Core Viewpoint - The recent discussions at the "Securities Times 16th Listed Company Investor Relations Management Forum" highlighted the importance of enhancing market value management to promote high-quality development of listed companies in China [1][2]. Group 1: Background and Impact of "Guo Jiu Tiao" - The three releases of "Guo Jiu Tiao" have aimed to improve the quality of listed companies, with the first in 2004 focusing on the split share structure reform, allowing non-tradable shareholders to compensate tradable shareholders, which led to significant capital inflow into the A-share market [1][2]. - The second release in 2014 emphasized the establishment of a multi-channel, well-regulated, and efficient equity market, alongside the development of the bond and futures markets [1][2]. - The latest release in 2024 aims to tighten the entry standards for IPOs, enhance ongoing supervision of listed companies, and increase delisting regulations, addressing new challenges in the evolving market [2]. Group 2: Market Value Management - The 2024 guidelines have made it mandatory for listed companies to establish market value management systems, moving from a previously advisory stance to a clear requirement [2][3]. - Currently, state-owned enterprises are leading the implementation of market value management, with over 50 listed companies having released related systems since the introduction of the "Market Value Management Guidelines" [3]. - The "12345 principle" proposed for effective market value management includes prioritizing strategy, establishing a legal and market-based foundation, focusing on different management priorities for companies of varying market capitalizations, enhancing governance and ESG factors, and leveraging capital market tools for value enhancement [3].