The relevant person in charge of the Shanghai Stock Exchange answered the reporter's question on strengthening the supervision of IPO companies' dividends

The Shanghai Stock Exchange said that the "Opinions on Strictly Controlling the Access of Issuance and Listing to Improve the Quality of Listed Companies from the Source (Trial) " proposed that it is necessary to strictly investigate and prevent companies intending to list from suddenly "clearing" dividends. In accordance with the spirit of the relevant opinions, we are further studying and strengthening the supervision of "clearing" dividends before listing of companies intending to list, guiding companies intending to list to promise not to pay cash dividends during the review period after declaration, and encouraging companies to retain more accumulated profits for corporate development or share with new shareholders after listing. The preliminary consideration in terms of indicators is that if the cumulative dividend amount in the three years of the reporting period accounts for more than 80% of the net profit in the same period; or if the cumulative dividend amount in the three years of the reporting period accounts for more than 50% of the net profit in the same period and the cumulative dividend amount exceeds 300 million yuan, and the total proportion of supplementary flow and loan repayment in the proceeds raised is higher than 20%, it will not be allowed to be issued and listed. In the next step, we will modify the relevant rules and implement them well.