International Reference and Inspiration for the Reduction Standards of Major Shareholders
The phenomenon of major shareholders in China's stock market repeatedly reducing their holdings in violation of regulations has severely disrupted normal trading order and harmed the rights of small and medium shareholders.Therefore,there is an urgent need to en-hance the enforcement of laws regarding major shareholders'reduction of holdings.China should analyze the mature practices in capital mar-kets and learn from the experiences of developed countries like the United States in regulating the compliant reduction of holdings by major shareholders.Firstly,by gradually examining the current situation of irregular reductions in stock holdings in China's stock market.Secondly,by comparing the restrictions on major shareholder reductions and penalty regulations for irregular reductions in mature capital markets like the United States,it is evident that China's system for reducing shareholding in listed companies still faces issues such as incomplete infor-mation disclosure mechanisms,inadequate penalties for irregular reductions,lack of legislative authority in the Securities Regulatory Commis-sion,and a single method for lifting restrictions on tradable shares.Lastly,based on the aforementioned issues,it is recommended that the government further improve the pre-disclosure system for share reduction,strengthen penalties for irregular reduction behaviors,diversify methods for lifting restrictions on tradable shares,and coordinate different legislative bodies to jointly regulate irregular reduction behaviors in order to restore investor confidence.
Reduction of holdings by major shareholdersReduction criteriaInternational referenceSecurities regulationInspirationPro-posal
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