Core Viewpoint - The article discusses the suggestions made by Feng Yidong, a member of the National Committee of the Chinese People's Political Consultative Conference and General Manager of Zhongtai Securities, regarding the optimization of the capital market during the 2025 National Two Sessions [1][2]. Group 1: Suggestions on Shareholder Regulations - Feng Yidong recommends optimizing the regulatory mechanism for major shareholders' share reductions, suggesting differentiated supervision for strategic investors and controlling shareholders. He advocates for relaxing reduction restrictions for strategic investments to facilitate timely exits and new investments, thereby promoting a healthy cycle of fundraising, investment, management, and exit [3]. - He also proposes linking share buybacks and dividends to the reduction limits of controlling shareholders, ensuring that the total amount of buybacks and dividends exceeds the total funds raised from the secondary market as a condition for share reductions, which aims to protect the interests of small investors [3]. Group 2: Market Trading and Fund Management - The article highlights the need to regulate quantitative trading in the stock market to enhance market liquidity and stability. Feng suggests increasing the capital requirements and entry thresholds for high-frequency trading strategies, implementing a dual system of "licensing + filing" for different types of quantitative institutions [4]. - Regarding the ETF market, Feng recommends relaxing or eliminating the requirements for public fund share listing conditions, such as the minimum fundraising amount and the number of fund shareholders, to support the long-term healthy development of listed funds [5]. Group 3: Delisting and Private Equity Market - Feng Yidong suggests optimizing the delisting system to protect the interests of small investors, proposing to weaken mandatory delisting requirements and allow companies to decide on their delisting, encouraging voluntary delisting through mergers and acquisitions [6]. - He advocates for establishing a secondary trading market for private equity based on the Beijing Stock Exchange to facilitate a positive cycle of investment, transfer exit, and reinvestment, along with improving legislative frameworks for private equity transactions [6]. Group 4: Market Manipulation and Investor Protection - The article emphasizes the need to strengthen the regulation of market manipulation, particularly for stocks with price limits exceeding 10% on specific boards, to prevent irrational speculation and excessive market volatility [7].