Wu Qing spoke: Protecting investors is the top priority! Optimize your IPO! Zero tolerance for securities crimes!

On May 15, at the "5.15 National Investor Protection Publicity Day" event, Wu Qing, chairman of the China Securities Regulatory Commission, systematically elaborated on investor protection in the capital market. Wu Qing said that the China Securities Regulatory Commission will consistently do a good job in implementation, and the protection of investors will run through all aspects of the whole process of capital market system construction and regulatory law enforcement.

In response to Wu Qing's speech, the reporter sorted out the following ten key points:

• We will further consolidate the institutional foundation for investment protection. Advocating the rule of law and respecting rules is the basic prerequisite for running a good capital market.
• In the process of formulating and revising the system, the China Securities Regulatory Commission should fully listen to the suggestions and opinions of investors, especially small and medium-sized investors, make objective and fair professional research and judgment, pay more attention to the fairness of the system, and provide investors with more substantive fair protection.
• Further promote the improvement of the quality of listed companies. Listed companies are the foundation of the market and the source of investment value, from the entrance of listed companies to continuous supervision to export, more stringent institutional arrangements are being established, the purpose is to resolutely keep counterfeiters out.
• It will adapt to the needs of the development of new quality productive forces, optimize a series of institutional arrangements such as issuance and listing, mergers and acquisitions, and equity incentives, further support those companies with innovation and development potential, accelerate the development of better and stronger, and allow investors to better share the fruits of high-quality economic development.
• To further promote industry institutions to improve the level of professional services, it is necessary to put functionality in the first place, correct business philosophy, return to the origin, keep integrity and innovation, abide by fiduciary obligations, enhance professional capabilities, and provide investors with more diversified and more suitable products and services.
• Industry institutions should attach importance to reputation management, adhere to professional ethics, and cultivate a good industry culture and investment culture.
• We will further crack down on securities violations and crimes in accordance with the law. Since last year, the China Securities Regulatory Commission (CSRC) has resolutely implemented the requirements of supervising long teeth with thorns and angular edges, and the number of cases investigated and the amount of penalties have increased significantly.
• The China Securities Regulatory Commission (CSRC) will work with relevant parties to improve the judicial system and mechanism for securities law enforcement, accelerate the construction of a comprehensive punishment and prevention system for anti-counterfeiting and anti-counterfeiting in the capital market, and further improve the efficiency of administrative and criminal linkage, so that lawbreakers will pay a heavy price.
• Further unblock channels for investors to protect their rights and remedies. Intensify the application of litigation by securities special representatives, give better play to the role of mediation and arbitration, strengthen the docking of litigation and mediation, promote the model judgment mechanism, and make good use of advance compensation in accordance with the law, so as to more effectively support investors to obtain compensation and relief.
• Strengthen investor education in a more targeted manner, help investors enhance their risk awareness, stay away from illegal financial activities, and better protect their legitimate rights and interests.

Promote the "1+N" policy system

Wu Qing said that investors are market capital, and protecting the legitimate rights and interests of investors, especially small and medium-sized investors, is a concrete embodiment of the practice of people-centered development in the field of capital markets. Since its establishment, the China Securities Regulatory Commission has insisted on protecting the legitimate rights and interests of investors as its fundamental mission and the top priority of its work.

Wu Qing introduced that at present, the China Securities Regulatory Commission is thoroughly implementing the spirit of the Central Financial Work Conference, fully implementing the "New Nine Articles", and solidly promoting the implementation of the "1+N" policy system in the capital market. The core content is to promote strong supervision, risk prevention, and high-quality development in an integrated manner, strengthen the foundation and strengthen the foundation, strictly supervise and manage, and accelerate the creation of a safe, standardized, transparent, open, resilient and dynamic capital market. To this end, the China Securities Regulatory Commission (CSRC) has issued a series of institutional rules, including strictly controlling the entry point for issuance and listing, strengthening the supervision of cash dividends, share reductions, quantitative trading, etc., and urging industry institutions to perform their duties and responsibilities, all of which fully reflect the clear orientation of protecting investors.

Do a good job in implementing the five aspects

Wu Qing pointed out that the China Securities Regulatory Commission will consistently do a good job in implementation, and ensure that investor protection runs through all aspects of the entire process of capital market system construction and regulatory law enforcement.

First, we need to further consolidate the institutional foundation for investor protection. Advocating the rule of law and respecting rules is the basic prerequisite for running a good capital market. To achieve good laws and good governance, we must follow the general laws of the capital market, and we must base ourselves on China's national conditions and firmly grasp the largest market situation, which is that small and medium-sized investors account for the vast majority. This requires us to fully listen to the opinions and suggestions of investors, especially small and medium-sized investors, in the process of formulating and revising the system, make objective and fair professional research and judgment, pay more attention to the fairness of the system, and provide investors with more substantive fair protection.

Second, we should further promote the improvement of the quality of listed companies. Listed companies are the foundation of the market and the source of investment value. From the "entrance" of listed companies to continuous supervision and then to the "export", more stringent institutional arrangements are being established. The purpose is to resolutely keep counterfeiters out, implement the requirements of openness and transparency in the whole process of corporate information disclosure, integrate the concept of respecting investors and rewarding investors into various mechanisms of corporate governance, and resolutely remove "zombie enterprises" and black sheep from the market. As the "key minority", the controlling shareholders, actual controllers, and directors, supervisors and senior executives must stand up to the front and shoulder their responsibilities. At the same time, we will adapt to the needs of the development of new productive forces, optimize institutional arrangements such as issuance and listing, mergers and acquisitions, and equity incentives, and support those companies with innovation and development potential to accelerate their efforts to become better and stronger, not only to support the healthy growth of high-quality emerging enterprises, but also to support the transformation and upgrading of high-quality traditional enterprises, so that investors can better share the fruits of high-quality economic development.

Third, we will further promote industry organizations to improve the level of professional services. Industry institutions connect the two ends of investment and financing, and must devote more energy to serving investors. It is necessary to put functionality in the first place, correct the business philosophy, return to the origin, keep integrity and innovation, abide by fiduciary obligations, enhance professional capabilities, and provide investors with more diversified and more suitable products and services. Benchmarking against the "five wants and five noes" of financial culture with Chinese characteristics, attaching importance to reputation management, strengthening professional ethics, and cultivating a good industry culture and investment culture.

Fourth, it is necessary to further crack down on securities violations and crimes in accordance with the law. Illegal and criminal acts such as fraudulent issuance, financial fraud, insider trading, and market manipulation are cancers in the capital market and seriously infringe upon the legitimate rights and interests of investors. Since last year, the China Securities Regulatory Commission (CSRC) has resolutely implemented the requirements of "long teeth and thorns" and angular supervision, and the number of cases investigated and handled and the amount of penalties have increased significantly. We are steadfast in our attitude towards "zero tolerance" to crack down on securities crimes. We will work with relevant parties to improve the judicial system and mechanism for securities law enforcement, accelerate the construction of a comprehensive punishment and prevention system for preventing and combating counterfeiting in the capital market, further improve the efficiency of administrative and criminal linkage, make lawbreakers pay a heavy price, and earnestly maintain the order of the "three publics" in the market.

Fifth, further unblock the channels for investors to protect their rights and remedies. In recent years, the revision of the Securities Law and the promulgation of the Futures and Derivatives Law have provided many new institutional mechanisms to resolve investor disputes and strengthen rights and interests relief, and some landmark cases have been implemented one after another. We will continue to sum up experience, make comprehensive use of these investor protection system tools, increase the application of litigation by securities special representatives, better play the role of mediation and arbitration, strengthen the docking of litigation and mediation, promote the model judgment mechanism, and make good use of advance compensation and party commitments in accordance with the law, so as to more effectively support investors to obtain compensation and relief. At the same time, we will mobilize the efforts of all parties to strengthen investor education in a more targeted manner, help investors enhance their risk awareness, stay away from illegal financial activities, and better protect their legitimate rights and interests.

Wu Qing said that protecting investors is the primary task of securities supervision, and it is also a systematic project, which requires continued strong support from all sides. The China Securities Regulatory Commission will work with relevant parties, especially with financial management departments such as the State Administration of Financial Regulation, public security and judicial organs, local party committees and governments, news and publicity units, and market participants to continuously improve the institutional mechanism for investor protection, work together to cultivate a mature and rational investment culture, actively create a law-abiding and trustworthy market ecology, and promote the high-quality development of the capital market to a new level.

Reporter She Shijie