JC Master Legal News Issue 924

Key Takeaways for This Issue

The China Securities Regulatory Commission has issued the institutional rules related to the reform of the ChiNext Board and the pilot registration-based system.

On June 12, 2020, the China Securities Regulatory Commission (CSRC) promulgated the Measures for the Registration Management of Initial Public Offerings on the ChiNext Board (Trial), the Measures for the Registration Management of Securities Issuance by ChiNext Listed Companies (Trial), the Measures for the Ongoing Supervision of ChiNext Listed Companies (Trial), and the Measures for the Administration of Sponsorship Business in Securities Issuance and Listing, all of which took effect from the date of their publication. At the same time, the CSRC, the Shenzhen Stock Exchange, China Securities Depository & Clearing Corporation, the Securities Association of China, and other relevant authorities issued corresponding supporting rules.

Pharmaceutical companies are flocking to spin off their vaccine businesses for independent public listings.

Since May, listed companies including Changchun High-Tech, Wuhan Institute of Biological Products, and Liaoning Chengda have successively issued announcements indicating their intention to spin off their vaccine businesses for separate public listings. Industry insiders believe that such a spin-off will benefit both the subsidiaries and the parent companies. With the continuous approval and launch of major new vaccine products and the steady rise in vaccination rates, the vaccine sector is poised to enter a period of robust growth.

An official from the State Taxation Administration provides a detailed explanation of the policy allowing small and low-profit enterprises and individual business households to defer payment of income tax.

In the latest installment of the “Tax Lecture” series released on the 11th, Liu Baozhu, Deputy Director-General of the Income Tax Department of the State Taxation Administration, provided a detailed explanation of the specific operational guidelines for deferring income tax payments applicable to small and low-profit enterprises and individual business households. After filing their provisional tax returns for the remaining reporting periods in 2020, such enterprises may defer payment of their current-period corporate income tax, with the deferred tax liability to be paid in a lump sum during the first reporting period of 2021.

Notice of the General Office of the Ministry of Justice on Issuing the “Regulations on the Recording and Reporting by Forensic Institutions and Forensic Experts of Interference with Forensic Activities”

In order to thoroughly implement the “Opinions on Improving the Unified Management System for Forensic Expertise” issued by the General Office of the CPC Central Committee and the General Office of the State Council, to legally ensure that forensic experts independently carry out their expert work, and to enable the public to experience fairness and justice in every forensic case, these Provisions are hereby formulated in accordance with the “Decision of the Standing Committee of the National People’s Congress on Issues Concerning the Administration of Forensic Expertise” and other relevant provisions, taking into account the practical realities of forensic expertise.