Core Viewpoint - The recent emergence of market capitalization or stock price-linked investment agreements among major shareholders in listed companies poses significant risks, including market manipulation and insider trading, necessitating regulatory clarification to deny their validity [1][2][3] Group 1: Regulatory Concerns - Experts argue that stock price-linked agreements can lead to market manipulation and violate principles of fair pricing, potentially harming public interest [2][3] - Current regulations, such as those established by the China Securities Regulatory Commission (CSRC) in 2019, only address pre-IPO agreements, leaving a gap in post-IPO oversight [1][4] - There is a consensus among experts that regulatory frameworks must be strengthened to address the loopholes in the supervision of these agreements [4][5] Group 2: Legal Perspectives - The effectiveness of contracts, particularly those linked to stock prices, is questioned due to their dependence on uncontrollable external factors, likening them to gambling agreements [2][3] - Legal scholars suggest that these agreements should be classified distinctly from traditional contracts, emphasizing the need for differentiated rules in corporate law [3][4] - The judiciary is encouraged to unify adjudication standards to negate the validity of agreements that violate public order and good morals [5] Group 3: Market Implications - The proliferation of stock price-linked agreements could lead to systemic financial risks if left unchecked, as they may encourage imitation among market participants [2][3] - Experts highlight the necessity for a coordinated approach among legislative, judicial, and enforcement bodies to ensure fair and transparent market practices [4][5] - The current lack of clear regulations for post-listing agreements could undermine the integrity of the capital market, necessitating immediate action [4][5]

Core Viewpoint - The recent emergence of stock price-linked investment agreements among major shareholders in China's capital market raises concerns about potential market manipulation and regulatory evasion, necessitating a clear denial of their validity and the establishment of robust regulatory frameworks [2][3][4]. Regulatory Concerns - Experts argue that stock price-linked agreements pose significant risks, including market manipulation and moral hazards, which undermine fair pricing mechanisms and violate shareholder equality principles [3][5]. - Current regulations, such as those established by the China Securities Regulatory Commission (CSRC) in 2019, only address pre-IPO agreements, leaving a regulatory gap for post-IPO agreements [2][6]. Legal Perspectives - Legal scholars emphasize the need to differentiate between contracts with enforceable terms and those resembling gambling agreements, advocating for the invalidation of the latter [3][4]. - The lack of unified judicial standards regarding the validity of these agreements has led to legal ambiguities, necessitating differentiated rules for such contracts [5][6]. Market Implications - The proliferation of stock price-linked agreements could lead to systemic financial risks if left unchecked, as they may encourage competitive imitation among market participants [3][6]. - Experts suggest that while these agreements can serve as financial derivatives with price discovery functions, they should be regulated under a legal framework to ensure market integrity [6]. Recommendations for Improvement - A coordinated approach involving legislative, judicial, and enforcement measures is essential to address the regulatory challenges posed by stock price-linked agreements [6]. - The establishment of mandatory disclosure requirements and the development of comprehensive rules that accommodate financial innovations are recommended to enhance market transparency and fairness [5][6].