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由于部分上市公司大股东、董事和高级管理人员等关联方通过定向增发“曲线”参与本上市公司的定向增发,在市场上引起了很大的争议,也受到了监管层的密切关注。本文试图通过探讨结构化定增产品的业务模式,就如何对这一现象或产品进行监管提出建议,以期抛砖引玉。2014年11月19日,停牌两个多月的华谊兄弟传媒股份有限公司18日晚间发布公告称,将向阿里、腾讯、平安集团非公开发行A股股票共计1.45亿股,融资总额不超过36亿元,而本次华谊兄弟定增尘埃落定,也使得马云、马化腾、马明哲“三马”再聚首。
As some listed companies, major shareholders, directors and senior management personnel and other related parties through the private placement “curve” to participate in the private placement of listed companies, caused a lot of controversy in the market, but also by the regulators pay close attention. This article tries to make suggestions on how to supervise this phenomenon or product by discussing the business model of structured fixed-incremental products, with a view to starting a discussion. On November 19, 2014, Huayi Brothers Media Co., Ltd., suspended for more than two months, announced in a nightly announcement that it will issue a total of 145 million A-shares to Ali, Tencent and Ping An Group for a total of not more than 3.6 billion, while the Huayi Brothers set to be added to the dust, but also makes Ma, Ma Huateng, Ma Mingzhe “three horses” and then get together again.