的比例，净资本与净资产的比例，净资本与自营、承销、资产管理等业务规模比例，负债与净资产比例，以及流动资产与流动负债的比例等风险控制指标作出规定。”
对证券公司的高管人员，修改稿125条规定，“应当正直诚实，品行良好，熟悉证券法律、行业规定……等等”。
券商变更持有5％股权的股东或5％以上的实际控制人、收购分支机构、章程制定和修改，都需要向证监会报批。
郭锋和蒋建蓉均认为，《证券法》是证券市场最高层次的法律，应该体现原则性的东西，留下空间以便细则的具体实施和修改。这份修改稿的许多内容应该在《证券公司管理条例》中出现，实际上也确实是在现行的《证券公司管理条例》中有所规定的内容，不应该搬入《证券法》。许多内容和条件，比如证券公司设立的净资本条件，这是会随着经济水平的发展相应变化的，《证券法》修改一次很难，而这一条件如果长时间不变的话，不会有助于经济发展。
华东政法学院教授罗培新认为，券商业务开展各有所长，各有侧重，统一对业务开展的各种财务指标作出规定，不利于券商开展错位竞争。
证券公司的内控机制，“说的时候重要，做的时候次要，拿的时候不要”。罗培新认为，这份修改稿说明，在券商行业乌云压城的现状下，监管层不再愿意把自治权力交给券商，自己要取而代之，压缩券商自治空间。
但是，他认为，监管层同样是有监管成本的，“监管滞后”以及“智慧落后于市场”几乎已经是不争的事实。管得过细，未必就等同于建立起了合格的内控机制。
新增监管权大多针对券商
修改稿给监管层赋予了比以往更多的权力，一些甚至是准司法权，这些权力大部分针对券商。
修改稿规定，证监会要审查证券公司章程；证监会可以对证券公司进行“现场检查”，“发现违法违规行为的，责令限期改正；情节严重的，可暂停直接负责人履行职务，或要求上述机构限期解除其职务；逾期未改的，可以暂停或取消其证券业务”；“证券公司应当按照规定，定期向国务院监督管理机构报送业务、财务等经营管理信息和资料”；“……认为有必要时，可以指定会计师事务所或者其他中介机构对证券公司的财务状况、内部控制状况进行审计或者评估，有关费用由被审计或者评估公司承担”；“证券公司净资本及其他风险控制指标不符合规定的”，证监会甚至可以责令控股股东出局，“转让股权或者限制相关股东的权力”，这已经远远超过了《公司法》的规定，后者只要求虚假出资或抽逃资本的股东补足资本，其他股东负有连带出资责任。
对给予证监会过多权限以及准司法权，反对者理由有三：
其一，监管也应当有边界，修改稿赋予证监会准司法权，等于是认定证监会具有能够公正客观执行准司法权的能力。证监会是否有这种能力，大多数人心存疑问。
其二，2004年7月1日实行的《行政许可法》的核心精神是尊重市场自治，市场自治优先于政府监管。罗培新认为，修改稿中赋予证监会过多权限，与《行政许可法》精神相悖，不适当地设置了行政许可。
其三，担心侵犯个人权利。
专家认为，现在证券市场的问题不是证监会权限不够，而是监管不到位，目前赋予证监会的权力已经足够；证监会权力的调整不能以赋予准司法权为代价，否则后果不堪设想。
一名专家说，如果证监会认为证券公司违规，在没有证据的前提下就可以随意检查券商财务报表并且封账，那么势必将出现“人人做两本账”的局面，“如果人人都要对自己的合法性提供证明，那么这个市场就死了。”
不过，申银万国分析师蒋建蓉认为，增加这些规定是因为证监会以往执法不强很大程度上是因为权限不够，因此赋予证监会“尚方宝剑”也是合理的。
百度一下(http：／／www.baidu.com)“证券公司监管”相关网页266000篇。
即将提请全国人大常委会审议的《证券法》修改稿，关于证券公司的内容修改力度很大，篇幅也大大增加。监管层在券商地雷不断引爆、行业危机深重而苦无良策的情况下，对券商的监管立法从严从苛，首次提出“审慎监管原则”。但是，严苛的监管条例能否为加强券商的内控机制起到作用，专家表示担忧。
People's Daily Online -- Top legislature revises securities law
People's Daily Online -- Top legislature revises securities law
Home >> China
UPDATED: 08:05, April 25, 2005
Top legislature revises securities law
Chinese top legislature began Sunday the first deliberation of the draft of the securities law amendment, which aims to solve the major problems facing the country's sluggish stock markets.
The draft with 229 clauses, including 29 newly-added ones and 95 revised ones, was submitted to the 15th session of the Standing Committee of the 10th National People's Congress (NPC) starting from April 24 to 27.
The draft mainly added some clauses to perfect the supervision mechanism on listed companies and securities companies, establish a special fund to protect investor's rights, authorize more power of the securities watchdogs and strengthen the strike on managers with misconduct and malpractice.
"The securities law, which took effect as of July 1, 1999, has been blamed for lacking supervision on rampant irregularities in stock markets. It has not adapted to the current situation of China's capital markets," said Zhou Zhengqing, vice chairman of the NPC Financial and Economic Committee.
Zhou said that the current law cannot effectively protect the interests of small investors. It lacks concrete clauses to crack down the illegal operations of some securities companies. Some clauses in the law become outdated to meet the new situation due to the latest development of stock markets.
In recent years, there has been a push for the revision of the securities law. Several hundred NPC deputies proposed bills to revise the law during the past NPC plenary meetings.
Zhou's committee set up a special group for drafting the amendment to the securities law in July, 2003, which also was listed on the legislation plan of the 10th NPC Standing Committee.
Home >> China
UPDATED: 08:05, April 25, 2005
Top legislature revises securities law
Chinese top legislature began Sunday the first deliberation of the draft of the securities law amendment, which aims to solve the major problems facing the country's sluggish stock markets.
The draft with 229 clauses, including 29 newly-added ones and 95 revised ones, was submitted to the 15th session of the Standing Committee of the 10th National People's Congress (NPC) starting from April 24 to 27.
The draft mainly added some clauses to perfect the supervision mechanism on listed companies and securities companies, establish a special fund to protect investor's rights, authorize more power of the securities watchdogs and strengthen the strike on managers with misconduct and malpractice.
"The securities law, which took effect as of July 1, 1999, has been blamed for lacking supervision on rampant irregularities in stock markets. It has not adapted to the current situation of China's capital markets," said Zhou Zhengqing, vice chairman of the NPC Financial and Economic Committee.
Zhou said that the current law cannot effectively protect the interests of small investors. It lacks concrete clauses to crack down the illegal operations of some securities companies. Some clauses in the law become outdated to meet the new situation due to the latest development of stock markets.
In recent years, there has been a push for the revision of the securities law. Several hundred NPC deputies proposed bills to revise the law during the past NPC plenary meetings.
Zhou's committee set up a special group for drafting the amendment to the securities law in July, 2003, which also was listed on the legislation plan of the 10th NPC Standing Committee.
Thursday, April 21, 2005
CSRC - GaoYong
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人民网>>新闻中心>>媒体视点 2005年04月21日10:05
30岁正处级，31岁副厅级，35岁正厅级，39岁阶下囚――
中青报：30岁正处 证监会官员高勇的坠落轨迹
本报记者 闵捷
公诉人建议判处高勇死刑的那一刻，高勇努力维持着的精神一下子垮了，他开始请求免于一死。
这是4月13日至15日四川省内江市中级人民法院公审高勇期间，让旁听者难忘的一幕。曾任四川省成都市市委常委、宣传部长的高勇，因受贿等罪行，已经走到了人生的最低谷。
高勇生于1965年，31岁成为副厅级干部，35岁升为正厅级，一度“星”光耀眼。但是这颗“星”的暗淡也来势突然。坐在被告席上的他，不过40岁。这颗政坛“流星”蹿升和滑落的轨迹，引人深思。
如日中天的年轻政坛明星
按照干部管理的有关规定，大学毕业生进机关当公务员，一年见习期满转正后才能任科员，而由科员到副主任科员、主任科员、副处、正处、副厅，每级至少都要2年～3年。一般的大学毕业生，至少需要14年～18年时间，才有可能担任副厅级干部。
但高勇在大学毕业后一年时间里，就实现了从科员到副科长、再到科长的“三级跳”，并在9年时间内升到副厅级。这9年，高勇还从本科生成为一名博士生。年轻、高学历、高职位，在四川省，他一度被看作是“如日中天”的人物。
1996年7月，高勇博士毕业后，担任凉山彝族自治州副州长，主管经济工作，任职3年。他进行了一系列被称作“凉山现象”的资本运作和资产重组，并引资4800万元。在资本市场上展现出能力，高勇被中国证监会看中。1999年～2002年，他的任职经历，主要是在中国证监会成都证管办和贵阳特派办。
截至目前，高勇被查实的受贿案底，多和他在资本市场上运作的经历有千丝万缕的联系。
案发“世纪中天”
2004年，已被贵州省遵义市检察院逮捕的上市公司“世纪中天”老板刘志远，向办案机关提出要面见中纪委领导。获准后，刘志远举报高勇曾向他索贿120万元。经调查，举报情况属实。
此次接受审判，高勇说，想不到“世纪中天”的案子把他给带了出来。
检察机关指控，1996年～2004年间，高勇利用职务之便，受贿共计1113万余元，另有930多万元不能说明合法来源。
收的钱是受到各方压力让步后的感谢费
高勇初尝资本市场的“甜头”，是在凉山州工作期间。他作为副州长，有招商引资的任务。通过他的邀请，四川立信投资公司前来考察了凉山州的西昌电力公司，认为条件不错，就收购了这个公司，并私下塞给高勇122万元。
到证监系统工作后，高勇结交了一批上市公司老总，把钱放进自己腰包的次数不断增加。例如他利用职务之便为托普集团牟利，总计收受人民币约83．64万元。这笔钱以广告、服务咨询费形式打到一家广告公司，然后再转给高勇控制的一个公司。
高勇在法庭上为自己的行为进行了辩解，说当时接中国证监会的通知，四川的托普集团要增发新股，自己受命去检查公司是否符合条件，查出12个问题，因此认为增发新股的条件不成熟。工作认真反而给自己带来了压力，托普集团的老总宋如华使劲“公关”，四川省的一些干部也打来电话，要求支持四川的企业；中国证监会也有干部暗示他给托普集团放行。高“被迫让步”。托普集团成功增发新股，又从股市拿到了十几亿元，于是给了高勇一些钱作为感谢。
其中有一种“别致”的感谢方式：高勇把自己写作的《资本经营与操作》等专著卖给托普集团，换回上万元。后来接受其他公司的贿赂时，高勇也使用过这一招。
有一种力量推着地方证监官员同流合污
四川证券界的一名人士告诉记者，高勇在证监系统工作期间，之所以能够大量接受贿赂，与当时证监系统的权力太大有关。例如在高勇任证监会贵阳特派办主任时，特派办对上市公司的审核意见，有很重的分量，所以上市公司就会往高勇身上“投资”，刻意拉拢他。
这名人士还指出，一些地方政府出于追求政绩等目的，想增加本地的上市公司，保护本地的上市公司，也会“威逼利诱”地方证监机构违法违规，比如高勇就碰到地方上一些干部为托普集团说情等现象，这种力量也推动着证监官员去同流合污。
“一句话，证券业当时的环境给高勇犯罪提供了便利条件。”这位人士说，“但是从2000年以来，中国证券市场的建设日趋规范，不断在削减管理者的权力，违法操作的空间越来越小”。
他举例说，过去，上市实行指标制，限定一个省一年的上市公司数量。因为想上市的公司多，但指标供不应求，地方政府和证监机构权力就很大，公司都想巴结地方政府和证监机构的官员。现在，上市改为保荐人制，只要公司符合上市要求，且有证券公司做保荐人就可以了，地方政府和证监机构过去拥有的垄断性资源大部分消失，权力大减，企业行贿的热情也就不高了。
想和刘方仁拉关系，放行上市公司虚假年报
2000年11月，高勇离开中国证监会成都证管办，来到中国证监会贵阳特派办，任党委书记、主任。在他的主持下，贵阳特派办完成了对上市公司“世纪中天”拟购入资产评估报告的审核，公司老总刘志远对报告的数据不满意，他请高勇按他的要求修改数据，高勇见他的要求与实际相差太远，没有答应。
刘志远不死心，找到一名叫易阳的女子，后者是当时贵州省委书记刘方仁的儿媳。易阳以刘方仁的名义让高勇帮忙，高勇也乐于借这种机会和刘方仁拉近关系。“世纪中天”的虚假年报因此顺利出笼，骗走了不少股民的钱。事后，刘志远送给高勇120万元。
2003年，刘志远因涉嫌行贿被捕，接着刘方仁也落网，此时已经在成都担任市委宣传部长的高勇，不断给易阳打电话探听消息。记者当时在采访工作中，与高勇有过接触，感觉他正当壮年，却双眼无神，举止也不从容，做事有点慌张。
做事有强烈功利目的的“政治投机者”
一名熟悉高勇的干部说，高勇做事带有强烈的功利目的，做事和自己的荣誉、升迁紧紧相联。
据这名干部讲，高勇的工作汇报材料特别多，每天向领导上报的文件少则五六份，多则七八份，都是关于他分管工作的各种请示。他的目的，就是表示自己每天都在辛苦地做事情，同时对领导很尊重，想赢得领导的重用。“他就是看阴暗面看多了，相信了那些东西，认为把个人情感联络好了，啥事都有自己的好处，因此就把所有的功夫都用在这上面，从而走入歧途”。
另一名知情人，对高勇强烈的功利行为这样概括：对有权者努力讨好，对无权者不感兴趣。
四川《廉政了望》杂志刊出的一篇评论文章，则直接称高勇为“政治投机者”。
来源：《中国青年报》 （责任编辑：刘锋）
人 民 网 版 权 所 有 ，未 经 书 面 授 权 禁 止 使 用
Copyright © 2002 www.people.com.cn. All rights reserved
人民网>>新闻中心>>媒体视点 2005年04月21日10:05
30岁正处级，31岁副厅级，35岁正厅级，39岁阶下囚――
中青报：30岁正处 证监会官员高勇的坠落轨迹
本报记者 闵捷
公诉人建议判处高勇死刑的那一刻，高勇努力维持着的精神一下子垮了，他开始请求免于一死。
这是4月13日至15日四川省内江市中级人民法院公审高勇期间，让旁听者难忘的一幕。曾任四川省成都市市委常委、宣传部长的高勇，因受贿等罪行，已经走到了人生的最低谷。
高勇生于1965年，31岁成为副厅级干部，35岁升为正厅级，一度“星”光耀眼。但是这颗“星”的暗淡也来势突然。坐在被告席上的他，不过40岁。这颗政坛“流星”蹿升和滑落的轨迹，引人深思。
如日中天的年轻政坛明星
按照干部管理的有关规定，大学毕业生进机关当公务员，一年见习期满转正后才能任科员，而由科员到副主任科员、主任科员、副处、正处、副厅，每级至少都要2年～3年。一般的大学毕业生，至少需要14年～18年时间，才有可能担任副厅级干部。
但高勇在大学毕业后一年时间里，就实现了从科员到副科长、再到科长的“三级跳”，并在9年时间内升到副厅级。这9年，高勇还从本科生成为一名博士生。年轻、高学历、高职位，在四川省，他一度被看作是“如日中天”的人物。
1996年7月，高勇博士毕业后，担任凉山彝族自治州副州长，主管经济工作，任职3年。他进行了一系列被称作“凉山现象”的资本运作和资产重组，并引资4800万元。在资本市场上展现出能力，高勇被中国证监会看中。1999年～2002年，他的任职经历，主要是在中国证监会成都证管办和贵阳特派办。
截至目前，高勇被查实的受贿案底，多和他在资本市场上运作的经历有千丝万缕的联系。
案发“世纪中天”
2004年，已被贵州省遵义市检察院逮捕的上市公司“世纪中天”老板刘志远，向办案机关提出要面见中纪委领导。获准后，刘志远举报高勇曾向他索贿120万元。经调查，举报情况属实。
此次接受审判，高勇说，想不到“世纪中天”的案子把他给带了出来。
检察机关指控，1996年～2004年间，高勇利用职务之便，受贿共计1113万余元，另有930多万元不能说明合法来源。
收的钱是受到各方压力让步后的感谢费
高勇初尝资本市场的“甜头”，是在凉山州工作期间。他作为副州长，有招商引资的任务。通过他的邀请，四川立信投资公司前来考察了凉山州的西昌电力公司，认为条件不错，就收购了这个公司，并私下塞给高勇122万元。
到证监系统工作后，高勇结交了一批上市公司老总，把钱放进自己腰包的次数不断增加。例如他利用职务之便为托普集团牟利，总计收受人民币约83．64万元。这笔钱以广告、服务咨询费形式打到一家广告公司，然后再转给高勇控制的一个公司。
高勇在法庭上为自己的行为进行了辩解，说当时接中国证监会的通知，四川的托普集团要增发新股，自己受命去检查公司是否符合条件，查出12个问题，因此认为增发新股的条件不成熟。工作认真反而给自己带来了压力，托普集团的老总宋如华使劲“公关”，四川省的一些干部也打来电话，要求支持四川的企业；中国证监会也有干部暗示他给托普集团放行。高“被迫让步”。托普集团成功增发新股，又从股市拿到了十几亿元，于是给了高勇一些钱作为感谢。
其中有一种“别致”的感谢方式：高勇把自己写作的《资本经营与操作》等专著卖给托普集团，换回上万元。后来接受其他公司的贿赂时，高勇也使用过这一招。
有一种力量推着地方证监官员同流合污
四川证券界的一名人士告诉记者，高勇在证监系统工作期间，之所以能够大量接受贿赂，与当时证监系统的权力太大有关。例如在高勇任证监会贵阳特派办主任时，特派办对上市公司的审核意见，有很重的分量，所以上市公司就会往高勇身上“投资”，刻意拉拢他。
这名人士还指出，一些地方政府出于追求政绩等目的，想增加本地的上市公司，保护本地的上市公司，也会“威逼利诱”地方证监机构违法违规，比如高勇就碰到地方上一些干部为托普集团说情等现象，这种力量也推动着证监官员去同流合污。
“一句话，证券业当时的环境给高勇犯罪提供了便利条件。”这位人士说，“但是从2000年以来，中国证券市场的建设日趋规范，不断在削减管理者的权力，违法操作的空间越来越小”。
他举例说，过去，上市实行指标制，限定一个省一年的上市公司数量。因为想上市的公司多，但指标供不应求，地方政府和证监机构权力就很大，公司都想巴结地方政府和证监机构的官员。现在，上市改为保荐人制，只要公司符合上市要求，且有证券公司做保荐人就可以了，地方政府和证监机构过去拥有的垄断性资源大部分消失，权力大减，企业行贿的热情也就不高了。
想和刘方仁拉关系，放行上市公司虚假年报
2000年11月，高勇离开中国证监会成都证管办，来到中国证监会贵阳特派办，任党委书记、主任。在他的主持下，贵阳特派办完成了对上市公司“世纪中天”拟购入资产评估报告的审核，公司老总刘志远对报告的数据不满意，他请高勇按他的要求修改数据，高勇见他的要求与实际相差太远，没有答应。
刘志远不死心，找到一名叫易阳的女子，后者是当时贵州省委书记刘方仁的儿媳。易阳以刘方仁的名义让高勇帮忙，高勇也乐于借这种机会和刘方仁拉近关系。“世纪中天”的虚假年报因此顺利出笼，骗走了不少股民的钱。事后，刘志远送给高勇120万元。
2003年，刘志远因涉嫌行贿被捕，接着刘方仁也落网，此时已经在成都担任市委宣传部长的高勇，不断给易阳打电话探听消息。记者当时在采访工作中，与高勇有过接触，感觉他正当壮年，却双眼无神，举止也不从容，做事有点慌张。
做事有强烈功利目的的“政治投机者”
一名熟悉高勇的干部说，高勇做事带有强烈的功利目的，做事和自己的荣誉、升迁紧紧相联。
据这名干部讲，高勇的工作汇报材料特别多，每天向领导上报的文件少则五六份，多则七八份，都是关于他分管工作的各种请示。他的目的，就是表示自己每天都在辛苦地做事情，同时对领导很尊重，想赢得领导的重用。“他就是看阴暗面看多了，相信了那些东西，认为把个人情感联络好了，啥事都有自己的好处，因此就把所有的功夫都用在这上面，从而走入歧途”。
另一名知情人，对高勇强烈的功利行为这样概括：对有权者努力讨好，对无权者不感兴趣。
四川《廉政了望》杂志刊出的一篇评论文章，则直接称高勇为“政治投机者”。
来源：《中国青年报》 （责任编辑：刘锋）
人 民 网 版 权 所 有 ，未 经 书 面 授 权 禁 止 使 用
Copyright © 2002 www.people.com.cn. All rights reserved
Wednesday, April 20, 2005
be aware of overseas listings
China Internet Information Center
Seller Beware: Thinking Twice About Overseas Listings
Two of China's most prestigious newspapers, Southern Weekend and Business Watch, discuss China Life's New York Stock Exchange listing and the subsequent disclosure debacle.
Southern Weekend: Is ignorance an excuse?
There were two disputed decisions during the reorganization and overseas listing of China Life. One was the method of dealing with the predecessor's losses from interest rate adjustments, which amounted to some 176.4 billion yuan (US$21.3 billion). They were finally assigned to a foundation set up jointly by the Ministry of Finance and the China Life Group. The other was the company's listing in the United States. Some executives opposed the NYSE listing, saying that supervision there is far stricter than in Hong Kong or on the domestic stock exchange.
The US securities regulations, promulgated in 1934, are geared heavily toward protecting medium-size and small investors. US law permits the filing of class actions when groups claim similar damages from the same entity.
The class action lawsuit will be heard by a jury composed of common people, who tend to sympathize with medium-size and small investors. The absence of related fees greatly encourages accusers and lawyers. In addition, any investor might be eligible to obtain compensation if he or she doesn't give up rights.
Professor Larry Lang of the Chinese University of Hong Kong says that China Life's underwriters were also responsible in this case, because they pushed the listing forward too quickly and made serious mistakes during the initial public offering (IPO).
"These international underwriters are not familiar with Chinese businesses," said one New York lawyer. He attributed the disclosure failure to this lack of experience.
The main underwriters were Citigroup, Deutsche Bank, Credit Suisse First Boston and China International Capital Corporation.
China Life lacked familiarity with the applicable laws as well.
This lack of experience was embodied in two mistakes made concerning the company's listing on the Hong Kong market. On December 17, 2003, the day before its IPO on the Hong Kong Stock Exchange, the number of scrip shares for small investors published in the South China Morning Post and Hong Kong Economic Times was incorrect. The Hong Kong securities regulator reportedly considered delaying the IPO for fear that share transactions might be influenced.
On April 7, China Life released the National Audit Office's notice of penalty against the company's predecessor. The English version was published in the English-language South China Morning Post, but the Chinese version appeared in the Hong Kong Economic Times the next day. All listed companies on the HK Stock Exchange are required to publish both Chinese and English announcements at the same time. China Life claims that it did not know about this regulation until it received complaints.
Business Watch: No escaping family ties
It was the predecessor, China Life Group, that was punished by China's Audit Office for irregularities, China Life is trying to claim. It says that there is no connection between the two companies.
Let's take a look at these SOEs whose subordinate companies split from the parent for listing. How can these companies maintain their existence once their good assets are split off? The method of splitting off China Life was said to be innovative. Sinopec, CNOOC, China Mobile and China Unicom are still big shareholders in their listed subsidiaries. However, China Life Insurance Company Limited and China Life Group are two equal corporations.
But no matter how they were restructured, their bad assets from before 1999 are still around. These assets add to the financial burden of the predecessor, most of which survive on the earnings from their listed subsidiaries.
China Oilfield Service Limited, the predecessor of CNOOC, trades its shares in Hong Kong. It is believed that this trial listing can improve the competitive ability and transparency of the listed parent.
However, listing of the predecessor is not a popular way to solve the problem. The affiliations in capital and business usually cause investors to lose confidence.
(China.org.cn, translated by Tang Fuchun April 21, 2004)
Seller Beware: Thinking Twice About Overseas Listings
Two of China's most prestigious newspapers, Southern Weekend and Business Watch, discuss China Life's New York Stock Exchange listing and the subsequent disclosure debacle.
Southern Weekend: Is ignorance an excuse?
There were two disputed decisions during the reorganization and overseas listing of China Life. One was the method of dealing with the predecessor's losses from interest rate adjustments, which amounted to some 176.4 billion yuan (US$21.3 billion). They were finally assigned to a foundation set up jointly by the Ministry of Finance and the China Life Group. The other was the company's listing in the United States. Some executives opposed the NYSE listing, saying that supervision there is far stricter than in Hong Kong or on the domestic stock exchange.
The US securities regulations, promulgated in 1934, are geared heavily toward protecting medium-size and small investors. US law permits the filing of class actions when groups claim similar damages from the same entity.
The class action lawsuit will be heard by a jury composed of common people, who tend to sympathize with medium-size and small investors. The absence of related fees greatly encourages accusers and lawyers. In addition, any investor might be eligible to obtain compensation if he or she doesn't give up rights.
Professor Larry Lang of the Chinese University of Hong Kong says that China Life's underwriters were also responsible in this case, because they pushed the listing forward too quickly and made serious mistakes during the initial public offering (IPO).
"These international underwriters are not familiar with Chinese businesses," said one New York lawyer. He attributed the disclosure failure to this lack of experience.
The main underwriters were Citigroup, Deutsche Bank, Credit Suisse First Boston and China International Capital Corporation.
China Life lacked familiarity with the applicable laws as well.
This lack of experience was embodied in two mistakes made concerning the company's listing on the Hong Kong market. On December 17, 2003, the day before its IPO on the Hong Kong Stock Exchange, the number of scrip shares for small investors published in the South China Morning Post and Hong Kong Economic Times was incorrect. The Hong Kong securities regulator reportedly considered delaying the IPO for fear that share transactions might be influenced.
On April 7, China Life released the National Audit Office's notice of penalty against the company's predecessor. The English version was published in the English-language South China Morning Post, but the Chinese version appeared in the Hong Kong Economic Times the next day. All listed companies on the HK Stock Exchange are required to publish both Chinese and English announcements at the same time. China Life claims that it did not know about this regulation until it received complaints.
Business Watch: No escaping family ties
It was the predecessor, China Life Group, that was punished by China's Audit Office for irregularities, China Life is trying to claim. It says that there is no connection between the two companies.
Let's take a look at these SOEs whose subordinate companies split from the parent for listing. How can these companies maintain their existence once their good assets are split off? The method of splitting off China Life was said to be innovative. Sinopec, CNOOC, China Mobile and China Unicom are still big shareholders in their listed subsidiaries. However, China Life Insurance Company Limited and China Life Group are two equal corporations.
But no matter how they were restructured, their bad assets from before 1999 are still around. These assets add to the financial burden of the predecessor, most of which survive on the earnings from their listed subsidiaries.
China Oilfield Service Limited, the predecessor of CNOOC, trades its shares in Hong Kong. It is believed that this trial listing can improve the competitive ability and transparency of the listed parent.
However, listing of the predecessor is not a popular way to solve the problem. The affiliations in capital and business usually cause investors to lose confidence.
(China.org.cn, translated by Tang Fuchun April 21, 2004)
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