Shenzhen Stock Exchange: Further standardize the review and listing of securities issued by listed companies, and tighten the responsibilities of intermediary agencies

On April 25th, the Shenzhen Stock Exchange revised the "Shenzhen Stock Exchange Listing Company Securities Issuance and Listing Review Rules", which took effect from the date of publication. The revised "Re-financing Review Rules" consists of five chapters and fifty-nine articles. The main changes in this revision include: tightening intermediary responsibility. Fully leverage the role of on-site supervision, continue to improve the combination of written review and on-site supervision, place more emphasis on preventing financial fraud and fraudulent issuance in the listing review process; tighten intermediary "gatekeeper" responsibility, highlight the importance and necessity of on-site verification work. Enhance the disciplinary measures for intermediary violations, increase the regulations for disciplinary actions against intermediaries organizing, instructing, or cooperating in financial fraud, etc.; raise the maximum period for which intermediaries and relevant personnel are not allowed to accept documents to 5 years, fully implement strict supervision requirements. The period for sponsors who have two instances of non-acceptance to declare has been extended from 3 months to 6 months, and the period for declaration in cases of voluntary withdrawal during on-site inspection and supervision situations has been set at 6 months. The original text is as follows: Notice on the Publication of the "Shenzhen Stock Exchange Listing Company Securities Issuance and Listing Review Rules (2025 Revision)" No. 340 of 2025 issued by the Shenzhen Stock Exchange All market participants: In order to implement the newly revised "PRC Company Law" and the "State Council's Opinions on Strengthening Supervision and Prevention of Risks to Promote the High-Quality Development of the Capital Market", further standardize the work of reviewing the issuance and listing of securities of listed companies, and protect the legitimate rights and interests of investors, the Exchange has revised the "Shenzhen Stock Exchange Listing Company Securities Issuance and Listing Review Rules". Approved by the China Securities Regulatory Commission, it is hereby released and will take effect from the date of publication. The "Shenzhen Stock Exchange Listing Company Securities Issuance and Listing Review Rules" (No. 95 of 2023 issued by the Shenzhen Stock Exchange on February 17, 2023) released on February 17, 2023 is hereby repealed. Explanation of the Revision of the "Shenzhen Stock Exchange Listing Company Securities Issuance and Listing Review Rules" In order to thoroughly implement the spirit of the Central Financial Work Conference and the "State Council's Opinions on Strengthening Supervision and Prevention of Risks to Promote the High-Quality Development of the Capital Market" (hereinafter referred to as the new "Nine Measures"), strictly control the review of re-financing, tighten intermediary responsibility, and in accordance with the "PRC Company Law" (hereinafter referred to as the new "Company Law"), the "Securities Issuance and Listing Registration Management Measures for Listed Companies" (hereinafter referred to as the "Registration Measures") and other relevant regulations, the Exchange has revised the "Shenzhen Stock Exchange Listing Company Securities Issuance and Listing Review Rules" (hereinafter referred to as the "Re-financing Review Rules"). The relevant situation is explained as follows.