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[among the 29 stocks with a market value of over 100 billion yuan, 60% are bank stocks, i.e. 18 banks, and the two non-bank financial companies are ping an of china and huatai securities.]

the first market value management guidance document for a-shares has been released, clarifying the specific requirements for market value management of index constituent stocks and stocks with negative net assets.

on september 24, the china securities regulatory commission issued "guidelines for the supervision of listed companies no. 10 - market value management (draft for comments)" (hereinafter referred to as the "guidelines"), requiring companies with long-term negative net assets to formulate value enhancement plans, and major index component companies to formulate market value management systems; and support listed companies to improve their operating performance and enhance profitability.

as soon as the policy was released, funds moved in. in the morning of september 25, the net asset value index (8841126.wi) rose by more than 4% in the morning, and individual stocks rose collectively. more than 20 stocks such as china media group, haixin energy technology, zhongnan shares, everbright jiabao, fuxing shares, and minmetals capital hit the daily limit. in the afternoon, the gains of the two markets narrowed. by the close of the market, the net asset value index narrowed to 2.15%.

according to preliminary statistics from china business news, there are 435 companies that meet the conditions for long-term negative net value stocks, concentrated in industries such as real estate, construction, and banking. many leading companies in traditional industries have low valuations, but less pressure on operating performance, and are central and state-owned enterprises. as the "guidelines" put forward specific market value management requirements for these companies, the next move is highly watched by the market.

in addition, in the past, listed companies have committed the crime of "manipulating the market" in the name of market value management. to avoid chaos, the "guidelines" clearly prohibit listed companies from committing illegal and irregular acts in the name of market value management. many professionals interviewed by the first financial reporter pointed out that whether it is compliant with the law and whether the investment value is improved based on the fundamentals of business operations is the watershed between "true and false market value management". the requirements of this "guidelines" are more specific and more powerful, clarifying the special requirements for market value management of two types of companies, and consolidating the responsibilities of senior executives such as directors, supervisors, and controlling shareholders.