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The Regulations on Information Disclosure of Listed Companies, approved by China Securities Regulatory Commission’s 196th chairman meeting on December 13, 2006, are hereby issued and shall take effect as from the date of issue.
CSRC Chairman: Shang Fulin
January 30, 2007
Regulations on Information Disclosure of Listed Companies
Chapter I General Rules
1. According to laws including Corporate Law and Securities Law and administrative bylaws, these Regulations are formulated in order to standardize the information disclosures of stock issuers, listed companies and other disclosure obligors, to strengthen the management of information disclosures and to protect the legitimate interest of investors.
2. The disclosure obligors shall disclose information on truthful, accurate, complete and timely bases. Any falsehood, misleading statement or major omission is prohibited.
Information shall be disclosed to all investors at the same time.
Companies with stocks and derivatives listed both home and abroad shall make sure that any information revealed in overseas market(s) must be disclosed to Chinese market(s) as well.
3. The directors, supervisors and senior managers of the issuers and listed companies shall faithfully and assiduously fulfill their obligation of information disclosure, which shall be authentic, accurate, complete, prompt and fair.
4. People with access to insider information shall not disclose or divulge or trade on the information before it is available to the public.
5. Documentations to be disclosed include share offering prospectus, pro rata offering prospectus, listing announcements, periodical reports and ad hoc reports.
6. The disclosure obligors shall present the disclosure documentations and supporting files to the exchange for registration and make the disclosure public through media appointed by CSRC.
The disclosure obligors shall not make the disclosure on their own websites or other media before it’s published on the appointed media. They shall not resort to news conference in lieu of the obligated announcement, nor shall they default on ad hoc report obligation and replace it with periodical report.
7. The disclosure obligors shall present the disclosure documentations and supporting files to the local securities regulator and place the copies at the company’s office premise for possible public reference.
8. Information disclosure shall be made in Chinese. If foreign language disclosure is to be made simultaneously, the disclosure obligor shall ensure consistency between the languages. In case of any disparities, the Chinese version will prevail.
9. CSRC will supervise the documentation, content and management activities of information disclosures according to laws. The behaviors of the listed company’s shareholders, actual controller(s) and disclosure obligors will also be monitored.
The stock exchange(s) shall supervise the disclosure of listed companies and urge them to disclose information timely and accurately. The exchanges shall also perform real time monitoring over the trading of securities and their derivatives. Listing rules and information disclosure rules of the exchanges shall be submitted to CSRC for approval.
10. CSRC will regulate separately over the information disclosure activities of listed companies in special industries such as financial and real estate sectors.
Chapter II Stock Offering, Pro Rata Offering Prospectus & Listing Announcement
11. Stock issuers shall prepare the offering prospectus in line with CSRC’s relevant regulations. Any information to have major impact on the investors’ decisions shall be disclosed in the stock offering prospectus.
After the public offering application has been approved by CSRC, the stock issuer shall announce the prospectus prior to the issuance.
12. The directors, supervisors and senior managers of the issuing companies shall sign their confirmation in the prospectus to assure that the information contained is authentic, accurate and complete.
The prospectus shall bear the official seal of the issuing company.
13. IPO issuers shall disclose the offering prospectus draft for application on CSRC’s website after CSRC has accepted the application and before the Public Offering Review Committee deliberates the application.
Offering prospectus draft is not the formal documentation of stock offering and cannot contain price information and is not to be based upon for the offering.
14. The issuing company shall make written explanation to CSRC about any important incident(s) taking place after the offering application approval and before the offering is completed. The prospectus shall be amended or supplementary announcement shall be made about the latest development post CSRC’s approval.
15. Stock listing applicants shall provide listing announcements according to the exchanges’ rules and the announcement shall be disclosed after securing the exchange(s)’ nod.
The directors, supervisors and senior managers of the issuing companies shall sign their confirmation in the listing announcements to assure that the information contained is authentic, accurate and complete.
The listing announcement shall bear the official seal of the issuing company.
16. In case the prospectus or listing announcement have cited any professional opinions or reports of any sponsors or securities service providers, the content shall tally with those presented by the sponsors or securities service providers. None of these kinds of opinions shall be misleading.
17. Articles 11 to 16 of the Regulations, which are about stock offering prospectus, also apply to bond offering prospectus.
18. Listed companies shall make disclosures of any private offering of new shares in accordance with law(s).
Chapter III Periodical Reports
19. Listed companies’ periodical financial reports disclosure duties include those of annual report, interim report and quarterly report. Any information to have major impact on the investors’ decisions shall be disclosed.
The financial reports of a listed company shall be audited by CPA firms with qualifications for practice in securities- and futures-related business.
20. Annual report shall be prepared and disclosed within 4 months since the end of the fiscal year; Interim report shall be prepared and disclosed within 2 months since the end of the first half of the fiscal year; quarterly report shall be prepared and disclosed within 1 month since the end of the 3rd and 9th month of the fiscal year.
Financial report of the first fiscal quarter shall not be disclosed before the report of the last fiscal year has been disclosed.
21. Annual report shall contain the following information:
(1) basic information of the company;
(2) major accounting figures and financial indexes;
(3) company stock and bond issuance and changes; number of shares, bonds and shareholders and shareholding information of top 10 shareholders at the end of the reporting period;
(4) information about shareholders with stakes of 5% or above; controlling shareholders and actual controllers;
(5) information of positions, stock holding changes and annual remunerations of directors, supervisors and senior managers;
(6) board of directors’ report;
(7) management discussion and analyses;
(8) major incidents and their influence on the company during the reporting period;
(9) financial reports and full text of audit report;
(10) Other inclusions specified by CSRC.
22. Interim report shall contain the following information:
(1) basic information of the company;
(2) major accounting figures and financial indexes;
(3) company stock and bond issuance and changes; number of shareholders and shareholding information of top 10 shareholders; changes of controlling shareholders and actual controllers;
(4) management discussion and analyses;
(5) major lawsuit(s) and arbitration(s) and their influence on the company during the reporting period;
(6) financial reports;
(7) Other inclusions specified by CSRC.
23. Quarterly report shall contain the following information:
(1) basic information of the company;
(2) major accounting figures and financial indexes;
(3) Other inclusions specified by CSRC.
24. The directors and senior managers shall sign their confirmation in the periodical reports and the board of supervisors shall give its opinion in written to address the problems as to whether or not the board of directors’ report compilation and audit procedures are in line with laws, bylaws and CSRC rules and whether or not the report’s content is authentic, accurate, complete and indicative of the listed company’s actual condition.
Any unsureness or dissent by directors, supervisors or senior managers over the truthfulness, accuracy or completeness of the periodical report shall be substantiated with good reasons, expressed and disclosed.
25. Any forecasted operational losses or big fluctuations shall be disclosed in form of earnings forecast.
26. If earnings are divulged before the disclosure of a periodical report or earnings rumors are spread to cause unusual fluctuations of the company’s securities or derivatives, the company shall take immediate action to report the financials of the period in question.
27. For periodical financial reports with nonstandard audit report, the board of directors shall make explanations focused on the issue concerned by the auditor.
Periodical financial reports with nonstandard audit report suspected of any foul play by the exchange shall be submitted to CSRC for investigations.
28. Listed company that fails to disclose annual report of interim report within required deadline will be inspected by CSRC and the securities exchange(s) will also make punishment treatment according to stock listing rules.
29. The format and compilation rules of annual report, interim report and quarterly report will be specified by CSRC separately.
Chapter IV Ad Hoc Report
30. If any incident happens which can have significant impact on listed company’s securities or derivatives trading prices and is unknown to the investors yet, the company shall make immediate disclosure to inform the public of the incident’s reason, present state and possible consequences.
The hereinabove incidents deem as significant include:
(1) major adjustment of the company’s operation strategies or business scopes;
(2) decisions of important investment or asset purchase;
(3) signing of contracts that can have significant consequences in the company’s asset, liabilities, shareholder equity or operational result;
(4) major debt obligations or default of major debt or large amount indemnifications,
(5) Large amount losses;
(6) significant changes of exterior conditions;
(7) changes of the company’s directors, more than 1/3 of supervisors or managers; president or managers’ inability to perform their duties;
(8) changes of share holding of shareholders with more than 5% of the total shares or actual controllers, or changes in their other controlled companies;
(9) registered capital reduction, merger, spin-off, dissolving or bankruptcy of the company; or being forced into bankruptcy or shut down according to laws;
(10) involvement in major lawsuit or arbitrations, board resolutions cancelled or invalidated by law(s);
(11) company investigated for law-breaking or rule-breaking activities, or criminally or administratively punished; directors, supervisors and senior management suspected of law-breaking or rule-breaking activities and investigated or constrained;
(12) enforcement of new laws, bylaws, regulations and government policies with possible impact on the company’s operation to a great extent;
(13) board’s resolution regarding new share issuance or other re-financing solutions or stockholding arrangement as incentives;
(14) court’s verdict of prohibition of stock transfer; more than 5% of the company ‘s shares held by any shareholder being impawned, frozen, juristically auctioned, consigned, entrusted or limited of voting rights according to law;
(15) major assets sealed up, detained, frozen, pledged or impawned;
(16) main or all business halted;
(17) major guarantee undertakings for another party;
(18) large amount government subsidies or other unexpected revenue that can have big influence over the company’s asset, liabilities, equity or operational results;
(19) change of accounting polities or accounting estimate;
(20) ordained by authorities or decided by the board to make corrections of previous information disclosure that contains errors, deviation from rules or false record;
(21) Other situations specified by CSRC.
31 Listed companies shall fulfill their disclosure obligations immediately after any one of the following has taken place:
(1) the board of directors or board of supervisors has come to a resolution on the major incident;
(2) relevant parties have entered into any letter of intention or agreement about the major incident;
(3) A director, supervisor or manger has been aware of the incident and reported about it.
If any of the following situations has arisen in advance of the above three, the listed company shall take immediate action to disclose the incident’s status quo and the factor that can influence it;
(1) the situation is hard to keep confidential;
(2) it has been divulged to the market;
(3) Trading of company securities or derivatives has gone abnormal.
32. If a disclosed incident is about to cause major influence on the trading prices of company securities or derivatives, the listed company shall disclose the progress, changes of the incident and its possible influences in time;
33. If any incident happens to the listed company’s subsidiary which can have significant impact on listed company’s securities or derivatives trading prices and is unknown to the investors yet, the company shall also fulfill its disclosure obligations.
Disclosure obligations also arise if such incident happens to the companies of which the listed company has shares;
34. If any M&A, spin-off, share offering or stock repurchase connected with the listed company has caused big changes in the company’s total share capital, shareholders or actual controllers, the disclosure obligors shall disclose it according to law.
35. The listed company shall pay attention to any unusual trading of its securities and derivatives and media report regarding the company.
If such trading abnormities or media reports are found to have major influence on the trading of the securities and derivatives of the company, the listed company shall make immediate effort to find out the reasons and truth, using written inquiry if necessary.
The listed company’s shareholders, actual controllers or persons acting in concert shall timely and accurately inform the listed company of any share transfer, asset restructuring or other events and cooperate with the company to fulfill its disclosure obligations.
36. If the trading of the company’s securities or derivatives has been deemed abnormal by CSRC or the stock exchanges, the listed company shall try to find out the reason and reveal it to the public in time.
Chapter V Management of Information Disclosure Affaires
37. Listed companies shall establish rules governing information disclosure affairs.
The rules include:
(1) specification and standard of information that should be disclosed;
(2) work flows of passage, audit and reveal of undisclosed information;
(3) duties of information disclosure department and its director;
(4) duties of directors, board of directors, supervisors, board of supervisors and senior managers in reporting, deliberation and disclosing;
(5) recording and archive system of duty fulfillment of directors, supervisors and senior mangers;
(6) confidentiality measures on undisclosed information, scope of insiders and their confidentiality obligations;
(7) internal control and monitoring scheme of financial management and accountings;
(8) work flows of application, deliberation and disclosure of information; rules of communication with investors, securities service providers and media;
(9) archive management of information disclosure documents and files;
(10) management and reporting rules related to subsidiaries’ information disclosure;
(11) rules to go behind unauthorized disclosures and punishment of violators;
Information disclosure affairs management rules shall be approved by directors’ meeting and reported to local securities regulator and exchange for archive.
38. Listed company’s directors, supervisors and senior managers shall perform their due diligence focused on the compilation of information disclosure documentations to make sure that the periodical and ad hoc reports are disclosed within deadlines. They shall also facilitate the listed company or other disclosure obligors to fulfill their obligations.
39. Listed companies shall establish procedures of compilation, review and disclosure of periodical reports. Managers, financial chief, board secretary and other senior management shall prepare periodical report draft and present it to the board for approval; the draft will be submitted by the board secretary to the board; the president is responsible of summoning and presiding over the board meeting to deliberate the periodical report; the board of supervisors is responsible of reviewing the periodical report prepared by the board of directors; the board secretary is responsible of organizing the disclosure of periodical report.
40. Listed companies shall establish work flows of reporting, forwarding, deliberating and disclosing of major events. When directors, supervisors and senior managers are informed of the events, they shall fulfill the reporting obligation according to the company rule in no time; after receiving the report, the president of the board shall report to the board immediately and urge the board secretary to coordinate the disclosure of an ad hoc report.
41. When the listed company is communicating its operations, financial profile and other events to any institution or individual through performance introduction meeting, analyst conference, road show or investor investigations, it shall not reveal any insider information.
42. The directors shall keep track of the company’s operation, financial status, significant happenings and their consequences and take initiatives to check out and acquire the data in need for decision making.
43. Supervisors shall supervise disclosure behaviors of the directors and senior managers; they shall pay attention to the company’s information disclosure and carry out investigations and make suggestions when foul play is found.
The board of supervisors shall issue written reviewing opinions over the periodical report and indicate whether its compilation and audit are in accordance with laws, administrative bylaws and rule of CSRC and whether the report’s content can truthfully, accurately and completely present the listed company’s real situation.
44. Senior management shall timely report to the board of any major events, development of disclosed incidents and other information regarding the company’s operation or financials.
45. The board secretary is responsible of organizing and coordinating the company’s information disclosure affairs. He/she shall collect the information to be disclosed and report it to the board and maintain continued attention to media reports about the company and try to find out the reports’ credibility initiatively. The board secretary has the right to participate in the shareholders’ meeting, board of directors meeting, board of supervisors meeting and senior management meeting. He/she has the right to be informed of the company’s financial and operational state and can review all the files related to the information disclosures.
Board secretary has the responsibility of arranging for the information disclosure of the listed company. Disclosures shall be made in forms of either board of supervisors’ statement or board of directors’ statement. Without authorization, directors, supervisors and senior managers are not allowed to disclose the listed company’s information.
The listed company shall facilitate the secretary of board’s task of information disclosure; financial head shall help the secretary with that as well.
46. Shareholders and actual controllers of listed company shall inform the board of the events as listed below and help the company with disclosures.
(1) changes of share holding of shareholders with more than 5% of the total shares or actual controllers, or changes in their other controlled companies;
(2) court’s verdict of prohibition of stock transfer; more than 5% of the company ‘s shares held by any shareholder is impawned, frozen, juristically auctioned, consigned, entrusted or limited of voting rights according to law;
(3) major asset or business restructures of the listed company are to be conducted;
(4) Other events specified by CSRC.
If information is divulged before the it is disclosed and has caused unusual fluctuations in the trading of the company’s securities or derivatives, the shareholders or actual controllers shall timely and faithfully report that to the listed company in written and cooperate with the company to make timely and accurate disclosures.
Shareholders and actual controllers shall not abuse their shareholder rights or dominating positions and are not supposed to request for insider information from the listed company.
47. When listed company is offering stocks in private, its controlling shareholders, actual controllers and share offering buyers shall provide relevant information to the company in a timely manner and help it with the disclosure.
48. Directors, supervisors, senior managers, shareholders of 5% plus of shares, parties acting in concert, and actual controllers shall submit the list of listed company’s related parties and explanation of relationship to the listed company’s board of directors. The listed company shall go through the deliberation procedures for related party transactions and strictly abide by the rule of voting withdrawal of related directors. Related parties shall not try to conceal their relationship or circumvent deliberation procedures and information disclosure obligations of listed company’s related party transactions.
49. Shareholders or actual controllers securing more than 5% of shares through consignment or trust shall inform the listed company of such trust and help the company with its information disclosure.
50. Disclosure obligors shall provide all relevant information to the sponsor and the securities service providers, and the information must be authentic, accurate and complete without reluctance, concealment or falsehood.
If the sponsor or securities service provider finds any false record, misleading statement, major omission or other significant irregularities, in the disclosed information when issuing disclosure documentations, the sponsor or securities service provider shall require the company for complement or corrections. In case the disclosure obligor refuses to make that complement or correction, the sponsor or securities service provider shall report that to the local securities regulator or exchange.
51. If the listed company dismisses a CPA firm, it shall timely inform the firm after board resolution has been made. When the shareholders’ meeting votes on the dismissal, the CPA firm should be allowed to make its statement. If the shareholders’ meeting votes for the dismissal, the listed company shall explain the reasons and provide the CPA firm’s statement in the disclosure.
52. The sponsor or securities service provider who issues professional documentations for the disclosure obligor shall give their opinions with due diligence, sound credibility and in accordance with lawful business rules, practitioner standards and ethical standards to make sure that the files are authentic, accurate and complete.
53. Certified public accountants shall observe risk oriented audit philosophy and perform their functions strictly in accordance with CPA practitioner rules. They shall try to improve the forensic procedures, adopt scientific forensic approaches and techniques and develop sound understanding of the subject company’s background and environment. The auditors shall pay close attention to avoid big misreporting and glean sufficient and appropriate evidence to make rational forensic conclusions.
54. Asset assessment agencies shall abide by their professional ethics and follow assessment rules or other standards to select the right assessment approaches. Presumptions for the assessment shall be compatible with realistic situations. Sufficient proofs shall be collected regarding the legitimacy of the assessment subject’s transactions, income, expenditures, investment and the reliability of forecasts. Various possibilities and their influences shall be considered to come to rationalized assessment conclusions.
55. No agent or individual shall secure, provide or disseminate insider information of listed companies, nor shall they utilize any obtained insider information to trade or recommend others to trade the company’s securities or derivatives. No insider information shall be used in the investment value analysis report or research report.
56. The media shall objectively and faithfully report information about the listed companies and function as public watchdogs.
No agent or individual shall provide, spread false or misleading information about listed companies.
Violators of the two rules above shall take the indemnification accountabilities according to law if such violation has caused any damages to the investors.
Chapter VI Supervision, Management and Legal Responsibilities
57. CSRC has the right to request the listed companies or other disclosure obligors or their directors, supervisors, senior mangers to explain, clarify or provide supporting document of their information disclosure and request the listed company to present the professional opinions issued by the sponsor or securities service provider.
If CSRC has any suspicion over the authenticity, accuracy or completeness of the documents issued by the sponsor and securities service provider, it can request the relevant agencies to explain or complete the documents and inspect their working notes.
In such cases, the listed company or other disclosure obligors or sponsor or securities service provider shall respond to those requests immediately and cooperate in CSRC’s investigation and inspections.
58. Listed company’s directors, supervisors and senior managers are accountable for the disclosed information’s authenticity, accuracy, completeness, immediacy and fairness. But they can be exempted of the responsibilities if there is sufficient proof that they have fulfilled their due diligence.
Listed company’s chairman of board, GM and board secretary hold the principal responsibility over the disclosed ad hoc reports’ information’s authenticity, accuracy, completeness, immediacy and fairness.
Listed company’s chairman of board, GM and board secretary hold the principal responsibility over the disclosed periodical reports’ information’s authenticity, accuracy, completeness, immediacy and fairness.
In case listed company’s directors, supervisors senior managers, shareholder, actual controllers, acquisition bidders or their directors, supervisors and senior managers have violated this regulation, CSRC is in the position to administer the following regulatory measures:
(1) correction ordination;
(2) regulatory talk
(3) letter of admonishment;
(4) credibility record and announcement of irregularities;
(5) deemed as unsuitable candidate;
(6) other regulatory measures according to law
60. Listed company that fails to establish information disclosure affairs management procedures according to these regulations shall be ordained by CSRC to make corrections. Those who refuse to make such corrections will be admonished and fined by CSRC.
61. Disclosure obligors who fail to disclose the information within deadline or disclose falsely, misleadingly, or with major omissions shall be punished by CSRC according to Article 193 of Securities Law.
62. Disclosure obligors who fail to deliver the relevant reports within deadline or report falsely, misleadingly, or with major omissions shall be punished by CSRC according to Article 193 of Securities Law.
63. Disclosure obligors who conceals related party relationship or circumvents disclosure obligations shall be punished by CSRC according to Article 193 of Securities Law.
64. Listed company’s shareholders or actual controllers who fail to cooperate in the company’s disclosure activities or try to extract insider information of the listed company shall be ordained to correct, admonished or fined.
65. Sponsors or securities service providers that breach Securities Law, administrative bylaws or CSRC rules shall be ordained to correct, summoned for regulatory talks, admonished in written or recorded in credit files by CSRC. If punishable according to administrative bylaws, they shall be punished accordingly by CSRC.
66. Any agencies or individuals who have divulged listed company’s insider information or traded on that information shall be punished by CSRC according to Articles 201, 202 of Securities Law.
67. Any agencies or individuals that forge or disseminate false information to cause securities market disturbance or media that report falsely or unobjectively shall be punished by CSRC according to Article 206 of Securities Law.
Unauthentic or misleading statement over securities or their derivatives trading shall be punished by CSRC according to Article 207 of Securities Law.
68. Suspected blackmailing of listed company with threatening of media report or other means shall be ordained to correct by CSRC or criminally punished by relevant authorities when regulatory opinions are issued by CSRC to the relevant authorities.
69. If the violation of these regulations by listed companies or other disclosure obligors is severe, CSRC can opt to prohibit the relevant personnel in charge from entering securities market.
70. If crimes are suspected in the violation of these regulations, the case will be transferred to law enforcement department for criminal punishment.
Chapter VII Supplementary Rules
71. Terminologies of the Regulations:
(1) sponsors and securities service providers to issue professional documents for the disclosure obligors refer to the sponsors, CPA firms, asset assessment agencies, law firms, financial advisors and credit rating agencies that prepare and issue letter of sponsorship, audit report, asset assessment report, legal opinions, financial advisory report and credit rating report for securities activities such as offering, listing and trading.
(2) “Timely” means within two trading days since the information can be disclosed.
(3) Related party transactions refer to transfer of resources or obligations between the listed company and its subsidiaries and the listed company’s related parties.
Related parties can be either legal persons or natural persons.
Legal persons listed below are listed company’s related legal persons:
1. legal persons that control the listed company directly or indirectly;
2. Legal persons other than the listed company and its subsidiaries that are also controlled by the same legal person defined in paragraph 1.
3. legal persons other than the listed company and its subsidiaries that are controlled directly or indirectly by related natural persons or of which the related natural persons are directors or senior managers;
4. legal persons holding more than 5% of the listed company’s shares or person acting in concert;
5. existence of situations specified hereinabove during the past 12 months or within 12 months to come according to relevant agreement;
6. Legal persons deemed by CSRC, exchange(s) or the listed company itself to be related pursuant to the rule of “essence more important than form” and probably to cause or have caused any interest bias at the listed company’s part.
Natural persons listed below are listed company’s related natural persons:
1. Natural persons that hold more than 5% of the listed company’s stock directly or indirectly.
2. directors, supervisors and senior managers of the listed company;
3. directors, supervisors and senior managers of legal persons that control the listed company directly or indirectly;
4. close families of natural persons specified in paragraph 1 and paragraph 2, including their spouse, parents, offspring older than 18 year of age, siblings, spouse’s parents, spouse’s siblings and offspring’s parents in law;
5. existence of situations specified hereinabove during the past 12 months or within 12 months to come according to relevant agreement;
6. Natural persons deemed by CSRC, exchange(s) or the listed company itself to be related pursuant to the rule of “essence more important than form” and probably to cause or have caused any interest bias at the listed company’s part.
(4) Appointed media refer to newspapers and website appointed by CSRC.
72. These Regulations are effective upon promulgation.
Publicly Listed Company Information Disclosure Implementation Rules (Trial) (No. 43 [1993] CSRC), Notice on Stock Public Offering and Information Disclosure Affaires (No. 19 [1993] CSRC), Notice on Strengthening of Audit of Listed Company Ad Hoc Report (No. 26 [1996] CSRC), Notice on Issues Related to Listed Company’s Clarification Announcement (No. 28 [1996] CSRC), Notice on Disclosure of Electronic Archive of Listed company (No. 50 [1998] CSRC), Notice on Supervision Strengthening of Disclosure of ST, PT Companies (No. 63 [2000] CSRC), Notice on Issues Related to New Share Offering Listed Company’s Interim Report (No. 69 [2001] CSRC) and Notice on Listed Company’s Ad Hoc Report & Appendixes’ Registration with CSRC’s Dispatched Offices (No. 7 [2003] CSRC) are abolished at the same time.
China Securities Regulatory Commission
(This English version by Shenzhen Securities Information Co., Ltd. is for your reference only. In case any discrepancy exists between the Chinese and English context, the Chinese version shall prevail.)
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