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Shanghai Securities News, China Securities Network (Reporter Liang Yinyan) May 15 is the national investor protection publicity day, and the CSRC issued a number of systems to protect investors, including the "guidelines on the Application of Regulatory rules-issuance Class No. 10" (hereinafter referred to as "guidelines"). It will be implemented in the supervision and control of initial public offerings on the Shanghai and Shenzhen stock exchanges. Among them, the issuer needs to publish a statement to investors in a prominent position on the title page of the prospectus, expounding the "listing view" at the beginning, which requires conciseness, clarity and accuracy, and avoids formatting, templating and the use of advertising language.
Industry experts believe that the guidelines will further strengthen the behavioral constraints of companies to be listed. A correct "listing view" will guide the "key minority" of listed companies to attach importance to the company's long-term development and share the company's growth dividend with investors, so as to achieve high-quality development of the company. At the same time, it helps investors to form more stable return expectations by requiring the "key minority" to extend the share lock-up period and strengthen the disclosure of dividend policy when the performance of the "key minority" declines. In addition, unprofitable companies need to disclose more forward-looking information, which will help investors better understand investment risks.
The content of the statement requires to avoid the use of advertising language
The guidelines require the issuer to publish a statement to investors in a prominent position on the title page of the prospectus, briefly explaining the purpose of listing, the construction of a modern enterprise system, the necessity of financing, and future development plans.
The reporter learned that the regulation aims to implement the concept of responsibility for investors, requiring issuers to clearly state the "listing concept" at the beginning of the prospectus, to explain to investors the basic situation of enterprise listing, and to show the basic features of enterprises, so as to facilitate investors to quickly and accurately understand the purpose of enterprise listing. Through the improvement of relevant information disclosure, to promote enterprises to be better and stronger with the modern enterprise system as the guarantee, and not to seek listing blindly for the purpose of "encircling money".
The reporter also learned that the requirements of the statement are concise, clear and accurate, follow the principles of truth, accuracy and integrity, and avoid formatting templates and the use of advertising language.
The guidelines stipulate that "key minorities" such as controlling shareholders and actual controllers may promise that the net profit of the issuer will decline by more than 50% in the year in which the issuer is listed and in the second and third year after listing, extend the lock-up period of its shares at that time, and disclose them in the prospectus.
Industry insiders said that the "key minority" is the "soul" of enterprises and plays an important role in the operation and development of enterprises. The arrangement of the "guidelines" will help the "key minority" to strengthen self-restraint, reflect their awareness of sharing risks with investors and their confidence in the development of enterprises, and guide them to establish the idea that "listing is the starting point rather than the end point." focus on running the enterprise well after listing and plan the long-term development prospects of the enterprise.
Urge investors to form stable return expectations
The guidelines require issuers to disclose in the prospectus their post-listing dividend policies, profit distribution plans such as cash dividends within three years after listing, strengthening arrangements for investors' long-term returns, and requiring intermediaries to check and express their opinions. At the same time, if the issuer adjusts the dividend policy after listing, it should state the reasons and perform the procedures.
Industry insiders believe that the sustained and stable dividends of listed companies will help enhance investor returns, promote the establishment of a peaceful investment concept, promote the stable and healthy development of the market, improve the efficiency of the use of the company's assets, and guide the company to focus on its main business. The guidelines refine the contents of the prospectus relating to post-listing profit distribution, in order to strengthen restrictions on cash dividends after listing, better balance corporate development and investor returns, and enable investors to form stable return expectations.
Data show that as of May 1 this year, 3859 listed companies have announced or implemented cash dividend plans for 2023 (including quarterly, semi-annual, annual and special dividends), accounting for 92 per cent of the total number of profitable companies. Among them, more than 100 companies are the first cash dividends since listing. The total cash dividends of the above 3859 listed companies reached 2. 5%.Gamblingcardgames.24 trillion yuan, a small increase over the previous year. 254 companies have disclosed quarterly and semi-annual dividend plans in 2023, the number of companies has increased significantly over the previous year, and the stability, sustainability and predictability of cash dividends have continued to strengthen.
Yu Yang, chairman of Huaxin Securities, said that a stable and fair dividend policy will help boost investor confidence in the market. Through dividends, listed companies prove to investors their profitability and the stability of cash flow, which is particularly important to attract long-term investors.
Unprofitable enterprises should fully disclose their sustainable operation ability
It is reported that for the listing of non-profit enterprises, the CSRC has clear and detailed information disclosure and verification requirements, reflecting the guidance of strict supervision. The guidelines further emphasize that issuers should disclose forward-looking information such as the expected time to achieve profits in the light of research and development progress and commercialization prospects, and sponsor institutions and accountants should carefully check and express their opinions. better co-ordinate support for scientific and technological development and protect the interests of investors.
"there is an unprofitable stage in the development of science and technology enterprises. allowing enterprises that have invested heavily in R & D and have not yet made a profit to go public is an important measure for the capital market to support scientific and technological innovation." Insiders in the industry said that there are certain risks in the development of unprofitable enterprises, and the ability of sustainable operation should be fully disclosed in the process of listing, and prospects for better and faster growth through financing should be made, so as to fully explain the situation and reveal risks to investors so that investors can make rational decisions.
Tian Lihui, dean of the Institute of Financial Development of Nankai University, believes that in addition to following the requirements of the "guidelines," companies should constantly improve their governance structure, strengthen internal control, and standardize information disclosure; pay attention to honest management, improve the transparency and quality of information disclosure, and enhance investor confidence; they should also pay attention to changes in market trends and regulatory policies, and adjust their business strategies in a timely manner to ensure the sustained and stable development of the company.