Our reporter Gui Xiaosun and Li Yanan

　　On the evening of January 4th, Broad Holdings issued two announcements. One announcement stated that Xu Qiang, vice chairman and vice president, had completed the shareholding reduction plan announced in November last year; the other announced that Xu Qiang had issued a new announcement. Shareholding reduction plan.

This shows that Xu Qiang has "decided to get rid of his intentions."

　　And this is just one example of how the directors, supervisors, supervisors and supervisors of the Shanghai and Shenzhen stock exchanges have implemented a reduction in their holdings in the past year.

Wind information data shows that in the past year (ie from January 4, 2021 to January 4, 2022, the same below), a total of 1,107 listed companies’ directors, supervisors and senior executives in Shanghai and Shenzhen have reduced their holdings, and the total cash out is about 1101.55. 100 million yuan.

Moreover, combined with the information previously publicly notified by the regulatory authorities, it can be found that there are many short-term trading, window trading, and insider trading among these reductions.

　　Some investors told the "Securities Daily" reporter that the implementation of short-term trading, window trading, and insider trading by directors, supervisors, and senior executives, who are a "key minority", is a kind of harm to small and medium investors who are disadvantaged in information acquisition.

　　Some directors and supervisors reduced their holdings

　　In the past year, some companies’ directors, supervisors, and senior executives have reduced their holdings in a massive amount.

　　For example, there are 15 listed companies that have reduced their holdings for more than 1 billion yuan. Among them, the highest amount of executive reduction is Hikvision, which reached 4.665 billion yuan, and the average price of the reduction was 55.95 yuan per share.

From an individual point of view, the highest amount of reduction was Gong Hongjia, the former vice chairman and director of Hikvision.

Wind information data shows that Gong Hongjia has cashed out approximately 2.976 billion yuan on March 3 and March 4, 2021.

Baida Group had the lowest amount of reduction, and the amount of executive reduction was only RMB 0.07 million.

According to Wind Information data, the reduction in this time involves the reduction of 100 shares of employee representative supervisor Feng Yixiao.

However, the amount of holdings of Baida Group executives over the same period reached 98,790,900 yuan.

　　"The reduction of directors, supervisors, and senior executives is generally an investment profit." A related person close to a listed company told the "Securities Daily" reporter. "Especially some corporate executives may have invested money before the company's IPO and experienced listing. , The lock-up period, as long as it meets the relevant regulations, it is reasonable to redeem it."

　　In fact, most of the announcements of listed companies on the reduction of directors, supervisors, and senior executives will refer to "personal capital needs."

But what needs to be vigilant is that some "key minority" are shareholders of listed companies holding more than 5% of the shares. Jiang Han, a senior researcher at Pangu think tank, told the reporter of "Securities Daily": "If these executives reduce their holdings and their shareholding ratio is less than 5 %, then this kind of reduction is often purposeful and specific."

　　Frequent violations of shareholding reduction

　　A number of listed companies' directors, supervisors, and senior executives have illegally reduced their holdings, mainly short-term transactions, window transactions, etc.

　　According to the "Securities Daily" reporter combed, in only the last month (that is, from December 4, 2021 to January 4, 2022, the same below), there were 37 announcements in the two cities mentioning that the directors, supervisors and senior officials or their relatives conducted short-term trade.

　　Most of these listed companies will interpret illegal shareholding reductions as "misoperations."

For example, Gan Hainan, vice president of Beiqing Environmental Energy, reduced his holdings of 20,000 shares of the company without disclosing the reduction plan in advance due to misoperation.

The company stated that it was verified that it was caused by its misoperation of its securities account.

After Gan Hainan took the initiative to review and apologize, he promised to turn over the proceeds of RMB 179,400 to the company; Yang Wenshou, deputy general manager of Xinkaipu, reduced his holdings of 10,000 shares of the company without disclosing the share reduction plan in advance. The company stated that this time The violation was not a subjective and deliberate violation due to the misoperation of his stock account by his spouse, and the misoperation did not generate any profit.

　　In addition, there are also listed company directors, supervisors and senior executives who reduce their holdings during sensitive periods.

According to the announcement, Wu Yuexian, the director, chief financial officer and deputy general manager of SAINT ANGELO, reduced his holdings of 465,000 shares due to personal financial needs. This behavior violated the "Regulations on the management of the company’s shares held by directors, supervisors and senior managers of listed companies and their changes ”And the “Guidelines for the Normative Operation of Listed Companies on the Shenzhen Stock Exchange” (revised in 2020) and other relevant regulations.

The company stated that after verification, Wu Yuexian immediately reported to the board of directors and apologized.

　　The window period is also prone to illegal shareholding reduction.

For example, Ren Zixing made an announcement on August 4, 2021 that Zhao Huifang, the spouse of the company’s supervisor Fu Zhaoyang, sold 2000 shares of the company’s stock on the secondary market on August 3, 2021. The average transaction price was 11.99 yuan per share, and the transaction amount was 23,980 yuan.

The company has previously made an appointment to disclose the "2021 Semi-Annual Report" on August 30, 2021. The above-mentioned transaction by Zhao Huifang violated the "Guidelines for the Standardized Operation of Companies Listed on the Shenzhen Stock Exchange's Growth Enterprise Market" (revised in 2020) and the "Directors, Supervisors and Supervisors of Listed Companies" "The company’s shares held by senior management personnel and the management of their changes" and other relevant rules stipulate that directors, supervisors, senior management personnel, securities affairs representatives and the spouses of the aforementioned personnel shall not trade the company’s stock within 30 days before the announcement of the periodic report of a listed company.

　　"Compared with external shareholders, company executives have more information advantages. In order to protect the rights of external shareholders to trade fairly, under the securities legal system, there are many additional restrictions on the reduction of senior executives’ holdings. If the company’s executives reduce their holdings in violation of regulations, it may constitute a minor issue. Short-term trading and window trading may hit red lines such as insider trading," said Wang Zhibin, a lawyer from Shanghai Minglun Law Firm, in an interview with a reporter from Securities Daily.

　　Sponsor representatives must perform their duties more strictly

　　"Securities Daily" reporter learned in the interview that the industry generally believes that the reduction of shares by directors, supervisors and senior managers should be treated differently.

On the one hand, it is necessary to screen whether the directors, supervisors and senior executives have ulterior motives in reducing their holdings and whether they have insufficient confidence in the company's development, and to urge sponsor representatives to strictly perform their duties and regulate the behavior of directors, supervisors and senior executives to reduce their holdings; on the other hand, it is also necessary to allow these directors, supervisors and senior executives to share Company growth bonus.

　　Jiang Han believes that the reduction of holdings should be viewed in two separate ways. “Does the reduction of executives’ holdings mean that executives are not optimistic about the company’s development? There is such a possibility. But it must also be considered that most executives of listed companies Wealth is in stocks, and stocks themselves are also a reward for hard work and investment vision. Reasonable and legal reductions in holdings should be supported."

　　Pan Helin, Executive Dean of the Institute of Digital Economy, Zhongnan University of Economics and Law, said in an interview with a reporter from the Securities Daily: “Dr. Supervisor and his family members have'misoperation' in reducing their holdings, but they also deliberately put on the cloak of'mistakes'. For this reason, this phenomenon needs to be precisely cracked down by strengthening supervision, and the rules should be made more rigid, so that violators will not dare to cross the minefield. At the same time, strengthening law enforcement can also well popularize the restrictions on shareholding."

　　"In the initial stage of a company's listing, sponsor representatives will repeatedly warn senior executives, which can be reduced, and which cannot be reduced. The occurrence of illegal shareholding reduction is actually due to the failure of the sponsor representative to perform their duties." Jiang Han said .

　　Pan Helin said: “If executives reduce their holdings in a reasonable and legal way and reduce the impact on the market through directional transfers, investors do not have to panic at all. Once an illegal shareholding reduction occurs, then small and medium shareholders will naturally'vote with their feet.' "(Securities Daily)