CHINA: SSE Proposes Revisions to Rules for Listing of Stocks and Guidelines for Standardized Operation

Monday January 5 2026

The Shanghai Stock Exchange (SSE) announced that under the overall guidance of the China Securities Regulatory Commission (CSRC), the Shanghai Stock Exchange (SSE) has revised the Rules for Listing of Stocks and the Guidelines for Standardized Operation for the Main Board and the STAR Market and is soliciting public opinions on the revisions. This revision aims to further regulate the conduct of “key minority” groups, including directors, senior management, controlling shareholders and actual controllers of listed companies, guide board secretaries to actively perform their duties, promote listed companies to optimize internal governance, and effectively protect the legitimate rights and interests of minority investors.

This revision mainly covers two parts:

• First, to implement the requirements of the CSRC’s Regulations on the Supervision of Board Secretaries of Listed Companies (Draft for Comment), establish a full-process supervision system for the appointment, performance and dismissal of board secretaries, further improve the protection for board secretaries in performing their duties, guide them to better fulfill their responsibilities, give full play to their role in handling information disclosure affairs, corporate governance, and internal and external communication and coordination, and improve the quality of listed companies.
• Second, based on the CSRC’s Code of Corporate Governance for Listed Companies, this revision specifies relevant provisions on directors and senior management, improve the supervision system for directors and senior management, and comprehensively regulate their appointment, performance of duties and resignation, urging them to perform their duties.

It also improves the incentive and restraint mechanism for directors and senior management, requiring listed companies to formulate salary management systems that link the remuneration of directors and senior management to the company’s operating performance and individual performance, to better align the interests of directors, senior management and the company. In addition, this revision further regulates the conduct of controlling shareholders and actual controllers and strictly restricts horizontal competition that may have a significant adverse impact on listed companies.

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