Group 1 - The core viewpoint is that the A-share market is experiencing an accelerated pace of delisting, with 23 companies having delisted this year due to various reasons including financial issues, trading violations, and voluntary delisting [1][2] - The diversification of delisting channels is becoming more apparent, which is expected to enhance the market's price mechanism and improve the capital market's resource allocation function [1] - The increase in companies choosing voluntary delisting reflects a growing trend, with *ST Tianmao being the fifth company to opt for this route this year, citing significant uncertainties affecting its business structure [1] Group 2 - The new delisting regulations are seen as beneficial for investor protection, as they reduce "shell speculation" and optimize the market ecosystem [2] - As of August 13, 2023, the majority of the 23 delisted companies were due to financial and trading issues, with 9 companies delisted for financial reasons and 9 for trading violations, including 5 for face value and 3 for market value [2] - The normalization of voluntary delisting is viewed as an inevitable outcome of the registration system reform, facilitating a transition in the capital market from strict entry regulations to more accessible exit mechanisms [2]

Core Viewpoint - The A-share market is experiencing an accelerated pace of delisting under the regulatory policy of "retreating as necessary," with 23 companies delisted this year due to various reasons including financial issues, trading violations, and major illegal activities [1][2]. Group 1: Delisting Trends - A total of 23 A-share listed companies have been delisted this year, with reasons ranging from financial delisting to voluntary delisting [1][2]. - The diversification of delisting channels is becoming more apparent, contributing to a more rational market price mechanism and enhancing the capital market's resource allocation function [1][3]. - *ST Tianmao is the fifth company to voluntarily delist this year, citing significant uncertainties affecting its business structure [1]. Group 2: Regulatory Environment - The tightening of delisting regulations is seen as beneficial for protecting investor interests, reducing "shell speculation," and optimizing the market ecosystem [2]. - The current delisting standards include criteria such as a total market value below 500 million and fewer than 2,000 shareholders, which are gradually taking effect [2][3]. - The regulatory framework for delisting has become more stringent, particularly concerning financial fraud and corporate governance issues, leading to an increase in companies being forced to delist due to financial indicators [3]. Group 3: Future Recommendations - Suggestions for improving the delisting process include clarifying timelines, compressing overlapping delisting steps, and enhancing the regulatory functions of exchanges to prevent companies from remaining inactive [4]. - There is a call for the establishment of a robust mechanism for accountability and penalties post-listing, as well as improving investor compensation mechanisms to protect the rights of small investors [4].

Core Viewpoint - The acceleration of delisting in A-shares is driven by regulatory policies aimed at "retreating as necessary," with a total of 23 companies delisted this year due to various reasons, including financial issues and major violations [1][2][3]. Group 1: Delisting Trends - A total of 23 A-share companies have been delisted this year, with reasons including financial delisting, trading delisting, major violations, and voluntary delisting [1][2]. - The diversification of delisting types has led to an increase in companies choosing voluntary delisting, with *ST Tianmao being the fifth company to do so this year [1][2]. - The delisting process is becoming more streamlined and efficient, with a focus on enhancing the market's price mechanism and resource allocation capabilities [1][3]. Group 2: Regulatory Impact - The tightening of delisting regulations is seen as beneficial for investor protection, reducing "shell speculation" and optimizing market ecology [2][3]. - The new delisting rules have established clearer and stricter standards for major violations, particularly concerning financial fraud, which has led to an increase in companies being forced to delist due to financial issues [3]. - The number of companies delisted from 2020 to 2024 is projected to increase significantly, indicating a trend towards normalization and diversification of the delisting process [3]. Group 3: Recommendations for Improvement - Suggestions have been made to further clarify the delisting process and compress overlapping steps, enhancing the regulatory functions of exchanges to prevent companies from remaining inactive [4]. - There is a call for the establishment of a robust mechanism for accountability and penalties post-listing, as well as improved investor compensation mechanisms to protect the rights of small investors [4].

Core Viewpoint - The A-share market is experiencing an accelerated pace of delisting under the regulatory policy of "delisting as necessary," with a total of 23 companies delisted this year due to various reasons including financial issues, trading violations, and major illegal activities [1][2][3] Group 1: Delisting Trends - A total of 23 A-share listed companies have been delisted this year, with 9 due to trading violations and 9 due to financial issues [2][3] - The delisting types have diversified, leading to an increase in companies choosing voluntary delisting, with *ST Tianmao being the fifth company to do so this year [1][2] - The delisting process is becoming more streamlined and efficient, with a focus on enhancing the market's price mechanism and resource allocation capabilities [1][3] Group 2: Regulatory Changes - The new delisting regulations are aimed at protecting investor interests by reducing "shell speculation" and optimizing the market ecosystem [2] - The standards for mandatory delisting due to major violations have become more detailed, with a significant increase in the proportion of companies delisted for financial issues [3] - The regulatory framework is evolving to include stricter measures against financial fraud and governance issues, enhancing the deterrent effect of delisting rules [3] Group 3: Future Recommendations - There is a need for clearer timelines in the delisting process and a reduction of overlapping functions to prevent companies from remaining inactive [4] - Recommendations include strengthening the accountability and penalty mechanisms for companies post-listing, as well as improving investor compensation mechanisms [4]

时隔9年，券商财务顾问评级指引迎来修订。 证券时报记者从投行人士处获悉，中国证券业协会于2月中旬向券商下发《证券公司从事上市公司 并购重组财务顾问业务执业质量评价指引（草案）》并征求意见，计划于2月25日截止意见反馈。 具体来看，中证协突出项目质量的重要性，从规模主导转向质量主导；扩大项目评价范围，纳入被 否以及主动撤回等终止项目；优化评价结果分类，对当年未开展上市公司并购重组财务顾问业务的券 商，从直接评为C类改为单独划分为N类；加大合规扣分力度，对刑事处罚、行政处罚和重大监管措施 实施"一票否决"。 在新的评价体系下，财务顾问业务执业质量评价基础指标满分100分，附加指标最高10分。其中， 项目审核评价指标满分30分，业务规模指标满分30分，合规诚信指标满分20分，内部控制指标满分20 分，创新性指标最高10分。 此外，为适应并购重组市场化的发展和注册制改革，项目评价范围新增"注册制"等行政许可类并购 重组项目和非行政许可类重大资产重组项目。同时，为了体现"申报即担责"的监管理念，项目质量指标 计算范围以证监会或交易所出具评级结果的项目为准，增加了被否以及主动撤回等终止项目。 中证协会表示，为鼓励证券公司 ...

Group 1 - The Shanghai Stock Exchange (SSE) reported a significant increase in disciplinary actions in 2021, with a total of 185 disciplinary actions taken, representing a year-on-year increase of approximately 36% [1] - The SSE imposed disciplinary actions on 126 issuers and 656 related regulatory subjects, marking a year-on-year increase of about 15% [1] - The SSE publicly condemned and recognized unqualified personnel in over 50 cases related to serious violations such as financial fraud and fund occupation, showing a year-on-year increase of around 20% [1] Group 2 - The SSE focused on strict regulation of listed companies, particularly in cases of financial fraud, with 4 cases of financial fraud information disclosure being processed, resulting in public condemnation of 4 companies and disciplinary actions against 54 responsible individuals [2] - The SSE addressed over 20 cases of inaccurate financial information disclosure and facilitated the resolution of fund occupation and illegal guarantee issues for over 70 companies, involving amounts exceeding 57 billion [2] - The SSE implemented strict new delisting rules, with 14 companies delisted in 2021, including 8 forced delistings, and issued delisting risk warnings to 42 companies that triggered relevant delisting indicators after annual report disclosures [2] Group 3 - The SSE emphasized the prevention of market irregularities in the Sci-Tech Innovation Board, implementing strict information disclosure responsibilities for issuers and intermediary institutions [3] - In 2021, the SSE took disciplinary actions in 6 cases and regulatory measures in 10 cases, mainly addressing issues such as inaccurate information disclosure and non-compliance by core technical personnel [3] - The SSE also addressed issues related to underwriting and pricing, implementing 19 regulatory measures against 11 offline investors and 3 underwriting institutions [3] Group 4 - The SSE intensified efforts against malicious violations in the bond market, processing 3 cases related to "debt evasion" and imposing 46 disciplinary actions for violations of periodic report disclosures [4] - A total of 88 individuals were disciplined for their responsibilities in bond issuance and reporting violations [4] - The SSE aims to enhance its regulatory capabilities and maintain market order while protecting investors' legitimate rights and interests [4]

Core Viewpoint - The implementation of the new Securities Law has significantly strengthened the capital market's ability to serve the real economy, particularly in supporting innovation, while enhancing investor protection and improving information disclosure quality [1][2]. Group 1: Progress of Registration System Reform - The new Securities Law, effective from March 1, 2020, has systematically regulated the securities issuance registration system, optimizing conditions and procedures for securities issuance [2]. - Over the past two years, the registration system reform has progressed steadily, with the expansion of the Sci-Tech Innovation Board and the establishment of the Beijing Stock Exchange, indicating a shift towards enhancing market inclusivity and supporting technological innovation [2][3]. - As of now, the number of companies listed on the Sci-Tech Innovation Board has reached 391, with a total market capitalization exceeding 50 trillion yuan, showcasing a significant shift in the industry structure towards new economy and hard technology [3]. Group 2: Increase in Penalties for Market Violations - The new Securities Law has substantially increased penalties for securities violations, enhancing civil liability for securities misconduct and strengthening investor protection mechanisms [4]. - A notable case is the ruling in the Kangmei Pharmaceutical lawsuit, where 52,037 investors were awarded approximately 2.459 billion yuan in damages, marking a significant milestone in investor protection [5]. - The establishment of a coordinated mechanism for combating securities violations has been initiated, with the China Securities Regulatory Commission leading efforts to enhance the enforcement of laws against major violations [4][6]. Group 3: Enhancements in Investor Protection - The implementation of the Securities and Futures Administrative Law Enforcement Party Commitment System aims to improve enforcement efficiency and expedite compensation for investors [5]. - The Supreme People's Court has issued regulations clarifying the civil liability for false statements in the securities market, further solidifying the legal framework for investor protection [6]. - The overall legal environment has evolved to promote financing for enterprises while ensuring investor rights are comprehensively protected, with ongoing efforts to balance effective market regulation and investor interests [6].

Group 1 - The upcoming National Two Sessions are expected to discuss the implementation of a stock issuance registration system, which will significantly support technological innovation in the capital market [1] - Experts believe that the registration system will expand direct financing and enhance the capital market's efficiency in serving the innovative economy, providing more financial resources for technology companies [1][2] - As of mid-February, the number of companies in the new generation information technology sector on the Sci-Tech Innovation Board reached 142, with initial financing of 244.3 billion yuan [2] Group 2 - The capital market's role in promoting the formation of technology innovation capital and optimizing resource allocation has been increasingly recognized, with over 10 trillion yuan raised through stock and bond financing in 2021 [2][3] - The proportion of new listings on the Sci-Tech Innovation Board and the Growth Enterprise Market accounted for over 70% of the total market increment, indicating a shift of resources towards technology innovation [3] - The introduction of green bonds and other innovative financial tools has led to the issuance of over 410 billion yuan in green bonds, supporting low-carbon development [3] Group 3 - There is a need for further enhancement of the capital market's support for technology innovation, particularly in terms of depth and breadth [4] - The registration system is expected to improve market inclusivity, especially for technology and innovation-driven enterprises, by refining listing criteria [4] - Strengthening the connection between multi-level capital markets and enhancing the support for the entire lifecycle of technology companies is essential for fostering innovation [4] Group 4 - The investment evaluation for technology companies should focus on the feasibility of technological paths and reassess the value of data and innovation elements based on new investment philosophies [5] - A new framework for the efficient circulation of technology and capital is being proposed, emphasizing the need for a robust support system for technology innovation [7] - Recommendations include improving market mechanisms for private equity investment and enhancing the professional management of funds to support the growth of technology companies [8]

Core Viewpoint - The registration system reform in China's capital market is progressing towards a comprehensive implementation, enhancing the efficiency of IPO processes and supporting the development of technology-driven enterprises [1][2][3]. Group 1: Registration System Reform - The registration system has transitioned from an approval system to a more market-oriented approach, significantly improving the efficiency of IPOs and allowing for a more diverse range of companies to access the capital market [2][3]. - As of early 2023, under the registration system, there are 31 unprofitable companies, 4 with special equity structures, and 5 red-chip companies listed, indicating a broader acceptance of various business models [3]. - The government has emphasized the need for a comprehensive registration system to promote stable and healthy development in the capital market, with a focus on enhancing information disclosure and regulatory transformation [3]. Group 2: Market Structure and Dynamics - The registration system reform is reshaping the capital market ecosystem, leading to a more market-driven approach where regulatory focus shifts towards ensuring compliance and enhancing market integrity [5][6]. - The proportion of individual investors is gradually decreasing, while institutional ownership is on the rise, indicating a shift towards a more mature value investment market [6]. - The market is experiencing a "Matthew effect," where high-quality stocks attract more capital, leading to a decline in the value of shell companies [5][6]. Group 3: Challenges and Responsibilities - The registration system poses challenges for accounting firms, requiring them to ensure diligent financial disclosures and adapt to a comprehensive regulatory framework [7][8]. - Accountants are seen as gatekeepers of financial information, needing to maintain a zero-tolerance policy towards fraud while balancing penalties and development [8]. - There is a call for accounting firms to innovate their audit practices, incorporating technology and data analysis to enhance their service quality and risk management capabilities [8].

Group 1 - The number of investors in China's securities market has surpassed 200 million, marking a significant milestone for the market, which is now seen as a public market affecting the interests of millions of families [1] - The China Securities Regulatory Commission (CSRC) emphasizes the importance of respecting and protecting investors as a fundamental mission of the capital market [1][2] - Experts highlight the need for simultaneous efforts in improving the quality of listed companies and enhancing investor rights protection [1][2] Group 2 - There is a consensus on the necessity to enhance the governance of listed companies, which is fundamental for investor protection and sustainable market development [2][3] - Improving the quality of listed companies involves strengthening their governance, optimizing operational mechanisms, and establishing effective communication with investors [2][3] - Regulatory bodies, such as stock exchanges, are focusing on timely and transparent supervision to protect the rights of small and medium investors [2] Group 3 - The ongoing registration system reform presents both challenges and opportunities for investor protection, necessitating alignment with capital market reforms [4][5] - Experts suggest that the effectiveness of information disclosure and protection of investor interests during the delisting process should be enhanced as part of the registration system [5][6] - The relationship between government regulation and market self-regulation is crucial in the context of the registration system [6] Group 4 - There is a pressing need to strengthen the enforcement of laws against fraudulent activities in the capital market to deter violations effectively [7][8] - Experts advocate for harsher penalties for serious securities fraud, including the suggestion to classify fraudulent issuance as a financial crime with severe penalties [7][8] - The focus should be on holding the actual perpetrators accountable rather than solely penalizing the companies involved [7][8] Group 5 - The awareness of investor rights is increasing, but there is still a need for more active participation in protecting these rights [8][9] - Experts recommend improving the channels for investor rights protection and ensuring fair representation in legal actions [9] - The establishment of a cooperative framework between public interest organizations and regulatory bodies is suggested to enhance investor protection and market order [9]