ACB News《澳华财经在线》2月15日讯 上周一家做空机构J Capital对澳洲的航空成像上市公司Nearmap发起攻击，声称这家公司虚报了在美国的收入增长。在做空报告发布半小时内，Nearmap股价即暴跌了10%，目前仍处于停牌状态。
(Picture source: "Aohua Finance Online")
Jamie Pherous, CEO of Corporate Travel Management, who has fought against bears, said that most of the activities that promote the decline in stock prices are false and misleading. The bears cooperate with the media to scare "mum and dad investors". They rush to sell stocks and suffer. loss.And listed companies need to spend a lot of resources to deal with such attacks.
In his view, it is not fair for listed companies to fight the short game.Listed companies will be punished for violating regulations, while short sellers "can make up something" without having to bear the consequences.
Joshua Mitts, associate professor at Columbia Law School, said that the United States and the European Union have increased their supervision of short sellers, causing them to turn their attention to Australia.The bears know how to suppress the stock price by 10%, 20%, 30%. This is not because the market must believe in the report of the bears, but because the bears know how to manipulate the market and how to scare investors.
Mitts found that a short attack can trigger a stampede effect, usually starting with a stop loss order. In a stop loss order, once the stock drops below a certain threshold, the broker will sell the stock.At that time, it didn't matter whether the content of the short report was really convincing, what was important was that people rushed to flee before the stock price bottomed out.So, for regulators, the real question is whether the way short-sellers create panic is transparent.
Tim Murray, the co-founder of J Capital, doesn't think that short sellers are launching an "attack", but rather an "objection."Because listed companies can freely issue announcements to affect their stock prices, when they exaggerate their performance, there should be different opinions in the market.
An ASIC spokesperson said that regulators are working closely with ASX to ensure the implementation of market regulations, including ensuring that listed companies are suspended as soon as possible after an attack, and that the company responds appropriately to the issues raised in the report.In this way, investors and the market can best evaluate various claims and form their own judgments. ASIC reviews the short-selling report and the company's response to see whether the listed company has fulfilled its information disclosure obligations, and also evaluates the behavior of fund short-sellers.
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