证监会就《上市公司监督管理条例（公开征求意见稿）》公开征求意见

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted the "Regulations on the Supervision and Management of Listed Companies (Public Consultation Draft)" to enhance the regulatory framework for listed companies and improve their quality [1] Group 1: Governance and Compliance - The regulations aim to improve corporate governance requirements, standardizing the governance structure and the behavior of key stakeholders such as controlling shareholders, actual controllers, directors, and senior executives to enhance governance effectiveness [1] - The regulations will strengthen information disclosure supervision, particularly targeting financial fraud by improving internal supervision mechanisms and accountability, and prohibiting third-party collusion in fraud [1] Group 2: Mergers and Acquisitions - The regulations will standardize merger and acquisition behaviors, detailing the requirements for company acquisitions and major asset restructurings, and clarifying the responsibilities and independence of financial advisors to support industrial integration and corporate transformation [1] Group 3: Investor Protection - The regulations will enhance investor protection by setting clear requirements for market value management, cash dividends, and share buybacks, promoting listed companies to increase investment value and awareness of returning profits to investors [1] - The regulations will also clarify investor protection arrangements during voluntary delisting, preventing companies from evading delisting and harming investor interests through bankruptcy restructuring [1] Group 4: Enforcement Measures - The regulations will impose strict penalties for illegal activities, detailing the measures that the State Council's securities regulatory authority can take in the performance of its duties, including specific penalties for behaviors such as asset occupation and collusion in fraud [2]