On December 27th, the Shenzhen Stock Exchange publicly solicited opinions from the market on the revision of the “Stock Listing Rules” and “Review Rules for Securities Issuance and Listing of Listed Companies” for the main board and ChiNext board. Specifically, the main contents of the revised “Stock Listing Rules” and “ChiNext Stock Listing Rules” include: firstly, implementing the overall requirements for the audit committee to exercise the powers of the supervisory board, specifying the responsibilities of the audit committee, refining and clarifying the composition of audit committee members, rules of procedure, etc. The second is to implement the responsibility obligations of the “key few”, improve the specific content of the loyalty and diligence obligations of directors and senior management personnel, strengthen the standardization of related party transactions, and clarify that controlling shareholders and actual controllers need to fulfill the loyalty and diligence obligations of directors when actually executing company affairs. The third is to strengthen the protection of shareholder rights, reduce the requirement for temporary proposal shareholding ratio, and optimize the mechanism for exercising voting rights on specific matters. The revision of the “Rules for the Review of Securities Issuance and Listing of Listed Companies” mainly includes: firstly, adapting relevant provisions and expressions according to the new “Company Law”, covering the relevant institutional mechanisms of supervisors, etc. The second is to strictly enforce the issuer’s main responsibility and the intermediary agency’s “gatekeeper” responsibility, strengthen self-discipline supervision and punishment for violations, raise the upper limit of the period for intermediary agencies and related responsible personnel to temporarily refuse to accept documents to 5 years, and add a 6-month declaration interval for the situation of “one inspection and withdrawal”.
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