bonusmagicjackpot| Securities Daily: New regulations on reducing holdings are conducive to creating a new ecosystem in the capital market

Original titleBonusmagicjackpot"Today's point of view: the reduction of new rules is conducive to creating a new ecology of the capital market."

An Ning

On May 24, the Securities Regulatory Commission issued the interim measures for the Administration of share reduction by shareholders of listed companies (hereinafter referred to as the "New rules") and relevant supporting rules, and the Shanghai, Shenzhen and North Stock Exchange issued revised guidelines for share reduction. The new rules released by the market are regarded by the market as the strictest rules in the history of A shares.

The reduction system is an important basic system in the capital market. For a long time, the share reduction of major shareholders and Dong Jiangao of listed companies has always been the focus of the market and regulatory agencies. The CSRC has gradually formed a more mature and relatively stable institutional framework through continuous evaluation and improvement of the shareholding reduction system. It plays a positive role in maintaining market stability and protecting the legitimate rights and interests of medium and small investors.

However, the illegal reduction behavior of the controlling shareholders and actual controllers of listed companies still occurs from time to time, which not only affects the confidence of investors, but also is not conducive to the healthy development of the capital market.

The new regulations mainly focus on adjusting and improving the outstanding problems reflected by the market, further weave a dense system network, and enhance the stability and binding force of the capital market reduction system. The release of the new rules on stock reduction is an important measure to implement the new "National Nine articles." it is not only conducive to stabilizing market expectations, improving market liquidity and boosting market confidence, but also helping to protect the legitimate rights and interests of investors and create a good investment ecology.

In the short term, the new rules regulate the reduction of major shareholders in many aspects, which will greatly reduce the illegal reduction of major shareholders, ease the pressure of concentrated selling, enhance the inherent stability of the market, and better protect the legitimate rights and interests of medium and small investors. maintain the fairness and order of market transactions.

In the medium to long term, the new rules will encourage controlling shareholders and actual controllers to pay more attention to the operation of the company, improve operational efficiency and return awareness of shareholders. The focus is on the following two aspects.

On the one hand, it helps to promote listed companies to pay more attention to the improvement of profitability and continue to pay attention to the improvement of enterprise growth.

The new rules make it clear that the controlling shareholder and the actual controller shall not reduce their holdings through centralized bidding or bulk trading under the circumstances of breaking or breaking the net. Net breakage means that in the last 20 trading days, the closing price of the stock on any one day is lower than the net assets of the shareholders of the listed company at the end of the most recent fiscal year or at the end of the most recent financial reporting period. This means that if there is a net break in the listed company, the controlling shareholder and the actual controller will not be able to reduce their holdings. In order to avoid the company's share price breaking, the controlling shareholders and actual controllers of the listed company will pay more attention to the company's growth and actively improve the company's profitability and asset quality. Really return to the company's main business operation itself, expand and deepen the value of the company, in order to get more attention and financial support in the capital market in the future.

On the other hand, it will help to promote listed companies to pay more attention to the interests of shareholders and improve the level of dividends.

The new rules stipulate that if a listed company "fails to implement cash dividends or the amount of cumulative cash dividends in the last three fiscal years in which audited annual reports have been disclosed is less than 30% of the shareholders' net profits of the listed company in the same period", the controlling shareholders and actual controllers of the company shall not reduce their holdings through centralized bidding trading or block trading on the stock exchange. This will also encourage the controlling shareholders of the company to have a strong incentive to implement the cash dividend policy and encourage enterprises to improve their profitability and rate of return, so as to further improve the level of dividend. This will not only help to enhance market confidence, but also guide listed companies to pay more attention to financial health and sustainable development.