The China Securities Association has solicited opinions on the due diligence norms for sponsors, focusing on the integration of issuers with new technologies, new industries, new business formats, and new models.

The China Securities Association plans to revise the "Guidelines for Securities Business Practice No. 3 - Due Diligence of Sponsors." Currently, it is soliciting opinions on the draft, aiming to further refine the due diligence standards for technology-oriented enterprises and guide the industry in providing better financial services to high-quality innovative startups in emerging and future industries. In terms of content, first, it requires sponsors to pay attention to whether the issuer aligns with the trends of innovation, creativity, and development, and to examine the depth of integration with new technologies, new industries, new business formats, and new models. A comprehensive and in-depth due diligence on the issuer's industry position, technological advancement, growth potential, and compliance is necessary to ensure the issuer meets the listing standards of the selected board. The requirements for verification during the recommendation phase will be further detailed, strengthening the examination of risk factors, equity structure, and financial authenticity. Specific due diligence requirements will be supplemented to accommodate the characteristics of technology enterprises, including specific sales models and core technology research and development. Additionally, a special verification for major litigation and administrative penalties will be added. (Caijing Lianhe)