证监会：从严限制故意抬高、压低报价的询价机构参与首次公开发行证券网下询价配售

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is implementing measures to enhance the protection of small and medium-sized investors in the capital market, following directives from the central government [1] Group 1: Investor Protection Measures - The CSRC aims to strengthen the protection of small and medium-sized investors during the issuance and listing process [1] - The new guidelines propose optimizing the pricing mechanism for new stock issuances and increasing the allocation ratio for offline investors with higher lock-up ratios and longer lock-up periods [1] - There will be stricter restrictions on inquiry institutions that intentionally inflate or deflate quotes during the offline inquiry and allocation process for initial public offerings (IPOs) [1] Group 2: Information Disclosure and Corporate Actions - The guidelines encourage issuers and intermediaries to develop standardized prospectus templates to improve the quality of information disclosure [1] - Listed companies are encouraged to adopt "cancellation-style repurchases" to reward investors and to implement multiple dividend distributions within a year to enhance the stability, continuity, and predictability of dividends [1]