JC Master Legal News Issue 1189

Key Takeaways for This Issue

The China Securities Regulatory Commission plans to issue the Regulations on the Supervision and Administration of Listed Companies.
Recently, the China Securities Regulatory Commission issued a notice soliciting public comments on the “Regulations on the Supervision and Administration of Listed Companies (Draft for Public Consultation),” with the deadline for submitting feedback set for January 5, 2026.
The People’s Bank of China and the Monetary Authority of Macao have signed a standing currency-swap agreement and expanded its scale.
Recently, the People’s Bank of China and the Monetary Authority of Macao have renewed and upgraded their bilateral currency-swap agreement to a standing swap arrangement.
The Ministry of Industry and Information Technology has issued the Measures for the Administration of Industrial Technology Foundation Public Service Platforms, strengthening the platforms’ dynamic management.
On December 11, the Ministry of Industry and Information Technology issued the Measures for the Administration of Industrial Technology Foundation Public Service Platforms, which will take effect on December 5, 2025, and simultaneously repeal the previous measures promulgated in 2015.
The Supreme People’s Court has released typical cases involving disputes over property service contracts.
On December 8, the Supreme People’s Court released typical cases involving disputes over property service contracts.

Finance & Capital Markets

The China Securities Regulatory Commission plans to issue the Regulations on the Supervision and Administration of Listed Companies.
Recently, the China Securities Regulatory Commission issued a notice soliciting public comments on the “Regulations on the Supervision and Administration of Listed Companies (Draft for Public Consultation),” with the deadline for submitting feedback set for January 5, 2026.
The Regulations (Draft for Public Comment) comprise eight chapters and seventy-four articles, detailing the governance structure of listed companies, the duties of loyalty and diligence owed by directors and senior management, the criteria for identifying controlling shareholders and actual controllers, and the corresponding codes of conduct. They strengthen accountability for the authenticity of information disclosure, internal controls, and financial fraud; standardize procedures for mergers and acquisitions, spin-offs, equity‑based incentive plans, related‑party transactions, and asset restructurings; enhance investor protection, cash dividend policies, share repurchases, and delisting arrangements; clarify the supervisory and inspection responsibilities of the China Securities Regulatory Commission and relevant departments, as well as mechanisms for information sharing; and impose stricter penalties for violations of laws and regulations.
The People’s Bank of China and the Monetary Authority of Macao have signed a standing currency-swap agreement and expanded its scale.
Recently, the People’s Bank of China and the Monetary Authority of Macao have renewed and upgraded their bilateral currency-swap agreement to a standing swap arrangement.
The scale of the currency-swap agreement has been expanded from the original RMB 30 billion/MOP 34 billion to RMB 50 billion/MOP 57 billion. This move aims to further safeguard financial stability in both regions, support bilateral economic and trade exchanges, and promote the steady development of the offshore RMB market in Macao, China.
Two departments have released the 2025 National Medical Insurance and Commercial Health Insurance Drug Lists.
On December 5, the National Healthcare Security Administration and the Ministry of Human Resources and Social Security issued the “Notice on the Release of the National Basic Medical Insurance, Maternity Insurance, and Work‑Injury Insurance Drug List and the 2025 Commercial Health Insurance Innovative Drug List.”
[Detailed Explanation] The new drug list will take effect on January 1, 2026, and the 2024 edition will be simultaneously repealed. The list specifies drug classifications, reimbursement rates, Class A and Class B management, and defined payment scopes; newly added drugs must be listed on the national procurement platform by the end of December 2025. During the contract period, negotiated and competitively priced drugs will be subject to a nationally unified medical insurance reimbursement standard, with any portion of the actual market price exceeding the reimbursement threshold borne by the insured. Drugs included in the commercial health insurance innovative‑drug catalog will not be reimbursed by the medical insurance fund, and commercial health insurers are encouraged to incorporate such drugs into their coverage. Local authorities are required to strengthen drug supply and payment monitoring, as well as “dual‑channel” management, to ensure the financial sustainability of the fund and safeguard patients’ medication rights.

Commercial & Corporate

The National Medical Products Administration has issued the Three-Year Action Plan for Enhancing the Production Quality Management Systems of Cosmetics Enterprises.
On December 8, the National Medical Products Administration issued the Three-Year Action Plan for Enhancing Cosmetic Enterprises’ Production Quality Management Systems (2026–2028), calling on drug regulatory authorities at all levels to implement it in light of their specific circumstances.
The action plan focuses on the operation of quality management systems in cosmetic enterprises, requiring the establishment of a list of common issues, the development of corrective measures, the implementation of tailored guidance for each enterprise, strengthened performance assessments for personnel in key positions, and the refinement of risk‑prevention mechanisms. It encourages intelligent manufacturing and digital management, promotes tiered and categorized regulatory approaches, standardizes inspection criteria, and enhances smart‑regulation capabilities. By the end of 2028, the plan aims to develop no fewer than 50 replicable and scalable best practices for upgrading quality management systems and to foster leading enterprises with international competitiveness.
The National Medical Products Administration convened a meeting to consolidate and enhance the “Qingyuan” campaign for pharmaceutical distribution.
On December 10, the National Medical Products Administration convened a national conference in Fuzhou to consolidate and enhance the “Qingyuan” campaign for pharmaceutical distribution. The meeting was hosted by the NMPA.
The meeting reviewed the outcomes of this year’s “Qingyuan” campaign, emphasizing a focus on channel compliance, product legality, and traceability throughout the supply chain. It called for advancing the application of pharmaceutical information‑based traceability, standardizing both online and offline sales, and has so far investigated and handled 32,000 cases of violations. The meeting urged all localities to build on these achievements by fostering high‑quality market players, innovating regulatory mechanisms for online pharmaceutical sales, leveraging technology to enhance routine oversight, and strengthening interagency collaboration in case investigation and enforcement, thereby elevating overall operational and regulatory capabilities.
The National Medical Products Administration has publicly sought comments on 24 guidance principles for the registration review of Class II medical devices.
On December 11, 2025, the Medical Device Technical Review Center of the National Medical Products Administration issued a notice soliciting public comments on 24 draft guidance documents for the registration review of Class II medical devices, including the “Guidance Principles for the Registration Review of Anesthesia Gas Bags (Draft for Comments).” The deadline for submitting feedback is January 9, 2026.
The notice announces the release of 24 guidance documents for the registration review of Class II medical devices, including the “Guidance Principles for the Registration Review of Anesthesia Gas Bags (Draft for Comments),” which cover the technical requirements for product registration. Relevant entities are required to download the guidance documents and the feedback form, and submit their comments by the specified deadline. This public consultation pertains to specific technical standards governing the registration review of Class II medical devices, and will directly impact companies’ product registration submissions and compliance obligations.
The Ministry of Industry and Information Technology has issued the Measures for the Administration of Industrial Technology Foundation Public Service Platforms, strengthening the platforms’ dynamic management.
On December 11, the Ministry of Industry and Information Technology issued the Measures for the Administration of Industrial Technology Foundation Public Service Platforms, which will take effect on December 5, 2025, and simultaneously repeal the previous measures promulgated in 2015.
The Measures specify the eligibility criteria for service platforms, including independent legal entity status, a qualified professional workforce, technical capabilities, and fixed premises, with a service scope covering metrological testing, standard verification, intellectual property, and other areas. Applications are submitted on a voluntary basis, with recommendations made based on merit, and the application process is conducted annually. Platforms are required to submit annual operational reports and undergo both annual and triennial comprehensive performance assessments; those that fail to meet the assessment standards will be required to implement corrective measures or be removed from the roster. In principle, branch institutions will no longer be granted accreditation.
China-led revisions of two international standards for power semiconductor devices have been officially released.
On December 11, the International Electrotechnical Commission (IEC) published two international standards—“Semiconductor Devices — Part 2: Discrete Devices — Rectifier Diodes” (IEC 60747‑2:2025 ED4.0) and “Semiconductor Devices — Part 6: Discrete Devices — Thyristors” (IEC 60747‑6:2025 ED4.0)—which were revised under the leadership of China.
The new standard addresses the mismatch between technical requirements and product development, enhancing the applicability and operability of high‑power semiconductor device testing. Covering terminology and definitions, test methods, and test conditions, it serves as a critical reference for manufacturers, users, and third‑party testing organizations in research, testing, and application. The standard is applicable to sectors such as mobile phone chargers, electric vehicles, renewable energy generation, smart grids, industrial automation, and aerospace, thereby helping to elevate the overall technological and quality standards of China’s power electronics industry.

Taxation TAXATATION

The tax authority has investigated and cracked a case involving the fabrication of export goods to fraudulently obtain government subsidies.
Recently, the Inspection Bureau of the Shizuishan Municipal Tax Service of the State Taxation Administration, acting on leads assigned by higher authorities, investigated and prosecuted Xingshengwei (a certain city) International Trade Co., Ltd. for fabricating export transactions to fraudulently obtain government subsidies in accordance with the law.
Upon investigation, it was found that from 2021 to 2022, Xingshengwei (a certain city) International Trade Co., Ltd. entered into fictitious agency agreements and employed a “buy‑in” scheme to obtain export customs declaration data, thereby fabricating export transactions in order to fraudulently obtain government subsidies for cross‑border e‑commerce enterprises. The company is suspected of misappropriating RMB 5.003 million in government support funds. In accordance with relevant laws and regulations, the Inspection Bureau of the Shizuishan Municipal Tax Service of the State Taxation Administration has recovered RMB 356,600 in underpaid value‑added tax and related surcharges, as well as RMB 52,000 in corporate income tax, and imposed statutory late payment penalties. An official from the Shizuishan Municipal Tax Service of the State Taxation Administration stated that this marks the first case in the region involving the fabrication of export transactions to illegally obtain government subsidies.
Ministry of Commerce: Seize the opportunity presented by the Hainan Free Trade Port’s closed-loop operations to vigorously advance institutional openness.
Recently, at the Ministry of Commerce’s regular press conference, a spokesperson stated that the ministry will take the launch of operations at the Hainan Free Trade Port as an opportunity to vigorously advance institutional openness.
A spokesperson for the Ministry of Commerce stated that on December 18, the Hainan Free Trade Port will commence its closed‑border operations. The Ministry is making comprehensive preparations to ensure smooth implementation, leveraging high‑level opening-up to advance the construction of the Hainan Free Trade Port to a high standard. Moving forward, the Ministry will seize this opportunity to vigorously promote institutional‑based opening-up, striving to transform the Hainan Free Trade Port into a key gateway that leads China’s new‑era efforts to open up to the world. It will also work to seamlessly integrate trade‑management policies with measures such as “zero tariffs” and duty‑free treatment for value‑added processing, creating synergies and fully unlocking the benefits of opening-up.

Litigation & Arbitration

The Supreme People’s Court has released typical cases involving disputes over property service contracts.
On December 8, the Supreme People’s Court released typical cases involving disputes over property service contracts.
Case clarifications: 1. Property service providers may not compel payment of property fees by imposing access‑control restrictions or other such measures; 2. Owners may not refuse to pay property fees on the grounds of housing design or other matters that do not fall within the property service provider’s obligations; 3. Following termination of the property service contract, if the former property service provider refuses to vacate, owners may not be required to pay property fees incurred after termination; 4. The former property service provider has no standing to bring suit challenging the homeowners’ association’s decision to appoint a new property service provider; 5. Courts are encouraged to resolve property disputes en masse through roving court sessions and model mediation, thereby safeguarding owners’ self‑governance rights and maintaining orderly property services.
Two departments have jointly issued the “Regulations on Lawfully Safeguarding Lawyers’ Rights to Review Case Files.”
Recently, the Supreme People’s Procuratorate and the Ministry of Justice jointly issued the “Regulations on Lawfully Safeguarding Lawyers’ Rights to Review Case Files.”
The “Work Regulations” comprise six chapters and thirty-five articles, specifying that lawyers may access case files through three methods: on-site review, off-site review, and online review. On-site review is designated as the primary method, with off-site and online reviews serving as supplementary options. Where an electronic case file exists and is suitable for internet transmission, online review may be requested; otherwise, off-site review shall apply. The regulations also set forth detailed provisions regarding procedural steps, time limits, and specific requirements for special cases, such as those involving classified information. If a lawyer encounters any obstacles, they may file a complaint with the procuratorate, the judicial administrative authority, or the bar association. Lawyers are required to sign a commitment letter, uphold their duty of confidentiality, and ensure that case materials are used solely for the purposes of the present case.
The Supreme People’s Court and the Supreme People’s Procuratorate jointly released typical cases of punishing corruption crimes affecting the public.
On December 9, the Supreme People’s Court and the Supreme People’s Procuratorate jointly released typical cases of corruption crimes committed close to the people, punished in accordance with the law.
This release features five typical cases spanning the areas of housing security, elderly care services, medical insurance funds, school meals, and the rights and interests of persons with disabilities. The key findings include: prosecuting, in accordance with the law, official crimes such as embezzlement, misappropriation of public funds, and bribery; accurately determining the amount involved and the nature of the assets; imposing cumulative sentencing for multiple offenses; and applying strict penalties. Each case has contributed to improving relevant regulatory frameworks—such as the management of special repair funds for residential properties, the tendering process for elderly care service projects, the oversight system for medical insurance funds, the procurement of ingredients for school meals, and the custodial management of property belonging to persons with disabilities—while strengthening cautionary education, promoting institutional reforms and enhanced supervision, and effectively safeguarding the public’s interests.
The Ministry of Public Security has issued the “Several Provisions on Standardizing the Management of Bail Deposit.”
Recently, the Ministry of Public Security issued the “Several Provisions on Standardizing the Management of Bail Deposit,” which shall take effect from the date of its promulgation.
The Regulations mandate the dedicated management of security‑deposit accounts and strictly prohibit linking such accounts to law‑enforcement expenditures, as well as any interception or misappropriation of funds. The amount collected shall be determined according to the nature of the case, its social risk, and the defendant’s financial circumstances; in cases involving economic crimes, collection shall take into account the extent of property losses. Any sum exceeding RMB 50,000 must undergo tiered approval and be filed accordingly. All procedures for collecting, confiscating, or returning security deposits must be supported by legal documents, and electronic processing is permissible. When a security deposit is confiscated, the party concerned must be informed of their right to present a defense, and the review and reconsideration processes are clearly defined. No deductions may be made from returned security deposits, and funds related to parties who cannot be contacted shall be held in a designated escrow account. Police support, inspection, and auditing authorities shall strengthen oversight, and any violations will be subject to strict accountability.
The Supreme People’s Court has comprehensively promoted model litigation documents and released the third batch of typical cases for their application.
On December 12, the Supreme People’s Court, in conjunction with the Ministry of Justice and the All China Lawyers Association, released the “Typical Cases on the Application of Model Texts (Third Batch),” announcing the full-scale promotion, effective July 14, 2025, of model templates for 67 types of complaint and answer documents.
The six typical cases released this time encompass five civil‑law areas—financial lending, road traffic, residential leasing, trademark infringement, and ship collisions—as well as one enforcement‑related case involving distribution of proceeds. Among them, four are based on the model texts newly introduced on July 14 of this year, vividly demonstrating how these model texts have facilitated the comprehensive governance center’s “one‑stop” dispute resolution, helped the public address difficult and complex disputes, enhanced the quality and efficiency of case filing, adjudication, and enforcement, and contributed to optimizing a law‑based business environment.

JC Master Law Office
Address: 9th Floor, National Water Resources Building, No. 70 Qingjiang South Road, Nanjing City
Postal code: 210036
Phone: 025-84503333
Fax: 025-84505533
Website: www.jcmaster.com
This legal notice is provided solely for informational purposes and does not constitute legal advice or a legal analysis of any specific case. The transmission of this legal notice does not establish an attorney–client relationship between JC Master Law Office and the user or reader. JC Master Law Office assumes no responsibility for any third-party content accessible via the internet. If you do not wish to receive this legal notice, please notify us by email at jcm@jcmaster.com.
The copyright in this legal information is owned by JC Master Law Office ©. Without written permission, no organization or individual may reproduce, publish, or cite it in any form.