上市公司再融资应优先满足公司中小股东的需求

Group 1 - The overall stock market trend in 2025 is positive, creating favorable conditions for listed companies to raise funds, especially through private placements, with the amount exceeding 800 billion yuan in the first ten months, which is 4.6 times last year's total of 173.05 billion yuan [1] - The popularity of private placements is closely related to the profit potential they offer, as evidenced by public funds participating in 74 private placement projects with a total subscription amount of 30.292 billion yuan, resulting in floating profits of 10.845 billion yuan [1] - Small shareholders are unable to participate in private placements due to the rules governing these offerings, which are designed for specific institutional investors or wealthy individuals, leaving them feeling excluded from potential profits [1] Group 2 - The current regulations harm the interests of small shareholders and contradict the management's long-standing goal of protecting their legal rights, as decisions at shareholder meetings are often dominated by major shareholders [2] - It is suggested that there should be a shift towards prioritizing the needs of small investors in the refinancing process, with a recommendation for public offerings to be the primary method of raising funds, allowing small investors to retain their opportunities [2] - For companies that cannot meet public offering conditions and must resort to private placements, it is essential to ensure that small investors have a meaningful voice in the decision-making process, including separate voting for public shareholders [3]