According to the news released by the China Securities Regulatory Commission on January 10, in order to thoroughly implement the spirit of the Third Plenary Session of the 20th Central Committee of the Communist Party of China and the Central Economic Work Conference, and promote the deepening reform and high-quality development of the capital market, Wu Qing, Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission, recently held a symposium in Beijing, and emphasized that the China Securities Regulatory Commission will continue to promote the implementation of the new "National Nine Articles" and the "1+N" policy of the capital market, and accelerate the promotion of a new round of capital market reform and opening up with the deepening of the comprehensive reform of capital market investment and financing as the traction.

Promote the development of finance with Chinese characteristics

At the meeting, the participants agreed that with the gradual implementation of the new "National Nine Articles" and the "1+N" policy system of the capital market, a series of targeted incremental policies have been launched one after another, and the capital market has generally maintained a stable operation trend. A good market ecology that pays more attention to investor returns is taking shape, and the attractiveness of all kinds of funds has increased significantly.

Focusing on how to take the road of financial development with Chinese characteristics and further improve the reform, development and supervision of the capital market, the participants put forward six specific suggestions:

1. Pay attention to the balance of investment and financing, and promote the entry of long-term funds into the market

It is necessary to start by promoting the improvement of accounting treatment and assessment mechanisms, further break down the obstacles to medium and long-term capital entering the market, and continue to build a policy system conducive to "long-term money and long-term investment". Accelerate the reform of public funds, strengthen long-term capital and patient capital, and inject stability into the market.

2. Improve the market system and support scientific and technological innovation

Optimize the institutional rules for issuance and listing, refinancing, and shareholding reduction, and enhance their inclusiveness and adaptability, so as to better support the development of scientific and technological innovation and new quality productivity, and help economic transformation and upgrading.

3. Promote high-level opening-up and attract international capital

Expand and optimize the Qualified Foreign Institutional Investor (QFII) and Stock Connect mechanisms, continue to promote the high-level institutional opening of the capital market, attract more international capital to participate in the Chinese market, and promote two-way flow.

4. Enrich product supply to meet diversified needs

Increase the supply of financial products in the capital market such as ETFs (exchange-traded funds), provide investors with more diversified and personalized investment options, and meet the needs of investors at different levels.

5. Strengthen legal safeguards to protect the rights and interests of investors

We will continue to increase the intensity of punishment for serious violations of laws and regulations such as financial fraud, establish and improve strict legal systems and regulatory mechanisms, effectively protect the legitimate rights and interests of investors, and maintain market order.

6. Strengthen communication and enhance trust between all parties

Actively play the role of the media as a bridge, strengthen communication and interaction with investors, timely convey policy information and market dynamics, enhance understanding and trust among market participants, and jointly create a good market environment.

At the forum, Wu Qing emphasized three key points

At the symposium, Wu Qing, Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission, emphasized three key tasks, aiming to promote the steady progress of China's capital market along the road of financial development with Chinese characteristics.

1. Thoroughly implement the central deployment and grasp the laws of the market

Wu Qing pointed out that the China Securities Regulatory Commission will fully implement the spirit of the Third Plenary Session of the 20 th CPC Central Committee and the Central Economic Work Conference, and profoundly understand and grasp the characteristics and operational laws of China's capital market. Adhere to the general tone of the work of seeking progress while maintaining stability, promote stability with progress, and ensure that the new "National Nine Measures" and the "1+N" policy system of the capital market take root and achieve practical results. Through these measures, the China Securities Regulatory Commission is committed to embarking on a financial development path that is in line with China's national conditions and providing a solid foundation for the development of the capital market.

2. Adhere to marketization and rule of law, and deepen reform and opening up

Wu Qing stressed that it is necessary to unswervingly promote the process of marketization and rule of law, and start a new round of reform and opening up of the capital market with the deepening of the comprehensive reform of investment and financing in the capital market as the traction. This is not only to improve the efficiency and vitality of the market, but also to better serve the high-quality development of the real economy. The CSRC will strive to create a fairer, more transparent and more efficient market environment to help the economy continue to recover.

3. Cohesion and joint efforts to promote high-quality development

As a participant, builder and researcher of the capital market, Wu Qing called on everyone to work together, actively make suggestions and suggestions, and jointly contribute to the high-quality development of the capital market. He hoped that all sectors of the community could work closely together, share wisdom and experience, work together to address challenges, seize opportunities, jointly promote the healthy and stable development of the capital market, and lay a solid foundation for achieving long-term economic and social goals.

Clarify the scale standard for changes in investors' rights and interests

On the evening of January 10, the China Securities Regulatory Commission (CSRC) also announced the formulation and issuance of the Opinions on the Application of Securities and Futures Law No. 19 - Opinions on the Application of Articles 13 and 14 of the Administrative Measures for the Acquisition of Listed Companies (hereinafter referred to as the "Opinions on the Application of Law") to unify the standards for changes in investors' rights and interests and ensure the correct understanding and application of the relevant provisions of the Administrative Measures for the Acquisition of Listed Companies (hereinafter referred to as the "Acquisition Measures"). The Opinions will be formally implemented from the date of promulgation.

The Opinions on the Application of Law contain a total of six rules, focusing on the following three aspects:

Clarify the scale criteria for changes in equity:

With regard to the "5% increase or decrease" and "1% increase or decrease" mentioned in Articles 13 and 14 of the Takeover Measures, it is expressly stipulated that the relevant obligations shall only be fulfilled when 5% or an integer multiple of 1% is reached. This adjustment simplifies investors' understanding of changes in shareholding ratios and reduces compliance costs.

Exemption from the Disclosure and Restriction Obligations of the Passive Touch Scale:

When investors passively touch the above scale due to changes in the share capital of listed companies, they do not need to fulfill the obligation of information disclosure or sales restriction. Listed companies will be responsible for announcing such changes in shareholdings due to changes in share capital, reducing the operational burden on investors.

Principles for dealing with new and old cut-offs and violations:

The new regulations shall come into force on the date of promulgation. For past violations discovered after the implementation of the new regulations, the CSRC will deal with them in accordance with the principle of "starting with the old and treating them lightly", that is, judging according to the regulations at the time of the act, and at the same time choosing a lighter punishment method.

According to the CSRC, the Opinions on the Application of Law not only simplify compliance requirements, but also enhance market transparency by unifying the scale standards for changes in investors' rights and interests. On the one hand, this allows investors to focus only on their own "static" shareholding ratio, without having to deal with complex calculation problems, reducing compliance costs. On the other hand, it strengthens the early warning function of listed companies' acquisition activities, helps the market to understand the shareholding information of important shareholders and the potential risk of change of corporate control in a timely manner, and provides more valuable information support for investors' decision-making.