In 2006 and 2008, China Securities Regulatory Commission issued policies and requested for seasoned equity offerings of the return on equity and cash dividend. Based on this background, we carry on an empirical research and find that with the strong motivation of catering policy and decreasing cash dividend, listed companies lower profit of earnings management when acquiring the qualification of seasoned equity offerings, manage earnings upward in the year of SEOs and the following year. Both accrual and real manipulations are used around SEOs. Under the dual SEOs condition, change of earnings management of listed companies profit goal and behavioral should attract investors, analysts, auditors and policymakers attention.