中国证监会：加强资本市场中小投资者保护

Group 1 - The core viewpoint of the new policy is to enhance the protection of small and medium investors in the capital market, addressing issues such as high pricing of new stock issuances and promoting fair practices in the market [1][2][3] Group 2 - The new policy mandates the optimization of the new stock issuance pricing mechanism, including increasing the allocation ratio for offline investors with higher lock-up ratios and longer lock-up periods [1] - It emphasizes the need for listed companies to adopt methods like cancellation-based buybacks to reward investors and encourages multiple dividend distributions within a year to enhance dividend stability [1] - The China Securities Regulatory Commission reported that the cash dividend amount for listed companies in the Shanghai and Shenzhen markets is projected to be 2.3 trillion yuan in 2025, remaining stable compared to the previous year [1] Group 3 - The new policy places responsibility on operating institutions, such as securities and fund companies, to resolve disputes with small and medium investors effectively [2] - It requires these institutions to offer products and services that are suitable for small and medium investors, thereby enhancing market vitality and supporting the real economy [2] - The policy supports courts and arbitration bodies in interpreting contract terms favorably for small and medium investors during dispute resolutions [2] Group 4 - The new policy aims to strengthen the protection of small and medium investors during the delisting process, particularly in cases of major violations leading to forced delisting [3] - It encourages controlling shareholders and actual controllers to take preemptive compensation measures during the delisting process and mandates cash options for investors in voluntary delisting scenarios [3] - The policy also calls for increased penalties against fraudulent issuance and financial information disclosure violations that severely harm investor rights [3]