Abstract
Chinese regulators have continued their efforts to boost the importance of cash dividends. Following the Notice on Cash Dividend Distribution Practice of Listed Companies issued by the China Securities Regulatory Commission (the CSRC) in May 2012, and the Cash Dividend Guideline for Companies Listed in Shanghai Stock Exchange issued by Shanghai Stock Exchange in January 2013, on Nov. 30, 2013, the CSRC promulgated another regulation, the Supervising Guideline No. 3 for Listed Companies on Cash Dividends (the No. 3 Guideline).
