Core Viewpoint - The Shanghai Stock Exchange (SSE) emphasizes the implementation of the "big investor protection" concept as a key feature in building a sound market ecosystem during the 14th Five-Year Plan period [1] Group 1: Regulatory Measures - The SSE has maintained strong regulatory practices to ensure market transparency and fairness, introducing a new generation of company supervision systems and imposing nearly 800 disciplinary actions against violations, including over 170 cases of financial fraud and misuse of funds [1] - The SSE has implemented a multi-faceted delisting mechanism, resulting in a total of 93 delistings, with 70 being mandatory and 23 through voluntary measures [1] - Continuous monitoring of abnormal trading activities has been strengthened to maintain market stability [1] Group 2: Enhancing Investor Experience - The SSE has encouraged listed companies to implement dividend policies, achieving an average annual dividend yield of approximately 2.5% since the beginning of the 14th Five-Year Plan [2] - A three-tier investor education and protection mechanism has been established, improving the suitability management system for various trading platforms [2] - The SSE has facilitated communication between investors and listed companies, organizing over 1,600 events for investors to engage with companies [2] Group 3: Improving Market Satisfaction - The SSE has launched initiatives to enhance service transparency, with over 150,000 business consultations and more than 300 events for direct engagement with department heads [3] - A cumulative reduction of fees amounting to approximately 4 billion yuan has been achieved through continuous efforts to address market needs [3] - The SSE is advancing digital transformation, integrating nearly 500 online services and enhancing investor participation in shareholder meetings through a streamlined online voting system [3]

Core Insights - The Shanghai Stock Exchange (SSE) emphasizes the importance of investor protection and aims to implement the "big investor protection" concept as a key feature of its development during the 14th Five-Year Plan [1] Regulatory Measures - SSE has introduced a new generation of company regulatory portrait systems to enhance supervision and combat fraudulent activities, financial fraud, and fund misappropriation [1] - The exchange has issued nearly 800 disciplinary actions, with over 30% being severe penalties such as public reprimands [1] - A "zero tolerance" policy has been adopted against financial fraud and fund misappropriation, resulting in over 170 cases being addressed [1] - More than 50 cases of illegal share reduction have been punished under a strong deterrent approach [1] Delisting Mechanism - SSE has successfully implemented two rounds of delisting system reforms, leading to a total of 93 companies being delisted, including 70 through mandatory delisting and 23 through voluntary delisting [1] - The exchange continues to strengthen monitoring of abnormal trading activities to ensure stable market operations [1]