China Business Daily (reporter Wang Tongxu) held on January 29 to deploy the work of visiting listed companies and promote the high-quality development of listed companies pointed out that listed companies are an important micro foundation for high-quality economic development, and promoting the high-quality development of listed companies will help high-level scientific and technological self-reliance and self-reliance, accelerate the construction of a modern industrial system, and help enhance market confidence. Increase support for high-quality listed companies to promote the high-quality development of listed companies, help boost confidence, stabilize the capital market and develop the economy with high quality.
The meeting emphasized that it is necessary to clarify the goal orientation, and promote the improvement of the performance of listed companies and the restoration of investment willingness as an important measure to promote economic stability and progress, promote stability with progress, and establish first and then break down. It is necessary to clarify the problem orientation, pay close attention to organizing door-to-door visits to listed companies, promote the optimization of the corporate structure, standardize corporate governance, cultivate high-quality head listed enterprises, and continuously improve the investment value of listed companies.
The data map shows workers producing new energy commercial vehicles in the workshop. (*Courtesy of CNSPHOTO).
* Liu Chunsheng, associate professor of the University of Finance and Economics, told China Business Daily that the convening of the meeting fully reflects the great importance that China attaches to the capital market, especially the quality improvement of listed companies. As the cornerstone of the capital market and an important part of the national economy, the operating conditions and development quality of listed companies directly affect investor confidence, market stability and the overall economic development level.
The meeting proposed to solve the difficulties and problems faced by listed companies through field research and increase support for high-quality listed companies, aiming to stimulate the vitality of listed companies, enhance their profitability and development stamina, and then boost market confidence and maintain the long-term stability of the capital market. Clarify the goal orientation, and promote the improvement of the performance of listed companies and the restoration of investment willingness as an important starting point for seeking progress in stability, promoting stability with progress, and establishing first and then breaking down, which will help guide listed companies to focus on their main business and achieve sustainable development, and is also conducive to attracting and maintaining investors' attention and investment in China's capital market. Liu Chunsheng said.
In addition, the China Securities Regulatory Commission (CSRC) also made it clear at the 2024 system work conference that it will vigorously promote the investability of listed companies, including more active repurchase and cancellation, cash dividends, strengthening the awareness of listed companies to return investors, and studying increasing the constraints on low-valued listed companies from the perspective of information disclosure.
In fact, since the release of the "strictest new regulations in history" in August 2023, the wave of buybacks and holdings of listed companies has continued to blow out, and the "real gold" protection has boosted investor confidence.
In addition, the number and intensity of dividends of listed companies are also increasing. In addition to the annual report, listed companies have also increased the number of dividends in semi-annual reports and third quarterly reports. Statistics show that a total of 185 listed companies will pay cash dividends in the 2023 semi-annual report, an increase of about 50% compared with the 2022 semi-annual report; In the third quarter of 2023, a total of 58 listed companies paid dividends, more than 50, for the first time in history.
Industry insiders said that in the future, all participants in the market need to work together to improve the investability of listed companies. Sponsors, accounting firms and other intermediaries should play a full role and pay more attention to the investability of enterprises. At the same time, it is also necessary to increase the evaluation of the quality of intermediary performance, take the market performance and investor return level of the company after listing as an important evaluation criterion, and force the intermediary institutions to truly play the role of "gatekeeper" at the entrance end, and at the same time support listed companies to use market-oriented tools such as issuing shares and convertible bonds, and through market-oriented mergers and acquisitions to become better and stronger, and resolutely "retreat as much as possible" on the basis of the basic formation of a normalized delisting pattern, and timely clear out the enterprises that lack investment value.