To implement the new Enterprise Law, the China Securities Regulatory Commission (CSRC) published, on March 28, 2025, the Decision on Amending Part of the Securities and Futures Regulatory Regulations and the Decision on Amending and Repealing Part of the Securities and Futures Regulatory Documents, centrally amending and repealing 88 normative documents and regulations, which enter into force as of the date of the publication.

The main amendments and repeals of this revision are as follows: In line with the relevant provisions of the new Enterprise Law and the Provisions of the State Council on the Implementation of the Registered Capital Registration Regime under the Enterprise Law of the People's Republic of China, the provisions relating to the supervisory board and supervisors of listed companies are deleted, and clarifies that unlisted public companies, fund management companies and other similar entities may elect, in accordance with the law, an audit committee or a supervisory board as an internal oversight body. Corporate governance provisions are aligned in standards such as the Corporate Governance Standards for Listed Companies and the Rules on the Management of Incentive Schemes on Shares of Listed Companies, the provisions relating to independent directors are aligned in standards such as the Rules on the Acquisition of Listed Companies, and the wording and references to the new articles of the Companies Law are adjusted. Supervisory Guide for Listed Companies No. 1: Supervisory Requirements for Listed Companies with Uncompensated Losses after a Major Asset Restructuring and the Notification on the Application of Specific Measures to Ensure the Distribution of Dividends in Effects of Listed Companies are repealed. Listed Company Supervision Guide No 9: Supervisory Requirements for the Planning and Execution of Major Asset Restructurings by Listed Companies is not included in the "package" amendment, as it will be amended in conjunction with other relevant rules in the near future.