加强投资者保护，证监会就《上市公司监督管理条例》公开征求意见

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the draft of the "Regulations on the Supervision and Administration of Listed Companies," aiming to enhance corporate governance, strengthen information disclosure, regulate mergers and acquisitions, protect investors, and combat illegal activities [1] Group 1: Corporate Governance - The regulations aim to improve corporate governance requirements, standardizing governance structures and the behavior of key stakeholders such as controlling shareholders, actual controllers, directors, and senior executives to enhance governance effectiveness [1] - The focus is on laying a solid foundation for the high-quality development of listed companies [1] Group 2: Information Disclosure - There will be a stronger emphasis on regulating information disclosure, particularly targeting financial fraud by improving internal supervision mechanisms and accountability systems [1] - The regulations will prohibit third-party involvement in fraudulent activities, aiming for a multi-dimensional approach to combat and prevent such issues [1] Group 3: Mergers and Acquisitions - The regulations will standardize and refine the rules regarding acquisitions and major asset restructurings, clarifying the responsibilities and independence requirements of financial advisors [1] - This is intended to support industrial integration and corporate transformation [1] Group 4: Investor Protection - Clear requirements will be established for market value management, cash dividends, and share buybacks to enhance the investment value of listed companies and increase awareness of returning value to investors [1] - The regulations will also specify investor protection arrangements during voluntary delisting to prevent companies from evading delisting and harming investor interests through bankruptcy restructuring [1] Group 5: Combating Illegal Activities - 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 [1] - Specific penalties will be set for behaviors such as asset occupation and cooperation in fraud [1]