时报观察｜上市公司监管法治化迈入新阶段

Core Viewpoint - The article discusses the introduction of China's first dedicated administrative regulations for the supervision of listed companies, aimed at enhancing regulatory effectiveness and investor protection [1]. Group 1: Regulatory Framework - The China Securities Regulatory Commission (CSRC) has released a draft for the "Regulations on the Supervision and Administration of Listed Companies," which aims to strengthen corporate governance and investor protection [1]. - The new regulations will fill the gap in the existing regulatory framework by connecting foundational laws like the Securities Law and Company Law with the rules of the CSRC and stock exchanges [1]. - The regulations are designed to support the healthy operation and standardized governance of listed companies, especially in light of recent policies like the "National Nine Articles" and the "1+N" policy for capital markets [1]. Group 2: Risk Prevention and High-Quality Development - The regulations focus on risk prevention, strong supervision, and promoting high-quality development, particularly in the context of mergers and acquisitions (M&A) [2]. - They aim to enhance the quality and effectiveness of M&A activities by regulating the qualifications of acquirers, acquisition behaviors, and financial advisory services [2]. - The regulations impose strict obligations on key executives and independent directors to ensure accountability and protect shareholder rights [2]. Group 3: Investor Protection - A significant highlight of the regulations is the emphasis on investor protection, requiring listed companies to enhance cash dividend and share buyback mechanisms to improve investor returns [3]. - The regulations also aim to prevent companies from evading delisting and harming investor interests during restructuring processes, mandating that companies provide cash options or other legal protections for dissenting shareholders [3].