What is Big and Small Non? What is its financial nature?

What is the size of the non-unban.

Small, i.e., small portions. No, that is, restricted. Small non, that is, a small part of the ** that is prohibited from being listed and circulated, accounts for less than 5 of the total share capital.

On the contrary, it is called Dafei, that is, large-scale restricted tradable shares, accounting for more than 5% of the total share capital. The lifting of the ban, that is, the lifting of the ban, is the power of non-circulation ** has obtained the right to be listed and circulated. The lifting of the ban is the lifting of the ban on partial sales ** and allows listing and circulation.

At the time of the initial equity division reform, the date of listing and circulation of some listed companies was restricted. In other words, there are many companies that cannot be listed for the time being. These are non-tradable shares, also known as restricted shares.

It is also called restricted A shares. A small part of them is called Xiaofei.

The origin of the size of the non-ordinary.

On September 4, 2005, the China Securities Regulatory Commission promulgated the "Administrative Measures for the Reform of Equity Separation of Listed Companies", which stipulates that after the reform, the original non-tradable shares of the company shall not be listed for trading or transfer within 12 months from the date of implementation of the reform plan; Shareholders of the original non-tradable shares holding more than 5% of the total number of shares of the listed company shall, after the expiration of the period specified in the preceding paragraph, list and trade the original non-tradable shares through the **exchange**, and the proportion of the number of shares in the total number of shares of the company shall not exceed 5% within 12 months and 10% within 24 months. This means that non-tradable shares with less than 5% of the shares can be listed and circulated 12 months after the implementation of the share reform plan, therefore, "small non" refers to the shares held by non-tradable shareholders holding less than 5% of the shares, which is the origin of "small non". Corresponding to "small non-profit", "big non" refers to the shares held by non-tradable shareholders holding more than 5% of the shares.

My understanding is another mistake made in order to correct mistakes during the transition period of the socialist market economy with Chinese characteristics, the throes of economic reform.

Corruption in the division of state assets**.

Do you know what the essence of finance is?

The essence of finance refers to economic activities such as the issuance, circulation and withdrawal of currency, the issuance and recovery of loans, the deposit and withdrawal of deposits, and the exchange of foreign exchange.

Finance is the reintegration of existing resources to achieve the equivalent circulation of value and profits. (The technical saying is that the process of implementing from savings to investment can be understood in a narrow sense as a dynamic monetary economics of finance.)

Finance is the behavior of people making optimal allocation decisions of resources across periods in an uncertain environment.

The essence of finance is the exchange of time and space, which is the exchange of values at different points in time and in different regions in a market.

The essence of finance is risk, and through financial integration, risk management and capital value are realized.

In layman's terms, it is the flow of money.

"Big and small" refers to non-tradable shares, i.e., restricted shares, or restricted A shares.

Small, i.e., small portions. Small non-tradable: that is, a small part of the ** that is prohibited from being listed and circulated (that is, after the share reform, the non-tradable shares that account for a small proportion before the share reform.)

If the proportion of restricted tradable shares in the total share capital is less than 5%, it can be circulated after one year of share reform, and after one year, it is not a large-scale sell-off, but a limited sell-off, so as not to cause a big impact on the secondary market. And a relatively large part of it is Dafei).

On the contrary, it is called Dafei (that is, after the share reform, the non-tradable shares that account for a large proportion before the share reform. If the restricted tradable shares account for more than 5% of the total share capital, they can be tradable for more than two years after the share reform, because Dafei is generally the company's major shareholder and strategic investor. Generally not thrown).

The size is not the product of China's A** market equity division reform (share reform), and it is a common name for the "non-tradable shares" that were originally not tradable before the share reform but can be gradually fully tradable after the share reform. Dafei refers to the restricted non-tradable shares that were originally state-owned shares; Small non-tradable shares refer to restricted non-tradable shares that were originally shares of a legal person.

"Non-tradable shareholders" include "state-owned shareholders" and "corporate shareholders". In the first ten years of development, in order to ensure that most of the listed companies retain the nature of socialist public ownership, most listed companies in the equity structure of the IPO, the proportion of state-owned shares held by state-owned shareholders will be larger, and the number will be more dominant.

After the consideration for the share reform, these state-owned shares were commonly known as "Dafei"; Compared with state-owned shares, the number of corporate shares held by "corporate shareholders" is relatively small, and it is commonly known as "Xiaofei" after the share reform. "Non-tradable shares" are composed of the above two types of shares, and after the share reform, they are called "large and small non-tradable shares".

What is Big and Small?

"Big and small" was born out of the 2005 share split reform. Historically, China's listed companies said that the non-tradable shares were temporarily untradable when they were listed, resulting in investors entering the market. In view of the fact that the non-tradable shares will enter the state of circulation, it will drive the stock price of the tradable shares**, so the share reform is to let the non-tradable shares obtain the right to circulate through the price, and in this process, the losses that may be brought to the shareholders of the tradable shares will be compensated by the shareholders of the non-tradable shares.

The commonly used model is to give away shares, such as 3 shares for 10 shares, that is, non-tradable shareholders give 3 shares for every 10 shares to tradable shareholders. After the issuance of shares, the shareholders of non-tradable shares obtain the right of circulation. Considering that the shareholders of non-tradable shares will obtain the right to circulate as soon as they give away the shares, the pressure on the market will be great, and the regulatory authorities have promulgated the policy of "lock one and climb two" under the creeping circulation, that is, after 12 months from the date of sending shares to non-tradable shareholders, 5% of the total share capital of the listed company can be tradable, 10% can be circulated after 24 months, and 100% can be circulated after 36 months.

Among them, shareholders holding more than 5% of the company's total share capital of non-tradable shares are called "big non", and shareholders holding less than 5% of the share capital of non-tradable shares are called "small non" (small non-tradable can be 100% tradable after 12 months).

The reform of equity division began in June 2005, and by the end of 2006, more than 1,200 listed companies had completed the share reform, and the reform was basically completed. Due to the reason of "locking one and climbing two", non-tradable shares cannot be sold immediately, so the overall performance is rising, and even touching above 6000 points, but with the arrival of the lifting period, "big and small" is accelerating to obtain "free body", which has caused a lot of pressure on the market.

Non-tradable shares, which are tradable due to share reform.

Holding less than 5% of the non-tradable shares is called small non, and more than 5% is called big non.

The circulation of non-tradable shares will be thrown out for cash, which is called **. Because the major shareholders and strategic investors of the company will generally sell, and the small ones will be different, and they will circulate for many years, circulate, and make big profits, and most of them will cash out.

**At the time of listing of a listed company.

There are shares that are restricted from circulation! Called.

Non-tradable shares! Include.

Large households, small households.

The problem of large and small non-problems is a phenomenon unique to China, and it is a big problem that is missing from China's share reform.

This is really not grasped well, resulting in a deviation in the direction. 36

1. The essence of money: The essence of money is general.

The essence of money is a general equivalent; The function of money refers to the role played by money in economic life, which is the embodiment of the essence of money.

1. All Internet finance refers to an emerging finance that relies on Internet tools such as payment, cloud computing, social networks, and search engines to realize financial integration, payment, and information intermediation.

Dafei; State Shares.

Xiao Fei; Corporate shares.

Lifting; Can be sold.

Rational use of stock index allocation can maximize benefits. However, the premise is to control the risk.

Boys from the wealthy class put on trousers. Behind the French Revolution, he muttered to Marianne

Tremble involuntarily. Fullford said that people with spinal cord injuries are very su. Marianne's lifesaver.