Core Viewpoint - The recent revisions to the stock listing rules by the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange aim to enhance corporate governance, protect minority shareholders' rights, and improve the quality of listed companies in China [1][2][3] Group 1: Shanghai and Shenzhen Stock Exchanges - The revised stock listing rules clarify the responsibilities of the audit committee, including its authority, operational mechanisms, and performance standards [1] - The rules strengthen the duties of directors and senior management, as well as the behavior of controlling shareholders and actual controllers, by detailing the obligations of loyalty and diligence [1] - There is an emphasis on protecting the rights of minority shareholders, including the right to propose temporary motions and clearer requirements for the review and disclosure of related party transactions [1] - The revisions also implement bankruptcy reorganization provisions and optimize disclosure requirements regarding the progress of reorganizations [1] Group 2: Beijing Stock Exchange - The Beijing Stock Exchange has introduced specific arrangements for the audit committee to assume the responsibilities previously held by the supervisory board, in line with the new company law [2] - The rules adjust the shareholding ratio required for minority shareholders to propose temporary motions and refine the requirements for shareholder representatives attending meetings [2] - New regulatory requirements for information disclosure outsourcing and optimization of the information disclosure deferral and exemption system have been added [2] Group 3: Future Directions - The Shanghai Stock Exchange plans to enhance the quality of listed companies and promote high-quality development in the capital market under the guidance of the China Securities Regulatory Commission [2] - The Shenzhen Stock Exchange will continue to implement the new "National Nine Articles" and focus on risk prevention, strong regulation, and high-quality development [3] - The Beijing Stock Exchange aims to guide listed companies in completing internal supervisory adjustments and revising internal regulations by January 1, 2026, in accordance with the new company law [3]