Shou Xiaoli:

Due to time limitations, we will have one last question. 

ThePaper.cn:

Investors buy stocks to invest in listed companies. Can you discuss the measures to be taken by the CSRC to elevate the investment values of listed companies and improve sense of gain for investors? Thank you. 

Guo Ruiming:

Thank you for your question. Listed companies comprise the cornerstone of the capital market. In recent years, the overall performance of listed companies has improved. However, we still have a long way to go in terms of increasing investment values and boosting investors' sense of gain. Our efforts will mainly focus on three aspects:

First, we will encourage listed companies to pay attention to investors' returns. Listed companies are the best performers in different sectors. They should act like best performers and provide more benefits to investors, because this is the only way to attract and keep investors engaged. Next, we will formulate guidance for market value management of listed companies, guiding major index stocks to be more willing to benefit investors. We will also push relevant departments to include listed companies' work in improving investment values and market value management into the internal and external examination and appraisal systems, so that best performing listed companies can set good examples and play a guiding role. For companies with stock prices lower than net values, we will offer oversight and urge them to come up with measures for improving investment values. 

Second, we will push more listed companies to pay dividends and buy back their shares. For companies that haven't paid dividends or have only paid extremely small amounts of dividends for years, we will issue warnings and urge them to pay dividends, with other criteria being considered as well. We will also push best performing companies to pay dividends more than once a year with consideration of half-year reports and third-quarter reports, thus to improve investors' sense of gain. Meanwhile, we will offer guidance and support for more listed companies to buy back their shares and encourage cancellation after repurchase, because this is another issue investors pay attention to. 

Third, we will support companies to cement fundamentals. As Mr. Li just mentioned, we will support the mergers and acquisitions of listed companies as well as corporate restructuring, encouraging listed companies to improve performance through capital market tools such as equity incentives so they can excel and strengthen. We will also offer oversight and urge listed companies to improve communication with investors and learn more about investors' demands. Competitive products need effective promotional efforts just the same. So, listed companies should do a good job in managing relationships with investors and take proactive measures to stabilize investors' expectations. 

Last but not least, strict regulation will be implemented on backdoor listings and reckless conglomerate mergers. We will also resolutely crack down on speculative behaviors surrounding backdoor listings, so the principle of survival of the fittest can be better exerted and a healthier ecosystem can be created in the sector. Thank you. 

Shou Xiaoli:

Thanks to all speakers and journalists for attending this press conference. It is hereby concluded. 

Translated and edited by Wang Yiming, Wang Qian, Xu Xiaoxuan, Wang Ziteng, Yuan Fang, Liu Sitong, Yan Bin, Zhang Tingting, Li Huiru, Yan Xiaoqing, Zhang Rui, Liu Caiyi, Huang Shan, Ma Yujia, David Ball, Rochelle Beiersdorfer and Jay Birbeck. In case of any discrepancy between the English and Chinese texts, the Chinese version is deemed to prevail.