Group 1 - A listed company disclosed an administrative penalty of 195 million yuan due to alleged monopoly agreements in its 2024 annual report, which significantly impacted its net profit of 397 million yuan [1] - The administrative penalty notice was issued by the Tianjin Market Supervision Administration, and the company recognized the expected liabilities and related losses in its financial statements for the 2024 fiscal year [1] - The article highlights the lack of timely disclosure practices among listed companies regarding administrative penalties, suggesting that the current regulatory framework allows for delays in information sharing [1][2] Group 2 - Recommendations include improving the information disclosure rules for listed companies, specifically defining "immediate" disclosure as within 24 hours of an event [2] - The article suggests addressing the issue of information silos among regulatory bodies by enhancing collaboration between securities regulators and other authorities such as market supervision and tax departments [2][3] - A proposal is made to establish a blockchain platform for regulatory information sharing, ensuring that administrative penalty notices are timestamped and shared with relevant parties to prevent delays in disclosure [3]

家办热点 1.2025福布斯中国家族资产管理人评选报名启动 近日，福布斯中国与美传思维携手推出"2025福布斯中国家族资产管理人评选"。本次评选旨在弘扬中国家族文化，普及家族 资产管理的意义、方法论和价值观，并展示家族资产管理领域的卓越人士，以凸显智慧与能力、爱与责任，而非财富。 本次评选构建了兼具国际视野与中国智慧的评估体系，通过选拔与表彰在家族资产保值增值（资产管理）、家庭可持续美好 生活（财富规划）、家族企业（家族事业）成长与传承等维度表现卓越的机构与个人，推动行业标准建设与经验共享，助力 中国财富管理生态从"经验驱动"向"专业引领"转型，进而打造出具有公信力的中国家族资产管理交流平台。（福布斯） 2.资产管理信托管理办法有望年内落地，信托业发展迎新变革 近日，国家金融监督管理总局公布2025年规章制定工作计划，备受关注的信托行业迎来重要消息：2025年将重新修订《信托 公司管理办法》，同时制定《资产管理信托管理办法》。这一系列举措，将对信托行业的发展产生深远影响。 早在2024年底，《中国网财经》等媒体就曾报道，监管人士在2024年中国信托业年会上透露，正在制定"1+N"制度体系。其 中"1"是指《关 ...

Core Viewpoint - Guizhou Chitianhua Co., Ltd. received an administrative regulatory decision from the Guizhou Securities Regulatory Bureau, requiring corrective measures due to unreasonable bad debt provision policies that failed to adequately reflect credit risks associated with long-term receivables [1][2]. Group 1: Regulatory Actions - The company was found to have insufficient and imprudent provisions for bad debts, violating relevant accounting standards [1][2]. - The chairman and general manager, Ding Linhong, was held primarily responsible for failing to fulfill due diligence obligations, leading to inaccurate financial disclosures [2]. - The Guizhou Securities Regulatory Bureau mandated the company to submit a written rectification report within 15 working days and imposed a regulatory conversation on Ding Linhong [2]. Group 2: Company Response - The company plans to strictly adhere to legal regulations and the requirements of the Guizhou Securities Regulatory Bureau for rectification [2]. - There will be an emphasis on enhancing financial accounting supervision, training for financial personnel, and improving the quality of financial information checks [2]. - The company aims to strengthen governance and internal management to protect the legitimate interests of the company and all shareholders [2]. Group 3: Operational Impact - The administrative regulatory measures will not affect the company's normal production and operational activities [3].

绿地控股（600606）公告，公司于2025年4月21日收到上海证监局出具的《关于对绿地控股集团股份有 限公司及张玉良、张蕴、王晓东采取责令改正、出具警示函措施的决定》。经查，公司及控股子公司涉 及的诉讼事项累计金额已达到应当披露的标准，但未及时披露，在2022年和2023年年度报告中亦未如实 完整披露相关诉讼事项。此举违反了《上市公司信息披露管理办法》等相关规定，上海证监局决定对公 司采取责令改正的监督管理措施，并要求公司在收到决定书后三十日内予以改正并提交书面报告。公司 及相关人员将高度重视并按要求认真整改。 ...

Core Viewpoint - The revised "Information Disclosure Management Measures" aims to enhance the quality of information disclosure by listed companies, aligning with the new Company Law and the capital market's "1+N" policy framework, thereby improving transparency and protecting investors' rights [1][3]. Group 1: Key Information Disclosure Requirements - The revised measures strengthen the disclosure of risk factors that may significantly impact a company's core competitiveness and future development, especially for companies that are unprofitable at the time of listing [3]. - Companies are required to disclose industry-specific operational information relevant to their business, facilitating informed decision-making by investors [3]. - The annual report format guidelines have been refined to include detailed financial indicators, such as revenue deductions and the impact of share-based payments on net profit [3][4]. Group 2: Management Discussion and Analysis Enhancements - The annual report format now mandates enhanced disclosure of significant non-core business activities, including strategic considerations and sustainability of operations [4]. - Companies must disclose the names and transaction amounts of their top five customers and suppliers, particularly those with high trade volumes or under special treatment [4]. - There are new requirements for disclosing performance commitments, including details on commitment periods, targets, actual amounts, and completion rates [4]. Group 3: Adjustments to Supervisory Structures - The revised measures eliminate previous regulations regarding the supervisory board and shift responsibilities to the audit committee for overseeing periodic report preparation [6]. - The guidelines also remove the requirement to disclose details of board and shareholder meetings, streamlining the reporting process [6]. Group 4: New Disclosure Regulations - The measures introduce a system for deferring and exempting disclosures, ensuring compliance with legal and regulatory requirements [7]. - There are new regulations prohibiting the outsourcing of information disclosure tasks to non-licensed entities, thereby enhancing the quality of disclosures [9][10]. - Companies are allowed to release significant information during non-trading hours, provided they announce it before the next trading session begins [10]. Group 5: Implementation Timeline - The revised measures and reporting guidelines will take effect on July 1, 2025, allowing companies to prepare adequately and minimizing disruptions to the 2024 annual report disclosures [11].

文/梧桐小新 12月27日，为完善上市公司信息披露制度，优化披露内容，增强信息披露的针对性和有效性，证监会拟对《上市公司信息披露管理办法》进行修订。主要修订内 容为： 一、吸收近年来信息披露监管的实践经验 将近年来信息披露监管方面一些新的实践经验纳入《信披办法》。 一是风险揭示。 明确公司应当充分披露可能对公司核心竞争力、经营活动和未来发展产生重大 不利影响的风险因素。上市时未盈利且上市后也尚未盈利的，应当充分披露尚未盈利的成因，以及对公司现金流、业务拓展、人才吸引、团队稳定性、研发投 入、战略性投入、生产经营可持续性等方面的影响。 二是行业经营信息。 明确上市公司应当结合所属行业的特点，充分披露行业经营性信息，针对性披露技术、 产业、业态、模式等能够反映行业竞争力的信息，便于投资者合理决策。 三是非交易时间发布信息。 明确在非交易时段，上市公司和相关信息披露义务人确有需 要的，可以对外发布重大信息，但应当在下一交易时段开始前披露相关公告。四是增加可持续发展信息披露、信息披露暂缓与豁免相关条款。沪深北交易所已出 台上市公司可持续发展报告自律监管指引，为健全可持续信息披露制度，拟在本办法中增加相关条款；结合监管 ...