CSRC: Propose to stipulate the obligation of listed companies to pay attention to investment value, and require voluntarily delisted companies to make arrangements for investor protection.

The China Securities Regulatory Commission has drafted the "Regulations on the Supervision and Management of Listed Companies" and is now seeking public opinions. The draft proposal emphasizes the strengthening of investor protection. On one hand, it stipulates the obligation of listed companies to focus on investment value, as well as the basic requirements for cash dividends and share repurchases, to enhance investor return awareness. On the other hand, it clarifies the coordination and communication mechanism between administrative supervision of bankruptcy reorganization and the people's court, requiring actively delisted companies to make arrangements for investor protection, strengthen supervision of delisting risk companies, and prevent listed companies from evading delisting and using bankruptcy reorganization to harm investor interests.