The Shanghai Securities News reporter learned that the China Securities Regulatory Commission has recently planned to revise rules such as the "Guidelines for the Supervision of Listed Companies No. 3- Cash Dividends of Listed Companies" and the "Guidelines for the Articles of Association of Listed Companies". The exchange has also revised the "Guidelines for the Standardized Operation of Listed Companies", continuing to improve and optimize the cash dividend supervision system and strengthen information disclosure supervision on the basis of the "linked policy" of dividends and holdings reduction in Taiwan in the early stage, Convenient optimization of mid-term dividend distribution procedures, better leveraging the investment side's driving role, and continuously enhancing investors' sense of gain. Strengthen institutional constraints and supervision on companies that do not distribute dividends or have low dividends. The China Securities Regulatory Commission has recently introduced and implemented a "linkage" policy between dividends and shareholding reduction. If a listed company has not received cash dividends in the past three years or the cumulative cash dividends are less than 30% of its annual net profit in the past three years, the controlling shareholder or actual controller shall not reduce their shareholding in the company through the secondary market. According to the person in charge of relevant departments of the China Securities Regulatory Commission, the Commission plans to further improve relevant measures and guide listed companies to improve their dividend levels, including strengthening institutional constraints on companies that do not or do not pay dividends, promoting further optimization of dividend methods and rhythms, allowing companies with good dividends to receive more incentives, and strengthening constraints on companies that exceed their ability to pay dividends. Firstly, strengthen institutional constraints and urge companies that do not distribute dividends or have low dividends to distribute dividends. Specific measures include: strengthening information disclosure supervision, and requiring disclosure and explanation of reasons for listed companies on the main board whose dividends have not reached a certain proportion; Strengthen disclosure requirements for companies with significant financial investments, urge companies to improve asset utilization efficiency, and better focus on their main business and reward investors; Strengthen inquiries and regulatory interviews, strengthen regulatory inquiries, help investors make better judgments about dividend information, and urge increased dividend intensity through interviews and other means. Secondly, further promote the optimization of the company's dividend distribution methods and pace. It is reported that regulatory authorities plan to simplify the mid-term dividend distribution process, facilitate companies to further increase dividend frequency, and enable investors to better plan their funding arrangements; At the same time, guide the company to develop a stable growth dividend policy. Promote the revision of the company's articles of association, enhance the operability of dividend policies, guide the company to explore stable growth dividend distribution policies, and provide more stable dividend returns to investors. Once again, let companies with good dividends receive more incentives. On the one hand, to give more "honors" to companies with good dividend payouts, we will further tilt towards high dividend companies in the evaluation of exchange information disclosure. The Association of Listed Companies will study and optimize the compilation method of dividend lists for listed companies and increase publicity efforts. On the other hand, promote the development of more influential dividend index products. Encourage fund companies to issue dividend fund products and guide market funds to increase their preference for cash dividends from listed companies. Finally, strengthen the constraints on companies that exceed their ability to distribute dividends. The above person in charge stated that although exceeding the ability to distribute dividends in A-shares is not a prominent issue, the China Securities Regulatory Commission will still pay high attention and take multiple measures to strengthen prevention, including efforts to ensure the authenticity of the company's performance, a solid foundation for dividends, and effectively prevent financial fraud and financing dividends of listed companies; For listed companies with a high asset liability ratio and insufficient operating cash flow, but a continuous high proportion of dividends, it is required to disclose in detail the rationality of the dividend plan and its impact on the company's production and operation