Do Old Stock Certificates Have Value?

Stock (stock) is a certificate of ownership issued by a joint-stock company. It is a kind of marketable securities issued by a joint-stock company to each shareholder as a share certificate to obtain dividends and dividends. Each share of stock represents shareholder ownership of a basic unit of the business. Every public company issues shares.

Stock is a

The trading hours of most stocks are:

The trading time is 4 hours in two periods: Monday to Friday 9:30 to 11:30 and 13:00 to 15:00.

Starting at 9:15 am, investors can place orders, and the entrusted price is limited to the previous business day's closing price plus or minus 10%, that is, between the daily limit of the day. Orders commissioned before 9:25 are matched at 9:25 am, and the resulting price is the so-called "opening price". Orders commissioned between 9:25 and 9:30 will not be processed until 9:30.

If the price you entrust cannot be fulfilled on that trading day, you must re-enter the order every other trading day.

Closed days: Saturdays, Sundays and closed days announced by the SSE

stock

Stock return is the return on stock investment, which refers to the external purchase of stocks by enterprises or individuals.

Retail: Small investors who buy and sell a small number of stocks.

Acting: Hype up in the stock market, sell the stock after it has been raised by improper methods, and then try to suppress the market and make up for it at a low price; This kind of person is called a hand.

Catering: a buyer buys a stock secretly at a low price, called

Rules for determining administrative liability for information disclosure violations

Chapter I General Provisions

Article 1 regulates the identification of administrative liability for information disclosure violations, and guides and urges issuers, listed companies and their controlling shareholders, de facto controllers, acquirers and other information disclosure obligors (hereinafter collectively referred to as information disclosure obligors) and their responsible persons. To fulfill the obligation of information disclosure in accordance with the law and protect the legitimate rights and interests of investors. , Administrative regulations, etc., combined with the practice of securities supervision, formulate these rules.

Article 2 These Rules shall be applied to the administrative liability for information disclosure violations stipulated in the Securities Law.

Article 3 The obligor for information disclosure shall truthfully, accurately, completely, timely and fairly disclose information in accordance with relevant information disclosure laws, administrative regulations, rules and regulatory documents, and business rules of the stock exchange.

Issuers, directors, supervisors and senior management personnel of listed companies shall serve the interests of the company and all shareholders, perform their duties honestly and trustworthy, faithfully and diligently, make appropriate judgments independently, protect the legitimate rights and interests of investors, and ensure that the disclosure of information is true, Accurate, complete, timely and fair.

Article 4 The administrative responsibility for the violation of information disclosure shall be determined in accordance with relevant information disclosure laws, administrative regulations, rules and regulatory documents, and the business rules of the stock exchange, in accordance with professional standards and professional ethics, using logical judgment and supervision of work experience , Review and use evidence, comprehensively, objectively and fairly determine the facts and deal with them according to law.

Article 5 The circumstances of the violation of information disclosure are serious. If a crime is suspected, the Securities Regulatory Commission shall transfer it to the judicial organ for criminal responsibility.

Where administrative penalties are imposed in accordance with the law or measures to prohibit market entry are taken, they shall be recorded in the securities and futures integrity file in accordance with regulations.

Those who are not punished according to law or are prohibited from entering the market may take corresponding administrative supervision measures according to the circumstances and record them in the securities and futures integrity file.

Article 6 In the case of information disclosure, if the sponsors, securities service agencies and their personnel fail to perform their duties diligently, or if the documents produced or issued have false records, misleading statements or major omissions, the CSRC shall determine their responsibilities and impose administrative penalties in accordance with the law.

Chapter II Identification of Illegal Activities in Information Disclosure

Article 7 An obligor for information disclosure who fails to require timely and fair disclosure of information in accordance with laws, administrative regulations, rules and regulatory documents, as well as the time limit and method of information disclosure (including reports, the same below) stipulated by the business rules of the stock exchange, shall determine that Information disclosure violations that constitute failure to disclose information in accordance with regulations.

Article 8 The obligor for information disclosure makes untrue records of the content disclosed in the information disclosure documents, including non-accounting of business, accounting of fictitious business, accounting and preparation of financial accounting reports in accordance with relevant regulations, and other information disclosure If the recorded facts are inconsistent with the real situation, it shall be determined that the information disclosed constitutes a false record of information disclosure violation.

Article 9 Where an obligor for information disclosure makes incomplete or inaccurate statements in information disclosure documents or through other information distribution channels or carriers, which causes or may cause investors to make wrong judgments about their investment behavior, they shall be deemed to constitute disclosure. Information disclosure violations with misleading statements.

Article 10 The obligor for information disclosure fails to disclose information in the information disclosure documents in accordance with laws, administrative regulations, rules and regulatory documents and the business rules of the stock exchange regarding the disclosure of major events or important matters. If major matters are omitted, they shall be identified as constituting The information disclosed has major omissions in information disclosure violations.

Chapter III Identification of Liability for Information Disclosure Obligations

Article 11 Where the conduct of an information disclosure obligor constitutes an illegal disclosure of information, its liability shall be determined based on a comprehensive review of the objective and subjective aspects of the illegal act.

Article 12 The objective aspects of deciding information disclosure violations shall generally consider the following situations:

(1) Illegal disclosure information includes false increase or decrease in the amount of assets, operating income and net profit in the correction information of major errors and their proportion in the number disclosed in the current period, whether they are insolvent, whether there is a change in profit or loss, and whether Meet the conditions for securities issuance, implementation of equity incentive plans, profit commitments, whether to avoid special treatment, whether to meet the requirements for canceling special processing, whether to meet the conditions for resumption of listing and trading, etc .;

(2) The amounts involved in major guarantees, lawsuits, arbitrations, connected transactions, and other major matters that were not disclosed in accordance with the regulations and their proportions in the company's latest audited total assets, net assets, and operating income, which were not disclosed in a timely manner in accordance with regulations Information duration, etc.

(3) the impact of the matters involved in information disclosure violations on investors' investment judgments;

(4) Consequences of illegal disclosure of information, including whether it has led to fraudulent issuance, fraudulent listing, fraudulent asset reorganization permits, acquisition offer exemption, suspension of listing, termination of listing, and the amount of direct losses to listed companies, shareholders, creditors or others, and The extent of changes in the company's securities trading due to failure to disclose information in accordance with regulations;

(5) the number of violations of information disclosure, whether it has repeatedly provided false or concealed financial accounting reports, or repeatedly failed to disclose other important information that should be disclosed in accordance with the law;

(6) the severity of social impact;

(7) Other situations that need to be considered.

Article 13 The subjective aspects of deciding the information disclosure obligation of an information disclosure obligor shall generally consider the following situations:

(1) If the obligor for information disclosure is a unit, is there any conspiracy against the law within the unit, and whether the specific matters involved in the violation of information disclosure have been decided by the board of directors, the company's office meeting, etc., or implemented by responsible personnel, is it just the unit? Caused by internal personal behavior;

(2) the subjective status of the obligor for information disclosure, whether the illegal disclosure of information is an intentional fraudulent act, or whether it is a negligent act that is not cautious and negligent;

(3) Attitudes after the violation of information disclosure, the directors, supervisors, and senior management of the company know whether to continue to cover up after the disclosure of information violations, and whether to take appropriate measures to remedy;

(4) The degree of cooperation with the securities regulatory agency. When the information disclosure is found to be illegal, have the company's directors, supervisors, and senior management reported to the CSRC, actively cooperated in the investigation, whether they have deceived, concealed, or interfered with the investigation agency? Obstacle investigations;

(5) Other situations that need to be considered.

Article 14 Where other illegal acts cause the information disclosure obligor to disclose information illegally, generally consider the following circumstances to determine the liability:

(1) Whether the obligor for information disclosure is at fault, whether it has intentionally implemented illegal acts of information disclosure, and whether it has committed negligent information disclosure;

(2) Whether the obligor for information disclosure directly benefits or obtains benefits in other ways due to the illegal act, whether to stop or avoid losses due to the illegal act, and whether the company's investors have suffered significant losses due to the illegal act;

(3) Whether the liability for information disclosure can be absorbed by other liabilities for illegal acts, and whether the administrative and criminal liabilities for other illegal acts can better reflect the punishment for illegal acts;

(4) Other situations that need to be considered.

Other illegal acts referred to in the preceding paragraph include that the directors, supervisors, and senior management of listed companies violate their loyal obligations to the company and use the convenience of their positions to manipulate listed companies to engage in acts that harm the interests of the company; the controlling shareholder or actual controller of the listed company, instructed Directors, supervisors, and senior management personnel of listed companies engage in behaviors that harm the interests of the company; directors, supervisors, senior management personnel, and shareholders holding more than 5% of shares of listed companies illegally buy and sell company stocks; misappropriation of funds and misappropriation by company staff; cooperation with securities Market insider trading, market manipulation, and other acts that may cause the information disclosure obligor to disclose information illegally.

Chapter IV Personnel Responsible for Information Disclosure and Responsibilities

Article 15 In the event of an illegal act of information disclosure, directors, supervisors, and senior management personnel who have the obligation to ensure the true, accurate, complete, timely and fair disclosure of information shall be identified in accordance with the law, administrative regulations and rules. To assume administrative responsibility for the person in charge directly responsible or other persons directly responsible, but they can prove that they have fulfilled their obligations of loyalty and diligence, unless there is no fault.

Article 16 The person responsible for information disclosure violations may submit the company's articles of association, materials stating the division of responsibilities and performance of duties, relevant meeting minutes or meeting minutes and other evidence to prove that he is not at fault.

Article 17 Other than directors, supervisors, and senior management personnel, there is indeed evidence that their actions have a direct causal relationship with violations of information disclosure laws, including actual commitment or performance of the duties of directors, supervisors, or senior management personnel, organization, Those who have participated in or carried out illegal acts of information disclosure of the company or directly led to illegal disclosure of information shall be identified as the person in charge directly responsible or other persons directly responsible according to the circumstances.

Article 18 If there is evidence to prove that the information disclosure obligor was instructed by the controlling shareholder or actual controller to fail to disclose information in accordance with the regulations, or that the disclosed information has false records, misleading statements or major omissions, the information disclosure obligor shall be identified At the same time as the liability, the information disclosure obligation of the controlling shareholder and actual controller of the obligor shall be determined. Where the controlling shareholder or actual controller of the obligor for information disclosure is a legal person, its responsible person shall be identified as the person in charge directly responsible.

Where a controlling shareholder or actual controller directly instructs or directs an illegal act of information disclosure, or conceals information that should be disclosed without notifying that it should be disclosed, it shall be determined that the controlling shareholder or actual controller instructed to engage in an illegal act of information disclosure.

Article 19 For the magnitude of the responsibility of the person responsible for information disclosure violations, the relationship between the person responsible and the facts, nature, circumstances, and social hazard consequences of the information disclosure violations identified in the case can be considered from the following aspects, and comprehensive analysis and determination shall be made:

(1) The role played in the occurrence of illegal information disclosure. Regarding whether the identified information disclosure violations play a primary or secondary role, whether to organize, plan, participate in, or implement information disclosure violations, whether to participate actively or passively.

(2) Informedness and attitude. Whether the matters involved in information disclosure violations and their contents are known, whether they are reflected, reported, whether measures have been taken to effectively avoid or reduce the consequences of damage, and whether they are allowed to violate the law.

(3) Duties, specific duties and performance of duties. Whether the identified information disclosure violations are directly related to the duties and specific responsibilities of the responsible personnel, whether the responsible personnel are faithful and diligent in performing their duties, whether there is slackness or abandonment of their duties, whether they have performed their duties to prevent, detect and prevent illegal disclosure of information.

(4) Professional background. Whether there is a responsible person with a professional background, and there are situations that should not be pointed out about the illegal matters related to their professional background in information disclosure, such as professional accountants failing to point out accounting issues, and professional and technical personnel do not point out technical issues.

(5) Other circumstances affecting the determination of responsibility.

Article 20 Considerations for determining a lighter or mitigated punishment:

(1) Failure to directly participate in information disclosure violations;

(2) to promptly ask the company to take corrective measures or report to the securities regulatory authority before the illegal act of information disclosure is discovered;

(3) after being informed that the company's information disclosure is illegal, question the relevant company executives or the company's superiors and take appropriate measures;

(4) Cooperate with the investigations of securities regulatory agencies and have made outstanding achievements;

(5) Coercion by others to participate in information disclosure violations;

(6) Other situations that need to be considered.

Article 21 Considerations for determining no administrative penalty:

(1) The parties raise specific objections to the identified information disclosure violations and record them in the minutes of the board of directors, the board of supervisors, the company office meeting, etc., and vote against them at the above meetings;

(2) the parties are unable to perform their duties normally due to force majeure, loss of personal freedom, etc. during the period covered by the illegal disclosure of information;

(3) A person who is not responsible for the company s information disclosure violations shall report to the company, the stock exchange and the securities regulatory agency in a timely manner after the company s information disclosure violations have occurred;

(4) Other situations that need to be considered.

Article 22 Any of the following circumstances shall not be determined as a situation without punishment alone:

(1) not directly engaging in business management;

(2) lack of ability and no relevant professional background;

(3) Short working hours and not knowing the situation;

(4) Believe the opinions and reports issued by professional institutions or professionals;

(5) Controlled by shareholders or actual controllers or other external interference.

Article 23 The following situations shall be considered as the cases where he should be severely punished:

(1) Not cooperating with the supervision of securities regulatory agencies, or refusing or obstructing the enforcement of securities regulatory agencies and their staff, and even interfering with law enforcement by violence, threats and other means;

(2) altering, concealing or destroying evidence, or providing perjury, in the case of illegal disclosure of information, hindering the investigation;

(3) More than two violations of information disclosure regulations and administrative penalties or disciplinary sanctions by the stock exchange;

(4) Have bad credit records in information disclosure and record them in securities and futures credit files;

(5) Other circumstances identified by the CSRC.

Chapter V Supplementary Provisions

Article 24 These rules shall come into effect on the date of promulgation. These rules apply to cases where no decision has been made before the implementation of these rules.

Stock

(1) [share stock certificate; equity securities shares]: a document issued by a joint stock company to each investor to prove the amount and nature of his shares

(2) [stock; share]: Securities representing shares

(3) [capital stock]: a securities unit divided into one and showing ownership of the company ^[5]

2015 year

75% of mainland stock-family homes make money because of rising stock market

Three-quarters of China's stock market families said they made money in the first quarter of 2015. In contrast, in the second half of 2013, when the Chinese stock market fell to a record low, the proportion was only 15.8%.

The survey, conducted by Southwestern University of Finance and Economics, conducted telephone interviews with 5,000 mainland families. The survey found that as of the first quarter of 2015, the share participation rate of Chinese mainland households was 6.1%. Most of the mainland's stock market is young, about 13% of the respondents are under 30 years old. In addition, the proportion of newly opened mainland investor households in the second half of 2013 accounted for about 31%, of which nearly 40% were from third- and fourth-tier cities.

The survey shows that the performance of old shareholders' families is better than that of new investors' families: 78.4% of families who started stock trading in or before the first half of 2013 said they made money, compared with 72.5% of new investors' families said they made money.

The survey also found that the more households that have equity, the more likely they are to make a profit. Among households holding more than 4 stocks, the proportion of claims to make money is close to 85%, which is much higher than 74.4% of households holding less than 3 stocks. In addition, compared with other people, investors with higher education levels or a longer history of stock trading tend to be more optimistic about the future expectations of the stock market.

On June 12, 2015, the Shanghai Composite Index reached a peak of 5178.19 points in the first half of the year, and then ushered in a plunge in the Chinese stock market. Within two weeks, the market value of the Shanghai and Shenzhen stock markets evaporated by 21 trillion yuan.