从严从快惩治震慑 上市公司违规减持数量明显减少

Core Viewpoint - The regulatory authorities are committed to strictly and swiftly punishing illegal share reductions, particularly those that disrupt the order of the capital market, reflecting a strong determination to maintain market integrity [1][2]. Regulatory Actions - The regulatory framework has been strengthened with the introduction of new rules aimed at regulating major shareholders' share reductions, including the prohibition of various circumvention methods [1][2]. - Since the implementation of the new share reduction regulations, there have been 101 penalties issued for illegal share reductions, primarily targeting executives and shareholders with over 5% holdings [2][3]. Impact on Market - The crackdown on illegal share reductions has shown effectiveness, with a 70% decrease in penalties compared to the same period in 2024, indicating improved regulatory enforcement [2]. - The swift handling of cases has created a deterrent effect, helping to maintain a healthy development of the securities market and protect the rights of small investors [3][4]. Recommendations for Improvement - The establishment of a big data warning system for share reduction behaviors is suggested to enhance real-time monitoring and regulatory efficiency [5]. - There is a call for joint liability for intermediaries involved in facilitating illegal share reductions, as well as the introduction of civil claims for damages related to illegal share reductions [5].