Wu Qing: Guide listed companies to better use cash dividends, repurchases and cancellations to give back to investors

Release time:Jun 19, 2024 06:56 AM

On June 19, at the 2024 Lujiazui Forum, Wu Qing, Chairman of the China Securities Regulatory Commission, said that it is necessary to vigorously promote listed companies to enhance their investment value. Listed companies are representatives of China's outstanding corporate groups, an important micro-foundation for high-quality development, and a source of investment value in the capital market.

He introduced that the CSRC will further guide listed companies to establish the awareness of actively returning investors, strengthen communication with investors, improve information transparency and governance norms, and better use cash dividends, repurchase and cancellation to return investors. At the same time, support listed companies to use various capital market tools to enhance core competitiveness, especially to play the main channel role of capital market mergers and acquisitions, and help listed companies strengthen horizontal and vertical integration and coordination of industries. The CSRC will accelerate the improvement of institutional rules, create a better policy environment, and promote the formation of more demonstration cases. Further increase support for innovative enterprises, encourage strengthening mergers and acquisitions of upstream and downstream of the industrial chain, and support related listed companies to absorb and merge. In terms of payment tools, encourage the comprehensive use of shares, cash, directional convertible bonds and other methods, study the introduction of installment payment of share consideration, and create better conditions for market parties to reach merger and acquisition transactions.

He also said that this also requires investment banks and other intermediary institutions to be diligent and responsible, accelerate the improvement of their professional capabilities, and while serving as good "gatekeepers", better play the role of transaction "matchmakers". Through better and more professional services, they can support listed companies to strengthen their core businesses and fill in the gaps and strengthen their supply chains in the process of promoting industrial innovation.

Wu Qing: Guide listed companies to better use cash dividends, repurchases and cancellations to give back to investors

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