Monday May 5 2025
News Source: Global Exchanges
Focus: Listing Rules
Type: General
Country: China
Shanghai Stock Exchange (SSE)Ā revised theĀ Rules Governing the Listing of StocksĀ and supporting rules and guidelines for its Main Board and the STAR Market with the approval of China Securities Regulatory Commission (CSRC). This revision aims to thoroughly implement the newĀ Company Law, and align with the CSRC’sĀ Administrative Measures for Information Disclosure of Listed Companies,Ā Guidelines on Articles of Association of Listed CompaniesĀ and other higher-ranking rules, promote listed companies to improve internal governance, and effectively protect the legitimate rights and interests of small and medium-sized investors.
The revisions to theĀ Rules Governing the Listing of Stocks mainly include:
- clarify the audit committee’s responsibilities, including its scope of authority, operating mechanism and performance of duties.
- strengthen the responsibilities for directors and senior management and enhance the code of conduct for controlling shareholders and actual controllers, including specifying the loyalty and diligence obligations of directors and senior management, and adding relevant requirements on de facto directors.
- strengthen the protection of shareholders’ rights, especially small and medium-sized shareholders, including safeguarding the ad-hoc proposal rights of small and medium-sized shareholders, further clarifying the review and disclosure requirements for affiliated transactions, and improving relevant rules on shareholders with differentiated voting rights.
- align with higher-ranking rules on bankruptcy and reorganization, and optimize the disclosure requirements for matters such as reorganization progress.
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