China Securities Regulatory Commission (CSRC) issues "Provisions on the Temporary Suspension and Exemption of Information Disclosure by Listed Companies".

In order to further strengthen the regulation of the suspension and exemption of information disclosure of listed companies, protect the legitimate rights and interests of investors, the China Securities Regulatory Commission has formulated the "Regulations on the Management of Suspension and Exemption of Information Disclosure of Listed Companies", which will be implemented from July 1, 2025. The main contents of the "Regulations" are as follows: firstly, clarifying two types of exemption scope, one is information that involves state secrets or may violate national confidentiality rules and management requirements after being disclosed, and the other is commercial secrets or confidential business information. Secondly, stipulating three types of exemption methods, including exempting from timely disclosure of interim reports, exempting from disclosure of interim reports, and exempting from disclosing relevant content in regular and interim reports using pseudonyms or other means. Thirdly, emphasizing the responsibilities of companies, requiring the establishment of a disclosure exemption system, prohibiting the use of confidentiality as a reason for publicity, registering and managing exempt disclosure matters and submitting registration materials regularly. Fourthly, strengthening regulatory constraints, dealing with companies that fail to establish systems as required, do not meet the conditions for exemption from disclosure, or engage in insider trading or market manipulation through exemption from disclosure according to regulations.