Core Viewpoint - The Beijing Stock Exchange (BSE) announced that it will publicly solicit opinions on the revision of the "Beijing Stock Exchange Stock Listing Rules" starting from December 31, 2025 [1] Group 1: Revision Details - The revision of the listing rules will focus on three main areas: implementing the requirements of the China Securities Regulatory Commission's "Regulations on the Supervision of Secretaries of the Board of Directors of Listed Companies (Draft for Comments)," strengthening corporate governance requirements, and adding regulatory arrangements for severe abnormal fluctuations [2] - In terms of strengthening corporate governance, the BSE will clarify concurrent position requirements, stating that if the controlling shareholder or actual controller serves as both the chairman and general manager of the listed company, the company must reasonably define the powers of the board of directors and the general manager, explaining the rationale for this arrangement and measures to maintain the company's independence [2] Group 2: Disclosure and Governance - The BSE requires that controlling shareholders, actual controllers, and their controlled entities engaged in similar or related businesses to the listed company must promptly disclose relevant business situations, impacts on the listed company, and measures to prevent conflicts of interest [3] - The purpose of the rule revision is to enhance the performance of the secretaries of the board of directors in listed companies, effectively promote the role of the secretary system in improving the quality of listed companies, and urge companies to enhance their governance levels while optimizing the regulation of stock price fluctuations [3] Group 3: Timeline - The public consultation for this revision will conclude on January 14, 2026 [4]

深证上〔2019〕245号 各市场参与人： 为促进企业运营环境的持续优化，加固制度根基，增强上市公司管理水平，确保投资者权益不受侵害，推动 资本市场持续稳健增长，经本所理事会审议通过并获中国证监会批准，我们对《深圳证券交易所股票上市规 则（2018年11月修订版）》（以下简称《上市规则》）以及《深圳证券交易所创业板股票上市规则（2018年 11月修订版）》（以下简称《创业板上市规则》）的相关条款进行了修订，具体变动包括： 《上市规则》新增一条，编号为第3.1.13条，内容规定：上市公司董事应经股东大会选举产生，或者进行更 换；同时，股东大会也有权在董事任期届满之前解除其职务。董事的任期为每届三年，且任期结束后，董事 有资格继续参选，实现连任。此外，《创业板上市规则》也新增一条，编号为第3.1.18条，内容与上述规定相 同。 《上市规则》第八条第二款第一项及《创业板上市规则》第八条第二款第一项经修订后规定：上市公司需在 年度股东大会召开前二十天或临时股东大会召开前十五天，通过公告形式向股东发布股东大会的召集通知。 该通知需详细列出会议的召开时间、地点、形式，以及会议召集人、股权登记日等相关信息，并对所有提案 的 ...