On the evening of August 27th, while the finance and taxation departments announced a halving of the stamp duty on securities trading, the China Securities Regulatory Commission (CSRC) announced a series of "hard core" measures aimed at reasonably grasping the financing rhythm, regulating the reduction of shares, and reducing the proportion of financing deposits. Through comprehensive measures and coordinated efforts, it further demonstrated the firm attitude of "activating the capital market and boosting investor confidence". Experts believe that the package of policy arrangements proposed by the China Securities Regulatory Commission in the early stage will accelerate the introduction and implementation, and more positive measures will be introduced in the future, forming a powerful "series of moves" and "combination punches" to activate the market and boost confidence. Optimizing IPO and refinancing regulatory arrangements to achieve sustainable development of the capital market requires full consideration of the dynamic and positive balance between investment and financing. Without the stable operation of the secondary market, the financing function of the primary market is difficult to effectively play. The China Securities Regulatory Commission stated that it has fully considered the current market situation, improved the countercyclical adjustment mechanism of the primary and secondary markets, and made six arrangements around a reasonable grasp of the pace of IPO and refinancing. Specifically, the China Securities Regulatory Commission has made it clear that, based on recent market conditions, the pace of IPO will be gradually tightened to promote dynamic balance between investment and financing. For large-scale refinancing of listed companies in the financial industry or other industries with large market capitalization, implement a pre communication mechanism, pay attention to the necessity of financing and the timing of issuance. For listed companies that have experienced breakdowns, net losses, sustained losses in operating performance, and a high proportion of financial investments in refinancing, appropriate restrictions should be placed on their financing interval and scale. Guide listed companies to reasonably determine the scale of refinancing and strictly implement the requirements for financing intervals. The audit will focus on whether the funds raised in the previous round have been basically used up, and whether the projects raised in the previous round have achieved the expected benefits. Strictly require listed companies to invest their raised funds in their main business and strictly restrict diversified investments. The China Securities Regulatory Commission also stated that the refinancing of real estate listed companies is not subject to restrictions on breakdowns, net assets, and losses. In the view of industry insiders, the above measures echo the relevant statements made by the responsible person of the China Securities Regulatory Commission on August 18th. At that time, the person in charge stated that the China Securities Regulatory Commission always adhered to the scientific and reasonable maintenance of the normalization of IPO and refinancing, while fully considering the affordability of the secondary market, strengthening the countercyclical regulation of the primary and secondary markets, and better promoting the coordinated and balanced development of the primary and secondary markets. A series of measures have standardized the reduction of shares. Recently, the market has been paying more attention to the reduction behavior of major shareholders in listed companies. Fully considering market concerns, the China Securities Regulatory Commission has made a series of requirements to further regulate the reduction of holdings by relevant parties. The China Securities Regulatory Commission (CSRC) stated that if a listed company has a situation of breaking its dividend or net profit, or has not received cash dividends in the past three years, and the cumulative cash dividends are less than 30% of the average 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. The concerted action of controlling shareholders and actual controllers shall be carried out in accordance with the above requirements; If a listed company discloses that it has no controlling shareholder or actual controller, the first major shareholder and its actual controller shall comply with the above requirements. At the same time, strict control should be exercised over the total amount of shareholding reduction by shareholders of other listed companies, guiding them to reasonably arrange the pace of shareholding reduction according to the market situation; Encourage controlling shareholders, actual controllers, and other shareholders to promise not to reduce their holdings or extend share lockups