Listed company governance receives another upgrade, experts interpret the first specialized administrative regulations for listed company supervision.

On December 5th, the China Securities Regulatory Commission issued the "Regulations on the Supervision and Administration of Listed Companies", marking the first specialized administrative regulation for the supervision of listed companies in China's capital market. The "Regulations" consist of eight chapters and seventy-four articles, mainly including: improving the governance requirements of listed companies, standardizing the governance structure, and regulating the behaviors of "key minorities" such as controlling shareholders, actual controllers, directors, and senior management. Strengthening the supervision of information disclosure, especially concerning behaviors such as "financial fraud" in the disclosure of information by listed companies. Enhancing investor protection, specifying arrangements for the protection of investors in the event of voluntary delisting, preventing listed companies from evading delisting, and using bankruptcy reorganization to harm investor interests. Cracking down on illegal activities, detailing the measures that the State Council's securities regulatory authority can take in the performance of its duties according to law, and establishing specific penalties for behaviors such as misappropriation of collateral and collusion in fraud.