To stabilize the capital market, we must plug the loophole of listed companies "taking money and running away". Recently, the China Securities Regulatory Commission issued the "Opinions on Strengthening the Supervision of Listed Companies (Trial Implementation)" clearly stating that it is necessary to prevent major shareholders of listed companies from taking detours to reduce their holdings and maintain market confidence.

Share reduction is a basic right enjoyed by shareholders, but rights cannot be abused. 一些企业在登陆资本市场后，不想着好好经营上市公司，总想着持续减持公司股份，套现跑路。近期，更出现了个别上市公司大股东通过离婚等多种形式绕道减持等新问题，甚至有上市公司大股东在上市首日就通过转融通直接套现走人。这不仅损害了投资者的利益，更给资本市场稳健运行带来了冲击。

证监会在此时出台《意见》，回应了市场的关切。投资者是市场之本。 In A-shares, a market where small and medium investors account for the vast majority, protecting the legitimate rights and interests of investors, especially small and medium investors, must be a top priority. 上市公司“花式”违规减持股份的行为，势必会损害中小投资者的利益。对于强化监管、堵住上市公司“圈钱跑路”漏洞，投资者呼声已久。在此时出台新规并对各类违规减持行为予以严厉打击，有利于维护市场秩序，切实增强投资者对市场的信心和信任，有助于吸引更多的投资者特别是中长期资金参与市场。

To tighten the general valve of listed companies to "collect money and run away", further supervision needs to be strengthened. 面对“花式”减持乱象，监管部门要坚决按照实质重于形式的原则加强监管。进一步明确大股东、董事、高管在离婚、解散分立、解除一致行动关系等情形下的减持规则，防范利用“身份”绕道；进一步明确司法强制执行、股票质押平仓、赠与等方式减持规则，防范利用“交易”绕道；禁止大股东、董事、高管参与以本公司股票为标的物的衍生品交易，禁止限售股转融通出借、限售股股东融券卖出，防范利用“工具”绕道。监管部门要加大行政处罚和限制交易措施运用力度，对拒不及时纠正或情节严重的，依法从严惩处。

To tighten the general valve of listed companies to "collect money and run away", regulatory authorities need to comprehensively improve the rule system for reducing holdings. 通过制定部门规章，提升减持规定的法律位阶，增强制度稳定性和约束力。构建以减持管理办法为核心，董事和高管、创投基金减持特别规定为补充的规则体系。进一步修订自律监管指引，完善询价转让细则。在《意见》中监管部门已经明确将制定部门规章，提升减持规定的法律位阶，这意味着对于上市公司减持行为将形成常态化监管态势，这是广大投资者所乐见的，将有助于维护市场信心。

For listed companies, as the foundation of the national economy, it is an important micro foundation for high-quality economic development. Major shareholders of listed companies should take a long-term view, focus their minds on the development and growth of the company's operation and management, run the company well, continuously enhance its attractiveness to long-term investment, and promote the high-quality development and value enhancement of listed companies.