券商中国·2025-11-09 08:25Core Viewpoint - The article discusses the ongoing reform of internal governance structures among securities firms in response to new legal requirements, particularly the transition from supervisory boards to audit committees [2][3]. Group 1: Changes in Governance Structure - CITIC Securities announced it will no longer have a supervisory board, transferring its functions to the audit committee, in line with the new Company Law [2][3]. - As of now, approximately 74% of listed securities firms have adjusted their internal supervisory structures, with around 32 firms officially eliminating their supervisory boards [3]. - The shift aims to create a more centralized and efficient oversight mechanism, reducing management layers and accelerating decision-making processes [3]. Group 2: Implications for Capital Operations - Securities firms involved in refinancing and mergers are also under pressure to adjust their internal supervisory structures by the 2026 deadline [4]. - For instance, Xiangcai Securities' parent company, Xiangcai Co., has made governance adjustments to facilitate its merger and fundraising plans [4]. Group 3: Non-Listed Securities Firms - Most non-listed securities firms are also required to adjust their internal supervisory structures, adhering to the same deadlines as listed firms [5][7]. - As of now, 15 non-listed firms, including Wukuang Securities and Huaxin Securities, have completed the cancellation of their supervisory boards [8].