Group 1 - The core point of the article is that CITIC Securities has announced the cancellation of its supervisory board, transferring its functions to the audit committee of the board of directors, in line with the new Company Law requirements [1] - Approximately 74% of listed securities firms have adjusted their internal supervisory structures this year, with around 32 firms officially announcing the cancellation of their supervisory boards [1][2] - The China Securities Regulatory Commission has mandated that listed companies must establish an audit committee to perform the functions of the supervisory board by January 1, 2026 [1][2] Group 2 - The adjustment of internal supervisory structures is also affecting securities firms involved in refinancing and mergers, with exchanges requiring compliance by the same deadline [2] - For example, Xiangcai Securities' parent company, Xiangcai Co., has made governance adjustments as part of its merger and fundraising plans, highlighting the importance of governance structure in project advancement [2] - Non-listed securities firms are also accelerating their adjustments, with 15 firms, including Wukuang Securities and Huaxin Securities, having completed the cancellation of their supervisory boards [3]

Core Viewpoint - The article discusses the ongoing reform of internal governance structures among securities firms in response to new legal requirements, particularly the transition from supervisory boards to audit committees [2][3]. Group 1: Changes in Governance Structure - CITIC Securities announced it will no longer have a supervisory board, transferring its functions to the audit committee, in line with the new Company Law [2][3]. - As of now, approximately 74% of listed securities firms have adjusted their internal supervisory structures, with around 32 firms officially eliminating their supervisory boards [3]. - The shift aims to create a more centralized and efficient oversight mechanism, reducing management layers and accelerating decision-making processes [3]. Group 2: Implications for Capital Operations - Securities firms involved in refinancing and mergers are also under pressure to adjust their internal supervisory structures by the 2026 deadline [4]. - For instance, Xiangcai Securities' parent company, Xiangcai Co., has made governance adjustments to facilitate its merger and fundraising plans [4]. Group 3: Non-Listed Securities Firms - Most non-listed securities firms are also required to adjust their internal supervisory structures, adhering to the same deadlines as listed firms [5][7]. - As of now, 15 non-listed firms, including Wukuang Securities and Huaxin Securities, have completed the cancellation of their supervisory boards [8].