(Yicai) March 7 -- The China Securities Regulatory Commission will encourage qualified firms to pay dividends multiple times a year, especially before the lunar new year, its new chairman said.

The dividend situation at Chinese mainland-listed share listed companies has gotten better in recent years, but the stability, timeliness, and predictability of payments needs further work, Wu Qing said yesterday during his first press conference since taking office a month ago.

“For companies that have not paid dividends for many years or have a low dividend ratio, we’ll take different measures, including restricting controlling shareholders from reducing their holdings and implementing special treatment risk warnings,” Wu said.

A total of 3,591 listed businesses paid out CNY2.1 trillion (USD292 billion) in cash dividends last year, according to data provider Wind Information.

Some 1,799 listed on the Shenzhen Stock Exchange distributed CNY421.7 billion (USD58.6 billion) to shareholders, with the bourse's main board accounting for 78 percent of the total. Those listed on the Shanghai Stock Exchange tailed 1,578 and handed out CNY1.67 trillion, with about 97 percent of the total coming from companies on the main board.

Leading companies are more able to pay dividends and their investors have a higher awareness of returns, which also drives the enthusiasm of the whole market for dividends. Forty-five companies with a market capitalization in excess of CNY80 billion (USD11.1 billion) each are listed in Shenzhen. They paid out CNY151.9 billion last year, accounting for 36 percent of the total.

From an industry perspective, traditionally mature sectors, including banking, coal mining, home appliances, and food and beverages, have big dividends. Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China ranked top by paid cash dividends, with ICBC giving out CNY108.2 billion.

For companies in emerging industries the scale is smaller, but their enthusiasm for dividends is growing.

Editor: Martin Kadiev