China Securities Regulatory Commission Vice Chairman Li Chao Outlines Capital Market Reforms for the 15th

At a press conference held by the State Council Information Office, Li Chao, Vice Chairman of the China Securities Regulatory Commission, said that during the 15th Five-Year Plan period, the multi-tiered capital market system will be further improved, the vitality of merger and restructuring reform will be released with greater force, and corporate governance and standardized operations will be enhanced. He said four "more prominent" priorities will drive continuous improvement in the quality, structure, and investment value of listed companies.

Since the introduction of the new "Nine National Articles," the capital market has rolled out a series of measures to improve the quality and investment value of listed companies. These include stepping up support for technological innovation, promoting the integration of industrial innovation, consolidating listed-company quality, implementing the "Six Merger Articles" and supporting rules, guiding listed companies to strengthen investor returns, continuously improving corporate governance, raising the level of standardized operations of listed companies, strictly cracking down on financial fraud, and tightening delisting supervision. Regulators have used reform as a lever to advance entry gatekeeping, quality improvement of existing companies, risk clearance, and accountability in an integrated manner.

Data show that since 2024, technology innovation enterprises have accounted for more than 90% of new listings, the market value of the technology sector has increased by more than 80%, and 108 companies have been delisted smoothly. Since the introduction of the "Six Merger Articles," listed companies have disclosed a total of 370 major asset restructurings. Listed companies have paid out more than RMB 7 trillion in cumulative dividends and buybacks, with the frequency and amount of dividends continuing to rise. For three consecutive years, the CSRC has investigated and handled 247 financial fraud cases, issued 156 administrative penalties, and imposed fines and confiscations totaling nearly RMB 10 billion.

Li Chao said the CSRC will continue to strengthen full-chain supervision of listed companies, with greater emphasis on optimizing structure, preventing fraud, promoting governance, and increasing returns. It will continue to strictly control the entry gate for issuance and listing, further intensify delisting supervision, continue to give play to the capital market's role as the main channel for mergers and restructurings, and strive to build a dynamic yet orderly merger market ecosystem.

Li Chao also said a new round of special actions on listed-company governance will be implemented, guiding listed companies to enhance their value through equity incentives, dividends, and buybacks, further tightening the network for preventing, detecting, and punishing financial fraud, and fostering a market ecosystem in which fraud is deterred, prevented, and discouraged.