Core Viewpoint - The article discusses the ongoing reform of the independent director system in China's capital market, emphasizing the need for legal foundation, extended trading hours, and comprehensive capital market reforms to enhance governance and protect investor rights [1][2]. Group 1: Independent Director System Reform - The independent director system has seen improvements in performance and awareness, but three core issues remain: imbalance in the responsibility system, irregular management of appointments, and insufficient regulatory and self-regulatory collaboration [5][6]. - The revision of the Company Law is a critical opportunity to clarify the independent director's role, responsibilities, and protections, addressing issues such as unclear positioning and lack of support for independent directors [7][8]. - Recommendations include establishing a national independent director association to enhance qualification standards, training, and risk mitigation mechanisms [10]. Group 2: Capital Market Reform and Investment Balance - The reform should focus on four main goals: enhancing system inclusiveness, balancing investment and financing, serving the real economy, and preventing risks [2]. - There is a need for market-oriented reforms in issuance and delisting systems, improving the IPO registration system to meet the financing needs of various enterprises while enforcing strict delisting mechanisms [2][3]. - Strengthening the protection of small and medium investors through diversified compensation mechanisms and enhancing digital transformation in the capital market are essential [3]. Group 3: A-Share Trading Time Extension - Extending A-share trading hours is seen as necessary to align with international standards, meet the needs of foreign investors, and improve pricing efficiency [12][13]. - The proposed phased approach includes extending the closing time to 16:00 to synchronize with Hong Kong, followed by further adjustments based on market adaptation [15]. - Measures to mitigate potential risks from extended trading hours include enhancing regulatory frameworks, improving trading rules, and promoting investor education [15].