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]