Group 1 - The core viewpoint emphasizes that the capital market must not allow any company to commit fraud during the listing process, highlighting the importance of transparency as the foundation of the capital market [2] - There are existing shortcomings in the institutional design of China's capital market, where administrative penalties have historically been the main form of punishment for violations, lacking sufficient deterrent effects [2] - The call for a complete change in the traditional understanding of market risks is made, advocating for severe penalties for fraudulent activities to maintain market transparency and fairness [2][3] Group 2 - The capital market should not be viewed as a speculative arena but rather as an investment space based on the real growth potential of enterprises [3] - Without transparency, fair rules, and a sound legal system, the capital market cannot effectively serve technological innovation and promote high-quality development [3]