| 发布于: | 雪球 | 转发：2 | 回复：5 | 喜欢：0 |
上个星期P2P小弟信而富的季报，给P2P行业的至暗时刻带来了一线光明，让投资人对P2P这个让人谈虎色变的行业重新燃起了希望和热情。在大家的印象中，像信而富这样的小平台肯定在这一轮风波中会倒闭了，但是事实完全相反：信而富不但不会倒闭，而且很快就盈利了！
我重新梳理了一下在美国上市的...
$聚美优品(JMEI)$ 网页链接
这是一篇解释。
大致意思是，回购是有时间限制的，规定是每个季度结束前的最后两周到季报发布之后的48小时内，是不可以内部交易的，回购也属于内部交易。
Under a separate SEC rule, companies can do a share repurchase program even during a blackout period. This separate rule (it's called Rule 10b5-1) permits trading during the blackout period providing the companies have set up a plan to buy back stock on a regular, defined basis. The price (minimum and maximum) and amount of shares that are being bought must be specified. If they do this, they are afforded a "safe harbor" against any insider trading accusations.
In other words, a company — and its executives — can buy back shares during a blackout period, providing they are doing so according to a predefined plan.
Unfortunately, the SEC does not mandate that companies disclose when they are using this rule, so it makes it difficult to determine who is doing what.
SEC有一个单独规定，如果公司有具体的回购计划，要求包括回购的价格（最低价和最高价）和回购数量，这样的话，在这段限制期间也是允许回购的。SEC没有要求公司必须公开这样的计划，（我理解是，这计划需要提交文件给SEC，但可以不公开）所以很难判断，公司有没有在限制期间回购。
所以，就聚美的情形，我理解是，聚美应该没有报告这样的计划，也就是没有在限制期回购。这次这么着急发半年报，显然有开始回购的目的的。
是的，在季度结束到公布季报期间属于重大消息未披露，所以期间不能回购股票，除非提前就预先设置安排好具体的回购机会，比如哪天以什么价格买多少。季报后48小时就可以重新开始回购了。