Core Viewpoint - The article discusses the regulatory actions taken against Guoyuan Securities and Huatai United Securities for their professional misconduct in a merger and acquisition project involving Anhui Fuhuang Steel Structure Co., Ltd. and Zhongke Vision Technology Co., Ltd. [2][5][6] Group 1: Regulatory Actions - The Anhui Securities Regulatory Bureau issued warning letters to both Guoyuan Securities and Huatai United Securities for their failures in the same merger and acquisition project [2][6]. - The two firms failed to exercise sufficient professional caution regarding revenue recognition issues and did not adequately verify the substance of transactions with certain clients, leading to inaccuracies in their independent financial advisory reports [6][5]. Group 2: Implications for Financial Advisors - The misconduct raises concerns about the responsibility division and collaborative effectiveness of multiple financial advisors in complex merger transactions [6]. - The article emphasizes the importance of financial advisors in ensuring the quality and efficiency of transactions, highlighting that failures in key verification processes may indicate deeper issues in compliance and independent verification [6]. Group 3: Enhancements in M&A Services - The regulatory environment for mergers and acquisitions is being optimized, with new measures introduced to enhance market vitality and resource allocation efficiency [8]. - The China Securities Regulatory Commission is seeking public opinion on a draft regulation aimed at standardizing M&A behaviors and clarifying the roles and independence of financial advisors [8]. Group 4: Specific Requirements for Independent Financial Advisors - The Shanghai Stock Exchange has outlined three key requirements for independent financial advisors: enhancing professional service capabilities, fulfilling due diligence responsibilities, and strengthening internal control mechanisms [9]. - Advisors are encouraged to improve their understanding of industries and transactions, conduct thorough investigations, and establish effective internal controls to ensure high-quality service delivery [9].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国基金报 【导读】国元证券、华泰联合证券双双被出具警示函 中国基金报记者 舍梨 12月5日，安徽证监局发布两份行政监管措施决定书，直指两家券商——国元证券与华泰联合证券在同 一个并购重组项目中的执业失职行为。 | | 标题 | 文号 | 发文日期 | | --- | --- | --- | --- | | | 关于对张云、陈夏璟、尹斌、朱宁等人员采取 | 中国证券监督管理委员会安徽监 | | | 1 | 出具警示函措施的决定 | 管局行政监管措施决定书 | 2025-12-05 | | | | 〔2025〕 76号 | | | | 关于对安徽天未律师事务所、洪雅娴、李洋、 | 中国证券监督管理委员会安徽监 | | | 2 | 朱乐乐采取出具警示函排施的决定 | 管局行政监管措施决定书 | 2025-12-05 | | | | 〔2025〕 67号 | | | | 关于对国元证券股份有限公司、杨少杰、刘民 | 中国证券监督管理委员会安徽监 | | | 3 | 昊采取出具警示函措施的决定 | 管局行政监管措施决定书 | 2025-1 ...

Core Viewpoint - The Anhui Securities Regulatory Bureau issued administrative regulatory measures against Guoyuan Securities and Huatai United Securities for professional misconduct in the same merger and acquisition project [1][4]. Group 1: Regulatory Actions - Both Guoyuan Securities and Huatai United Securities received warning letters for their roles as financial advisors in the acquisition project involving Anhui Fuhuang Steel Structure Co., Ltd. and Hefei Zhongke Junda Vision Technology Co., Ltd. [4] - The regulatory documents indicated that both firms failed to exercise sufficient professional caution regarding revenue recognition issues and did not adequately verify the substance of transactions with certain clients [4]. Group 2: Implications for Financial Advisors - The misconduct of both firms raises concerns about the responsibility division and collaborative effects in projects involving multiple financial advisors [4][5]. - The regulatory actions highlight the critical role of financial advisors in M&A transactions, emphasizing that their professional service capabilities directly impact the quality and efficiency of transactions [4]. Group 3: Industry Standards and Expectations - The regulatory environment for M&A has been continuously optimized, with new measures introduced to enhance market vitality and resource allocation efficiency [6]. - The China Securities Regulatory Commission is seeking public opinion on a draft regulation that aims to standardize M&A behaviors and clarify the responsibilities and independence of financial advisors [6]. - Specific requirements for independent financial advisors include enhancing professional service capabilities, fulfilling due diligence responsibilities, and strengthening internal control mechanisms [7].

Core Viewpoint - The article discusses the release of the draft "Regulations on the Supervision and Administration of Listed Companies," which aims to strengthen regulatory frameworks and promote the high-quality development of listed companies in China [1][10]. Group 1: Regulatory Framework - The draft regulations cover the entire lifecycle of listed companies, emphasizing governance, mergers and acquisitions, and investor protection [2][3]. - It aims to enhance the precision and effectiveness of regulation based on past regulatory experiences, thereby fostering high-quality development of listed companies [2][10]. Group 2: Company Governance - A dedicated chapter on corporate governance is included, focusing on the governance structure, responsibilities of major stakeholders, and the roles of independent directors and board secretaries [3][4]. - The regulations aim to strengthen the autonomy of listed companies and ensure accountability among executives and major shareholders [4][10]. Group 3: Investor Protection - The regulations include provisions to enhance investor value and prohibit market manipulation, while also improving cash dividend and share buyback mechanisms [4][5]. - Measures are introduced to protect dissenting shareholders during voluntary delisting and to ensure proper arrangements for stock transfers post-delisting [4][5]. Group 4: Mergers and Acquisitions - The draft regulations support mergers and acquisitions by clarifying definitions, qualifications, and disclosure standards for acquirers [6][7]. - It emphasizes the role of financial advisors in ensuring compliance and integrity during mergers and acquisitions [7]. Group 5: Combating Financial Fraud - The regulations strengthen oversight of related-party transactions and require companies to establish robust internal controls to prevent financial fraud [8][9]. - Specific penalties are outlined for major shareholders who misuse company resources or engage in fraudulent activities [8]. Group 6: Timing and Necessity - The article highlights the increasing number of listed companies in China and the need for comprehensive regulations to address governance failures and enhance overall company quality [10]. - The timing for the release of these regulations is deemed appropriate, aligning with the push for high-quality development in the capital market [10].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft of the "Regulations on the Supervision and Administration of Listed Companies," marking significant progress in legislative efforts to enhance the quality and regulation of listed companies [1][2]. Group 1: Company Governance - The draft establishes a dedicated chapter on "Company Governance," comprising 24 articles and over 4,400 words, highlighting its importance in the regulatory framework [3]. - It aims to refine governance requirements, including the roles of controlling shareholders, actual controllers, directors, and senior executives, thereby enhancing governance effectiveness [3]. - Key provisions include the regulation of company charters, governance structures, and the responsibilities of independent directors and board secretaries [3]. Group 2: Mergers and Acquisitions - The draft clarifies the definitions and basic requirements for mergers and acquisitions, aiming to stabilize market expectations [4]. - It enhances the regulations surrounding major asset restructurings and the roles of financial advisors, ensuring their independence and responsibilities [4]. - The regulations are designed to optimize corporate equity and asset structures, supporting industrial integration and upgrades [4]. Group 3: Legal Compliance and Fraud Prevention - The draft strengthens regulations against fraudulent activities, emphasizing the fairness and compliance of related party transactions [6]. - It mandates the establishment of robust internal control systems within companies and outlines the responsibilities of audit committees [6]. - The draft also prohibits controlling shareholders from misappropriating company funds and sets legal responsibilities for such actions [6]. Group 4: Investor Protection - The draft emphasizes the need for listed companies to enhance investor returns through mechanisms like cash dividends and share buybacks [7]. - It includes provisions to protect investors from companies attempting to evade delisting, ensuring that companies provide cash options or other legal measures for dissenting shareholders [7][8]. - The regulations aim to prevent interference with delisting decisions, thereby reinforcing the protection of investor interests [8].

我国将迎来首部专门的上市公司监管行政法规。 12月5日，证监会就《上市公司监督管理条例（公开征求意见稿）》（简称《监管条例》）向社会公开 征求意见，意味着严监严管的法治基础更加扎实有力，上市公司规范发展迈出坚实步伐。值得注意的 是，这也意味着我国将迎来首部专门的上市公司监管行政法规。 《监管条例》覆盖上市公司"全生命周期"，强化全链条监管，突出对公司治理的规范，突出对并购重组 活动的支持，突出对违法行为的打击，突出对投资者的保护。业内人士指出，《监管条例》在总结监管 实践经验的基础上，着力提升监管的精准性和有效性，更好地促进上市公司高质量发展。 设专章强化公司治理和投资者保护 南开大学金融学教授田利辉指出，并购重组市场正在经历从"量"到"质"的深刻变革，成为产业升级"催 化剂"，《监管条例》在强化重点规范，明确开展并购重组基本要求的同时，保持制度的包容性、适应 性，切实发挥好资本市场并购重组主渠道作用。 在打击违法行为，尤其是在打击财务造假方面，《监管条例》强化关联交易监管，强调关联交易的公允 性、必要性和合规性，防范上市公司借此操纵利润或者实施系统性造假；强化公司内部监督制约，要求 上市公司建立健全内部控制 ...

在公司治理规范方面，《监管条例》设专章将上市公司的治理作为规范重点，在关注基本治理架构，对 上市公司章程、组织机构设置及职权划分等作出针对性规定的同时，又抓住"关键少数"，直接规范控股 股东、实际控制人及董事高管的行为。具体包括规范上市公司的章程和基本治理架构；规范控股股东、 实际控制人的行为；压实董事高管的忠实勤勉义务、健全公司的激励与约束机制；明确独立董事、董事 会秘书的职责定位，发挥公司内设机构的监督制约作用；规范股东质押股票、委托表决权、代持股份等 行为。 我国将迎来首部专门的上市公司监管行政法规。 12月5日，证监会就《上市公司监督管理条例（公开征求意见稿）》（简称《监管条例》）向社会公开 征求意见，意味着严监严管的法治基础更加扎实有力，上市公司规范发展迈出坚实步伐。值得注意的 是，这也意味着我国将迎来首部专门的上市公司监管行政法规。 《监管条例》覆盖上市公司"全生命周期"，强化全链条监管，突出对公司治理的规范，突出对并购重组 活动的支持，突出对违法行为的打击，突出对投资者的保护。业内人士指出，《监管条例》在总结监管 实践经验的基础上，着力提升监管的精准性和有效性，更好地促进上市公司高质量发展。 设 ...

Core Viewpoint - The introduction of the "Regulations on the Supervision and Administration of Listed Companies" marks the establishment of the first dedicated administrative regulations for the supervision of listed companies in China, aiming to enhance regulatory precision and effectiveness for high-quality development of listed companies [1][11]. Group 1: Regulatory Framework - The "Regulatory Regulations" cover the entire lifecycle of listed companies, emphasizing governance, mergers and acquisitions, illegal activities, and investor protection [1][3]. - It aims to solidify the legal foundation for stricter supervision and management of listed companies, promoting their standardized development [1][11]. Group 2: Company Governance - A dedicated chapter on corporate governance is included, focusing on the governance structure, responsibilities of major stakeholders, and the roles of independent directors and board secretaries [3][4]. - The regulations aim to enhance the accountability of controlling shareholders and executives, ensuring they fulfill their duties and responsibilities [4][5]. Group 3: Investor Protection - A specific chapter on investor protection is established, mandating listed companies to enhance investment value and prohibiting market manipulation [4][5]. - The regulations also require companies to provide cash options or other legal measures to protect dissenting shareholders during voluntary delisting [4][5]. Group 4: Mergers and Acquisitions - The regulations strengthen support for mergers and acquisitions by clarifying definitions, qualifications, and disclosure standards for acquirers [7]. - They also enhance the regulatory framework for major asset restructuring and the role of financial advisors in these processes [7][8]. Group 5: Combating Financial Fraud - The regulations intensify scrutiny on related party transactions to prevent profit manipulation and systemic fraud [7][8]. - They establish strict penalties for major shareholders who misuse company funds and outline the responsibilities of the board in investigating and maintaining company interests [8][9]. Group 6: Timing and Necessity - The timing for the release of the "Regulatory Regulations" is deemed appropriate, as there is a growing need for comprehensive regulations to improve the quality of listed companies amid increasing numbers [11]. - The regulations are seen as a response to the demand for high-quality development in the capital market, aligning with recent policy initiatives [11].

登录新浪财经APP 搜索【信披】查看更多考评等级 为深入贯彻党的二十大和二十届二中、三中、四中全会精神，落实中央金融工作会议和《国务院关于加 强监管防范风险推动资本市场高质量发展的若干意见》部署要求，进一步健全上市公司监管法规体系， 推动提高上市公司质量，根据《公司法》《证券法》等法律规定，中国证监会起草了《上市公司监督管 理条例（公开征求意见稿）》，现向社会公开征求意见。公众可通过以下途径和方式提出反馈意见： 1．电子邮件：flbpublic@csrc.gov.cn。 2．通信地址：北京市西城区金融大街19号富凯大厦中国证监会法治司，邮政编码：100033。 意见反馈截止时间为2026年1月5日。 中国证监会 2025年12月5日 中国证监会就《上市公司监督管理条例（公开征求意见稿）》公开征求意见 附件1：《上市公司监督管理条例（公开征求意见稿）》（全文） 第一章总则 第一条 为了规范上市公司及相关各方在证券市场的行为，加强对上市公司的监督管理，促进上市公司 质量提升，保护投资者合法权益，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人 民共和国证券法》（以下简称《证券法》）等法律，制定本条例。 ...

12月5日晚，据证监会网站消息，中国证监会起草了《上市公司监督管理条例（公开征求意见 稿）》，现向社会公开征求意见。 《条例》共八章、七十四条，除总则和附则外，主要内容包括： 一是完善上市公司治理要求 ，规范治理架构以及控股股东、实际控制人、董事、高管等关键 少数的行为，促进提升治理的有效性，夯实上市公司高质量发展的根基。 四是加强投资者保护。 对市值管理、现金分红、股份回购等作出明确要求，推动上市公司提 升投资价值、增强回报投资者意识。明确主动退市中投资者保护安排，防范上市公司规避退 市、利用破产重整损害投资者利益。 五是严厉打击违法违规行为 ，细化国务院证券监督管理机构在依法履职过程中可以采取的措 施，对占用担保、配合造假等行为设置专门罚则。 二是进一步强化信息披露监管。 特别是针对上市公司信息披露"财务造假"，通过健全上市公 司内部监督制约、追责追偿机制，禁止第三方配合造假等方式，多维度予以重点打击和防范。 三是规范并购重组行为。 细化完善上市公司收购、重大资产重组等规定，进一步明确财务顾 问的职责定位和独立性要求，支持产业整合升级和企业转型。 点击图片查看详情 SFC 来源丨中国证监会 编辑丨江佩佩 ...