China Stock 中国证券

While the world’s top talent for the Wall Street investment bank worried about their jobs, China has such a group - they are enjoying a “firing their bosses” pleasure.

reporter to incomplete statistics, in mid-August 2008 until now, as China’s investment bank employees in the most unique part of 52 domestic sponsors representative “speculation” out of their boss, find another job.

50 more than the National People’s Congress mobile

public data by comparing the Securities and Futures Commission, the reporter found that from mid-August this year to the latest data released December 11, a short span of four months from the original sponsor of the sponsor representative institutions up to 52 people, involving 47 institutions sponsor.

“This has accounted for the current flow of the market is able to sponsor the number of representatives of nearly 10 percent, if the flow has continued this rate, will mean that firms within 3 years will be thoroughly representative sponsors rotation again. “It has always concerned about the sponsor system of domestic Chinese Academy of Social Sciences Institute of Finance Research Center, deputy director of financial markets尹中立said.

a fresh case of the switch is better able to explain the mobility of sponsor representative.

determined to lay down their cars on the South China (601766.SH), such as five companies sponsor the continuing responsibility of the Steering period, in time for the sponsor representative Chen December 1 of the “brokerage delisted” before the deadline, SG Securities switched from a top speed to try security licenses million UFJ Securities, save the occasion of its distress. Chen, together with

, from Haitong Securities items of a similar project to lay down their rush to the rescue of the 5 million linked to its two sponsors from the only representative of the cliff back. From 2004 Aijian securities representative of the brand to get sponsors, now joined Wanlian, a completion of its small and medium-sized brokerage firms with large-scale inter-reincarnation. The job, he put aside not only the five are still under supervision of the project period, it is their Haitong Securities investment banking division, deputy director of finance positions Yao people.

more bizarre is that the first half of the SFC in 2008 published a list of sponsors,岳某names appear on Guotai Junan Securities and two of the League of Nations representative list of sponsors. “He has now jumped away, then the procedures may not completely well, the League of Nations over there on a hurry to get the names reported it.” A person familiar with the Yue said.

sponsor system in the early days, the market is generally expected to sponsor representative will focus on large-scale firms in order to achieve optimal distribution of resources. However, is not true. The reporters found that by comparing the data, the 52 job sponsor representative from including Guoxin, Ping’an, Haitong, CITIC has a sponsor, such as former representative of the largest number of 10 firms to go jump a total of 15 people, accounted up to nearly 30 %. On the other hand, has a representative number of sponsors at least 10 sponsors of the institutions in this period from other brokerage hired eight sponsor representative. responsibility for follow-up to the Steering

different days is

recent months, listed companies “on the replacement of sponsors Notice” frequent press coverage, according to press to incomplete statistics, only in 2008 early September to December 11, a total of nearly 50 listed companies released the follow-up period of the replacement of the sponsor representative Steering notice. Most of the December 8, there were five listed companies Substitution Notice issued at the same time, including dissatisfaction with a six-month listing of shares Joyoung (002242.SZ).

“We are still digging sponsor representative task - is to assume responsibility for follow-up to the steering, like Founder Securities sponsor a total of only 11 representatives, all of a sudden gone four, left behind a number of projects Steering was also follow-up period to assume the responsibility of sponsors, who do not dig on behalf of the company the only sponsor of resources, it will not do. “above the central region, a broker who represents the investment bank.

This reporter has learned that the sponsor representative of SG Securities Zhang jump from the previous one after another to take the hands of three of my colleagues assumed the six follow-up supervision of listed companies sponsor the responsibility period, of which Panjiang shares ( 600395.SH) has been replaced or even 3 sponsor representative. “Zhang is from the northeast before skip to the Securities.” SG Securities, a gear before the vote, said the staff, “If it were not hired a sponsor representative, who will assume the follow-up supervision of these projects the responsibility?”

so confused with the follow-up supervisory responsibility can implement, is unable to find the answer.

public information, June 27, 2007, Guotai Junan sponsor representative岳某had because of the Sun Paper (002078.SZ) to provide a security violation, not a timely manner to raise funds to set up accounts and other issues ” diligence failed to carry out continuous supervision of duty “by the Shenzhen Stock Exchange notice of criticism sanctions.

more than a year after the July 31, 2008, Sun Paper Notice that because of job transfers岳某as the company is no longer representative of the sponsors, Guotai Junan reassignment of others continue to shoulder the responsibility of continuing the steering. “We all do turn to the final of the problems listed companies, who in the end is the responsibility?” Cast a large brokerage executives gear sigh, “The biggest problem is no way to define the problems of listed companies point in time This causing the shirking of responsibilities, and ultimately the responsibility of the sponsor or sponsors to bear. “

prisoners effect

and sponsor representative” would like to jump on the jump “of comfortable compared to the sponsor agency to survive at this time it is caught.

decline in the brokerage business, self-employed business bleak background, the layoffs get into the brokerage common choice but to sponsor representative of the positions of most firms is not only afraid to dig the CD but also a large number of person. According to our reporter to statistics, in mid-August 2008 to December 11, 66 have a qualified broker sponsors have 24 bodies dug from other sponsors may sponsor representative, accounted by 36%.

as of December 11 this year, the domestic total of 1141 representative sponsor, although compared to the sponsor system introduced in 2004 at the beginning of 624 representative sponsors have nearly doubled the growth, but can not institutions to meet the needs of sponsors.

representative in order to retain sponsors, major brokerage practices occur repeatedly, the reporter was informed that the survey, the most common means for employees enrolled in the test sponsor to sign an agreement if the agreement passed the exam to become their sponsor representative, it must be for the company’s services for several years before they leave, “have a fixed 3-year -5 years, while others are soft, such as for the company to sign such a project.” Shanghai local small and medium-sized brokerage firms to vote sources, “but even this can not completely prevent the loss of sponsor representative.” such circumstances, the court has become the last option brokerage, has lost in four sponsor representative, the Northeast Securities can no longer be silent, but a piece of paper Memorial has not been able to retain its loss of four sponsor representative.

12 sponsors on 1 day before the new regulations will come into force soon, the market was the only representative of the four sponsors Guosheng Securities and submitted his resignation, a sponsor representative disputes rumors Guosheng Securities in charge of vote Bank vice-president Ma Yuejin be denied this. “At the end of the beginning of the sponsor representative mobility itself is relatively large, we are into out here is very normal, (we) are in accordance with normal procedures for the circulation representative sponsors in the walk. In addition, we have several people here to to come. “Ma Yuejin told reporters.

Obviously, once the corner has been digging its own, others dug also a matter of course. “We are also forced to dig, do not dig at any time other people may have been others on the dig, so not as good as pre-emptive, not to mention Guosen Securities as a ‘big’ now people are digging everywhere.” Investment bank said the above.

despite the IPO has been suspended, but does not mean that new projects will not appear, look for a new project and do a good job in advance, wait patiently for the resumption of large-screen IPO investment banking sector has become a common choice. “At present, we will be inside and are doing projects 7, that is, there are 14 sponsors representative is not moving, which the company spent almost all of the sponsor representative. If we have another two or three items come, even if it is even the best companies, we can only look on in despair. “foregoing the central region voted gear brokerage sources,” In addition, GEM is also continuing to prepare for the introduction of bills representative sponsor one of the reasons. “

“We now have a seven sponsors, only one is vacant, so the company has also been dug people.” foregoing a Shanghai local small and medium-sized brokerage firms who voted with emotion.2008-12-20

50个赞助商赞助的集体开关陷入生存的代表机构

尽管世界对华尔街的投资饭碗银行的高级人才，中国有这样一个群体-他们所享有的“炒老板”的乐趣。

记者不完全统计，在8月中旬2008年到现在，作为中国的投资在国内的52个共同提案国代表最独特的部分银行雇员“的猜想他们的老板”，另谋高就。

50比全国人大移动更

进行比较，证券及期货事务监察委员会，记者发现公共数据，从8月中旬最新公布的数据12月11日，短短的一年内4个月跨度从赞助商的代表机构多达52人，涉及47个机构的赞助商原来的赞助商。

“这对目前的市场流通，占能够赞助的近百分之十的一些代表，如果继续流入，这个速度，这将意味着公司在3年内将得到彻底的代表共同提案国轮换一次。“一直关注国内中国社会科学院金融研究所研究中心，金融市场的尹中立副主任表示，保荐制度有关。

一开关的新情况是能够更好地解释保荐代表人的流动性。

决心放下在南中国（601766.SH），如5家公司赞助督导期间继续负责他们的赛车在为保荐代表人陈12月1日的“证券时间，摘牌”在限期前，法国兴业证券已经从最高速度尝试安全许可证万联证券，保存其危难之际。陈，连同

，由海通证券的一个类似项目放下赶到的5挂钩，从悬崖的唯一代表回到它的两个赞助百万救援物品。从2004年爱建证券的品牌代表得到赞助商，现在加入万联，一完成其小型和中型与大型跨转世经纪公司。这份工作，他不仅使这5人仍在该项目期间的监督之外，这是他们的海通证券投资银行部，金融职位瑶族副主任。

更离奇的是，证监会在2008年上半年公布了提案国名单，岳某的名字出现在国泰君安证券和国联两个提案国的代表名单。 “他现在已经上升了，那么程序可能没有完全好，那边的联赛急于得到它的名字公布。对联合国”一个人同乐知情人士称。

赞助初期制度，市场普遍预期赞助代表将大型企业集中，以实现资源的优化配置。然而，事实并非如此。记者发现，通过比较数据，52个职位，包括国信，平安，海通证券，中信赞助商代表，如对10家公司的前任代表人数最多的赞助商，去跳一共有15人，占高达近30％。另一方面，在这个期间的提案国代表的人数至少有10个提案国的其他中介机构聘请了8名保荐代表人。负责后续行动的指导

不同天

近几个月来，上市公司“关于更换赞助商的通知”频繁的新闻报道，据记者不完全统计，仅在2008年9月初到12月11日，近50个上市公司的总发行的后续行动对保荐代表人督导通知更换周期。大多数12月8日，共有5家上市公司换人通知书的同时，包括6个月的九阳（002242.SZ）的股票上市不满。

“我们仍在挖掘保荐代表人的任务-是承担后续工作的指导责任，如方正证券赞助商只有11个代表，突然了四年，留下了数量占所有左项目督导还后续期间担任保荐人的责任，谁不就代表公司挖掘资源的唯一赞助商，也不会做。“以上的中部地区，一个经纪人谁代表的投资银行。

据记者了解，法国兴业证券张自前一个后一个跳保荐代表人利用我的三位同事手中承担的6个后续上市公司的监管提案国的责任期间，其中盘江股份（600395.SH）已被取代，甚至3保荐代表人。 “张前跳到证券。从东北”法国兴业证券，在表决前齿轮，工作人员说，“如果不是聘请保荐代表人，谁承担后续这些项目的责任监督？”

如此的后续监管责任可以实现混乱，无法找到答案。

公共信息，2007年6月27日，国泰君安保荐代表人岳某了，因为太阳纸业（002078.SZ）提供一个安全问题，不及时筹集资金，建立帐目及其他问题“的努力未能履行由深圳证券交易所批评制裁的通知义务的持续监管”。

了一年多后的2008年7月31日，太阳纸业公告，由于工作调动岳某该公司并没有长期的共同提案国代表，国泰君安他人调动继续承担责任的继续转向。 “我们都做转向上市公司，谁最终是问题的最终责任？”投大型经纪人员齿轮感叹，“最大的问题是没有办法界定时间点，上市公司的问题，这导致推卸责任，最终责任的赞助商或赞助商承担。”

囚犯效应

和赞助商代表“想跳就比较舒适的赞助机构的生存在这个时候是陷入跳”。

的经纪业务，自雇业务暗淡的背景下，下降，裁员进入券商的共同选择，但赞助的大多数企业的立场代表的不仅是害怕挖裁谈会，而且一个很大的数字的人。据本报记者统计，在8月中旬2008年12月11日，66个有资格的券商保荐人有24具尸体从其他赞助商可挖保荐代表人，占36％。

截至今年12月11日，1141代表的国内总赞助商，但赞助商相比，2004年推出的系统在624国代表开始了近一倍的增长，但不能满足机构需要赞助商。

代表，以保留赞助商，大型经纪行为不断发生，记者获悉，调查，在招收员工的测试者最常用的手段，签署一项协议，如果协议通过了考试，成为他们的赞助商的代表，它必须为公司服务了好几年才离开，“有固定的3年-5年，而另一些是软如该公司签署这样一个项目。”上海本地的中小型经纪行投票来源“，但即使这样也不能完全防止保荐代表人的损失。”这种情况下，法院已成为最后的选择经纪公司，已失去了4个保荐代表人，东北证券不能再保持沉默，但一纸诉状未能保持其四保荐代表人的损失。

12月1日之前，赞助商新规定将很快生效，市场是四个提案国盛证券及递交了辞呈，赞助商代表的争议传闻胜在表决银行负责证券的唯一代表副总裁马跃进被否认了这一说法。 “在对保荐代表人的流动性本身是比较大的开始为此，我们将在这里是很正常的，（我们）与为在步行流通代表提案是按照正常程序。此外，我们有几个人们来这里。“马跃进对记者说。

很明显，一旦拐角处已挖掘自己的，别人挖也是理所当然的。 “我们也被迫挖掘，不要在任何时候挖其他人可能已被别人在挖，所以不如好前先发制人，更不用说森作为一个’大’现在，人们到处挖证券。”投资银行作上述表示。
尽管上市
已暂停，但并不意味着新的项目将不会出现，寻找新的项目，并做好提前，耐心等候大屏幕首次公开招股投资银行部门恢复已成为一种普遍的选择。 “目前，我们将内部和正在做的项目7个，即有14个提案国代表不移动，该公司花了几乎所有的赞助商代表。如果我们有另两个或三个项目来，即使甚至是最好的公司，我们只能干瞪眼。“上述情况，中部地区投齿轮经纪来源”，此外，创业板还在继续准备提案权的原因代表提案国之一。“

说：“我们现在有7家赞助商中，只有一个是空置，所以公司也被挖人。”上述在上海本地的中小型经纪行的谁感慨地投了反对票。2008-12-20