I. Policy Background and Market Environment
Since 2024, the China Securities Regulatory Commission (CSRC) has issued multiple guidelines on market cap management for listed companies, explicitly incorporating it into corporate governance evaluation frameworks. This policy shift marks a historic transition in the A-share market from "prioritizing financing" to "prioritizing returns."
II. Three Core Dimensions of Market Cap Management
1. Fundamental Value Enhancement
Improving intrinsic company value through business structure optimization, profitability enhancement, and increased R&D investment. This forms the foundation and core of market cap management.
2. Capital Operations and Market Communication
Utilizing M&A, equity incentives, and investor relations management to effectively convey company value and narrow the gap between market cap and intrinsic value.
3. Shareholder Return Mechanisms
Establishing sustainable dividend policies and buyback mechanisms to strengthen investor confidence and create a virtuous cycle of market cap management.
III. Outlook and Recommendations
Looking ahead to H2 2026, we expect market cap management to become a strategic priority for more listed companies. We recommend that enterprises focus on: building professional market cap management teams, developing medium-to-long-term management plans, and strengthening effective communication with capital markets.