中国证券法学会研究会副会长杨东：应加强股市“新型对赌投资协议”的监管

Group 1 - The core viewpoint emphasizes that investment agreements linked to secondary market stock prices should be deemed invalid, regardless of how they are structured, highlighting the need for regulatory attention [1] - Experts at the seminar expressed concerns that allowing controlling shareholders to privately negotiate such agreements undermines board decision-making authority, potentially hollowing out corporate governance [1] - The discussion pointed out that entrepreneurs often face a dilemma where not signing these agreements leads to funding challenges, while signing them results in becoming "capital slaves," indicating a need for a symbiotic relationship between capital and the real economy [1] Group 2 - Recent judicial cases, such as the "first case of violating public commitment compensation" in the Shanghai Financial Court, have established the legal validity of public commitments made by shareholders and executives, reinforcing the principle that such commitments must be fulfilled [2] - This judicial ruling aligns with the guidance issued by the Supreme People's Court and the China Securities Regulatory Commission, which emphasizes strict and fair law enforcement to support the high-quality development of the capital market [2]