KMYY(SH:600518) Zhong Guo Zheng Quan Bao·2025-12-04 08:18Core Viewpoint - During the "14th Five-Year Plan" period, the Guangdong Securities Regulatory Bureau has focused on "risk prevention, strong regulation, and promoting high-quality development," achieving significant results in stabilizing and ensuring the healthy operation of the capital market, which effectively supports the development of the real economy [1] Regulatory Enforcement - The Guangdong Securities Regulatory Bureau has rigorously enforced laws against various securities and futures violations, issuing 158 penalty decisions since 2021, with fines totaling nearly 670 million yuan, thereby enhancing regulatory pressure and deterrence [2] - The bureau has adopted a "big, evil, and key" approach to enforcement, resulting in lifetime market bans for three individuals and temporary bans for eight others, while also referring 38 cases to law enforcement for suspected criminal activities [2] Focus on Information Disclosure - The bureau has maintained a high-pressure stance against violations of information disclosure by listed companies, successfully handling cases involving companies such as Blue Shield Co., Ltd. and Dinglong Culture [3] - A dual investigation approach has been implemented, addressing 13 cases of accounting firms failing to fulfill their responsibilities, thereby enhancing the role of intermediaries [3] Investor Protection - The bureau emphasizes the protection of investors' rights, with over 180 million investors in Guangdong, the largest in the country, and has implemented a multi-faceted accountability system for administrative, civil, and criminal responsibilities [4][5] - Significant compensation efforts have been made, including landmark cases such as the special representative litigation for Kangmei Pharmaceutical, which compensated 24.59 billion yuan to 52,000 investors [5] Dispute Resolution - The bureau has promoted a multi-faceted dispute resolution mechanism, successfully mediating 2,119 cases and recovering 136 million yuan for investors during the "14th Five-Year Plan" period [6] - Collaborative efforts with local courts have been established to enhance the efficiency of civil compensation lawsuits related to securities fraud [6] Cash Dividend Regulation - The bureau has enforced regulations to strengthen cash dividend policies among listed companies, resulting in nearly 120 billion yuan in dividends distributed in 2024, with a payout ratio exceeding the market average by 20 percentage points [7] Anti-Illegal Activities - The bureau has intensified efforts to combat illegal financial activities, establishing a collaborative mechanism with local governments and law enforcement to effectively clean up illegal securities activities [8][9] - Over 390 complaints related to illegal activities have been processed, recovering nearly 2 million yuan for investors, with serious cases referred to law enforcement for criminal prosecution [9]