China News Service, Beijing, September 5 (Reporter Xia Bin) The Beijing Stock Exchange (hereinafter referred to as the "Beijing Stock Exchange") on the 5th said in a public comment on the three basic business rules that the Beijing Stock Exchange is The company’s cash dividend ratio is not mandatory, and companies are encouraged to "do what they can" according to their actual conditions.
The Beijing Stock Exchange stated that its listed company supervision system has fully considered the market positioning of the Beijing Stock Exchange serving innovative small and medium-sized enterprises under the premise of following the basic requirements of listed company supervision, and has summarized and absorbed the supervision practices since the operation of the selected layer.
When talking about the similarities and differences between the regulatory requirements of companies listed on the Beijing Stock Exchange and those listed on the Shanghai and Shenzhen Stock Exchange in terms of information disclosure and corporate governance, the Beijing Stock Exchange said that in terms of commonality, the "Beijing Stock Exchange Stock Listing Rules (Trial Implementation) ) "Follow the general rules of listed company supervision, implement the statutory responsibilities of listed company supervision, fully absorb the mature experience of listed company supervision, integrate the main supervision arrangements of listed companies, and maintain the overall information disclosure and corporate governance standards with the Shanghai and Shenzhen Stock Exchanges consistency.
In terms of characteristics, the Beijing Stock Exchange pointed out that the "Beijing Stock Exchange Stock Listing Rules (Trial)" fully absorbed the early practical experience of the selected layer, inherited the regulatory system that fits the characteristics of innovative small and medium-sized enterprises, and formed a market positioning that reflects the Beijing Stock Exchange. And the differentiated institutional arrangements with characteristics have effectively balanced the standardized costs and benefits of SMEs in the capital market.
For example, there is no hard requirement on the proportion of cash dividends, and companies are encouraged to "do what they can" according to their own actual; for equity incentives, it is allowed to reasonably set an option exercise price lower than the stock market price under the premise of full disclosure and fulfillment of the corresponding procedures. Enhance the motivational effect.
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