12月5日晚，据证监会网站消息，中国证监会起草了《上市公司监督管理条例（公开征求意见 稿）》，现向社会公开征求意见。 《条例》共八章、七十四条，除总则和附则外，主要内容包括： 一是完善上市公司治理要求 ，规范治理架构以及控股股东、实际控制人、董事、高管等关键 少数的行为，促进提升治理的有效性，夯实上市公司高质量发展的根基。 四是加强投资者保护。 对市值管理、现金分红、股份回购等作出明确要求，推动上市公司提 升投资价值、增强回报投资者意识。明确主动退市中投资者保护安排，防范上市公司规避退 市、利用破产重整损害投资者利益。 五是严厉打击违法违规行为 ，细化国务院证券监督管理机构在依法履职过程中可以采取的措 施，对占用担保、配合造假等行为设置专门罚则。 二是进一步强化信息披露监管。 特别是针对上市公司信息披露"财务造假"，通过健全上市公 司内部监督制约、追责追偿机制，禁止第三方配合造假等方式，多维度予以重点打击和防范。 三是规范并购重组行为。 细化完善上市公司收购、重大资产重组等规定，进一步明确财务顾 问的职责定位和独立性要求，支持产业整合升级和企业转型。 点击图片查看详情 SFC 来源丨中国证监会 编辑丨江佩佩 ...

北京商报讯（记者 马换换 王蔓蕾）12月5日，证监会官网显示，为进一步健全上市公司监管法规体系， 推动提高上市公司质量，证监会立足监管实践，根据《公司法》《证券法》等法律规定，研究起草了 《上市公司监督管理条例（公开征求意见稿）》（以下简称《条例》），现向社会公开征求意见。 五是严厉打击违法违规行为，细化国务院证券监督管理机构在依法履职过程中可以采取的措施，对占用 担保、配合造假等行为设置专门罚则。 二是进一步强化信息披露监管。特别是针对上市公司信息披露"财务造假"，通过健全上市公司内部监督 制约、追责追偿机制，禁止第三方配合造假等方式，多维度予以重点打击和防范。 三是规范并购重组行为。细化完善上市公司收购、重大资产重组等规定，进一步明确财务顾问的职责定 位和独立性要求，支持产业整合升级和企业转型。 四是加强投资者保护。对市值管理、现金分红、股份回购等作出明确要求，推动上市公司提升投资价 值、增强回报投资者意识。明确主动退市中投资者保护安排，防范上市公司规避退市、利用破产重整损 害投资者利益。 《条例》共八章、七十四条，除总则和附则外，主要内容包括： 一是完善上市公司治理要求，规范治理架构以及控股股东、实际控 ...

Core Viewpoint - The company Kexin Information (300730) has received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into alleged violations of information disclosure laws, leading to a significant drop in its stock price [3][5]. Group 1: Investigation and Impact - Kexin Information announced on November 17 that it is under investigation by the CSRC for suspected information disclosure violations, resulting in a 20% drop in stock price on November 18 [3]. - The company's financial performance has been declining, raising concerns about its ability to continue its strategic initiatives based on "platform + business + AI" amid the investigation [3][4]. - Historical cases indicate a high likelihood of penalties for companies found guilty of information disclosure violations during such investigations, which may lead to collective lawsuits from investors [3][4]. Group 2: Historical Context and Compliance Risks - The investigation may be linked to previous issues, including a correction of accounting errors related to financial reports for 2022, 2023, and 2024, where the company acknowledged premature revenue recognition [4][5]. - Kexin Information is also involved in a contract fraud case exceeding 100 million yuan, which has further complicated its compliance situation [5]. - The CSRC has maintained a stringent regulatory stance on information disclosure, emphasizing the importance of accuracy and completeness in disclosures by listed companies [5]. Group 3: Investor Rights and Compensation - Over 30,000 shareholders are encouraged to participate in compensation efforts, with eligibility for claims based on specific purchase and sale dates around the investigation announcement [6]. - Investors can register for compensation by sending their contact information to a specified email address [6].

Core Points - The Shanghai Stock Exchange (SSE) has released the information disclosure evaluation results for listed companies in the Shanghai market for 2024-2025, covering 30 listed securities firms [1][2] - Among these, 10 firms received an A rating, indicating excellent information disclosure quality [1] - 18 firms were rated B, reflecting good information disclosure practices [1] - 2 firms received a C rating, indicating average performance in information disclosure [2] Group 1: Evaluation Results - 10 securities firms received an A rating: CITIC Securities, Guojin Securities, Zhongtai Securities, Dongfang Securities, China Merchants Securities, Caitong Securities, Industrial Securities, Dongwu Securities, Huatai Securities, and Guotai Junan [1] - 18 firms received a B rating, including Southwest Securities, Caida Securities, Huashan Securities, Xinda Securities, and others [1] - 2 firms received a C rating: Xiangcai Securities and Pacific Securities [2] Group 2: Importance of Information Disclosure - The SSE emphasizes that high-quality listed companies are essential for the stable and healthy development of the capital market and the positive cycle between finance and the real economy [2] - Information disclosure quality is a significant indicator of a listed company's overall quality and has a substantial impact on investor decision-making [2] Group 3: Regulatory Framework - The SSE has been evaluating annual information disclosure since 2013, continuously revising the evaluation rules based on regulatory conditions and market needs [2][3] - The evaluation results are used in the review of listed companies' refinancing and mergers and acquisitions, with a focus on companies rated D, which face increased scrutiny [3] - The recent revision of the evaluation guidelines aims to strengthen information disclosure regulation and enhance the investment value of listed companies [4]

Core Insights - The Shanghai Stock Exchange (SSE) has released the information disclosure evaluation results for listed companies in the Shanghai market for 2024-2025, covering 30 listed securities firms [1][2] Group 1: Evaluation Results - 10 securities firms received an A rating, including CITIC Securities, Guojin Securities, and Huatai Securities [1] - 18 firms were rated B, such as Southwest Securities and China Galaxy Securities [1] - 2 firms received a C rating: Xiangcai Securities and Pacific Securities [2] Group 2: Importance of Information Disclosure - The SSE emphasizes that high-quality listed companies are essential for the stable development of the capital market and the healthy interaction between finance and the real economy [2] - Information disclosure quality is a significant indicator of a company's overall quality and has a substantial impact on investor decision-making [2] Group 3: Evaluation Criteria and Application - The evaluation results are based on the quality of information disclosure, compliance with operational standards, and protection of investor rights, categorized into four levels: A, B, C, and D [3] - The evaluation period spans from July 1 of the previous year to June 30 of the current year, with results influencing the review of refinancing and restructuring matters [3] Group 4: Regulatory Framework - The SSE and Shenzhen Stock Exchange have revised their self-regulatory guidelines to enhance information disclosure oversight and improve the investment value of listed companies [4] - The revised guidelines focus on strengthening information disclosure regulation, punishing financial fraud, and promoting cash dividend supervision [4]

Group 1 - The Shanghai Stock Exchange (SSE) has disclosed the evaluation results of information disclosure work for listed companies in the Shanghai market for the 2024-2025 period, which includes evaluations for 30 listed securities firms [1][2] - A total of 10 securities firms received an A rating, indicating excellent performance in information disclosure, including major firms such as CITIC Securities and Huatai Securities [1] - 18 firms received a B rating, indicating good performance, while 2 firms, Xiangcai Co. and Pacific Securities, received a C rating, indicating qualified performance [2] Group 2 - The evaluation results are based on the SSE's guidelines for self-regulation and information disclosure, which were recently revised to enhance the quality of information disclosure and protect investor rights [2] - The evaluation criteria consider the quality of information disclosure, the level of standardized operations, and the degree of protection for investor rights, categorizing firms into four levels: A (excellent), B (good), C (qualified), and D (unqualified) [2] - The revision of the evaluation guidelines aims to implement new policies and strengthen the regulatory framework for information disclosure, thereby enhancing the investment value of listed companies [2]

Core Viewpoint - The Shanghai Stock Exchange has released the evaluation results for information disclosure work of listed companies for 2024-2025, categorizing 30 listed brokerages into three grades: A, B, and C, reflecting their performance in information disclosure and governance [1][2]. Group 1: Evaluation Results - A total of 10 brokerages received an A grade, including CITIC Securities, Guotai Junan Securities, and Huatai Securities, indicating excellent performance in information disclosure [1][2]. - 18 brokerages were rated B, including Southwest Securities and China Galaxy Securities, reflecting good performance but with room for improvement [1][2]. - 2 brokerages received a C grade, namely Xiangcai Securities and Pacific Securities, indicating a need for significant improvement in their information disclosure practices [1][2]. Group 2: Importance of Evaluation - The information disclosure evaluation serves as an annual "report card" for listed companies, promoting their responsibility to maintain market stability and protect investor rights [2]. - The evaluation criteria include the quality of information disclosure, corporate governance standards, and the degree of investor rights protection, categorized into four levels: A (excellent), B (good), C (qualified), and D (unqualified) [2]. Group 3: Regulatory Context - In March 2023, the Shanghai and Shenzhen Stock Exchanges released revised self-regulatory guidelines for information disclosure work evaluation, aimed at enhancing regulatory oversight and improving the investment value of listed companies [3]. - The revised guidelines focus on strengthening information disclosure regulation, punishing financial fraud, and promoting cash dividend oversight, thereby raising the standards for information disclosure quality [3]. Group 4: Company Responses - CITIC Securities highlighted its achievement of the A grade due to its strong performance in information disclosure, corporate governance, and investor relations, emphasizing the importance of effective communication with the capital market [4]. - Industrial Securities noted that its continuous A grade for eight years reflects recognition of its information disclosure quality and governance standards, aiming for sustainable value creation [4].

Core Viewpoint - The Shanghai Stock Exchange has released the evaluation results for the information disclosure work of listed companies for the years 2024-2025, highlighting the performance of 30 listed securities firms and their subsidiaries in terms of information disclosure quality [1][2]. Summary by Category Evaluation Results - A total of 10 firms received an A rating, including CITIC Securities, Guotai Junan Securities, and Huatai Securities [1][2]. - 18 firms received a B rating, such as Southwest Securities and China Galaxy Securities [1][2]. - 2 firms received a C rating, namely Xiangcai Securities and Pacific Securities [1][2]. Importance of Evaluation - The information disclosure evaluation serves as an annual "report card" for listed companies, promoting their responsibility to the market and enhancing the effectiveness of information disclosure [2][3]. - The evaluation results are based on the quality of information disclosure, compliance with operational standards, and the protection of investor rights, categorized into four levels: A (excellent), B (good), C (qualified), and D (unqualified) [2]. Regulatory Context - The evaluation guidelines were revised to strengthen the regulatory framework for information disclosure, aiming to enhance the investment value of listed companies [3]. - The revisions focus on improving disclosure quality, punishing financial fraud, and promoting cash dividend regulations [3]. Company Responses - CITIC Securities emphasized its commitment to high-quality information disclosure and governance, which contributed to its A rating [3]. - Industrial Securities highlighted its consistent A rating for eight consecutive years, reflecting its governance quality and transparency [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has intensified its enforcement actions against companies for information disclosure violations, with significant penalties imposed on multiple firms for failing to comply with regulations [1][5][8] Group 1: Regulatory Actions - On September 19, four local securities regulatory bureaus issued administrative penalty notices to five listed companies and a penalty decision to one delisted company, with a total fine amounting to 44.3 million yuan [1][2] - The penalties include 11.5 million yuan for Hengli Industrial, 8.5 million yuan for Absolute Taste, and 7.7 million yuan for Fudan Fuhua, among others [2][3] Group 2: Specific Violations - Hengli Industrial failed to disclose its 2024 annual report by the required deadline, while Absolute Taste was found to have underreported revenue from franchise store renovations from 2017 to 2021, affecting reported revenue by up to 5.48% in certain years [2][3] - Fudan Fuhua's annual reports from 2019 to 2023 contained false records, with significant profit inflation due to understated costs, impacting reported profits by as much as 60.25% in 2019 [3] - Sichuan-based Sike Rui was accused of fabricating sales and prematurely recognizing revenue, inflating its 2022 revenue by 9.96 million yuan [3] Group 3: Regulatory Focus and Future Actions - The CSRC has emphasized the importance of high-quality information disclosure as a key focus area, aiming to enhance the regulatory framework and effectiveness [5][6] - In 2024, the CSRC has already handled 739 cases of securities and futures violations, with 249 related to information disclosure, representing 34% of total cases [8]

Group 1 - The Beijing Stock Exchange (BSE) has become a popular choice for companies seeking to go public, with 115 applications received for public offerings in the first half of 2025, resulting in 12 approvals from the listing committee and 7 registrations from the CSRC, leading to 6 successful listings with a total financing amount of 1.923 billion yuan [3] - The BSE has implemented strict self-regulatory measures in response to information disclosure violations and issues with intermediary institutions, including 1 public reprimand, 2 warning letters, and 10 verbal warnings, affecting 15 issuers and 10 sponsoring institutions [3] - The BSE emphasizes the importance of information disclosure quality, highlighting four key areas: accuracy of basic information, accuracy of financial information, compliance with document version and format standards, and completeness of response documents [3]