The Securities Regulatory Commission is seeking public comments on the “Administrative Measures on Reducing Shareholdings by Shareholders of Listed Companies (Draft for Comments)”. Among them, it is proposed to strictly regulate the reduction of the majority shareholders' holdings. Increase the obligation of majority shareholders to pre-disclose their holdings before reducing their holdings through a major transaction; require the majority shareholders' unanimous actors and those holding 5% or more of the total shares to abide by the majority shareholders' obligations, and make it clear that the controlling shareholder or actual controller must not reduce their holdings through centralized bidding or bulk transactions under circumstances such as breaking the net or falling dividends.
证监会：控股股东、实控人在破发破净、分红不达标等情形下不得通过集中竞价或者大宗交易减持
Securities Regulatory Commission: Controlling shareholders and actual controllers must not reduce their holdings through centralized bidding or bulk transactions under circumstances such as bankruptcy or failure to meet dividends
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