Experts Bombarded A Shares Rule: The Most Profitable Central Enterprises Let 600 Thousand Small Scattered Meat.

Earning 124 billion 180 million yuan a year, CNPC once again won the title of the most profitable company in Asia.

But in gorgeous

"Double faced" PetroChina has been triggered again.

Net earnings exceed 300 million per day.

PetroChina's new complaints about the oil price haven't been adjusted, and the company's alleged loss has reached an astonishing 50 billion yuan.

Countless times, this is the first time that PetroChina has been crying. But ironically, on the second day when PetroChina cried, the other news quickly occupied the headlines of major financial media.

In October 21st, the SASAC announced the operation of the central enterprises in 2010. The "pcript" shows that PetroChina has become the most profitable central enterprise with a net profit of 124 billion 180 million yuan.

Nearly 340 million of net profit is made every day. PetroChina, which claims to be the most profitable Asian company, is worthy of the name. However, all this has nothing to do with ordinary investors.

Standing at the peak of 9.83 yuan looking up to 48 yuan, I am afraid that it will be difficult for CNPC to reach the peak of the stock price again in the N year. No wonder investors will issue "sigh how much worry you can have."

PetroChina is currently the "king of fixing" in the A share market. After listing, the capital of the 100 billion shares is ranked first. So far, the number of millions of people stuck in the market has reached the top.

On the one hand, Ho earned 124 billion 180 million yuan in excess profits, and on the other hand, four years later, more than 600 thousand small retail investors cut their meat out.

The logic of profit and loss of the "most profitable central enterprises" in the company's performance and the two market share price makes the public confused, surprised and dissatisfied. After all, this logic seriously violating the common sense of the public.

In fact, in the A share market, such a "rebellion" is far more than PetroChina.

China Shenhua raised 66 billion 582 million yuan in 2007 for issuing 36.99 yuan, setting the highest financing scale for A shares at that time.

The performance of the "Chinese prefix" giant crocodile was quite good. The net profit of the company last year was as high as 21 billion 868 million yuan.

However, it is ridiculous that the stock is also a notorious "hold up King" in the A share market. If you buy it in China Shenhua listing for fourth days and 94.88 yuan, it will be 8 yuan at the current 25.35 yuan price.

Why is the most profitable company invested in becoming the biggest investor in the stock market? The logic of the profit and loss logic of CNPC has caused the unanimous condemnation of the industry experts. In their view, all these glorious beginnings and tragic ending are the consequences of the "rules of the game" created by A shares.

Experts bombarded A shares "game rules" brewing bad results

Question 1: malformation trial system creates the first freak of A shares.

Huang Xiangyuan, a financial personage who was once rated as "the ten largest stock market in ten years", has said that PetroChina is a big freak in China's stock market. Because the market position of the domestic stock market system is not correct, and the motives of PetroChina's return to A share listing are impure, the idea of "heavy financing and light return" fits in with each other, thus accomplishments the biggest contribution of PetroChina to A shares.

Before the return, CNPC also vowed to "let the people benefit", but the result was a big surprise.

The issue price of PetroChina A shares is 16.7 yuan, which is 13 times higher than the initial issue price of H-shares and even higher than 20% when Be Buffett sold the shares.

In fact, counting every "hold up King" in the A share market, peeling off its hold up appearance and continuing to trace back to history, it is easy to find that the special culture of the trial system has resulted in the issue of high priced new shares and the high price positioning, so that listed companies can get huge amounts of money at a lower cost.

The serious departure of the issue price from the company's performance results in the risk of huge price distortions, leading to a post market crash.

Watson biological issue price of up to 95 yuan, however, the stock market from the first day of November 12, 2010 rushed out of the 158 yuan price after a bear road so far, even after the resumption of power, the stock price still folded.

Liu Shengjun, vice president of the Lujiazui International Financial Research Institute of central Europe, said that the current IPO "game rules" in the "insurance generation shareholding" system, should have become a sponsor of IPO "quality controller", instead of becoming a community of interests tied to enterprises.

It has created some distorting situations that the listed companies and sponsors jointly advocate to get a high price issue.

The sequelae of high priced IPO issuance will inevitably result in shareholders' quilt after the break.

Lv Suiqi, director of the Securities Research Institute of Peking University, pointed out that the problem is "everyone is clear, but there is not enough motivation to solve it", and every interest body is not clean, so it is unable to solve the existing problems.

Question two: lack of supervision leads to uneven dividends

In addition to the pricing controversy at the beginning of the listing, dividends are also the focus of controversy among industry experts.

Lv Suiqi posted dozens of micro-blog on his Tencent micro-blog in the evening of October 21st, pointing out that the system rules currently related to protecting the interests of small investors often do not work, and most of them are "cannon fodder".

"The institutional design of stock market puts the fundraising function in the first place, and investment function is subordinate to it, which leads to the strengthening of financing function and the weakening of investment function; the starting point of many policies tends to tilt towards the financing side, and the interests of investors are fundamentally ignored."

As the first heavyweight of the A-share market, PetroChina has only received a dividend of 1.19 yuan per share since its 8 dividend payment since listing A.

If it is calculated at 48 yuan, its dividend income in the four-year period will be only 2.48%.

This means that in the past four years, the risk of losing 3/4 of A share shareholders has brought about a dividend of about 80% lower than that of bank deposits, and it will take at least 100 years for investors to recover the cost.

However, in sharp contrast, PetroChina's listing in the United States is only $2 billion 900 million, and its overseas dividend has risen to $11 billion 900 million over the past 4 years.

In the name of "enjoying the same rights on dividends", the most successful A shareholders are actually "outsiders" of the PetroChina capital feast.

China University of Political Science and Law professor Liu Jipeng (micro-blog) called for the introduction of a new culture of equity culture and stock market as soon as possible, emphasizing the supremacy of shareholders' interests, ensuring dividends and protecting shareholders' voting rights, and recognizing that shareholders are the main body of listed companies.

Journalist observation

Buffett's investment in A shares is also hard to make money.

The concept of value investing has been very popular for a long time, but the hybrid monster of the A share market "dream making" and "phishing dream" are like a wealth conveyors that are surging with momentum. They will continuously pfer the real gold and silver in the hands of investors to the hands of listed companies.

Behind the generosity of investors is a bear market that has lasted for 4 years.

This speculative atmosphere has made investors who follow this path turn around, and the so-called "more suitable" A share investment methods emerge one after another.

Regulators and agencies have appealed that only following the concept of value investment is the magic weapon for the market to win.

However, few people are asking, the stock market system design is already full of loopholes, and the market mechanism reform including the IPO has been in progress, but there is still no real measure of "plugging".

In such a market, it is doubtless ridiculous to educate investors to establish the concept of value investment, to "mature" and "rational".

But this does not mean that the value investment is wrong. When the value investment comes to China, it is "acclimatized" because the A stock's ecological environment is too bad.

People often pay too much attention to the part of Buffett's theory of value investing in "buying a good company", but they forget a premise. Why is Buffett willing to be one of the three biggest shareholders in his life? That's because he is in a mature capital market.

Since its listing in 1950, Coca-Cola has always insisted on "quarterly dividend payments", even if the proportion of large scale split shares, but four times a year dividend payments are uninterrupted.

In the past eight years, the annual dividend of every 10 shares of Coca-Cola has reached more than $10 and has been increasing. This is also the main reason why Buffett vowed not to sell to death.

But if Buffett buys A shares of PetroChina, is he still so lucky?

The existence of a series of institutional problems in the A stock market has determined only the solution of the space for the survival of the investment value.