Zhongtai Securities(SH:600918) Zheng Quan Shi Bao Wang·2025-03-04 20:10Group 1 - The core viewpoint of the proposals is to optimize the regulatory mechanisms surrounding capital markets, particularly focusing on the management of major shareholders' share reductions and enhancing investor protection [1][2]. - The proposals include suggestions for differentiated regulation of strategic investors and major shareholders, allowing for relaxed restrictions on share reductions for strategic investments to facilitate timely capital recovery and promote a healthy cycle of fundraising, investment, management, and exit [1]. - Recommendations also include linking share buybacks and dividends to major shareholders' reduction limits, ensuring that the total amount of buybacks and dividends exceeds the total funds raised through the secondary market, thereby encouraging major shareholders to focus on company development and investor returns [1]. Group 2 - The proposals suggest optimizing the management mechanism for the use of raised funds by allowing companies greater autonomy within their main business scope and enhancing information disclosure regulations regarding the use of these funds [2]. - In the area of quantitative trading, the proposals advocate for the regulation of stock market quantitative trading to enhance market liquidity and stability, while also implementing risk control measures for high-frequency trading strategies [2]. - Recommendations for the ETF market include relaxing or eliminating the requirements for public fund share listing conditions related to fundraising amounts and the number of shareholders, which would promote the growth of the ETF market [3].