Core Viewpoint - The recent emergence of market capitalization or stock price-linked investment agreements among major shareholders in listed companies poses significant risks, including market manipulation and insider trading, necessitating regulatory clarification to deny their validity [1][2][3] Group 1: Regulatory Concerns - Experts argue that stock price-linked agreements can lead to market manipulation and violate principles of fair pricing, potentially harming public interest [2][3] - Current regulations, such as those established by the China Securities Regulatory Commission (CSRC) in 2019, only address pre-IPO agreements, leaving a gap in post-IPO oversight [1][4] - There is a consensus among experts that regulatory frameworks must be strengthened to address the loopholes in the supervision of these agreements [4][5] Group 2: Legal Perspectives - The effectiveness of contracts, particularly those linked to stock prices, is questioned due to their dependence on uncontrollable external factors, likening them to gambling agreements [2][3] - Legal scholars suggest that these agreements should be classified distinctly from traditional contracts, emphasizing the need for differentiated rules in corporate law [3][4] - The judiciary is encouraged to unify adjudication standards to negate the validity of agreements that violate public order and good morals [5] Group 3: Market Implications - The proliferation of stock price-linked agreements could lead to systemic financial risks if left unchecked, as they may encourage imitation among market participants [2][3] - Experts highlight the necessity for a coordinated approach among legislative, judicial, and enforcement bodies to ensure fair and transparent market practices [4][5] - The current lack of clear regulations for post-listing agreements could undermine the integrity of the capital market, necessitating immediate action [4][5]
警惕上市公司股价对赌诱发金融风险 中国法学会证券法学研究会进行专题探讨
Zheng Quan Ri Bao·2025-10-09 06:46