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减持新规周年记:监管“组合拳”织密减持制度网 A股良性生态不断优化
Zheng Quan Ri Bao·2025-05-23 16:07

Core Viewpoint - The implementation of new regulations on shareholder reduction has significantly decreased the scale of share reductions by major shareholders in the secondary market, enhancing investor confidence and promoting long-term value investment in the A-share market [1][2][3]. Group 1: Regulatory Impact - The new regulations have led to a nearly 20% decrease in the scale of share reductions by major shareholders, with a total reduction of 207.28 billion yuan over the past year [2]. - Approximately 2,703 listed companies have restrictions on major shareholders' reductions, accounting for about half of all A-share companies [2]. - The regulatory framework emphasizes substantial over formal compliance, aiming to prevent various forms of circumvention in share reductions [2][3]. Group 2: Enforcement and Compliance - Regulatory authorities have adopted a strict approach to punish violations related to share reductions, particularly focusing on circumvention and disguised reductions [4][5]. - As of May 23, 2023, 31 penalties have been issued for violations, including failure to disclose shareholding changes and illegal reductions during sensitive periods [5][6]. - Notable cases include significant penalties for individuals who failed to report actual shareholding situations and engaged in illegal reductions [6]. Group 3: Market Behavior and Trends - Following the new regulations, there has been a notable increase in the termination of share transfer agreements, particularly among controlling shareholders [7]. - The decline in agreement transfers is attributed to stricter regulatory scrutiny and market conditions, leading to a reduction in hidden reduction channels [7][8]. - The market is expected to see continued regulatory efforts to prevent circumvention and disguised reductions, with a focus on enhancing monitoring technologies and inter-departmental collaboration [8].