Not only is the selection of listed companies strict, but there are also great restrictions on stock trading. First of all, there is a one-size-fits-all rule. Except for stocks that are publicly issued in fixed quotas on the stock exchange, other stocks are not allowed to be traded on the stock exchange.

, that is, non-tradable shares.

The shares circulating on the stock exchange can only be the tradable shares issued on the market, and other shares are not accepted for trading.

Therefore, shareholders should not expect to be able to cash out by selling their stocks in the market, because what they hold is non-tradable shares and cannot be sold on the stock exchange.

This harsh one-size-fits-all approach is simply a strict measure taken in advance to avoid problems. When relevant policies are further improved in the future, relevant adjustments will be made to this policy.

At that time, whether the conditions will be further tightened or relaxed will depend on the situation.

But... no matter how it is adjusted, the basic principle is one, which is to protect the interests of investors on the stock exchange and prevent shareholders from cutting off leeks on the stock market and cashing out at high prices.

The Ministry of Finance established the stock exchange not to allow shareholders to cash out at a high level and achieve freedom of wealth...but to allow companies to collect funds for development.

Enterprises and shareholders are different entities. The Imperial Finance Department attaches great importance to the former. As for the latter, life and death are at your own risk...

Of course, if shareholders can sell their shares off-site, this is a normal business operation. How much you can sell is up to you. As long as you pay taxes in compliance with the law, the imperial officials will not interfere.

After all, the Finance Department of the Dachu Empire cannot help but let other shareholders transfer their shares... If we really do this, it will conflict with many industrial and commercial laws and financial laws of the Dachu Empire.

Freedom of transactions is still very important for a booming economic system!

However, investors who purchase shares still receive non-public tradable shares... These stocks still cannot be traded on the stock exchange.

A series of stock exchange rules formulated by the Ministry of Finance are, in principle, to protect the trading of circulating stocks on the stock exchange and the interests of investors.

As for the off-market share transfer, how should it be done?

After a series of rules and regulations were formulated, the Ministry of Finance announced the establishment of the "Jinling Stock Exchange" through the Dachu Di Daily, and announced the general principles of stock trading.

Subsequently, through internal review, the first batch of five companies in total were drafted for listing.

Four of these five companies are government-owned enterprises directly under the Ministry of Industry, and they are 100% controlled. This is to ensure that listed companies can be stable without any problems.

The fifth company is a private company used for the pilot project, and this company is none other than Lee's Iron and Steel, which has caused a lot of commotion among high-level domestic business circles.

Li's Steel Company has publicly introduced strategic investors before, and successfully introduced Guangzhou Iron and Steel Company as a strategic investor. After paying 2% of the shares, it received a strategic investment of 100,000 yuan from Guangzhou Iron and Steel Company.
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However, this amount of money is actually not much, and it is far from enough for the at least hundreds of thousands of funds required by Li's Steel.

It's not that Li Steel is unwilling to pay more shares, but Guangzhou Iron and Steel Company is not a particularly wealthy company. Although its scale is not small, they also need funds for development.

This strategic investment of 100,000 Chuyuan is just to further bind Li's Steel, a major customer.

If you ask them to pay more...that's not necessary, and they can't afford it!

Since they have not raised enough money, they naturally have to continue to raise money, so at that time they were preparing to cooperate with Dachu Commercial Bank and prepare to issue stocks directly to small and medium-sized investors to raise funds.

Later, I was warned once by the official regulatory agency and then suspended...

But they quickly contacted the Finance Department... After learning that they wanted to establish a market for publicly traded stocks, Lee Iron and Steel Company said that we could be the guinea pig for this experiment.

Moreover, our conditions in all aspects are very consistent, and we have been profitable for more than ten consecutive years, and the profits are very large!

The scale of the company is large enough, with assets in the millions. It is the largest private enterprise in the country. Even if government-owned enterprises are included, it can rank among the top 30 in terms of assets in a single round.

Moreover, many of the top thirty are government-owned enterprises in special industries such as banks, grain companies, salt companies, armed trading companies, large mining companies, and steel companies.

Moreover, our Lee Iron & Steel Co., Ltd. also has a strong official background... Although we are a private joint-stock company, many of our shareholders are official capital...

Among the top five shareholders of Li's Iron, the first one is naturally the Li family, to be precise, Foshan Li's Company. The shareholders are all core members of the Li family, and they hold hundreds of Li's Iron through Foshan Li's Company.

Sixteenths of the shares.

The second largest shareholder is the Finance Department of Guangzhou Prefect Yamen, which holds 8% of the shares.

The third largest shareholder is the Industrial Department of Guangdong Governor's Office, holding 7.5%.

The fourth largest shareholder is Nanyang United Investment Fund, and this investment fund is one of the investment funds directly under the Ministry of Finance.

The fifth largest shareholder has nothing to do with private capital. It is Zhujiang Machinery Sales Company, and this company is a machinery sales company jointly established by more than a dozen governments in Guangdong and Guangxi. It specializes in selling a series of Li's Steel products in Guangdong and Guangxi.

Distributor of agricultural tools, cooking utensils, hardware tools and other daily iron products.

Among the top five shareholders, except for the Li family themselves, they are all official capital, and the total shares of Li Steel held by these four official capitals have reached more than 20%.

Although they have not been able to complete the control, they still have a very large say in Lee Steel. Of course, although they have a large say, they generally do not interfere in specific operations.

The Li family is still responsible for the operating rights of Lee Steel. After all, the purpose of those investors is not for operating rights, but for profit.

The provincial Department of Industry and the Government Finance Department have very clear goals, which is to support a large leading enterprise, promote the development of the industry, and develop the industrial economy.

In addition, another purpose is to prevent the hen that lays the golden eggs from flying away... After all, the conditions for heavy industry in Guangzhou are not that good. If we don't find some means, Li's Iron and Steel Co., Ltd. will go to the Yangtze River Delta.

What should we do in the Bohai Rim region?

How can we tie Li Steel to the Pearl River Delta for a long time? The local government’s answer is to invest money and become a shareholder...

Under such circumstances, as long as Li's Steel keeps investments, jobs, and taxes locally, and pays dividends every year, they don't care about the specific operations...

Not to mention the Nanyang Investment Fund, which is here for value-added and dividends. Although this fund is government-run, the money belongs to the customers... ensuring the safety and value-added of customers' funds is their only mission. As long as

If you can make money, you can talk about anything.

As for Zhujiang Machinery Sales Company, this is even more so. It is a channel dealer...

These top-ranked major shareholders actually have limited overall influence on Lee Steel. After all, there are dozens of other shareholders who check and balance each other.

After more than ten years of development and the introduction of strategic investors in multiple rounds, Li's Steel's shares are very dispersed, with more than fifty shareholders.

And these shareholders are all institutional shareholders. Even the Li family holds shares through Foshan Li Company. Other institutions either directly invest with official capital, or invest with large government-run or private funds, and others.

Lee's Steel has a strategic partner with major business cooperation and is also a large and medium-sized enterprise in Yishui.

None of these shareholders are simple, but they do not interfere in the operation of the company.

This is also the reason why the Li family brought them in in the first place... It's fine to share the money, but if you want to snatch the operating rights of Li's Steel, you'd better go as far as you can!

The Li family doesn’t want any money.

Under such circumstances, the Lee family has always firmly controlled the operating rights of Lee Steel.

However, if any major event occurs, if these institutional shareholders can cooperate, they can still interfere with the operating direction of Lee Steel and even take away the operating rights of the Lee family.

To a certain extent, Li's Ironmaking was also under the control of the imperial officials...

As one of the first companies to be listed, it is very important to be under control. After all, the officials in the Finance Department do not want any problems to arise on the stock exchange.

If it weren't for the purpose of emphasizing the importance of private enterprises... they all want to directly designate the five listed companies as government-owned enterprises wholly owned by the Ministry of Industry, but the impact would not be very good.

In order to reflect the official's equal treatment of government-run capital and private capital, there must be one private enterprise, and it cannot be an uncontrolled private enterprise.

Taken together, Li's Ironmaking has become the best choice!
Chapter completed!