Core Viewpoint - The document outlines the regulations and procedures for the temporary suspension and exemption of information disclosure by Nanjing Public Utilities Development Co., Ltd, ensuring compliance, timeliness, and fairness in information disclosure to protect investors' rights [1][2]. Group 1: General Provisions - The company establishes a system for managing the temporary suspension and exemption of information disclosure to ensure compliance with relevant laws and regulations [1]. - The company and other information disclosure obligors must assess whether the information can be temporarily suspended or exempted based on the rules set by the Shenzhen Stock Exchange [1][3]. Group 2: Applicable Situations for Suspension and Exemption - Information can be exempted from disclosure if it involves state secrets or other matters that may violate national confidentiality regulations [2]. - Business secrets can be temporarily suspended or exempted from disclosure if they meet specific criteria, such as being core technology information that could lead to unfair competition if disclosed [2][3]. Group 3: Approval Procedures for Suspension and Exemption - Information disclosure obligors must carefully determine the necessity for suspension or exemption and follow internal review procedures [3][4]. - The application for suspension or exemption must be submitted to the legal department, including necessary documentation [4]. Group 4: Responsibility and Accountability - The company has established a mechanism for accountability regarding the temporary suspension and exemption of information disclosure, with potential penalties for non-compliance [5]. - The company must maintain records of any suspension or exemption decisions for at least ten years [4][5]. Group 5: Supplementary Provisions - The board of directors is responsible for formulating, revising, and interpreting the system for information disclosure suspension and exemption [6]. - In case of conflicts between this system and relevant laws or regulations, the latter will prevail [6].

Core Points - The article outlines the regulations for information disclosure deferral and exemption for Suzhou Chunxing Precision Mechanical Co., Ltd, emphasizing compliance with relevant laws and regulations [1][2][3] - The company and its information disclosure obligors must prudently determine whether the information to be disclosed falls under the categories of deferral or exemption as per the Stock Listing Rules and other related regulations [1][2][3] Summary by Sections Chapter 1: General Provisions - The purpose of the regulations is to standardize the deferral and exemption of information disclosure, ensuring compliance with the Company Law, Securities Law, and other relevant regulations [1] - The company and its information disclosure obligors are required to handle deferral and exemption matters according to the Stock Listing Rules and other applicable regulations [1] Chapter 2: Scope of Deferred and Exempted Information - Information can be exempted from disclosure if it involves state secrets or could violate confidentiality regulations [2] - Commercial secrets can be deferred or exempted if they meet specific criteria, such as being core technology information that could lead to unfair competition if disclosed [2][3] Chapter 3: Internal Management Procedures for Deferral and Exemption - The company must carefully determine deferral and exemption matters and prevent the misuse of these procedures [4] - Specific internal documentation must be completed for deferral or exemption requests, including a registration form and confidentiality commitment [4][5] Chapter 4: Additional Provisions - The company must establish a responsibility accountability mechanism for information disclosure deferral and exemption, ensuring timely reporting and compliance with regulations [6] - Information that has been deferred or exempted must be reported to the relevant regulatory bodies within ten days after the announcement of periodic reports [6][7]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Regulations on the Management of Deferred and Exempt Information Disclosure for Listed Companies," aiming to balance the principles of public disclosure and confidentiality [1] Group 1: Regulations Overview - The regulations categorize exemptible matters into two types: state secrets and commercial secrets [1] - Commercial secrets include core technology information and operational information of clients and suppliers, with specific conditions for exemption outlined [1] - The definition of commercial secrets requires that the information is not publicly known, has commercial value, and is protected by confidentiality measures [1] Group 2: Concerns and Mechanisms - There are concerns that companies may misuse internal confidentiality measures to self-determine what constitutes a commercial secret, potentially harming investors' right to information [2] - The regulations include mechanisms for accountability, requiring companies to document reasons for deferral or exemption and submit these to regulatory bodies within ten days after financial reports [2] - The regulations do not eliminate companies' rights to self-determine commercial secrets but imply a need for checks and balances [2] Group 3: Recommendations for Improvement - Relying solely on self-certification and post-event accountability may be insufficient; companies could submit deferral or exemption documentation to regulatory bodies for pre-review [3] - Establishing a committee of legal and industry experts within exchanges to assess the confidentiality and economic value of information could enhance transparency [3] - Investors may pursue civil claims against companies for significant omissions in disclosure, supported by clearer legal standards established by recent judicial interpretations [3] Group 4: Conclusion - The essence of the "confidentiality exception" in information disclosure is to rebalance corporate interests and public interests [4] - Transparency in the criteria and processes for determining commercial secrets is essential to protect corporate competitiveness while ensuring robust market disclosure [4]

Core Viewpoint - The case highlights the legal implications of employee misconduct regarding the theft of customer information in the marriage consulting industry, emphasizing the importance of protecting commercial secrets and the consequences of violating confidentiality agreements [1][3][10]. Group 1: Case Background - A marriage consulting company, referred to as Company A, accumulated significant customer information, including personal details and preferences, which are considered vital for its operations [2]. - Employees Li and Zhang, after signing confidentiality agreements, left Company A and joined a competitor, Company B, taking customer data with them, leading to a loss of clients for Company A [2][3]. Group 2: Legal Proceedings - Company A filed a lawsuit against Company B and the involved employees, claiming infringement of its commercial secrets and seeking compensation for losses incurred [2][3]. - The court ruled in favor of Company A, recognizing the customer information as a commercial secret and ordering the defendants to cease their infringing activities and pay damages of 100,000 yuan [3][5]. Group 3: Court's Reasoning - The court defined customer information as a commercial secret based on three criteria: secrecy, value, and confidentiality [5][10]. - The information was deemed secret as it was not publicly available and included sensitive personal data that was not disclosed by Company A in its promotional activities [6][7]. - The court acknowledged the commercial value of the customer information, as a larger client base enhances the success rate of matchmaking services, providing a competitive advantage to Company A [8]. - Company A implemented reasonable protective measures, such as confidentiality agreements and designated work communication tools, to safeguard its customer information, fulfilling the confidentiality requirement [9][10].