China Securities Regulatory's guidelines are required to promote the increase in dividends and strengthen the constraints of unusual high -proportional dividend companies.
According to the official website of the China Securities Regulatory Commission on Friday (December 15), in order to further improve the normalized dividend mechanism of listed companies and improve the level of investor returns, the Securities Regulatory Commission issued a listed company supervision guidelines No. 3-Listed companies' cash dividends (hereinafter referred to as cash dividend guidelines), and decision on revising the "Guidelines for the Constitution of Listed Companies" (hereinafter referred to as the charter guidelines), will be implemented from the date of announcement.The Shanghai -Shenzhen Stock Exchange simultaneously revised and improved the guidance of standardized operation operations, and clarified operating requirements.
Cash dividend guidelines are mainly divided into three aspects: First, further clarify the cash dividend orientation and promote the improvement of dividend.Institate systems such as reinforced disclosure requirements such as disclosure requirements, supervise dividends; focus on company with more financial investment but low levels of dividend levels, and pay attention to key supervision and attention, urge the increase in dividend levels, and focus on the main business.
Second, simplify the mid -term dividend procedures and promote further optimization of dividends and rhythm.Encourage the company to increase the frequency of dividends with conditions permit. Combined with regulatory practice, the listed company allows listed companies to review the annual shareholders' meeting to review the annual profit distribution plan.Increase the frequency of dividends, allow investors to better plan the capital arrangement, and share the growth dividends earlier.
Third, to strengthen the constraints of abnormal high -proportion dividends and guide reasonable dividends.When emphasizing that listed companies formulate cash dividend policies, they should comprehensively consider their own profitability, capital expenditure arrangements, and debt repayment capabilities, and take into account investor returns and company development.Companies with high asset -liability ratio and poor cash flow, and companies with large proportions of cash dividend have maintained their focus, preventing adverse effects on the production and operation of enterprises and debt repayment capabilities.
There are two main aspects of the relevant terms of the articles of association guidelines: First, encourage listed companies to increase the frequency of cash dividends, guide the formation of medium -term dividend habits, and stabilize investor dividends expectations.At the same time, increase the time limit for the completion of the medium -term dividend.
The second is to urge the company to refine the dividend policy in the charter, clarify the goal of cash dividends, and better stabilize investor expectations.At the same time, guide the company to formulate dividend constraint clauses in the charter to prevent enterprises implement dividends under the situation of unreal profit.
In order to better comply with the actual market and company needs, enhance the inclusiveness and convenience of the repurchase system, promote listed companies to pay attention to repurchase, implement repurchase, regulate repurchase, actively maintain the company's value and shareholders' rights.The China Securities Regulatory Commission also amended and issued the shares repurchase rules of listed companies on the same day to optimize and improve some terms.
The main content of this revision includes: First, focus on improving the convenience of shares repurchase, relaxation and adding the conditions to repurchase shares to maintain the value of the company and the need for shareholders' equity.In the window period, the basic conditions for repurchase the repurchase of listed companies should be appropriately relaxed, and the prohibition of prohibition of repurchase transaction declaration is optimized.
The second is to further improve the repurchase constraint mechanism, encourage listed companies to form a mechanism arrangement for the implementation of repurchases, and clearly explain the board obligations when it is time to maintain the value of the company and the necessary repurchase of shareholders and the equity of shareholders.The third is to modify adaptive text.
