China Securities Association: Further standardize the collection of underwriting fees and strictly prohibit step-increasing fees.

The Securities Association of China has issued the "Implementation Opinions of the China Securities Industry Association on Strengthening Self-discipline Management and Promoting High-quality Development of the Securities Industry". The new regulations mention adapting to the listing needs of new quality productivity companies, studying and improving the self-discipline rules for issuance and underwriting, further refining and clarifying the practice standards in the selection, coaching, due diligence, and continuous supervision of listing projects, and strengthening the "gatekeeper" responsibility. Improving the evaluation of underwriters' issuance pricing capabilities, urging underwriters to fully disclose risks and price prudently, and comprehensively enhancing underwriters' core pricing capabilities. Studying the inclusion of the quality of valuation reports in the investment banking practice quality evaluation system, urging underwriters to produce valuation reports of high quality. Further regulating the collection of underwriting fees, paying attention to unfair competition, and strictly prohibiting tiered fee increases.