Core Viewpoint - The recent revisions to the stock listing rules by the Shanghai and Shenzhen Stock Exchanges aim to enhance corporate governance, protect the rights of minority investors, and ensure compliance with the new Company Law and related regulations [1][2][3] Group 1: Key Revisions in Stock Listing Rules - The Shanghai Stock Exchange has clarified the responsibilities of the audit committee, including its powers, operational mechanisms, and performance standards [1] - The revisions strengthen the duties of directors and senior management, as well as the behavior of controlling shareholders and actual controllers [1] - The rules enhance the protection of minority shareholders' rights, including the right to propose temporary motions and clearer requirements for related party transaction disclosures [1][2] Group 2: Implementation of New Governance Structures - The Shenzhen Stock Exchange has introduced the "fact director" system and specified the responsibilities of the audit committee, including its composition and meeting rules [2] - The revisions lower the shareholding threshold for shareholders to propose temporary motions and optimize the voting rights mechanism for specific matters [2][3] - The new rules also address the transition from the supervisory board to the audit committee, ensuring compliance with the new Company Law [3]