On March 6, Wu Qing, the new chairman of the China Securities Regulatory Commission, made his first public appearance and answered questions from reporters at the economic theme press conference of the second session of the 14th National People's Congress. In response to the reporter's question about investor returns, Wu Qing said that it is necessary to promote qualified companies to pay dividends multiple times a year, especially to encourage dividends before the Spring Festival, so that everyone can enjoy the New Year.
Spring Festival dividends" is a new formulation. Although before this, the management had also proposed to increase the frequency of cash dividends and promote qualified companies to pay dividends multiple times a year, but the "Spring Festival dividend" was proposed for the first time, which was a "pioneering initiative" of Chairman Wu Qing. Moreover, Chairman Wu Qing's starting point for proposing "Spring Festival dividends" is also good, that is, to "let everyone rejoice in the New Year", it is obvious that in the eyes of Chairman Wu Qing, "Spring Festival dividends" are the "Spring Festival red envelopes" given by listed companies to investors.
Of course, from the investor's point of view, if you can receive such a "Spring Festival red envelope" before the Spring Festival, of course, it is still a happy thing. Although this "Spring Festival dividend" may not be able to bring tangible benefits to investors, but the form of this "Spring Festival red envelope" is still beautiful, representing a blessing, indicating that investors are lucky in the new year, so this "Spring Festival red envelope" is a good luck, if you can take investors of course are still willing to receive.
However, this "Spring Festival red envelope" belonging to investors is difficult to get. Even if listed companies are willing to issue "Spring Festival red envelopes", this "Spring Festival red envelope" belonging to investors is not something that can be issued if they want to, which is different from the red envelopes given by adults to children and red envelopes given by enterprises to employees.
In fact, as far as listed companies are concerned, this "Spring Festival red envelope" is too late to be issued. Because from the perspective of time, the Spring Festival every year is usually in the middle and end of January or the middle and early February, for example, this year's Spring Festival is on February 10. However, as a listed company, it is difficult to send the "Spring Festival red envelope" before February 10.
The reason for this is that the Spring Festival dividend should be the year-end dividend of the listed company. However, for the annual cash dividend of listed companies, they first need to publish the annual report of the previous year, and at the same time as the annual report, disclose the cash dividend plan of the listed company, and then need to convene a general meeting of shareholders to consider the cash dividend plan. But this series of processes is obviously not something that can be completed before the Spring Festival.
Judging from the disclosure time of the annual report, it is from January 1 to April 30. However, in fact, the number of companies that can disclose their annual reports before the Spring Festival every year is limited, and the disclosure time of the annual reports of the vast majority of listed companies is arranged after the Spring Festival every year, mainly in March and April. Since the annual report can't even be disclosed before the Spring Festival, how can the Spring Festival dividends be paid? How do investors get the "Spring Festival red envelope"?
And even a small number of companies that have disclosed their annual reports before the Spring Festival will find it difficult to carry out Spring Festival dividends before the Spring Festival and distribute "Spring Festival red envelopes" to investors. Although the listed company also announced the cash dividend plan at the same time as the disclosure of the annual report, the implementation of the cash dividend plan needs to be reviewed by the company's general meeting of shareholders, and the convening of the general meeting of shareholders also requires preparations, which also takes time to prepare. In addition, even if the cash dividend plan is approved by the general meeting of shareholders, the listed company needs to make cash arrangements for its smooth implementation, especially in many places where the listed company needs cash before preparation. Because of this, few listed companies were able to distribute "Spring Festival red envelopes" to investors before the Spring Festival. The Spring Festival dividend is more of a good wish of Chairman Wu Qing.
Of course, from an investor's point of view, there is no need to be full of expectations for this "Spring Festival red envelope". Not only is it difficult for listed companies to issue this "Spring Festival red envelope", but also for small and medium-sized investors, this "Spring Festival red envelope" is not a tangible benefit. After all, the cash dividends of listed companies need to be ex-dividend, and cash dividend investors also need to pay 10% or even 20% of the dividend tax, after these two layers of processing, investors not only have no income, but also have to bear the same amount of losses as the dividend tax, the more dividends of listed companies, the greater the loss borne by investors. Therefore, even if there is a "Spring Festival red envelope", it is more of a symbolic meaning, and small and medium-sized investors do not have real benefits.