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协议转让终止开始增多,监管穿透的“堵点”如何破?
Di Yi Cai Jing·2025-05-27 13:49

Core Viewpoint - The increase in terminated agreements for equity transfers in the A-share market is attributed to stricter regulatory scrutiny and market volatility affecting the parties involved [1][2][4]. Group 1: Termination of Agreements - As of May 26, 2023, 25 companies have announced the termination of equity transfer agreements this year, matching the total for the entire previous year [1][2]. - In May alone, 13 companies announced the termination of agreements, with 10 involving controlling shareholders or actual controllers [1][2]. - The majority of these terminated agreements were signed after the implementation of the new reduction regulations in May 2022, with 80% occurring in the fourth quarter of last year [2][3]. Group 2: Reasons for Termination - The reasons for the termination of agreements include stricter regulatory oversight, insufficient funds from the transferee, and fluctuations in secondary market prices leading to breaches of contract [1][2][5]. - Many of the terminated agreements had not received confirmation from the exchange and had not completed the necessary transfer registration procedures [2][3]. Group 3: Regulatory Challenges - The difficulty in regulatory oversight stems from the opaque nature of funding sources, as private equity funds and trust plans do not disclose ultimate investors, complicating the verification process [5][6]. - Key regulatory challenges include identifying hidden relationships between transferors and transferees, and the difficulty in detecting off-the-books agreements that circumvent regulations [5][6]. Group 4: Recommendations for Strengthening Regulation - Suggestions for enhancing regulatory oversight include requiring private equity funds to disclose ultimate beneficiaries, establishing dynamic monitoring of transfer agreements, and increasing penalties for violations [6]. - The use of technology, such as AI, to create a database of equity relationships and identify unusual networks among transferees is also recommended [6].