Securities Supervision Commission Announces Measures for the Administration of Information Disclosure of Listed Companies

On March 28th,. The main amendments to the "Letter Disclosure Measures" include strengthening the risk disclosure requirements. A listed company shall fully disclose risk factors that may have a material adverse impact on the company's core competitiveness, business activities and future development. If it is not profitable at the time of listing and is still not profitable after listing, it shall fully disclose the reasons for the unprofitability and the impact on the company; clarify the requirements for disclosure of industry operation information. A listed company shall, in combination with the characteristics of its industry, fully disclose industry information related to its own business and the company's operating information to facilitate investors' rational decision-making; clarify the requirements for releasing information during non-trading hours. Listed companies and relevant information disclosure obligors may release significant information to the public during non-trading hours if necessary, but they shall disclose relevant announcements before the start of the next trading session.