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Accompany you to make money in Hong Kong stock market!

Have a good weekend, you guys!

The representative of Niuniu class who is still working overtime is here!

Today is a series of courses "20 lectures on Hong Kong Stock Investment".

Lecture 6 "understanding the regulatory system of Hong Kong's securities market"

Niu friends, please pick up the small bench and come to class together.

On June 11, HTF, which had been the richest man for a short time, officially delisted from the Hong Kong Stock Exchange.

At that time, Hanergy's foray into the field of solar thin film power generation created a miracle that its share price soared by 600% in two years. At one point, Li Hejun overtook Jack Ma to become the newly richest man in mainland China.

But the good times didn't last long. On May 20, 2015, HTF Power was suspected of manipulating the stock price because it was suspected of having a large number of related party transactions.Hong Kong Securities and Futures CommissionInvestigate.

The share price plummeted nearly 50% that day, followed by a several-year suspension and eventually delisting.

At this point, cattle friends may ask:Why can the Hong Kong Securities Regulatory Commission have so much power to allow companies to delist?Let's take this opportunity to talk today.The regulatory system of Hong Kong's securities market!

一、Hong Kong Securities and Futures Commission: market regulator

At present, there are mainly two regulatory bodies in the regulatory system in Hong Kong: the SFC and Hong Kong Exchanges and Clearing. The full name of the SFC is the Hong Kong Securities and Futures Commission.

The SFC is a major regulator of Hong Kong's financial market and has jurisdiction over both the securities market and the futures market.Its goalThe main purpose is to maintain and promote the fairness, efficiency, competitiveness, transparency and order of the securities and futures industry; to enhance public understanding of the operation and functions of the securities and futures industry; and to provide protection to the public who invest in or hold financial products.

To put it simplyThe main workIt is to supervise the disclosure, acquisition and merger of the information of listed companies, to enforce securities laws and regulations related to listed companies, to supervise exchanges, and to supervise investment products.

Hanergy delisting belongs to the enforcement of securities laws and regulations related to listed companies.. It is because the Securities Association has a duty to require the licensed securities firm to take prompt and effective remedial action when it is found that the licensed securities firm has failed to comply with the applicable laws and regulations. In case of irregularities, further inquiries or investigations will be made, including reprimand, revocation or suspension of licences and fines.

2. HKEx: first-tier regulator

Of course, in addition to the SFC, there is another component of Hong Kong's three-tier regulatory system, which we are familiar with.$Hong Kong Exchanges and Clearing (00388.HK) $As a matter of fact, the HKEx does not have the statutory investigation power, but is conferred through the listing agreement signed with the listed issuer. Therefore, it belongs to the third tier of the three-tier regulatory system, which is called "first-line regulator".

Compared with the work of the SFC, the HKEx mainly focuses onMarket participants in business risk management, market monitoring and enforcement of transaction settlement rules. And in terms of information disclosure, the HKEx is also the only institution responsible for examining and approving the information to be disclosed, but it cannot be mishandled. The Hong Kong Securities and Futures Commission still has the right to put on record and investigate the information disclosed by listed companies.

Take a typical chestnut!

In the national juice$Huiyuan Juice (01886.HK) $The HKEx plays an important role in the delisting process.

On 14 February, Huiyuan Juice announced that: on 14 February, the company received a letter from the Stock Exchange that as trading in the company's securities on the Stock Exchange had been suspended since 3 April 2018, and the company was unable to comply with the resumption conditions and resume trading in securities on the Stock Exchange before 31 January 2020, the listing Committee of the Stock Exchange decided to cancel the listing status of the company in accordance with Rule 6.01A of the listing rules.

The HKEx has carried out a large number of regulatory measures for the violations of Huiyuan Juice, and has given Huiyuan a penalty for delisting, giving full play to its regulatory function.

In addition, among the regulatory functions, the HKEx attaches great importance to the protection of the rights and interests of investors, and investors have a special compensation fund to protect the rights and interests of investors. According to the relevant provisions of the Securities and Futures Ordinance, if a participant in the Stock Exchange suffers pecuniary losses as a result of default, he may claim compensation from the Investor compensation Fund, providing a maximum compensation ceiling of $150000 per investor.

III. Hong Kong Government: behind-the-scenes managers

As the Hong Kong government in the three-tier regulatory system, the sense of existence is still relatively weak, but its status is very important in the securities market.

The government acts as a "manager" and "coordinator" in regulation. For example, some major market issues may be inquired directly through the CSRC. Generally speaking, it may only coordinate with the regulators of various parties.

To sum up, the three-tier regulatory system of Hong Kong's securities market includes the Hong Kong Securities Regulatory Commission, the Hong Kong Stock Exchange and the Hong Kong Government.

The SFC is more concerned with the supervision of illegal acts, the HKEx is the supervision of violations, and the role of the Hong Kong Government is macro, mostly for the supervision of the first two.

All right, that's all for today's sharing!

Welcome to the message area for interaction!

Encourage the "bald" Niuniu class representative who is still working overtime next weekend.

In addition, if you have any thoughts on the current and future courses, please don't hesitate to tell us!

The class representative will be in the discussion area.Select 8 cattle friends with high participation and give 188 points.！

The seventh lecture tomorrow, "Hong Kong stock market major index and plate" waiting for you!

Don't break up until we see you!

Attached: course link"20 lectures on investing in Hong Kong stocks"