CSRC: National Social Security Fund and Basic Pension Insurance Fund can act as strategic investors. The subscription ratio shall not be less than 5% in principle.

On April 17, the China Securities Regulatory Commission announced the decision to amend the "Administrative Measures for the Registration of Securities Issuance by Listed Companies" Article 9, Article 10, Article 11, Article 13, Article 40, Article 57, and Article 60, with the "Opinions on the Application of the Securities and Futures Legal Issues No. 18." It mentioned that the strategic investors' subscription ratio this time should be no less than 5% of the total share capital of the listed company after this issuance completes, and if subscribed by asset management products, the subscription quantity of shares should be calculated separately for each product. Strategic investors can be industrial investors or capital investors. National Social Security Fund Council, public funds, bank wealth management, enterprise (occupational) annuity funds, commercial insurance funds (insurance companies using insurance funds for self-investment or entrusting related insurance asset management institutions as well as investing as a single investor through related insurance asset management institutions to issue equity investment plans) as strategic investors, the relevant managers should have a deep understanding of the listed company's industrial development, be able to help the listed company introduce strategic resources, or significantly improve the governance and internal control of the listed company, promote the integration of market resources for the listed company, or enhance core competitiveness. The decision is effective from the date of announcement.