Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the draft of the "Regulations on the Supervision and Administration of Listed Companies," aiming to enhance corporate governance, strengthen information disclosure, regulate mergers and acquisitions, protect investors, and combat illegal activities [1] Group 1: Corporate Governance - The regulations aim to improve corporate governance requirements, standardizing governance structures and the behavior of key stakeholders such as controlling shareholders, actual controllers, directors, and senior executives to enhance governance effectiveness [1] - The focus is on laying a solid foundation for the high-quality development of listed companies [1] Group 2: Information Disclosure - There will be a stronger emphasis on regulating information disclosure, particularly targeting financial fraud by improving internal supervision mechanisms and accountability systems [1] - The regulations will prohibit third-party involvement in fraudulent activities, aiming for a multi-dimensional approach to combat and prevent such issues [1] Group 3: Mergers and Acquisitions - The regulations will standardize and refine the rules regarding acquisitions and major asset restructurings, clarifying the responsibilities and independence requirements of financial advisors [1] - This is intended to support industrial integration and corporate transformation [1] Group 4: Investor Protection - Clear requirements will be established for market value management, cash dividends, and share buybacks to enhance the investment value of listed companies and increase awareness of returning value to investors [1] - The regulations will also specify investor protection arrangements during voluntary delisting to prevent companies from evading delisting and harming investor interests through bankruptcy restructuring [1] Group 5: Combating Illegal Activities - The regulations will impose strict penalties for illegal activities, detailing the measures that the State Council's securities regulatory authority can take in the performance of its duties [1] - Specific penalties will be set for behaviors such as asset occupation and cooperation in fraud [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the draft of the "Regulations on the Supervision and Administration of Listed Companies," which aims to enhance corporate governance, information disclosure, mergers and acquisitions, investor protection, and the crackdown on illegal activities in the securities market [1]. Group 1: Corporate Governance - The regulations aim to improve corporate governance requirements, standardize governance structures, and regulate the behavior of key stakeholders such as controlling shareholders, actual controllers, directors, and senior executives to enhance governance effectiveness and support high-quality development of listed companies [2]. Group 2: Information Disclosure - There is a focus on strengthening the regulation of information disclosure, particularly targeting financial fraud by improving internal supervision mechanisms, accountability, and preventing third-party collusion in fraudulent activities [3]. Group 3: Mergers and Acquisitions - The regulations will standardize merger and acquisition activities by refining rules related to company acquisitions and major asset restructurings, clarifying the responsibilities and independence requirements of financial advisors, and supporting industrial integration and corporate transformation [4]. Group 4: Investor Protection - The regulations will enhance investor protection by setting clear requirements for market value management, cash dividends, and share buybacks, encouraging listed companies to improve investment value and awareness of returning profits to investors. It also specifies protections for investors during voluntary delisting and prevents companies from evading delisting or harming investor interests through bankruptcy restructuring [5]. Group 5: Crackdown on Illegal Activities - The regulations will impose strict penalties for illegal activities, detailing the measures that the State Council's securities regulatory authority can take in performing its duties, including specific penalties for behaviors such as misappropriation of guarantees and collusion in fraud [6].