為便于業界及時了解金融資管行業熱點，海問每月發布《海問金融資管月刊》，介紹并簡評監管新規及行業動態。
2024年12月，監管新規方面，國家金融監督管理總局（“金融監管總局”）發布《金融機構合規管理辦法》；中國證券監督管理委員會（“中國證監會”）發布《香港互認基金管理規定》；金融監管總局發布《保險資金運用內部控制應用指引（第4號-第6號）》；國家金融監督管理總局海南監管局（“海南金融監管局”）發布《關于海南銀行業保險業全力支持海南自貿港封關運作的指導意見》。行業動態方面，金融監管總局發布《關于公司治理監管規定與公司法銜接有關事項的通知》；中國證監會就《上市公司信息披露管理辦法》以及上市公司年報、半年報格式準則修訂稿公開征求意見。
2024年12月25日，金融監管總局發布《金融機構合規管理辦法》（“《合規管理辦法》”），自2025年3月1日起施行。相比于《商業銀行合規風險管理指引》《保險公司合規管理指引》等規定，《合規管理辦法》有以下五大亮點：
（1）擴大適用的金融機構范圍：《合規管理辦法》不僅將政策性銀行、商業銀行、保險公司等金融監管總局及其派出機構原本監管的各類金融機構納入其中，還新增了金融資產管理公司、信托公司、企業集團財務公司、金融租賃公司、汽車金融公司、消費金融公司、貨幣經紀公司、理財公司、金融資產投資公司、保險公司（包括再保險公司）、保險資產管理公司、保險集團（控股）公司、相互保險組織等機構，并表明金融控股公司、農村合作銀行、農村信用合作社、外國銀行分行和外國再保險公司分公司等機構參照執行。
（2）明確金融機構合規相關涵義：《合規管理辦法》明確“合規風險”的定義為“因金融機構經營管理行為或者員工履職行為違反合規規范，造成金融機構或者其員工承擔刑事、行政、民事法律責任，財產損失、聲譽損失以及其他負面影響的可能性”；闡明“合規規范”不僅涵蓋法律、行政法規、部門規章及規范性文件等外部規范，也包含金融機構為落實監管要求而制定的內部規范；表明“合規管理”的定義為“金融機構以確保遵循合規規范、有效防控合規風險為目的，以提升依法合規經營管理水平為導向，以經營管理行為和員工履職行為為對象，開展的包括建立合規制度、完善運行機制、培育合規文化、強化監督問責等管理活動”。
（3）設立高效獨立的合規管理部門：《合規管理辦法》要求金融機構設立專門的合規管理部門，建立崗位與人員的“防火墻”制度，實現合規管理由專職團隊負責。合規管理部門的職責具體可細化為制度和計劃的制定、經營和業務的支持、合規審查和執行、合規考核和問責、合規宣講和培訓。
（4）首次明確首席合規官的合規核心作用：《合規管理辦法》明確了首席合規官在金融機構內的合規核心地位，其具體職責包括全面負責合規管理、出具合規審查意見、開展合規監督檢查、報告違法違規行為或合規風險隱患。此外，《合規管理辦法》也通過以下方式確保首席合規官職權的獨立性：首席合規官接受董事長和行長（總經理）雙重領導；首席合規官不得負責管理職責沖突的部門；首席合規官的年度薪酬原則上不得低于同等條件的高級管理人員；針對首席合規官安排獨立專業的考核機制。
（5）明確董事會、高級管理人員及部門主要負責人職責：《合規管理辦法》規定董事會或不設董事會時的董事承擔最終合規責任、高級管理人員承擔領導合規責任、部門及機構主要負責人承擔首要合規責任。
海問簡評
《合規管理辦法》拓寬了監管范圍并提升了合規管理的專業性。對合規風險的明確界定以及設立專門合規管理部門和首席合規官的要求，不僅強化了金融機構的內部治理結構，也為維護金融市場的穩定與透明性提供了有力保障。
2024年12月20日，中國證監會發布《香港互認基金管理規定》（“《互認基金管理規定》”），自2025年1月1日起實施。《香港互認基金管理暫行規定》同時廢止。
（1）對香港互認基金在內地的銷售比例（在內地的銷售規模占基金總資產的比例）上限進行了調整，由原先的50%提升至80%；（2）適度放寬了香港互認基金投資管理職能的轉授權限制，允許其將投資管理職能轉授予集團內部的所在國家或地區證券監管機構與中國證監會簽訂監管合作諒解備忘錄并保持有效監管合作關系的海外關聯機構；（3）為未來更多常規類型產品納入香港互認基金范疇預留了充足的空間。海問簡評
《互認基金管理規定》是中國證監會推動資本市場開放的重要舉措。其放寬銷售比例限制、放松投資管理職能轉授權限制等修訂內容，既拓展了香港互認基金在內地的市場空間，又引入了更豐富的國際投資資源。3. 金融監管總局發布《保險資金運用內部控制應用指引（第4號-第6號）》
2024年12月6日，金融監管總局發布《保險資金運用內部控制應用指引（第4號-第6號）》（“《應用指引（4-6號）》”）。
《應用指引（4-6號）》針對保險公司投資未上市企業股權、不動產、金融產品等非標準化資產，在項目篩選、立項審批、盡職調查、商務談判、投資決策、合同簽署、交易執行、投后管理等業務環節，明確了操作流程要求，同時強化投資決策委員會履職盡責，并細化投后管理要點。
（1）股權投資：保險公司進行直接股權投資需依照監管規定聘請第三方專業機構提供盡職調查等服務，這些專業機構的資質必須符合相關監管要求。而對于間接股權投資，保險公司則應根據監管指引，對股權投資管理機構的投資管理能力及其所發行基金進行評估。
（2）不動產投資：保險公司應在盡職調查中重點審視五個關鍵要素：首先，要關注意向投資的不動產項目的產權、地理位置、管理權以及土地使用年限等信息；其次，對于以物權方式投資不動產的項目，需重點審查投資標的的權證及其限制情況；第三，若以項目公司股權進行投資，則應關注項目公司產權歸屬、資產抵押、債務狀況、經營范圍、不動產用途及相關法律訴訟等問題；第四，在投資于不動產金融產品時，需重點評估投資管理機構的能力、產品的合法性及合規性、基礎資產的可靠性與充分性，此外還要考量投資策略與方案的可行性；最后，還需關注其他可能影響交易安全及保險資金投資安全的因素。
（3）金融產品投資：保險機構應關注金融產品管理人是否建立了完善的投資者權益保護機制。其中，包括金融產品管理人或融資主體是否承諾不隨意變更資金使用方向、是否承諾將業績報酬（如適用）計入管理費用、不同產品之間的獨立性、以及金融產品管理人是否就其符合勤勉盡職的監管要求作出相應承諾。此外，其他與投資者權益保護相關的事項也應納入關注范圍。
海問簡評
《應用指引（4-6號）》針對保險公司在非標準化資產投資中的具體操作流程提出了明確要求，尤其是對股權投資和不動產投資的盡職調查重點以及對金融產品管理人投資者權益保護機制的關注，有助于進一步規范保險資金運用管理機制和流程，提升保險機構風險管理能力，推動保險業高質量發展。4. 海南金融監管局發布《關于海南銀行業保險業全力支持海南自貿港封關運作的指導意見》2024年12月16日，海南金融監管局發布《關于海南銀行業保險業全力支持海南自貿港封關運作的指導意見》（“《自貿港封關運作指導意見》”）。
為了助力海南自貿港2025年底前如期封關，《自貿港封關運作指導意見》主要提出四個方面的具體措施：
（1）推進跨境資金流動的便利性與金融開放：為實現跨境資金流動的自由與便利，應積極推廣多功能自由貿易賬戶，以促進資金的自由流動。同時，探索與金融領域國際高標準經貿規則的對接，并開展跨境資產管理業務的試點，以擴展金融的高水平對外開放。
（2）服務實體經濟與提升金融體系韌性：金融體系需積極為實體經濟提供服務，這包括支持海南自貿港封關后的基礎設施建設、針對重點領域加大金融服務的精準力度、促進新型生產力的因地制宜發展，以及加強對國家生態文明試驗區的建設支持。此外，還要充分發揮保險業作為經濟減震器和社會穩定器的作用。
（3）金融基礎設施建設與營商環境優化：積極加強金融基礎設施的建設，以大力優化營商環境。這可以通過推動各類境外優質銀行和保險機構參與海南自貿港的建設、加快銀行和保險業的數字化轉型、打造具有自貿港特色的應用場景，并提供專業的金融服務以滿足自貿港人才的需求來實現。
（4）保障措施：實施保障措施同樣至關重要，應加強統籌協調，推動政策的落實，爭取更多政策支持，并強化風險防控機制，以確保各項措施的順利實施。
海問簡評
《自貿港封關運作指導意見》對海南銀行業、保險業支持海南自貿港封關運作提出了具體工作要求，有利于加強對海南自貿港封關運作的金融支持，提升整體封關運作效率。
1. 金融監管總局發布《關于公司治理監管規定與公司法銜接有關事項的通知》2024年12月17日，金融監管總局發布《關于公司治理監管規定與公司法銜接有關事項的通知》（“《公司法銜接事項的通知》”），自印發之日起施行。
《公司法銜接事項的通知》根據《中華人民共和國公司法》的最新規定，進一步明確金融機構監事會、職工董事設置等要求，具體如下：
（1）金融機構可依據自身實際情況，對監督機構的設置進行優化。這意味著可以選擇繼續保留監事會和監事，或選擇由董事會下設審計委員會來承擔監事會的職能，也可以不設監事會及監事；
（2）對于職工人數超過三百的機構，除了依法設立監事會并配備職工監事的情況外，其董事會成員中必需有職工董事。職工董事應由公司職工通過職工代表大會、職工大會或其他民主方式選舉產生。需要注意的是，董事會的高級管理人員和監事不得同時擔任職工董事的職務；
（3）金融機構應當強化與股東及職工等利益相關方的溝通，結合具體情況推進公司章程的修訂和人員的選任工作。
2. 中國證監會就《上市公司信息披露管理辦法》以及上市公司年報、半年報格式準則修訂稿公開征求意見2024年12月27日，中國證監會發布通知就其擬修訂的《上市公司信息披露管理辦法》《公開發行證券的公司信息披露內容與格式準則第2號—年度報告的內容與格式》《公開發行證券的公司信息披露內容與格式準則第3號—半年度報告的內容與格式》向社會公開征求意見，主要修訂內容如下：
（1）風險揭示：公司應確保充分披露那些可能對其核心競爭力、經營活動以及未來發展帶來重大不利影響的風險因素。對于在上市時并未實現盈利且上市后繼續虧損的公司，必須詳細說明未盈利的原因，同時闡明其對公司現金流、業務擴展、人才吸引、團隊穩定性、研發支出、戰略性投資以及生產經營的可持續性等方面的潛在影響。
（2）行業經營信息：明確上市公司應結合所屬行業的特性，全面公布與行業相關的經營信息，特別是針對行業競爭力的技術、產業、業態與商業模式等信息，以便為投資者提供合理決策的依據。
（3）非交易時間發布信息：明確在非交易時段，上市公司及相關信息披露義務人在有必要的情況下可以對外發布重大信息，但需在下一個交易時段開始前對相關公告進行披露。
（4）增加可持續發展信息披露、信息披露暫緩與豁免相關條款：滬深北交易所已出臺有關上市公司可持續發展報告的自律監管指引，為進一步完善可持續信息披露制度，計劃新增相關條款；同時，根據監管實際情況，明確在涉及國家秘密與商業秘密的情況下，可以暫緩或豁免信息披露。
● http://www.csrc.gov.cn/csrc/c100028/c7516180/content.shtml
● http://www.csrc.gov.cn/csrc/c100028/c7526427/content.shtml
● https://www.nfra.gov.cn/cn/view/pages/ItemDetail.html?docId=1192220&itemId=924&generaltype=0
● https://www.nfra.gov.cn/cn/view/pages/governmentDetail.html?docId=1191125&itemId=861&generaltype=1
● https://www.nfra.gov.cn/branch/hainan/view/pages/common/ItemDetail.html?docId=1190980&itemId=1579
● http://www.csrc.gov.cn/csrc/c100028/c7528813/content.shtml
● https://www.nfra.gov.cn/cn/view/pages/governmentDetail.html?docId=1191727&itemId=880&generaltype=1
Haiwen Finance and Asset Management Monthly (December 2024)
Introduction
To make the finance and asset management industry keep abreast of the latest industry developments, Haiwen prepares the “Haiwen Finance and Asset Management Monthly”. This monthly reading aims to introduce and provide brief comments on regulatory development and industry news.
In December 2024, regarding regulatory updates, the National Financial Regulatory Administration (“NFRA”) issued the “Administrative Measures for Financial Institution Compliance Management”; the China Securities Regulatory Commission (“CSRC”) issued the “Regulations on the Management of Hong Kong Mutual Recognition Funds”; NFRA issued the “Application Guidelines for Internal Controls in the Use of Insurance Funds (Guidelines 4-6)”; NFRA Hainan issued the “Guiding Opinions on Hainan Banking and Insurance Industries Fully Supporting the Operation of Hainan Free Trade Port”.
Regarding industry developments, NFRA issued “Notice on Matters Related to the Connection Between Corporate Governance Regulatory Provisions and the Company Law”; CSRC solicited public opinion on the “Measures for Information Disclosure by Listed Companies” and Format Guidelines for Annual and Semi-Annual Reports.
I Latest Rules and Regulation
1. NFRA issued the “Administrative Measures for Financial Institution Compliance Management”
NFRA issued the “Administrative Measures for Financial Institution Compliance Management” (“Administrative Measures”) on December 25, 2024, which will take effect from March 1, 2025. Compared to the “Compliance Risk Management Guidelines for Commercial Banks” and the “Compliance Management Guidelines for Insurance Companies”, the Administrative Measures present the following five significant highlights:(1) Expanding Regulatory Scope of Applicable Financial Institutions: The Administrative Measures not only include various financial institutions originally supervised by the NFRA and its local agencies, such as policy banks, commercial banks, and insurance companies, but also newly incorporate financial asset management companies, trust companies, corporate group financial companies, financial leasing companies, auto finance companies, consumer finance companies, money brokerage firms, wealth management companies, financial asset investment companies, insurance companies (including reinsurance companies), insurance asset management firms, insurance groups (holding companies), and mutual insurance organizations. Furthermore, it stipulates that financial holding companies, rural cooperative banks, rural credit cooperatives, branches of foreign banks, and branches of foreign reinsurance companies shall refer to these requirements.(2) Clarifying Compliance Management Related Definitions: The Administrative Measures explicitly define “compliance risk” as the possibility of financial institutions or their employees facing criminal, administrative, or civil legal liabilities, as well as property loss, reputation damage, and other negative impacts due to violations of compliance norms arising from management behaviors or employee functions. It clarifies that “compliance norms” encompass external regulations such as laws, administrative regulations, departmental rules, and normative documents, along with internal regulations established by financial institutions to meet regulatory requirements. Moreover, it defines “compliance management” as management activities aimed at ensuring adherence to compliance norms and effective risk prevention, oriented towards enhancing legal and compliant operational management levels, and focused on management behaviors and employee functions, including establishing compliance systems, improving operational mechanisms, cultivating a compliance culture, and strengthening supervision and accountability.(3) Establishing Efficient and Independent Compliance Management Departments: The Administrative Measures require financial institutions to establish dedicated compliance management departments and implement a “firewall” system concerning positions and personnel, ensuring that compliance management is handled by a specialized team. The duties of the compliance management department are to be detailed in areas such as formulating policies and plans, supporting operations and business, conducting compliance reviews and enforcement, assessing compliance and accountability, and delivering compliance training and communications.(4) First-time Clarification of the Core Compliance Role of Chief Compliance Officer: The Administrative Measures specify the Chief Compliance Officer’s (“CCO”) central position within financial institutions, with duties including comprehensive oversight of compliance management, issuing compliance review opinions, conducting compliance supervision and inspections, and reporting illegal activities or compliance risk exposures. Additionally, the Administrative Measures ensure the independence of the CCO’s authority through several ways: the CCO is required to report to both the Chairman of the Board and the President (General Manager); the CCO is not to manage departments where conflicts of duty exist; CCO’s annual compensation should not be lower than that of other senior management under comparable conditions; and an independent professional assessment mechanism is to be established for the CCO.(5) Clarifying Responsibilities of the Board of Directors, Senior Management, and Department Heads: The Administrative Measures stipulate that the Board or, where there is no Board, the directors, bear ultimate compliance responsibility; senior management bears leading compliance responsibilities; and main department heads bear primary compliance responsibilities.Haiwen Comments
The Administrative Measures broaden the scope of regulation and enhance the professionalism of compliance management. The explicit definition of compliance risks, along with the requirements for specialized compliance management departments and the CCO, not only strengthen the internal governance structure of financial institutions but also provide robust assurance for the stability and transparency of the financial market.2. CSRC issued the “Regulations on the Management of Hong Kong Mutual Recognition Funds”
CSRC issued the “Regulations on the Management of Hong Kong Mutual Recognition Funds” (“MRF Regulations”) on December 20, 2024, which will take effect from January 1, 2025. The “Interim Regulations on the Management of Hong Kong Mutual Recognition Funds” will be simultaneously revoked.The main amendments by the MRF Regulations include:(1) Adjustment of the sales ratio of the Hong Kong mutual recognition funds in the mainland (the proportion of sales in the mainland relative to the total assets of the funds) has been adjusted from the original 50% to 80%;(2) Moderate relaxation of the restrictions on the delegation of investment management functions for Hong Kong mutual recognition funds, allowing for the delegation of these functions to overseas affiliated institutions that are located in countries or regions with which the local securities regulatory authority has signed a regulatory cooperation memorandum of understanding and maintains an effective regulatory cooperation relationship with the CSRC;(3) Reservation of ample space for the inclusion of more conventional types of products into the category of Hong Kong mutual recognition funds in the future.Haiwen Comments
The MRF Regulations represent an important initiative by the CSRC to promote the openness of the capital market. The relaxation of sales limits and the loosening of the restrictions on the delegation of investment management functions will both expand the market space for Hong Kong mutual recognition funds in the Mainland and introduce a richer array of international investment resources.3. NFRA issued the “Application Guidelines for Internal Controls in the Use of Insurance Funds (Guidelines 4-6)”NFRA issued the “Application Guidelines for Internal Controls in the Use of Insurance Funds” (“Application Guidelines 4-6”) On December 6, 2024.Application Guidelines 4-6 focus on the investment by insurance companies in non-standardized assets such as equity of non-listed companies, real estate, and financial products. They clarify operational procedures during various phases of the investment process, including project selection, project approval, due diligence, business negotiations, investment decision-making, contract signing, transaction execution, and post-investment management, while also reinforcing the responsibilities of the Investment Decision-Making Committee and detailing key points of post-investment management.(1) Equity Investment: For direct equity investments, insurance companies are required to engage third-party professional institutions to provide due diligence services in accordance with regulatory requirements. These professional institutions must meet relevant regulatory qualifications. For indirect equity investments, insurance companies should evaluate the investment management capabilities of equity investment management institutions and the funds they issue as regulatory guidelines.(2) Real Estate Investment: Insurance companies must focus on five key elements during due diligence for real estate investments: First, attention should be paid to the property's ownership, geographic location, management rights, and land-use tenure; second, when investing in real estate through property rights, a thorough examination of the investment subject’s certificates and their restrictions is required; third, if the investment is made via the equity of a project company, the ownership of the project company, asset pledges, debt status, operational scope, intended use of the property, and related legal disputes need to be scrutinized; fourth, when investing in real estate financial products, it is crucial to assess the capabilities of the investment management institution, the legality and compliance of the products, the reliability and adequacy of underlying assets, as well as the feasibility of the investment strategy and plan; finally, attention should also be given to other factors that may affect transaction security and the safety of insurance fund investments.(3) Investment in Financial Products: Insurance institutions should ensure that the financial product managers have established comprehensive mechanisms for protecting investors' rights. This includes whether the financial product managers or financing entities commit to not arbitrarily changing the direction of fund usage, whether they promise to account for performance-based remuneration (if applicable) as part of management expenses, the independence among different products, and whether the financial product managers make corresponding commitments to meet the regulatory requirements of due diligence. Additionally, other matters related to the protection of investors' rights should also be included in the scope of scrutiny.Haiwen Comments
The Application Guidelines 4-6 set forth explicit requirements regarding the specific operating procedures for insurance companies in their investments in non-standardized assets including a particular focus on the due diligence priorities for equity investments and real estate investments, as well as an emphasis on the protection mechanisms for investor rights established by financial product managers. These measures are instrumental in further standardizing the management mechanisms and processes for the utilization of insurance funds, enhancing the risk management capabilities of insurance institutions, and promoting the high-quality development of the insurance industry.4. NFRA Hainan issued the “Guiding Opinions on Hainan Banking and Insurance Industries Fully Supporting the Operation of Hainan Free Trade Port”NFRA Hainan issued the “Guiding Opinions on Hainan Banking and Insurance Industries Fully Supporting the Operation of Hainan Free Trade Port” (“Guiding Opinions on the Operation of Hainan Free Trade Port”) on December 16, 2024.To support the timely completion of Hainan's Free Trade Port operations by the end of 2025, the Guiding Opinions on the Operation of Hainan Free Trade Port propose specific measures in four areas:(1) Promoting the Convenience of Cross-Border Capital Flows and Financial Openness: To facilitate the free and convenient flow of cross-border capital, it is imperative to actively promote multifunctional free trade accounts to encourage the unhindered movement of funds. Additionally, efforts should be made to explore alignment with high international standards in trade and economic rules in the financial arena, as well as launching pilot programs for cross-border asset management to expand the high-level openness of finance.(2) Serving the Real Economy and Enhancing the Resilience of the Financial System: The financial system must actively serve the real economy, which includes supporting infrastructure construction following the Free Trade Port’s operations, intensifying financial services for key sectors, promoting the location-specific development of innovative productivity, and reinforcing support for the construction of the national ecological civilization pilot zone. Furthermore, the role of the insurance industry as an economic buffer and social stabilizer needs to be fully leveraged.(3) Strengthening Financial Infrastructure and Optimizing the Business Environment: Efforts should be made to actively strengthen financial infrastructure to significantly improve the business environment. This can be achieved by encouraging various high-quality offshore banks and insurance institutions to participate in the construction of Hainan’s Free Trade Port, accelerating the digital transformation of the banking and insurance sectors, creating specialized application scenarios that reflect the characteristics of the Free Trade Port, and providing specialized financial services to meet the needs of talents in the Free Trade Port.(4) Security Measures: The implementation of security measures is equally crucial. It is necessary to enhance overall coordination, promote policy implementation, seek additional policy support, and strengthen risk prevention and control mechanisms to ensure that all measures are executed smoothly.Haiwen Comments
The Guiding Opinions on the Operation of Hainan Free Trade Port provide specific work requirements for the banking industry and insurance industry in support of Hainan’s Free Trade Port operations, which is conducive to strengthening financial support for the Free Trade Port and enhancing the overall efficiency of operational activities.
1. NFRA issued the “Notice on Matters Related to the Connection Between Corporate Governance Regulatory Provisions and the Company Law”
NFRA issued the “Notice on Matters Related to the Connection Between Corporate Governance Regulatory Provisions and the Company Law” (“Notice on Company Law Connection”) on December 17, 2024, which will take effect from the date of issuance.The Notice on Company Law Connection, based on the latest provisions of the “Company Law”, further clarifies the requirements for the establishment of supervisory committees and employee directors in financial institutions, specifically as follows:(1) Financial institutions may optimize the setup of supervisory bodies according to their specific circumstances. This means they can choose to either retain a supervisory board and supervisors or establish an audit committee under the board of directors to perform the functions of a supervisory board, or they may opt not to have a supervisory board or supervisors at all;(2) For institutions with over 300 employees, apart from the cases where supervisory boards are legally established with employee supervisors, there must be employee directors among the members of the board of directors. Employee directors must be elected by the company’s employees through an employee representative assembly, an employee meeting, or other democratic methods. It is important to note that senior management members of the board and supervisors cannot simultaneously serve as employee directors;(3) Financial institutions shall strengthen communication with stakeholders, including shareholders and employees, and promote the revision of corporate bylaws and the selection of personnel in accordance with specific circumstances.
2. CSRC solicited public opinion on the “Measures for Information Disclosure by Listed Companies” and Format Guidelines for Annual and Semi-Annual Reports
CSRC solicited public opinion on the “Measures for Information Disclosure by Listed Companies”, as well as “Guideline No. 2 on Information Disclosure Content and Format for Companies Issuing Securities to the Public—Content and Format of Annual Reports” and “Guideline No. 3 on Information Disclosure Content and Format for Companies Issuing Securities to the Public—Content and Format of Semi-Annual Reports” on December 27, 2024, which primarily include the following:(1) Risk Disclosure: Companies must ensure comprehensive disclosure of risk factors that may significantly adversely affect their core competitiveness, operational activities, and future development. For companies that have not achieved profitability at the time of listing and continue to incur losses thereafter, a detailed explanation of the reasons for the lack of profitability is required, along with an assessment of the potential impacts on the company's cash flow, business expansion, talent acquisition, team stability, research and development expenditures, strategic investments, and the sustainability of operations.(2) Industry Operating Information: It is mandated that listed companies consider the characteristics of their respective industries and fully disclose operational information pertinent to those industries, particularly information related to technological advancements, industrial developments, business models, and competitive factors, in order to provide investors with sound decision-making data.(3) Information Disclosure During Non-Trading Hours: It is specified that during non-trading periods, listed companies and relevant information disclosure obligors may release significant information if necessary; however, they must disclose the related announcements before the commencement of the next trading session.(4) Addition of Sustainable Development Disclosure, and Provisions for Temporary Delay and Exemption of Disclosure: The Shanghai, Shenzhen, and Beijing stock exchanges have issued self-regulatory guidelines concerning the sustainable development reports of listed companies. To further enhance the sustainable information disclosure framework, additional relevant provisions are planned. Additionally, based on the realities of regulation, it is clarified that information involving state secrets or commercial secrets may be temporarily withheld from or exempted from disclosure.
Source of Information：
● http://www.csrc.gov.cn/csrc/c100028/c7526427/content.shtml
● https://www.nfra.gov.cn/cn/view/pages/ItemDetail.html?docId=1192220&itemId=924&generaltype=0
● https://www.nfra.gov.cn/cn/view/pages/governmentDetail.html?docId=1191125&itemId=861&generaltype=1
● https://www.nfra.gov.cn/branch/hainan/view/pages/common/ItemDetail.html?docId=1190980&itemId=1579
● http://www.csrc.gov.cn/csrc/c100028/c7528813/content.shtml
● https://www.nfra.gov.cn/cn/view/pages/governmentDetail.html?docId=1191727&itemId=880&generaltype=1
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