SVG(SZ:300331) Jin Rong Jie·2025-03-28 11:01Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a new "Management Measures for Information Disclosure of Listed Companies," aimed at addressing past issues in information disclosure and enhancing regulatory oversight [1][4][5]. Group 1: Key Revisions - The new measures incorporate recent regulatory experiences to strengthen risk disclosure requirements, mandating companies to fully disclose risks that could significantly impact their core competitiveness and future development [4]. - Companies are required to disclose industry-related operational information relevant to their business, facilitating informed investment decisions [4]. - The measures clarify the requirements for disclosing information during non-trading hours, allowing companies to release significant information but requiring subsequent announcements before the next trading session [4]. - A system for deferring or exempting disclosures has been established, with compliance to laws and regulations emphasized [4]. - Companies must publish sustainability reports as per stock exchange regulations [4]. Group 2: Enhanced Oversight on Key Matters - The measures introduce stricter regulations on the outsourcing of information disclosure, prohibiting companies from delegating the preparation or review of disclosure documents to entities outside of authorized securities firms [5]. - The timing for disclosing significant events has been refined, changing the criteria from "when directors, supervisors, or senior management are aware" to "when directors or senior management are aware or should be aware" [5]. - The scope of entities responsible for public commitments has been expanded to include acquirers, asset transaction parties, and bankruptcy restructuring investors, in addition to existing stakeholders [5]. Group 3: Implementation of New Company Law - Provisions related to the supervisory board of listed companies have been removed, as the information disclosure obligations now extend beyond just the company and its directors to include shareholders and acquirers [6]. - The audit committee's role in overseeing the preparation of periodic reports has been clarified, ensuring both pre-approval and ongoing supervision during board reviews [6]. - Responsibilities previously assigned to the supervisory board have been adapted to the audit committee's obligations [6].