本报讯 （记者毛艺融）6月20日盘后，锦州港股份有限公司（以下简称"*ST锦港"）公告收到终止上市 决定。 根据行政处罚查实的财务造假事实，公司触及重大违法退市情形，交易所依规作出终止公司股票上市的 决定，按照规则公司股票将进入退市整理期交易15个交易日，供投资者交易退出。公司股票在退市整理 期结束后将摘牌。 市场人士认为，本案中，公司因严重财务造假被强制退市，有关责任人也被巨额罚款，这体现出监管机 构坚决落实新"国九条"，对财务造假的"零容忍"，对"害群之马"坚决出清。 5月29日，*ST锦港公告收到《行政处罚决定书》（〔2025〕3号），认定2022年至2024年，公司通过虚 假贸易业务及跨期确认港口包干作业费收入等方式虚增利润，《2022年年度报告》《2023年年度报告》 《2024年第一季度报告》存在虚假记载。 此前，2024年11月1日，公司披露收到中国证监会作出的《行政处罚决定书》（〔2024〕96号），认定 公司2018年至2021年年度报告虚假记载，并予以顶格处罚。根据行政处罚认定的事实，公司2020年至 2023年年度报告连续4年存在虚假记载，触及上交所《股票上市规则》第9.5.1条第（一） ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is enhancing the standards for removing the special identifier "U" for newly registered unprofitable technology companies on the Sci-Tech Innovation Board, while maintaining the investment threshold for investors in the growth tier of the board [1] Group 1: Investor Protection Measures - The CSRC emphasizes risk disclosure and investor protection through several targeted institutional arrangements, including the uniform setting of the special identifier "U" for companies in the growth tier [1] - New standards for removing the "U" identifier for newly registered unprofitable technology companies will be raised [1] - Companies are required to regularly disclose reasons for unprofitability and its impacts, as well as to highlight risks [1] - Securities firms must enhance multi-dimensional risk assessments for investors and fully inform them of risks [1] - Individual investors are required to sign a specialized risk disclosure document for investments in growth tier companies [1] Group 2: Institutional Stability - Basic systems such as issuance and listing will remain unchanged [1] - Conditions for existing unprofitable companies to remove the "U" identifier will also remain unchanged [1] - The investment threshold for investors in the growth tier of the Sci-Tech Innovation Board will be maintained [1] Group 3: Future Directions - The CSRC will continue to strictly control the entry standards for issuance and listing, ensuring the quality of listed companies aligns with the "hard technology" positioning of the Sci-Tech Innovation Board [1]

Group 1: Current Challenges and Opportunities in China's Capital Market - The rise of anti-globalization sentiments and geopolitical risks presents significant challenges for maintaining strategic openness and enhancing the quality of China's capital market [1][5] - The global economic landscape is undergoing profound changes, with trade protectionism and technological revolutions creating both challenges and unprecedented opportunities for China's capital market [1][5] - A healthy and active capital market is crucial for national competitiveness and is directly linked to the high-quality development of the Chinese economy [1][5] Group 2: Registration System Reform - The registration system reform, initiated in 2019 with the Sci-Tech Innovation Board, has revolutionized China's capital market by shifting from government selection to market selection, significantly improving the efficiency of new stock issuance [2] - The average review period for new stock issuance has been reduced from 18 months to less than 6 months, indicating a substantial increase in issuance efficiency [2] - The reform has also led to a record number of 50 companies delisting in 2023, reflecting a market ecosystem of "entry and exit" [2] Group 3: Trading Mechanisms and Investor Protection - Recent innovations in trading mechanisms, such as the introduction of fixed-price trading on the Sci-Tech Innovation Board and relaxed trading limits on the ChiNext, have enhanced market liquidity and pricing efficiency [3] - However, the proportion of margin trading in China's market is only about 2%, significantly lower than the 10% average in mature markets, indicating a structural shortcoming [3] - Progress has been made in investor protection, including collective litigation and compensation mechanisms, but challenges remain in protecting retail investors effectively [3] Group 4: Long-term Capital and Foreign Investment - The cultivation of patient capital is essential for supporting technological innovation, yet the A-share market exhibits a short-term investment tendency, with an average holding period of less than 6 months for public funds [4] - China's capital market has accelerated its opening to foreign investment, with foreign holdings of A-shares reaching 3.5 trillion yuan by the end of 2023, nearly tripling since 2018 [4] - Despite these advancements, the foreign ownership ratio in China's market is still around 5%, significantly lower than that of the US and Japan, indicating room for improvement [5] Group 5: Systematic Progress in Market Openness - To deepen the opening of the capital market, systematic progress is needed, including aligning accounting standards with international norms and enhancing information disclosure for foreign investors [6] - The introduction of more financial derivatives, such as stock index options and government bond futures, is necessary to provide better risk management tools for foreign investors [6] - The multi-tiered market structure in China, encompassing various boards, needs to be optimized for better connectivity and collaboration among different market segments [6] Group 6: Future Directions for Capital Market Reform - The blueprint for the future of China's capital market reform emphasizes enhancing the quality of listed companies, preventing systemic risks, and supporting national strategies for technological innovation and industrial upgrading [7] - The capital market is entering a critical phase of reform, requiring a strategic focus on innovation and resilience to navigate challenges effectively [7] - The belief is that a reformed capital market will emerge more mature and vibrant, contributing significantly to the modernization of the Chinese economy [7]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of capital markets in supporting technological innovation and the development of new productive forces, with a focus on protecting the rights of investors, especially small and medium-sized investors [1][3]. Group 1: Policy Measures and Achievements - The CSRC has implemented a series of policies to support technological innovation, including the issuance of multiple policy documents aimed at enhancing the regulatory framework and market ecology for tech enterprises [1][2]. - As of now, nearly 2,700 companies in strategic emerging industries are listed on the Shanghai and Shenzhen stock exchanges, accounting for over 40% of the market capitalization [2]. - In the IPO sector, over 90% of new listings in 2024 on the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange belong to strategic emerging industries or high-tech enterprises [2]. - The number of asset restructuring disclosures by strategic emerging industry companies has doubled compared to the previous year, with over 140 cases reported [2]. - The total issuance of Sci-Tech Innovation Bonds reached 1.35 trillion yuan, with 1,327 bonds issued by the end of April 2025 [2]. Group 2: Future Directions - The CSRC plans to deepen the reform of the stock issuance registration system, focusing on information disclosure and strict regulatory accountability, while supporting the listing of quality unprofitable tech companies [3][4]. - There will be a strong emphasis on facilitating mergers and acquisitions among listed companies to enhance supply chain resilience and technological capabilities [4]. - The CSRC aims to cultivate long-term and patient capital by optimizing the assessment mechanisms for private equity funds and promoting the development of secondary market funds [4][5]. - The commission will enhance the quality of bond financing for tech companies and explore the issuance of more themed bonds to reduce financing costs for innovative enterprises [5]. Group 3: Investor Protection and Market Integrity - The CSRC is committed to improving information disclosure regarding the technological attributes and investment risks of innovative companies, as well as enhancing investor suitability mechanisms [6][7]. - There will be a focus on strengthening the legal framework for capital markets, including the drafting of new regulations to clarify the rights and responsibilities of stakeholders in tech enterprises [6][7]. - The CSRC plans to create a more trustworthy market environment by enhancing the integrity supervision of the securities and futures market, aiming to increase market transparency and accountability [7].

Core Viewpoint - The Bank of China Jilin Branch is actively promoting investor protection and rational investment through various educational activities across the province, aiming to enhance public financial literacy and safeguard wealth [1][3][4]. Group 1: Investor Education Initiatives - The Jilin Branch organized a special educational campaign titled "Rational Investment, Protect Wealth" involving 216 outlets to promote investor protection [1]. - The Songyuan Branch conducted a financial education class at a local job fair, focusing on rational investment themes [1][3]. - Interactive activities, including scenario simulations and AR demonstrations, were used to educate the public about new types of scams, such as illegal fundraising and virtual currency [3]. Group 2: Collaborative Risk Prevention - The Jilin Branch collaborated with law enforcement, insurance companies, and other financial institutions to raise awareness about economic crime and promote rational investment [3]. - Events were held in public spaces to expose real cases of scams, warning the public about "high-yield" investment traps and the dangers of "low-threshold high-leverage" schemes [3]. Group 3: Community Engagement - The Jilin Branch's outreach included visits to businesses, construction sites, and community centers to promote financial principles and help consumers understand the balance of risk and return [4]. - Various branches engaged with local communities, distributing educational materials and sharing investment knowledge to enhance public awareness of financial risks [4]. Group 4: Youth and Public Awareness - The Changchun Chaoyang Branch partnered with a local financial college to conduct activities aimed at educating youth about financial safety and fraud prevention [5]. - Public events in parks and streets were organized to disseminate financial knowledge and raise awareness about typical fraud cases, thereby improving the community's financial literacy [5]. Group 5: Ongoing Commitment - The Bank of China Jilin Branch is committed to leveraging its expertise to continuously innovate and deliver financial education and services to various segments of society, contributing to financial stability and regional economic development [5].

Core Viewpoint - The 2025 government work report emphasizes the need to "reform and optimize the stock issuance and merger restructuring system," marking a significant institutional change crucial for the transition of China's stock market from "scale expansion" to "quality improvement" [1] Stock Issuance System - The U.S. stock market employs a "tiered registration system + market-based pricing" model, with the SEC conducting formal reviews and exchanges performing substantive reviews [6] - The UK stock market features a flexible listing system led by professional investors, allowing for simplified disclosure requirements and a "fast track" mechanism for quality companies [7] - Hong Kong's stock issuance combines international rules with local balance, implementing a dual filing system and emphasizing risk control mechanisms [8] Merger and Restructuring System - The U.S. merger market focuses on a market-driven ecosystem, utilizing a dual decision-making mechanism to prevent major shareholder interest transfer [9] - The UK emphasizes creditor protection, mandating full offers for significant shareholdings and implementing a pre-pack system for bankruptcy restructuring [10] - Hong Kong has strict reverse takeover rules and allows for scheme arrangements to facilitate cross-border mergers [11] Current Status and Issues - China's stock market is gradually moving towards marketization under the registration system, but faces challenges such as the inertia of "approval-like" practices and high proportions of new stock fundraising used for liquidity rather than core technology development [13][15] - The merger and restructuring market has seen a slowdown in 2023, but a notable increase in diversified strategic mergers in 2024, with significant growth in transaction values [16] Recommendations - The reform of stock issuance and merger restructuring systems should focus on balancing marketization and regulation, enhancing efficiency while ensuring safety [19] - A differentiated issuance system should be established, with specific standards for different market segments, and market-based pricing mechanisms should be implemented [20] - The merger review process should be simplified, and a variety of payment tools should be introduced to enhance flexibility in transactions [22][23] - Investor protection mechanisms need to be strengthened, including the establishment of a loss compensation system and improved information disclosure practices [25]

Group 1 - The event "Investors Walk into Listed Companies" aims to enhance communication between investors and companies, promoting financial knowledge and rational investment [1] - Yuyuan Group, rooted in China, focuses on family happiness consumption, with a diverse portfolio including gold jewelry, cultural dining, liquor, health, and fashion [1] - The company has been optimizing its business layout and expanding overseas markets, aiming to create a global fashion cultural showcase [2] Group 2 - The CFO of Tonghanchuntang emphasized the brand's commitment to traditional Chinese medicine, focusing on innovation and the development of health products [2] - The event included a tour of Yuyuan's gold jewelry store, showcasing various products that blend traditional culture with modern design [3] - Yuyuan Group plans to enhance Tonghanchuntang's brand value by focusing on the food-medicine integration field and expanding distribution channels [4] Group 3 - The company is confident in its long-term development in the gold jewelry sector despite fluctuations in gold prices, implementing strategies to optimize product structure and expand sales channels [3] - The event facilitated a deeper understanding of Yuyuan Group's achievements in the gold and health sectors, strengthening investor relations [4]

Core Viewpoint - The National Financial Regulatory Administration has drafted the "Management Measures for Information Disclosure of Asset Management Products of Banking and Insurance Institutions (Draft for Comments)" to enhance transparency and standardization in the asset management industry [1][2][3] Group 1: Regulatory Changes - The draft aims to establish a unified information disclosure system for asset management products, addressing the lack of specialized regulations and inconsistent standards across different products [1][2] - The introduction of the draft marks a significant advancement in the regulatory framework for insurance asset management products since the 2018 guidelines [1][3] Group 2: Transparency and Investor Protection - The draft is expected to improve the transparency of the asset management industry, allowing for more standardized and clear product information [4][5] - It emphasizes investor protection by ensuring that investors have a comprehensive understanding of product risks and characteristics, thereby reducing investment risks [4][6] Group 3: Information Disclosure Requirements - The draft specifies clear requirements for the frequency, content, and channels of information disclosure, mandating that disclosures be in "clear and understandable Chinese" [3][4] - It introduces the concept of "penetrating disclosure" to prevent misleading expectations regarding performance benchmarks, clarifying that past performance does not guarantee future results [4][5] Group 4: Investor Education and Communication - The draft highlights the need for asset management institutions to enhance investor education and communication, particularly in improving financial literacy among investors [7][8] - Institutions are encouraged to establish diverse communication channels and proactively engage with investors, especially during significant risk events or performance fluctuations [7][8]

在举办各类活动过程中，山东证监局借助媒体平台，增强活动聚合效应。在山东辖区上市公司投资者网上集体接待日活动 中，山东辖区超九成上市公司通过"云端对话"累计解答问题2392个，平台访问量达18.5万人次。山东证监局还组织中泰证券投 教基地开展了"投教有新意·财富有新知"主题投教活动，制作《孔子论防非》等65件特色原创投教作品，积极利用新媒体平台宣 传，电子作品线上点击量超500万次。此外，山东证监局还联合大商所开展了"DCE·中小同行"专项活动。同时，山东证监局还 组织证券经营机构以"云课堂"形式服务投资者，通过开设"财富齐鲁"5·15投教直播间，吸引3500余名投资者实时互动，点赞量 超1.1万次。 今年的"5·15全国投资者保护宣传日"活动主题中，山东证监局还注重分层分类施教，提升全民金融素养。针对老年群体， 山东证监局指导山东辖区有关单位开展进社区活动290余场，以案例讲解、通俗易懂短视频等形式强化风险防范意识；针对学 生群体，指导辖区协会在5月15日启动"青春逐梦投教护航—齐鲁投教高校行系列活动"，指导相关证券期货经营机构开展投教 进校园活动50余场，4000余名学生参加，帮助树立正确财富观、投资观；针 ...

Core Viewpoint - The article highlights the efforts of Guangfa Bank's Kaifeng Branch in promoting financial knowledge and protecting investor rights during the "5·15 Investor Protection Awareness Day" in 2025, emphasizing the importance of rational investment and risk awareness [1][4]. Group 1: Event Organization and Outreach - The Kaifeng Branch organized a series of diverse activities combining online and offline methods to educate investors about financial knowledge and promote rational investment concepts [1]. - The branch utilized various resources, including on-site promotions, community lectures, and collaborations with insurance companies, to reach a wider audience and enhance financial literacy [1][4]. Group 2: Focus on Investor Education - The activities were centered around the "Three Appropriateness" principle, focusing on appropriate products, investors, and channels, while emphasizing investor rights protection and rational investment behavior [4]. - Staff provided case studies and simulations to educate investors about the dangers of illegal financial intermediaries and encouraged them to use legitimate investment channels [4]. Group 3: Enhancing Risk Awareness - The branch highlighted the risks associated with high-yield investments and the importance of recognizing that high returns often come with high risks, advising against blind pursuit of guaranteed profits [4][5]. - Through practical examples, the staff educated the public on common telecom fraud tactics and prevention techniques, aiming to enhance vigilance against misleading information [4]. Group 4: Future Initiatives - Following the event, the Kaifeng Branch plans to continue its commitment to financial education by collaborating with communities, businesses, and schools to expand the reach and impact of investor education initiatives [5].