自證監會(hui)進一步規范相關方減(jian)(jian)(jian)持(chi)(chi)行為作出要求之(zhi)后(hou)，上市(shi)(shi)公司(si)積(ji)極響(xiang)應。數據顯示，8月28日以來，截至(zhi)《經濟(ji)參考報》記(ji)者發稿，A股(gu)(gu)市(shi)(shi)場已有(you)近百(bai)家公司(si)股(gu)(gu)東(dong)終止減(jian)(jian)(jian)持(chi)(chi)計劃，逾70家公司(si)股(gu)(gu)東(dong)承諾不減(jian)(jian)(jian)持(chi)(chi)，期間有(you)上市(shi)(shi)公司(si)“頂風(feng)作案”受到監管警示。專家表示，減(jian)(jian)(jian)持(chi)(chi)新(xin)規的(de)發布，不僅有(you)利于(yu)提振市(shi)(shi)場信(xin)心，活躍資本(ben)市(shi)(shi)場，而且有(you)助(zhu)于(yu)建(jian)立更(geng)為良性的(de)股(gu)(gu)市(shi)(shi)生態。

(資料圖)

近百家公(gong)司(si)發布(bu)股東終止減(jian)持公(gong)告

近段時間，接連有上市公(gong)(gong)司發布股東終(zhong)止減持(chi)計劃或承諾不減持(chi)的(de)相關(guan)公(gong)(gong)告(gao)。

9月(yue)(yue)6日晚(wan)間，中(zhong)(zhong)曼石油(you)披(pi)露公(gong)告稱(cheng)，公(gong)司(si)(si)于(yu)2023年(nian)6月(yue)(yue)29日披(pi)露了公(gong)司(si)(si)股(gu)東集中(zhong)(zhong)競價減持(chi)股(gu)份計(ji)劃公(gong)告。重慶嵐(lan)(lan)海(hai)企(qi)業管理(li)咨(zi)詢合(he)伙企(qi)業（有限(xian)合(he)伙）（簡(jian)稱(cheng)“重慶嵐(lan)(lan)海(hai)”）自(zi)上述(shu)公(gong)告披(pi)露之日起15個(ge)交(jiao)易日后的(de)三個(ge)月(yue)(yue)內，通過(guo)集中(zhong)(zhong)競價方(fang)式減持(chi)不超(chao)過(guo)400萬股(gu)公(gong)司(si)(si)股(gu)份，即不超(chao)過(guo)公(gong)司(si)(si)總(zong)股(gu)本的(de)1.00%。近日，公(gong)司(si)(si)收到重慶嵐(lan)(lan)海(hai)出具的(de)《關于(yu)提前終止(zhi)減持(chi)計(ji)劃的(de)告知函》。重慶嵐(lan)(lan)海(hai)根據(ju)其(qi)自(zi)身經營(ying)發展需要，決(jue)定提前終止(zhi)本次(ci)減持(chi)計(ji)劃。

同日，華(hua)峰(feng)(feng)鋁業公(gong)(gong)告稱，公(gong)(gong)司于當(dang)日收(shou)到(dao)控股(gu)股(gu)東(dong)華(hua)峰(feng)(feng)集團有限公(gong)(gong)司、實際控制人尤小平(ping)(ping)以及股(gu)東(dong)平(ping)(ping)陽誠樸投資(zi)合伙(huo)(huo)企業（有限合伙(huo)(huo)）向公(gong)(gong)司提交的《關于不(bu)減持公(gong)(gong)司股(gu)份的承(cheng)諾函》。基于對公(gong)(gong)司戰略發展的堅(jian)定(ding)(ding)信心及對公(gong)(gong)司長期投資(zi)價值和未(wei)來(lai)(lai)發展前景的充(chong)分認可，為更好促進公(gong)(gong)司持續、穩定(ding)(ding)、健康發展，維(wei)護廣大投資(zi)者(zhe)利益(yi)，上(shang)述股(gu)東(dong)自愿承(cheng)諾未(wei)來(lai)(lai)6個月內不(bu)減持持有的公(gong)(gong)司股(gu)份。

同花(hua)順數據顯示(shi)，截至記者發(fa)稿，8月28日以來(lai)，A股(gu)(gu)近(jin)百(bai)家上市公司終止(zhi)減(jian)(jian)持股(gu)(gu)票數量上限(xian)合(he)計逾14億股(gu)(gu)，終止(zhi)減(jian)(jian)持股(gu)(gu)票市值合(he)計逾170億元。與此(ci)同時，還(huan)有70多家公司發(fa)布了股(gu)(gu)東承諾不減(jian)(jian)持的公告，涉及(ji)股(gu)(gu)東人數為超(chao)200名。

有公司因“頂風作案”被監管警示

根據(ju)證監會發布的(de)(de)《進一(yi)(yi)步規范股(gu)(gu)份減(jian)持行(xing)為》的(de)(de)規定，上(shang)市(shi)公司存在(zai)破發、破凈(jing)情形(xing)，或者最(zui)近三年(nian)未進行(xing)現金分紅(hong)、累計現金分紅(hong)金額低于最(zui)近三年(nian)年(nian)均凈(jing)利潤30%的(de)(de)，控(kong)(kong)股(gu)(gu)股(gu)(gu)東、實際(ji)控(kong)(kong)制(zhi)人不得通過二級市(shi)場減(jian)持本(ben)公司股(gu)(gu)份。控(kong)(kong)股(gu)(gu)股(gu)(gu)東、實際(ji)控(kong)(kong)制(zhi)人的(de)(de)一(yi)(yi)致行(xing)動人比照上(shang)述要求執行(xing)；上(shang)市(shi)公司披露為無控(kong)(kong)股(gu)(gu)股(gu)(gu)東、實際(ji)控(kong)(kong)制(zhi)人的(de)(de)，第(di)一(yi)(yi)大(da)股(gu)(gu)東及其實際(ji)控(kong)(kong)制(zhi)人比照上(shang)述要求執行(xing)。

根據減(jian)(jian)持(chi)新(xin)規，A股市(shi)場不少公(gong)司(si)受到上述減(jian)(jian)持(chi)條件影響。德(de)邦證券研報顯示(shi)，該機構使用(yong)2023年8月27日(ri)收盤(pan)數據對5265家A股上市(shi)公(gong)司(si)進行篩(shai)選發(fa)現，減(jian)(jian)持(chi)新(xin)規下各不滿足減(jian)(jian)持(chi)條件情形(xing)的公(gong)司(si)數去重(zhong)后(hou)共(gong)有2185家，占全部(bu)A股公(gong)司(si)的比(bi)例為45.50%。從行業(ye)看，銀行、煤炭、房(fang)地(di)產、紡(fang)織服飾、鋼鐵、商貿零售(shou)、建筑裝飾、傳媒等受減(jian)(jian)持(chi)新(xin)規影響較大。

“整體上看(kan)，大部分一級行業受影(ying)響(xiang)百分比(bi)都在30%至60%這(zhe)個區間，減持新規(gui)覆蓋面(mian)極(ji)廣。”德邦證券研究所副所長兼策(ce)略首席分析(xi)師吳開達在研報中如是總結稱。

值(zhi)得注意的是(shi)，減持(chi)新規頒布之(zhi)后，仍(reng)有部(bu)分上(shang)市公司因“頂風作案”，刻意“踩紅線”，并(bing)因此收到了監(jian)管函件。

9月(yue)(yue)6日(ri)(ri)，此(ci)(ci)(ci)前因違(wei)規減(jian)持收(shou)到(dao)上(shang)(shang)(shang)交(jiao)(jiao)所(suo)(suo)監(jian)(jian)管(guan)工作(zuo)函(han)的(de)東(dong)方(fang)(fang)(fang)(fang)時(shi)(shi)(shi)尚(shang)(shang)也(ye)受(shou)到(dao)監(jian)(jian)管(guan)警(jing)示(shi)等處(chu)理，分別是北(bei)京監(jian)(jian)管(guan)局(ju)(ju)下(xia)發的(de)《關(guan)于對(dui)東(dong)方(fang)(fang)(fang)(fang)時(shi)(shi)(shi)尚(shang)(shang)投(tou)(tou)資(zi)有(you)限公(gong)(gong)司(si)(si)(si)(si)采(cai)取責令(ling)改(gai)正措施的(de)決定(ding)(ding)(ding)》和上(shang)(shang)(shang)交(jiao)(jiao)所(suo)(suo)下(xia)發的(de)《關(guan)于對(dui)東(dong)方(fang)(fang)(fang)(fang)時(shi)(shi)(shi)尚(shang)(shang)駕駛學校股(gu)(gu)(gu)份(fen)有(you)限公(gong)(gong)司(si)(si)(si)(si)控(kong)(kong)股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)予以監(jian)(jian)管(guan)警(jing)示(shi)的(de)決定(ding)(ding)(ding)》。上(shang)(shang)(shang)交(jiao)(jiao)所(suo)(suo)指出(chu)，8月(yue)(yue)25日(ri)(ri)，東(dong)方(fang)(fang)(fang)(fang)時(shi)(shi)(shi)尚(shang)(shang)收(shou)盤價格為6.96元/股(gu)(gu)(gu)，經測(ce)算存(cun)在(zai)股(gu)(gu)(gu)價破發情形。8月(yue)(yue)27日(ri)(ri)，證(zheng)監(jian)(jian)會(hui)(hui)在(zai)官網發布關(guan)于進(jin)一(yi)步規范股(gu)(gu)(gu)份(fen)減(jian)持行(xing)為的(de)明確要求(qiu)，公(gong)(gong)司(si)(si)(si)(si)存(cun)在(zai)股(gu)(gu)(gu)價破發情形的(de)，控(kong)(kong)股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)、實際控(kong)(kong)制人不(bu)得(de)通(tong)過(guo)二級市(shi)場減(jian)持本公(gong)(gong)司(si)(si)(si)(si)股(gu)(gu)(gu)份(fen)。8月(yue)(yue)28日(ri)(ri)，公(gong)(gong)司(si)(si)(si)(si)控(kong)(kong)股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)東(dong)方(fang)(fang)(fang)(fang)時(shi)(shi)(shi)尚(shang)(shang)投(tou)(tou)資(zi)在(zai)已明確知曉(xiao)相關(guan)要求(qiu)的(de)情況下(xia)，仍通(tong)過(guo)大宗交(jiao)(jiao)易減(jian)持公(gong)(gong)司(si)(si)(si)(si)股(gu)(gu)(gu)份(fen)340萬股(gu)(gu)(gu)，占公(gong)(gong)司(si)(si)(si)(si)總股(gu)(gu)(gu)本比例(li)0.47%。上(shang)(shang)(shang)述行(xing)為違(wei)反了證(zheng)監(jian)(jian)會(hui)(hui)《上(shang)(shang)(shang)市(shi)公(gong)(gong)司(si)(si)(si)(si)股(gu)(gu)(gu)東(dong)、董監(jian)(jian)高減(jian)持股(gu)(gu)(gu)份(fen)的(de)若干規定(ding)(ding)(ding)》、證(zheng)監(jian)(jian)會(hui)(hui)有(you)關(guan)工作(zuo)要求(qiu)以及(ji)《上(shang)(shang)(shang)海證(zheng)券(quan)交(jiao)(jiao)易所(suo)(suo)股(gu)(gu)(gu)票(piao)上(shang)(shang)(shang)市(shi)規則（2023年(nian)8月(yue)(yue)修訂）》有(you)關(guan)規定(ding)(ding)(ding)。由此(ci)(ci)(ci)，北(bei)京證(zheng)監(jian)(jian)局(ju)(ju)決定(ding)(ding)(ding)對(dui)東(dong)方(fang)(fang)(fang)(fang)時(shi)(shi)(shi)尚(shang)(shang)投(tou)(tou)資(zi)采(cai)取責令(ling)改(gai)正的(de)監(jian)(jian)管(guan)措施，上(shang)(shang)(shang)交(jiao)(jiao)所(suo)(suo)對(dui)東(dong)方(fang)(fang)(fang)(fang)時(shi)(shi)(shi)尚(shang)(shang)控(kong)(kong)股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)東(dong)方(fang)(fang)(fang)(fang)時(shi)(shi)(shi)尚(shang)(shang)投(tou)(tou)資(zi)予以監(jian)(jian)管(guan)警(jing)示(shi)。9月(yue)(yue)6日(ri)(ri)，東(dong)方(fang)(fang)(fang)(fang)時(shi)(shi)(shi)尚(shang)(shang)發布公(gong)(gong)告稱，東(dong)方(fang)(fang)(fang)(fang)時(shi)(shi)(shi)尚(shang)(shang)投(tou)(tou)資(zi)將(jiang)通(tong)過(guo)自籌資(zi)金于9月(yue)(yue)15日(ri)(ri)前購(gou)回此(ci)(ci)(ci)部分減(jian)持股(gu)(gu)(gu)份(fen)，如此(ci)(ci)(ci)部分股(gu)(gu)(gu)份(fen)購(gou)回涉及(ji)收(shou)益所(suo)(suo)得(de)將(jiang)全部歸上(shang)(shang)(shang)市(shi)公(gong)(gong)司(si)(si)(si)(si)所(suo)(suo)有(you)。

同樣在9月(yue)(yue)(yue)6日，我(wo)樂(le)家(jia)居披(pi)露(lu)收到(dao)上(shang)交所下發的(de)監(jian)管(guan)工(gong)作函，處理事由為股東(dong)涉嫌違規減持(chi)。上(shang)交所指(zhi)出，根據我(wo)樂(le)家(jia)居披(pi)露(lu)公告(gao)(gao)，該(gai)公司股東(dong)于范易及其一致行動(dong)人劉福娟、煙臺埃(ai)維(wei)管(guan)業有限公司、西藏埃(ai)維(wei)創業投資有限公司、煙臺埃(ai)維(wei)商貿有限公司于2023年6月(yue)(yue)(yue)30日至2023年9月(yue)(yue)(yue)6日收盤期(qi)間通過集中(zhong)競價方式“清倉”式減持(chi)所持(chi)公司股份，并(bing)買入4200股。我(wo)樂(le)家(jia)居發布的(de)異動(dong)公告(gao)(gao)顯(xian)示(shi)，8月(yue)(yue)(yue)28日至9月(yue)(yue)(yue)6日，區間累計(ji)上(shang)漲幅(fu)度為114.21%。期(qi)間該(gai)公司股價實(shi)現8連板。

根據(ju)相(xiang)(xiang)關(guan)規(gui)(gui)定，上述股(gu)東(dong)作為合計持股(gu)5%以上的(de)股(gu)東(dong)，在持股(gu)比例變動(dong)達到5%時應當(dang)進行(xing)(xing)報(bao)告(gao)和公(gong)告(gao)，在該事實發生之日(ri)起至公(gong)告(gao)后(hou)3日(ri)內，不得再行(xing)(xing)買賣股(gu)票。公(gong)司相(xiang)(xiang)關(guan)股(gu)東(dong)的(de)減持行(xing)(xing)為已涉(she)嫌違反上述規(gui)(gui)定。根據(ju)上交所《股(gu)票上市(shi)規(gui)(gui)則》相(xiang)(xiang)關(guan)規(gui)(gui)定，上交所對我樂家居及相(xiang)(xiang)關(guan)股(gu)東(dong)提出監管要求。

我(wo)樂家居9月(yue)7日午間公告，公司(si)獲悉(xi)股東(dong)(dong)于(yu)(yu)范易及其(qi)一致行動人劉(liu)福娟于(yu)(yu)當日收到證監會下(xia)發(fa)的立案告知書，因涉嫌超比例減持，根據相關法律法規(gui)，證監會決定(ding)對(dui)公司(si)前述股東(dong)(dong)立案。

記者發(fa)現，在上述已發(fa)布股(gu)東終(zhong)止減(jian)(jian)持(chi)(chi)(chi)計劃的(de)近百家公司(si)中，多數(shu)均不(bu)符(fu)合(he)減(jian)(jian)持(chi)(chi)(chi)新(xin)(xin)規要求(qiu)的(de)減(jian)(jian)持(chi)(chi)(chi)條(tiao)件(jian)，譬如(ru)業績不(bu)振(zhen)，公司(si)股(gu)票(piao)存在破發(fa)、破凈情形，或者最(zui)近三年未(wei)進行現金(jin)分紅(hong)(hong)等情形。此前宣布終(zhong)止減(jian)(jian)持(chi)(chi)(chi)的(de)掌(zhang)趣科技，就踩中紅(hong)(hong)線(xian)。數(shu)據顯示，該公司(si)自(zi)2018年以來從未(wei)進行現金(jin)分紅(hong)(hong)，符(fu)合(he)減(jian)(jian)持(chi)(chi)(chi)新(xin)(xin)規中“最(zui)近三年未(wei)進行現金(jin)分紅(hong)(hong)”禁止減(jian)(jian)持(chi)(chi)(chi)條(tiao)件(jian)。

有助(zhu)于建立更良性(xing)的(de)股市(shi)生態

專家表示，減持(chi)新規發(fa)布(bu)之后，上市(shi)(shi)公(gong)司對于(yu)減持(chi)新規的積極(ji)響應，不僅(jin)有利于(yu)提(ti)振市(shi)(shi)場信心、活躍資本市(shi)(shi)場，對于(yu)資本市(shi)(shi)場長期的健康穩定(ding)發(fa)展也有益(yi)處。

“規(gui)范(fan)減持新規(gui)有(you)望減少股價短期(qi)異動(dong)，并推動(dong)上市公司(si)重視盈(ying)利能力的(de)(de)改(gai)善，使投(tou)(tou)(tou)資(zi)(zi)者(zhe)承擔(dan)投(tou)(tou)(tou)資(zi)(zi)風(feng)險(xian)的(de)(de)同時享(xiang)有(you)分紅回報，促進(jin)A股市場的(de)(de)優(you)勝劣汰。”太(tai)平洋證券分析師夏(xia)羋認為(wei)，限制減持條件將通過提(ti)(ti)(ti)振投(tou)(tou)(tou)資(zi)(zi)者(zhe)信心、提(ti)(ti)(ti)升中(zhong)小投(tou)(tou)(tou)資(zi)(zi)者(zhe)的(de)(de)地位，降低大股東行為(wei)造成的(de)(de)短期(qi)股價大幅波動(dong)，引(yin)導投(tou)(tou)(tou)資(zi)(zi)者(zhe)進(jin)行長期(qi)價值投(tou)(tou)(tou)資(zi)(zi)。此外，嚴格的(de)(de)減持條件有(you)望促進(jin)企業提(ti)(ti)(ti)升可持續經營能力，從長期(qi)看將提(ti)(ti)(ti)升市場信心。

川財證券首(shou)席經濟學家、研究所所長(chang)陳靂表示，進(jin)一(yi)步規范(fan)股份減(jian)持行(xing)(xing)為，維護資(zi)本市場的(de)穩定(ding)，營(ying)造(zao)健康有(you)序投資(zi)環境。對(dui)于(yu)大(da)股東進(jin)行(xing)(xing)減(jian)持需要(yao)在非(fei)破(po)凈、非(fei)破(po)發的(de)且符(fu)合分紅(hong)條(tiao)件的(de)前提下(xia)進(jin)行(xing)(xing)，這一(yi)規定(ding)不(bu)僅引導大(da)股東優先考慮做大(da)做強企業業績再考慮減(jian)持，而(er)且促(cu)進(jin)了(le)股東對(dui)公司長(chang)期(qi)發展(zhan)的(de)重視，強化其長(chang)期(qi)投資(zi)理念。同時，也避免因大(da)股東在市場低迷的(de)環境下(xia)大(da)量拋售股份而(er)對(dui)市場造(zao)成沖(chong)擊。

“減持(chi)(chi)(chi)(chi)(chi)(chi)新(xin)規有助于建立更(geng)為良(liang)性的(de)(de)股(gu)(gu)(gu)市生態。”東(dong)方證券(quan)分(fen)(fen)析(xi)師張志鵬分(fen)(fen)析(xi)，與(yu)之前的(de)(de)減持(chi)(chi)(chi)(chi)(chi)(chi)規定相比(bi)，本次減持(chi)(chi)(chi)(chi)(chi)(chi)新(xin)規最鮮(xian)明的(de)(de)特(te)點在于將控(kong)(kong)股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)和實(shi)控(kong)(kong)人減持(chi)(chi)(chi)(chi)(chi)(chi)條件和上市公(gong)(gong)司(si)分(fen)(fen)紅(hong)和股(gu)(gu)(gu)價掛鉤(gou)，而上市公(gong)(gong)司(si)的(de)(de)分(fen)(fen)紅(hong)能力以(yi)及公(gong)(gong)司(si)股(gu)(gu)(gu)價又(you)與(yu)公(gong)(gong)司(si)的(de)(de)經(jing)營情況、盈(ying)利能力密不可分(fen)(fen)。減持(chi)(chi)(chi)(chi)(chi)(chi)新(xin)規的(de)(de)底層邏輯就是，只(zhi)有把公(gong)(gong)司(si)經(jing)營好(hao)，控(kong)(kong)股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)或(huo)實(shi)際(ji)控(kong)(kong)制(zhi)(zhi)人才(cai)有資(zi)格進(jin)行減持(chi)(chi)(chi)(chi)(chi)(chi)，某種意義上是建立了控(kong)(kong)股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)或(huo)實(shi)控(kong)(kong)人減持(chi)(chi)(chi)(chi)(chi)(chi)行為的(de)(de)激勵約束機制(zhi)(zhi)，也更(geng)大(da)程度保(bao)證控(kong)(kong)股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)、實(shi)際(ji)控(kong)(kong)制(zhi)(zhi)人與(yu)中小股(gu)(gu)(gu)東(dong)利益的(de)(de)一(yi)致性，從(cong)而推進(jin)資(zi)本市場高質(zhi)量發展(zhan)。

原標題(ti)：減持新規(gui)持續發威近百家公司股東終止減持計劃