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On May 24, the China Securities Regulatory Commission issued the "Interim Measures for the Administration of Shares Reduction by Shareholders of Listed Companies" and the "Rules for the Management of Shares of the Company Held by Directors, Supervisors and Senior Managers of Listed Companies and Their Changes". The new regulations strictly regulate the reduction of shares by major shareholders and prevent various detours, causing heated discussions in the market. This is an important regulation to protect the interests of investors and an important supplement to the "1+N" series of regulations. By strictly restricting and standardizing the reduction of holdings by major shareholders, we will protect the interests of investors, create an open, fair and just market environment, and reduce the outflow of market funds.
There are several aspects of the main provisions of the new regulations that deserve attention. First, increase the pre-disclosure obligation for major shareholders before reducing their holdings through block transactions, so that investors can understand the major shareholders 'plans to reduce their holdings and reflect fairness.pureholdem; The second is to link the reduction of major shareholders to the company's stock price performance, dividends, etc., so as to guide listed companies to make cash dividends and attach importance to the interests of ordinary investors; the third is to clarify that major shareholders who violate laws, regulations or are punished shall not reduce their holdings within six months, and those who fail to pay the fine in full cannot reduce their holdings.
At the same time, the new regulations on reducing holdings also provide specific provisions on some bypass and divorce-style reductions that have occurred in the past two years, and also make requirements for those who act in concert with major shareholders, even if their shareholding ratio is less than 5%, but they have an interest relationship with the actual controller. They must also abide by the same regulations as major shareholders when reducing holdings, which plugs a loophole in the system.
The new regulations regulate the reduction of holdings by major shareholders in many aspects, fully protect the interests of small and medium investors, and help boost investor confidence. By regulating the reduction of holdings by major shareholders, institutional loopholes in the market have been closed, the behavior of major shareholders has been restricted, listed companies have been guided to make cash dividends, and the illegal reduction of holdings by major shareholders has been reduced. This has reduced the outflow of market funds and is conducive to promoting the high-quality development of my country's capital market.
At present, my country's capital market is gradually emerging from the bottom and recovering in shock, but market confidence is still in the process of gradually recovering. The market trend is still full of twists and turns, and long-short differences still exist. Regulating the reduction of holdings by major shareholders is an important aspect of boosting investor confidence and is conducive to promoting the A-share market out of a slow bull market.
After the release of the new "National Nine Articles", the China Securities Regulatory Commission issued a series of specific measures to implement the requirements, which is an important aspect of building a high-quality capital market. Wu Qing, the new chairman of the China Securities Regulatory Commission, took office vigorously and vigorously. He held 11 symposiums to listen to the opinions of all parties in the market, and then introduced a series of measures to deepen the reform of the capital market, laying a solid institutional foundation for the long-term healthy development of my country's capital market.