加强资本市场中小投资者保护，新政来了

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of strengthening the "safety net" for investor protection, particularly for small and medium-sized investors, through new policies aimed at addressing high new stock issuance pricing issues [1][3]. Group 1: New Policies on Stock Issuance - The new policies require optimization of the new stock issuance pricing mechanism and suggest increasing the allocation ratio for offline investors with longer lock-up periods [1]. - The policies aim to reduce the entry costs for small investors by addressing the core issue of high pricing in new stock issuances [1][6]. - The initiative encourages long-term holding by increasing the allocation for long-term locked institutions, shifting market focus towards long-term value rather than short-term speculation [1][6]. Group 2: Enhancing Investor Returns - The new policies advocate for listed companies to adopt methods such as cancellation-based buybacks to return value to investors and encourage multiple dividends within a year [3]. - The total cash dividends from listed companies in the Shanghai and Shenzhen markets reached 2.3 trillion yuan in 2025, remaining stable compared to the previous year [3]. Group 3: Responsibilities of Financial Institutions - The new policies urge financial institutions, such as securities and fund companies, to address the increasing disputes with small investors effectively [4]. - Institutions are required to provide more suitable products and services for small investors, enhancing market vitality and supporting the real economy [4][6]. - In case of disputes, institutions must facilitate proper resolutions and support favorable interpretations of contract terms for small investors by courts and arbitration bodies [6]. Group 4: Protection During Delisting - The new policies emphasize the need to strengthen protection mechanisms for small investors during the delisting process [7]. - In cases of mandatory delisting due to major violations, controlling shareholders are encouraged to take preemptive compensation measures [7]. - For voluntary delisting, companies must offer cash options to protect investors, ensuring they are not left as "weak victims" during market exits [7]. Group 5: Combating Fraud and Market Irregularities - The new policies call for increased efforts to combat fraudulent issuance and financial disclosure violations that severely harm investor rights [9]. - There is a strong emphasis on rectifying various market irregularities that are detrimental to investor protection [9].