Core Viewpoint - The essence of the capital market is transparency, fairness, and rule of law, which are essential to prevent fraud and maintain investor confidence [3][4][9]. Group 1: Fraud and Market Integrity - Any fraudulent behavior undermines market confidence and must be met with zero tolerance [8][9]. - The metaphor of a "soup with a mouse droppings" illustrates that even a single instance of fraud can taint the entire market, emphasizing that the presence of good companies does not justify the existence of fraudulent ones [4][9]. - The capital market's risk-return profile should derive from corporate growth, technological innovation, and industry cycles, rather than price volatility [4]. Group 2: Role of Intermediaries - Intermediaries are crucial for maintaining market transparency, and their failure to perform their duties can lead to increased fraud [4][9]. - Some intermediaries have been complicit in concealing fraudulent activities, which is unacceptable [9]. Group 3: Legal Framework and Investor Protection - A robust legal framework is necessary to deter financial fraud, with severe penalties for violators, including joint liability for intermediaries and company executives [6][9]. - The reform of the delisting mechanism should not be seen merely as a punitive measure; it must include investor protection and compensation mechanisms to ensure fairness [6][11]. - The current design of the capital market has historically favored issuers over investors, leading to a speculative environment that lacks genuine investor-centric arrangements [6]. Group 4: Systematic Reforms - The development of the capital market requires simultaneous efforts in enhancing company competitiveness, ensuring liquidity, and improving legal frameworks [7]. - A comprehensive reform approach is necessary to establish a fair and transparent market that can effectively support technological innovation and high-quality economic development [7].