中證監會早前就《指引》向社會公開徵求意見。從反饋情況看，各方總體認可《指引》，並結合實踐提出了寶貴的意見和建議，涉及董事和高管人員職責、主要指數成份股公司範圍、市值管理制度的披露要求、估值提升計劃的執行情況等，經逐條研究，與《指引》條文有關的主要意見已採納。後續，證監會將進一步加強政策解讀，做好《指引》實施相關工作。To implement the "Opinions of the State Council on Strengthening Supervision and Preventing Risks to Promote the High-Quality Development of Capital Markets", further guide listed companies to focus on their own investment value, effectively enhance investor returns, the China Securities Regulatory Commission issued the "Regulatory Guidelines for Listed Companies No. 10 - Market Cap Management", which will be implemented from the date of publication.
The "Guidelines" require listed companies to enhance their quality based on improving company quality, enhancing operational efficiency and profitability, and combining mergers and acquisitions, stock-based incentives, employee stock ownership plans, cash dividends, investor relations management, information disclosure, share repurchases, etc., in accordance with laws and regulations to reflect the investment value of listed companies reasonably in line with the quality of listed companies.
The "Guidelines" clarify the responsibilities of the board of directors, directors, senior management, and other relevant parties of listed companies, and specifically require the main index component companies to establish market cap management systems, long-term undervalued company disclosure and valuation enhancement plans. At the same time, the "Guidelines" clearly prohibit listed companies from engaging in illegal activities under the pretext of market cap management.
The China Securities Regulatory Commission previously sought public feedback on the "Guidelines". Overall, the feedback shows that various parties generally recognize the "Guidelines" and have put forward valuable opinions and suggestions in conjunction with practice, regarding the responsibilities of directors and senior executives, the scope of main index component companies, disclosure requirements of market cap management systems, and the implementation of valuation enhancement plans. After detailed study, the main opinions related to the provisions of the "Guidelines" have been adopted. In the future, the regulatory commission will further enhance policy interpretation and carry out relevant work on the implementation of the "Guidelines".
