JC Master Legal News Issue 1091

Key Takeaways for This Issue
The China Securities Regulatory Commission has formulated the “Measures of the China Securities Regulatory Commission on Petitioning Work.”
The China Securities Regulatory Commission has formulated the “Measures of the China Securities Regulatory Commission on Petitioning Work” (CSRC Party Committee Document No. 109 [2023]), which shall take effect as of January 1, 2024. The existing “Rules on Petitioning Work of the China Securities Regulatory Commission” (CSRC Announcement No. 39 [2014]) is hereby repealed concurrently.
The China Securities Regulatory Commission and the State-owned Assets Supervision and Administration Commission of the State Council have jointly issued the “Notice on Supporting Central Enterprises in Issuing Green Bonds.”
To implement the strategic plan set forth at the Central Financial Work Conference—namely, to advance five major initiatives, including green finance—and to fully leverage the capital market’s critical role in optimizing resource allocation as well as the leading and exemplary function of central enterprises in green investment, the China Securities Regulatory Commission and the State-owned Assets Supervision and Administration Commission of the State Council recently jointly issued the “Notice on Supporting Central Enterprises in Issuing Green Bonds.”
Autonomous Vehicle Transportation Now Has a Safety Service Guide
The Ministry of Transport recently issued the “Guidance on Safety Services for Autonomous Vehicle Transportation (Trial).” The Guidance stipulates that autonomous vehicles conducting road transport services must operate within designated areas and undergo a road traffic safety assessment in accordance with the law.
The Supreme People’s Procuratorate has released the second batch of typical cases involving public hearings on major criminal cases.
Recently, the Supreme People’s Procuratorate released a second batch of typical cases involving public hearings on major criminal matters.
Finance & Capital Markets
The China Securities Regulatory Commission has formulated the “Measures of the China Securities Regulatory Commission on Petitioning Work.”
To implement the Regulations on Letters and Visits issued by the CPC Central Committee and the State Council, and to strengthen and improve letter-and-visit work, the China Securities Regulatory Commission has formulated the Measures for Handling Letters and Visits of the China Securities Regulatory Commission (CSRC Party Committee Document No. 109 [2023]), which shall take effect as of January 1, 2024. The existing Rules on Letters and Visits of the China Securities Regulatory Commission (CSRC Announcement No. 39 [2014]) are hereby repealed concurrently.
Petition work is an important component of the Party’s mass work. The China Securities Regulatory Commission has earnestly studied and implemented General Secretary Xi Jinping’s important instructions on strengthening and improving people’s petition work, deeply recognizing the political and people‑centered nature of capital market regulation, and consistently treating petition handling as a vital form of mass work that comes directly to the door, ensuring it is carried out meticulously and effectively. First, we have streamlined channels for the public to voice their concerns. By systematically integrating external service windows, we have consolidated the former telephone and online reporting systems into the 12386 service platform, ensuring seamless internal coordination and resource integration between petition channels and the 12386 platform, thereby providing more convenient services for addressing public grievances. Second, we have done everything possible to alleviate the difficulties and concerns of the people. Upholding and developing the “Fengqiao Experience” for the new era, we have continuously improved long‑term mechanisms for resolving public appeals, vigorously tackled backlogged petition cases, and strived to address, at the root, the issues that matter most to the public—those that are most immediate and practical. Over the past three years, we have resolved more than 300 recurring petition matters in three batches. Third, we have enhanced the efficiency of petition handling by optimizing processing procedures, promoting online case flow and resolution, and ensuring that each petition is acknowledged and its status communicated within 15 days. Fourth, we have fully leveraged the role of petition work as a window for understanding public sentiment and social conditions. Through monthly petition reports and suggestions, we promptly capture the demands and voices of all market participants, providing crucial reference for evidence‑based decision‑making in capital market regulation.

The issuance of the “Measures of the China Securities Regulatory Commission on Petitioning Work” aims to strengthen the Party’s overall leadership over petitioning, optimize the petitioning mechanism, enhance the quality and effectiveness of petitioning work, and reinforce oversight of such activities. The CSRC will organize the entire system to earnestly carry out study, publicity, and implementation, continuously opening up new prospects in petitioning work.

Notice of the China Securities Regulatory Commission and the State-owned Assets Supervision and Administration Commission of the State Council on Supporting Central Enterprises in Issuing Green Bonds
To the local branches of the China Securities Regulatory Commission, the Shanghai Stock Exchange, the Shenzhen Stock Exchange, the Beijing Stock Exchange, China Securities Depository & Clearing Corporation Limited, the Securities Association of China, the Asset Management Association of China, and all central enterprises:
Central enterprises are vital to national security and the lifeline of the national economy, and they constitute key actors in China’s efforts to achieve its carbon peak and carbon neutrality goals. To implement the strategic directives of the Central Financial Work Conference on advancing five major initiatives, including green finance, and to further enhance the capital market’s capacity to support green and low‑carbon development, we hereby issue the following notice regarding the issuance of green bonds— including green asset‑backed securities, hereinafter the same—by central enterprises, with a view to synergistically promoting carbon reduction, pollution control, ecological restoration, and economic growth; fostering and supporting the green and low‑carbon development of the private sector; and facilitating a comprehensive green transformation of the economy and society.
I. Improving the Support Mechanism for Green Bond Financing
(1) Strengthen targeted support for the green and low-carbon sectors. Support central enterprises in issuing green bonds to develop industries such as energy conservation and carbon reduction, environmental protection, resource recycling, clean energy, ecological conservation and restoration, and green upgrading of infrastructure. Encourage central enterprises to issue medium- and long-term bonds based on the expected investment payback periods of their green projects.
(II) Provide financing facilitation for central enterprises issuing green bonds. Optimize bond‑financing service mechanisms by streamlining review procedures for high‑quality central enterprises seeking to issue green bonds, simplifying requirements related to document signing and information disclosure in line with the standards applied to well‑known, mature issuers, and appropriately extending the validity period of financial reports. Implement a “report‑and‑review” approach to enhance financing efficiency. Explore excluding green bonds from the calculation of the proportion of bonds in interest‑bearing liabilities, applying a specified weighting factor.
(3) Facilitating bond‑repo financing support mechanisms. In the standard pledge‑based repo business, green bonds issued by high‑quality central enterprises and their subsidiaries are granted the highest discount factor applicable to corporate bonds; in the tripartite repo business, a separate collateral basket for green bonds issued by central enterprises and their subsidiaries is being studied, with differentiated management applied to issuer credit quality and discount factors.
(4) Optimize the regulatory evaluation and assessment of intermediary institutions. Introduce new specialized rankings and awards to encourage securities offices to proactively provide green bond intermediation services and establish long-term cooperative mechanisms with central state-owned enterprises in the green industry. Encourage credit rating agencies to incorporate issuers’ environmental, social, and governance (ESG) factors into their credit risk assessments and to include dedicated disclosures on these factors in their credit rating reports.
(5) Promote the concept of green investment. Encourage central enterprises to proactively disclose green environmental information in line with established best practices, thereby attracting commercial banks, insurance companies, social security funds, pension funds, and securities and fund management institutions to increase their investments in green bonds. Facilitate the inclusion of high-quality green bonds issued by central enterprises and their subsidiaries as benchmark market‑making instruments, and encourage market makers to actively provide quote‑driven market‑making services for green bonds, thereby enhancing trading liquidity. Strengthen communication and coordination among central enterprise issuers, competent authorities, and investment institutions; encourage market‑based investors to develop public‑offering green financial products, such as green index funds, based on green indices, and guide efforts to reduce financing costs.
II. Supporting the Green and Low-Carbon Transformation and High-Quality Development of Central Enterprises
(6) Promote the green and low-carbon transformation of central enterprises. In accordance with the relevant provisions of the Measures for the Administration of Bond Issuance by Central Enterprises, and in light of their actual needs for green and low-carbon development, central enterprises shall rationally plan bond financing, drive the green upgrading and transformation of industrial and energy structures, implement energy-saving and carbon-reduction upgrades, technological innovation, and digital transformation, and deepen strategic restructuring and specialized integration, thereby accelerating the establishment of green and low-carbon production practices.
(7) Leverage the central role of central enterprises in green technological innovation. Encourage central enterprises to issue bonds earmarked for the development of green‑technology innovation projects, strengthen green technological innovation, support breakthroughs and widespread application of critical core technologies for green and low‑carbon development, and enhance their capacity to deliver high‑quality green products and services.
(8) Leverage the exemplary role of central enterprises in green and low-carbon development. Support central enterprises in issuing green bonds to raise capital, and guide local state-owned enterprises and various market players in pursuing green and low-carbon development through project collaboration, industrial co‑construction, and the establishment of alliances. Together, they should build low‑carbon supply chain systems, foster new business models and innovations in energy conservation, low‑carbon technologies, and environmental services, and comprehensively enhance the efficiency of energy and resource utilization.
III. Leveraging the Leading Role of Central Enterprises in Green Investment
(9) Guiding capital provision in key areas of green development. Encourage eligible central enterprises to establish green‑development funds or low‑carbon funds and issue green bonds, thereby supporting the construction and operation of qualified green projects through investment and attracting, leveraging, and aggregating social capital to flow into green industries. Support subsidiaries of central enterprises in exploring the use of carbon‑emission rights, pollution‑discharge rights, and other resource‑and‑environmental assets as collateral, or in issuing green bonds with external credit enhancements provided by the parent group, thus promoting energy conservation, pollution reduction, and carbon‑emission cuts across specific subsectors.
(10) Support central enterprises in piloting infrastructure REITs in the green sector. Encourage infrastructure projects in areas such as new energy, clean energy, and ecological and environmental protection to issue REITs, thereby broadening sources of incremental capital and enhancing green financing support.
IV. Strengthening Organizational Implementation and Assurance
(11) The CSRC and its local branches will strengthen their support services for central enterprises issuing green bonds, while further promoting green bond financing among state-owned enterprises, private enterprises, and other entities. In coordination with the State-owned Assets Supervision and Administration Commission of the State Council, an information-sharing mechanism will be established to enhance oversight and management of central enterprises’ green bond financing and the use of proceeds, ensuring that funds raised through green bonds are managed and utilized in compliance with applicable requirements.
(12) The State-owned Assets Supervision and Administration Commission of the State Council continues to refine the green‑development assessment mechanism for central enterprises, incorporating indicators such as energy intensity and carbon‑emission intensity into the performance‑evaluation framework. It selects demonstration projects in the green and low‑carbon sectors, distills and disseminates successful practices and exemplary models, and strengthens coordination with the China Securities Regulatory Commission to enhance policy guidance for central enterprises issuing green bonds, thereby supporting the leveraging of capital markets to build core competitive advantages in green and low‑carbon development.
(13) Stock exchanges are working to enhance the efficiency of green bond financing services, actively fulfilling their market‑organizing functions, stimulating the vitality of market participants, strengthening investment‑financing matchmaking, and attracting more capital to the green sector. The Securities Association and the Fund Association are fully discharging their self‑regulatory duties, fostering a favorable investment‑financing environment, and guiding securities and fund management institutions to increase their business engagement in green bonds.

The China Securities Regulatory Commission is soliciting public comments on the “Regulations on Strengthening the Management of Securities Trading by Publicly Offered Mutual Funds (Draft for Comments).”
To further strengthen the management of securities trading by publicly offered mutual funds and to safeguard the legitimate rights and interests of investors, the China Securities Regulatory Commission has drafted the “Regulations on Strengthening the Management of Securities Trading by Publicly Offered Mutual Funds (Draft for Comments)” (hereinafter referred to as the “Regulations”), which is now being made public for public comment.
The Regulations comprise sixteen articles, with the main provisions as follows: first, reasonably reducing the securities transaction commission rates for public funds; second, lowering the upper limit on the proportion of securities transaction commissions allocated to fund managers; third, strengthening regulatory oversight of the allocation of securities transaction commissions by public funds; and fourth, clarifying the disclosure requirements for public fund managers regarding the annual aggregate expenditure on securities transaction commissions.

The 2023 Mongolia Capital Markets Day event was successfully held at the Shanghai Stock Exchange.
Recently, the Shanghai Stock Exchange (SSE) and the Mongolian Stock Exchange (MSE) jointly hosted the 2023 Mongolia Capital Markets Day at the SSE. Tserenbadrakh Tudev, Vice Chairman of the Financial Regulatory Commission of Mongolia, and Bolorjargal Dorj, Consul General of Mongolia in Shanghai, attended the event and delivered remarks. Senior representatives from the MSE, listed companies on the Mongolian capital market, securities offices, investment institutions, and other stakeholders provided in-depth presentations to more than 60 institutional investors from China’s capital markets, covering topics such as Mongolia’s economy, capital market investment opportunities, and the performance of listed companies.
In recent years, China and Mongolia have continuously strengthened economic cooperation and exchanges. In June this year, with the prime ministers of both countries in attendance, the Shanghai Stock Exchange and the Mongolian Stock Exchange signed a memorandum of understanding on cooperation, further deepening collaboration between the two capital markets and laying a solid foundation for supporting the Belt and Road Initiative. This event marks another important opportunity for Chinese institutional investors to gain an in-depth understanding of Mongolia’s capital market through the exchange platform established by the Shanghai Stock Exchange, following the online Mongolia Capital Markets Day held in 2021.
Going forward, under the unified guidance of the China Securities Regulatory Commission, the Shanghai Stock Exchange will further deepen high‑level, institution‑based opening-up, continue to explore diversified mechanisms for connecting with Mongolia’s capital market, strengthen bilateral cooperation, pursue diversified development, and continually expand the scope and deepen the substance of collaborative efforts.

The Shanghai–Singapore ETF Connect has officially launched— the first batch of Shanghai–Singapore ETFs have been simultaneously listed in Shanghai and Singapore.
Recently, the Huatai-PineBridge Southern East Asset Management–Bloomberg ESG Asia‑Pacific Technology ETF and the Southern East Asset Management–Huatai-PineBridge SSE Dividend ETF were simultaneously listed on the Shanghai Stock Exchange (hereinafter referred to as the SSE) and the Singapore Exchange Group (hereinafter referred to as SGX). At the listing ceremony held at the SSE, Cai Jianchun, Deputy Secretary of the SSE Party Committee and General Manager, and Luo Wencai, CEO of the SGX, delivered congratulatory remarks via video link. Wang Bo, Member of the SSE Party Committee and Deputy General Manager, attended the ceremony and also addressed the audience.
A relevant official from the Shanghai Stock Exchange stated that the first batch of Shanghai–Singapore ETFs has been simultaneously listed on both exchanges, marking the official launch of ETF connectivity between Shanghai and Singapore. This initiative is an important step taken by the Shanghai Stock Exchange to implement the CPC Central Committee’s decisions and arrangements on expanding financial openness, and it holds significant implications for deepening China–Singapore financial cooperation. Over the 33 years since the establishment of diplomatic relations between China and Singapore, pragmatic cooperation has kept pace with the times, and economic and trade ties have continued to deepen. The launch of Shanghai–Singapore ETF connectivity will further facilitate cross-border investment and financing, promote the global allocation of production factors, and help foster a new development pattern characterized by the mutual integration of the China–ASEAN capital markets.
A spokesperson for the Singapore Exchange stated that the simultaneous listing of two ETF products on both the Shanghai and Singapore exchanges provides investors with diversified options for allocating capital to Southeast Asian listed companies with a strong focus on technology. This marks a new step in cooperation between the two exchanges, following the signing of an MOU on ETF mutual access in May this year, and represents an important milestone in further advancing financial connectivity between Singapore and China. Moving forward, the Singapore Exchange will continue to strengthen its exchanges and collaboration with the Shanghai Stock Exchange, offering investors a broader range of investment choices and steadily deepening financial cooperation between the two countries.
ETFs are an important vehicle through which capital markets serve the real economy and national strategies. In recent years, the Shanghai Stock Exchange has consistently focused on product innovation and mechanism optimization to promote the high-quality development of the ETF market. As of the end of November 2023, the SSE listed a total of 528 ETF products, with a market size exceeding RMB 1.5 trillion, accounting for nearly 80% of the domestic market. The Shanghai‑based cross‑border ETFs now cover markets in the United States, Germany, France, Japan, South Korea, Singapore, and Hong Kong. Launching the Shanghai–Singapore ETF mutual access initiative will help enrich the exchange’s cross‑border fund product lineup, strengthen the asset management industry’s capacity for internationalization, and better meet residents’ wealth‑management needs. Going forward, under the unified planning and guidance of the China Securities Regulatory Commission, the Shanghai Stock Exchange will further expand the depth and breadth of cross‑border ETF cooperation, refine the ETF mutual access mechanisms, attract medium- and long-term capital from both domestic and overseas sources, and advance the high‑level, institutionalized two‑way opening of the capital market.

Enhance the market feedback mechanism and optimize service quality on the Shenzhen Stock Exchange.
“SZSE·Chuangxianghui” Seminar on New Measures to Enhance Capital Market Returns for Investors
On December 7, the Shenzhen Stock Exchange hosted the 11th session of its “Chuangxianghui” series— a special event focused on listed companies’ efforts to deliver value to investors. The event brought together representatives from Shenzhen‑listed offices and select overseas‑listed companies, as well as intermediaries, investment institutions, and distinguished experts and scholars who have long followed global capital market developments, to discuss new approaches for enhancing investor returns in the capital markets.
The Central Financial Work Conference, held on October 30–31, called for “deeply grasping the political and people-centered nature of financial work,” “maintaining reasonably ample liquidity and continuously reducing financing costs, and invigorating the capital market.” On July 24, the Political Bureau of the CPC Central Committee convened a meeting that emphasized, “We must invigorate the capital market and boost investor confidence.” To implement the spirit of the Central Financial Work Conference and the Political Bureau’s key directives on capital market development, the China Securities Regulatory Commission introduced a comprehensive package of policies and measures aimed at revitalizing the capital market and bolstering investor confidence, thereby effectively safeguarding its stability and promoting steady, healthy growth. Participants noted that share buybacks and dividend payouts by listed companies have played a crucial role in enhancing investor returns and strengthening investors’ sense of gain, serving as vital steps to ensure the long-term sound development of the capital market. Against the backdrop of the full implementation of the stock issuance registration system, it is of great significance for the capital market and stock exchanges to further leverage the positive impact of share buybacks and dividends. From diverse perspectives, attendees shared case studies, practices, and experiences of domestic and overseas listed companies in returning value to investors, while also engaging in discussions on existing challenges and common issues. Participants expressed that, through exchanges with stakeholders across various sectors, their awareness of investor‑centric approaches has been strengthened, and they have gained valuable insights from both domestic and international markets. The exemplary cases and thoughtful reflections presented by the event’s guests were highly relevant and instructive.
Delegates at the conference noted that, in recent years, the Shenzhen Stock Exchange has embraced the mission of “pooling innovative capital and unleashing growth momentum,” strengthening the development of regulatory processes and rules, continuously refining its service mechanisms, and striving to build a comprehensive, end-to-end ecosystem that serves all market participants. At the same time, the Exchange has proactively assumed a leading role as an organizer of the capital market, encouraging Shenzhen‑listed companies to enhance their support for investor returns, thereby boosting the sense of gain among market participants and effectively fostering the long-term, healthy development of the capital market.
Going forward, “Chuangxianghui” will continue to organize a series of events centered on priority sectors, industries, and regions, with the aim of fostering enterprise engagement, dialogue, and collaboration, thereby establishing a new benchmark for market services that reflects the distinctive characteristics of Shenzhen.

Building an Efficient Matching Platform to Boost Marine Economic Development — The Shenzhen Stock Exchange and the Ministry of Natural Resources Co‑host a Roadshow on Financing for Marine SMEs and Scientific and Technological Achievements.
Recently, the Shenzhen Stock Exchange and the Ministry of Natural Resources co-hosted the “Marine SMEs and Scientific‑Technological Achievements Investment and Financing Roadshow.” The event aims to thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the Central Financial Work Conference, earnestly carry out the strategic arrangements set forth in the national 14th Five-Year Plan, and facilitate the connection between marine small and medium-sized enterprises and scientific‑technological achievements with the multi‑tiered capital market, thereby contributing to the high‑quality development of the marine economy.
The ocean is a vital foundation and platform for economic and social development, as well as a strategic priority in the pursuit of high-quality growth. The Shenzhen Stock Exchange and the Ministry of Natural Resources have maintained a close, long-term partnership in supporting the development of the marine industry. For eight consecutive years, they have organized the “Marine SMEs and Scientific‑Technological Achievements Investment and Financing Roadshow” series, providing a platform for over 200 marine‑focused small and medium‑sized enterprises to showcase their offerings and connect with investment institutions, thereby fostering the seamless integration of the marine sector with a multi‑tiered capital market.
This year’s event was co-organized by Shenzhen Securities Information Co., Ltd., a wholly owned subsidiary of the Shenzhen Stock Exchange, the National Marine Information Center, and the South China Sea Bureau of the Ministry of Natural Resources. It drew active participation from leading science-and‑technology‑driven marine SMEs across all maritime regions and coastal provinces and municipalities, showcasing projects spanning high‑end marine equipment, marine‑related materials, marine biotechnology, and other sectors, with financing needs totaling nearly RMB 5 billion. During the event, experts from the Shenzhen Stock Exchange and the National Marine Information Center shared insights on topics such as capital‑market‑oriented financing strategies for the marine industry, marine economic development, and policy implementation. The entire program was simultaneously livestreamed and made available as video on demand via the SZSE’s KERONGTONG V‑Next platform, reaching over 9,000 investment institutions and more than 29,000 professional investors.
The Central Financial Work Conference emphasized that the financial sector must deliver high-quality services to support economic and social development and further enhance the pivotal role of the capital market. Under the unified guidance of the China Securities Regulatory Commission, the Shenzhen Stock Exchange will fully, accurately, and comprehensively implement the new development philosophy. Closely aligned with the Guangdong–Hong Kong–Macao Greater Bay Area’s marine‑economy development plan and Shenzhen’s vision of becoming a “Global Marine Center,” the Exchange will continue to deepen its cooperation with the Ministry of Natural Resources, ensure the effective implementation of the Strategic Cooperation Framework Agreement on Promoting High‑Quality Development of the Marine Economy, and leverage the capital market’s functions of direct financing and resource allocation. By doing so, it will channel social innovation capital into marine‑related industries, support the national marine strategy, and foster the high‑quality development of the marine economy.

The Beijing Stock Exchange has launched underwriting services for corporate bond issuances.
On December 1, the Beijing Stock Exchange issued the “Notice on the Launch of Corporate Bond Underwriting Business,” stating that, effective immediately, it will officially commence underwriting activities for corporate bonds, including enterprise bonds, such as filing and bookbuilding.
The Notice clarifies that all market participants shall conduct corporate bond underwriting activities in accordance with the relevant requirements set forth in the “Rules for the Underwriting of Corporate Bonds on the Beijing Stock Exchange,” the “Guidance No. 1 on Corporate Bond Underwriting Business of the Beijing Stock Exchange—Issuance Filing,” the “Guidance No. 2 on Corporate Bond Underwriting Business of the Beijing Stock Exchange—Bookbuilding and Record‑Keeping,” and the “Business Guide for the Issuance and Listing of Corporate Bonds on the Beijing Stock Exchange.”
Since the Beijing Stock Exchange officially launched its corporate bond business on October 23, it had, as of December 1, accepted 21 corporate bond (including enterprise bonds) applications, with a planned issuance size of RMB 39.7 billion. Among these, a RMB 5 billion corporate bond proposed by Beijing State-owned Assets Supervision and Administration Commission was approved by the China Securities Regulatory Commission on November 22, marking the first registered corporate bond to be successfully issued on the Beijing Stock Exchange.
With the official launch of underwriting activities for corporate bonds (including enterprise bonds) on the Beijing Stock Exchange, the Beijing Stock Exchange, the National Equities Exchange and Quotations Company, China Securities Depository & Clearing Corporation, Shenzhen Connect, securities offices planning to engage in such business, information service providers, fund management companies and their custodians, as well as banks and insurance companies, will conduct the first full-network test of cash bond trading for corporate bonds (including enterprise bonds) on December 2.

The China Securities Association has issued the “Guidelines on Operational Risk Management for Securities Offices,” emphasizing the need to strengthen oversight and control over new business lines, new products, and key areas of operations.
The website of the Securities Association of China announced that, in accordance with relevant laws, regulations, and self-regulatory rules and taking into account the realities of the securities industry, the Association has drafted and issued the “Guidelines on Operational Risk Management for Securities Companies.”
The China Securities Association stated that the “Guidelines on Operational Risk Management for Securities Offices” will help to refine the securities industry’s comprehensive risk management framework, mitigate operational risks at securities offices, and effectively strengthen their capabilities in preventing, controlling, and responding to various types of operational risk incidents. The guidelines shall take effect from the date of their promulgation.
The Guidelines comprise seven chapters and thirty-seven articles, covering the entire operational risk management process of securities offices.
Key Point 1: Adhere to the principles of comprehensiveness, implementability, and forward-lookingness.
The China Securities Association stated that the drafting of the Guidelines adhered to the principles of comprehensiveness, enforceability, and forward-lookingness.
First, it covers all levels of a securities office, including the board of directors, the supervisory board, the management team, various departments, branch offices, and subsidiaries. It encompasses processes such as risk identification and assessment, control and mitigation, monitoring, and reporting, and extends to specialized areas related to operational risk management, such as business continuity, outsourcing risk management, employee conduct management, and internal controls.
Second, it fully takes into account the current state of operational risk management in the industry, emphasizing alignment with securities offices’ specific characteristics, size, and the complexity of their business. It focuses on establishing a robust framework, providing strategic guidance, refining mechanisms, and laying a solid foundation, while avoiding overly stringent, excessively detailed, or unduly rigid requirements. For the fundamental matters pertaining to operational risk management, clear stipulations are set forth; for management practices beyond these core issues, a degree of flexibility is afforded.
Third, it emphasizes forward-looking management. In light of trends in the securities industry and the broader context of digital transformation, it calls for strengthened control over operational risks associated with new businesses, new products, and key business areas. It also provides guidance on leveraging information technology and data analytics to conduct operational risk monitoring, and sets forth requirements for the development of relevant systems, as well as for data governance and data quality assurance.
Key Point 2: Clearly define the operational risk management measures that each major business line should implement.
Article 18 of the Guidelines explicitly stipulates that securities companies shall, with respect to their principal business activities, establish, continuously review, and refine operational risk management measures, including but not limited to:
(1) Brokerage business shall establish and improve systems and procedures covering real-name account management, customer information protection, monitoring of abnormal transactions, reporting of large-value and suspicious transactions, customer follow-up, and handling of customer complaints, so as to promptly identify and appropriately address risk events.
(2) Key functions such as proprietary investment decision-making, trade execution, clearing and settlement, and risk monitoring shall be assigned to dedicated personnel, and centralized management and access control over proprietary accounts shall be strengthened.
(3) Investment banking activities shall standardize the due diligence process and project monitoring and management mechanisms, clearly define the requirements for preparing project-related materials and documents as well as the signature‑and‑approval procedures, strengthen the review and oversight of the content of information disclosure documents prepared or assisted in preparing, and enhance the management of working papers.
(4) Asset management business shall be strictly segregated from other business in accordance with applicable regulations, and, in compliance with laws and regulations, self-regulatory rules, and contractual provisions, shall separately handle the registration, valuation, accounting, and distribution of returns for each class of shares in different asset management plans, and shall disclose information to investors in a timely, accurate, and complete manner.
(5) Financing‑related businesses, such as securities margin trading and stock pledge financing, shall establish sound management systems and business processes covering due diligence, parameter configuration, order submission, fund transfers, and default handling. Contracts with clients shall be concluded in accordance with applicable regulations, and clients shall be clearly informed, notified, and conofficeed through appropriate means.
(6) The over-the-counter derivatives business shall establish and完善 robust management systems and procedures for key processes, including client admission, the preparation and filing of transaction documentation, trade conofficeation, trade recording and review, and valuation and accounting. Departments and personnel engaged in derivatives trading shall be subject to tiered authorization.
(7) For cross-border operations, robust management procedures shall be established to address the coordination of domestic and overseas business processes, the integration of information systems or data interfaces, the cross-border transfer of sensitive information, and data backup, among other aspects.
Key Point 3: Clarify the operational risk management framework and responsibilities, with the Chief Risk Officer taking the lead.
The Guidelines clarify the requirements for the operational risk management organizational framework and, in light of the distinctive characteristics of operational risk management, set forth principles for integrated planning and collaborative coordination.
First, the chief risk officer of a securities office takes the lead in overseeing operational risk management, while other senior management personnel are responsible for operational risk management within their respective areas of responsibility and provide support to the chief risk officer in coordinating and managing operational risk.
Second, securities offices should designate a lead department responsible for operational risk management and clearly define its responsibilities, while each functional department shall manage operational risks within its respective area of responsibility and provide administrative support to the lead department.
Key Point Four: Emphasize strengthening operational risk management for new businesses and new products.
In light of the recent trends in the securities industry—namely, the continuous expansion of business lines, the increasing complexity of operations, and the proliferation of new businesses and products—along with the frequent occurrence of significant operational risk events, the Guidelines repeatedly address risk management requirements pertaining to new businesses and new products.
The Guidelines stipulate that securities offices shall thoroughly identify and assess operational risks associated with new businesses and products, and give due attention to mitigating potential operational risks arising from existing business processes and information systems as a result of such new initiatives. When formulating policies and procedures, developing new businesses and products, and building information systems, offices must fully integrate operational risk management requirements. Furthermore, securities offices are required to establish management processes for the identification, review, acceptance, and post‑implementation review of new businesses and products, ensuring that operational risks are comprehensively identified and evaluated. During phases such as the go‑live of business systems, targeted operational risk identification and assessment activities may be conducted.

Commercial & Corporate
The Cyberspace Administration of China has launched a public consultation on the Measures for the Administration of Cybersecurity Incident Reporting.
To standardize the reporting of cybersecurity incidents, minimize losses and harms caused by such incidents, and safeguard national cybersecurity, the Cyberspace Administration of China on the 8th launched a public consultation on the “Administrative Measures for Reporting Cybersecurity Incidents (Draft for Comments).” The draft proposes encouraging social organizations and individuals to report significant, major, or particularly major cybersecurity incidents to the cyberspace administration authorities.
The draft for public comment defines a cybersecurity incident as an event that, due to human error, software or hardware defects or malfunctions, natural disasters, or other causes, harms networks and information systems or the data they contain, thereby having a negative impact on society. In the event of a cybersecurity incident, operators shall promptly activate their emergency response plans to address it. According to the “Guideline on Classification of Cybersecurity Incidents,” incidents classified as major, serious, or particularly serious must be reported within one hour.
According to the draft for public comment, if an operator fails to report a cybersecurity incident as required, the cyberspace administration shall impose penalties in accordance with relevant laws and administrative regulations. Where significant harm results from an operator’s delayed reporting, failure to report, false reporting, or concealment of a cybersecurity incident, the operator and the persons directly responsible shall be subject to enhanced penalties in accordance with the law.

Autonomous Vehicle Transportation Now Has a Safety Service Guide
The Ministry of Transport recently issued the “Guidance on Safety Services for Autonomous Vehicle Transportation (Trial)” (hereinafter referred to as the “Guidance”). The Guidance stipulates that autonomous vehicles conducting road transport services must operate within designated areas and undergo a road traffic safety assessment in accordance with the law.
Autonomous vehicles engaged in urban public bus and trolleybus passenger transport or road passenger transport operations shall be equipped with one driver or operational safety assurance personnel (hereinafter collectively referred to as “safety officer”). Autonomous vehicles engaged in road freight transport operations shall, in principle, be equipped with a safety officer. Conditionally automated and highly automated taxis shall also be equipped with one safety officer.
The Guidelines stipulate that autonomous‑driving transport operators shall establish and improve a comprehensive transportation safety assurance system. Prior to commencing formal operations, they must develop an autonomous‑vehicle transportation safety plan that clearly defines the vehicle’s design‑operating conditions, staffing requirements, a list of operational safety risks, tiered control measures, and procedures for responding to emergencies. In addition, autonomous vehicles shall be conspicuously marked on their bodies with distinctive graphics, text, or colors to clearly communicate their autonomous‑driving status to other road users.
In recent years, autonomous driving technology has been rapidly deployed in the transportation sector. Cities such as Beijing, Shanghai, Guangzhou, and Shenzhen have introduced policies permitting autonomous vehicles to conduct commercial trial operations—covering urban public bus and trolleybus services, taxis, and logistics delivery—in designated areas and during specific time periods, with the scale of these applications steadily expanding.

The Ministry of Housing and Urban–Rural Development has issued guiding opinions to comprehensively launch urban health‑check initiatives.
The Ministry of Housing and Urban–Rural Development recently issued the “Guiding Opinions on Comprehensively Carrying Out Urban Health Checks” (hereinafter referred to as the “Guiding Opinions”), which stipulates that urban health checks shall be conducted across all prefecture-level and above cities, with solid and orderly progress in implementing urban renewal initiatives. The scope of urban health checks encompasses housing, residential communities, neighborhoods, and urban districts (cities).
The “Guiding Opinions” propose to refine the health‑check indicator system. At the housing level, indicators are established across dimensions such as safety and durability, functional completeness, and green, smart features, covering aspects like structural safety, utility pipelines, household water quality, building energy efficiency, and digital home technologies. At the community level, indicators are set for elderly care, childcare, parking, and charging infrastructure, reflecting improvements in facilities, livability, and sound management. At the neighborhood level, indicators address secondary schools, sports facilities, and the revitalization of older urban areas, emphasizing functional adequacy, cleanliness and order, and distinctive vibrancy. At the urban district (city) level, indicators are designed to assess ecological livability, the protection and sustainable use of historical and cultural heritage, the integration of industry and urban development, safety and resilience, and smart, efficient governance.
Local housing and urban–rural development authorities at all levels shall, in light of local conditions, supplement the city‑level health‑check indicator system with region‑specific metrics, and refine the content, data‑collection methods, evaluation criteria, and periodicity for each indicator, ensuring that they are quantifiable, perceptible, and amenable to assessment.
According to the Guiding Opinions, third-party professional teams shall, in accordance with the principle of prioritizing urgency and importance, systematically sort through and conduct diagnostic analyses of issues identified during health assessments, categorizing them into two types: those requiring time-bound resolution and those that should be addressed to the best of their ability. Issues requiring time-bound resolution primarily involve safety, health, and pressing concerns strongly voiced by the public; for such issues, immediate corrective action must be taken and deadlines for resolution strictly enforced. As for issues that can only be addressed to the best of efforts, it is essential to proceed within one’s capabilities while striving to address shortcomings and weaknesses. The progress made in resolving problems identified in the previous year’s health assessments shall be incorporated into this year’s urban health assessment process, ensuring continuous and sustained efforts to tackle these challenges.

The State Council has issued the “Overall Plan for Fully Aligning with High-Standard International Economic and Trade Rules and Promoting High-Level Institutional Openness in the China (Shanghai) Pilot Free Trade Zone.”
The State Council recently issued the “Overall Plan for Fully Aligning with High-Standard International Economic and Trade Rules and Promoting High-Level Institutional Openness in the China (Shanghai) Pilot Free Trade Zone” (hereinafter referred to as the “Overall Plan”). Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the Overall Plan comprehensively implements the spirit of the 20th National Congress of the Communist Party of China, steadily expands institutional openness in areas such as rules, regulations, governance, and standards, and, within the scope of the Shanghai Pilot Free Trade Zone, takes the lead in establishing an institutional framework and regulatory model aligned with high-standard economic and trade rules. The plan aims to build a national demonstration zone for institutional openness, thereby exploring new pathways and accumulating fresh experience for deepening reform and further opening up across the board.
The Overall Plan focuses on seven key areas and sets forth 80 measures. First, it seeks to accelerate the opening-up of trade in services by promoting high‑level liberalization in priority sectors such as finance and telecommunications, enhancing the facilitation of cross‑border investment and financing, supporting multinational corporations in establishing fund management centers, improving the quality of telecommunications services, and leading institutional reform in the service sector. Second, it aims to elevate the level of liberalization and facilitation in goods trade by optimizing and refining import management for specific categories—including imported repair goods, commercial cryptographic products, medical devices, and wine—piloting streamlined domestic quarantine procedures, expanding eligibility for advance rulings, and other facilitative measures, thereby building a scientific, convenient, and efficient regulatory framework. Third, it will take the lead in implementing high‑standard rules for digital trade by supporting the Shanghai Pilot Free Trade Zone in formulating a catalog of critical data, exploring mechanisms for lawful, secure, and convenient cross‑border data flows, accelerating the application of digital technologies, promoting the use of electronic bills, and advancing data openness and sharing to forge new competitive advantages in digital trade. Fourth, it will strengthen intellectual property protection by intensifying safeguards for trademarks, patents, geographical indications, and other IP rights, further reinforcing administrative oversight and judicial protection, and comprehensively enhancing overall IP protection capacity. Fifth, it will advance reforms in government procurement by aligning with international norms, further streamlining procurement procedures, refining procurement management, strengthening oversight, and establishing a standardized, transparent, scientifically rigorous, and tightly controlled government procurement management system. Sixth, it will promote reforms to relevant “post‑border” regulatory regimes by deepening state‑owned enterprise reform, bolstering labor rights protections, supporting international cooperation in green and low‑carbon fields, encouraging the import and export of environmental goods and services, and fostering a development environment that is fair, transparent, and predictable. Seventh, it will reinforce the risk‑prevention and control system by refining regulatory rules, innovating supervisory approaches, and establishing a robust regulatory framework characterized by clear responsibilities, fairness and impartiality, openness and transparency, and simplicity and efficiency, while advancing end‑to‑end regulatory coverage.
The Overall Plan stipulates that the Shanghai Municipal People’s Government shall strengthen its principal responsibility, establish and refine mechanisms for institutional innovation, and ensure the solid implementation of all measures. Relevant departments of the State Council are to provide active support; where specific opinions, measures, detailed rules, or plans are indeed required, they shall be finalized within one year from the date of issuance of the Overall Plan. The Ministry of Commerce is tasked with conducting effectiveness assessments and supporting Shanghai in summarizing proven practices and promptly replicating and promoting them.

The Ministry of Industry and Information Technology plans to issue the 2023 edition of the “Guidance on Building a Comprehensive Standardization System for Lithium-Ion Batteries.”
On December 6, the website of the Ministry of Industry and Information Technology published the “Public Notice Soliciting Comments on the ‘Guidance for Building a Comprehensive Standardization System for Lithium-Ion Batteries (2023 Edition)’ (Draft for Public Comment),” with the deadline for submitting feedback set for December 20.
The Guidelines clearly state that the comprehensive standardization technical system for lithium-ion batteries comprises six major categories—basic and general, materials and components, manufacturing and testing, battery products, recycling and reuse, and green and low‑carbon—and 25 subcategories. Specifically, the basic and general standards cover terminology and nomenclature, transportation, installation, and maintenance; the materials and components standards encompass cathode materials, anode materials, electrolytes, separators, and key components; the manufacturing and testing standards include manufacturing processes and equipment, intelligent manufacturing, as well as testing methods and instruments; and the battery product standards address consumer‑grade, power‑type, and energy‑storage applications, among others.

Taxation
In the first ten months, tax and fee reductions totaled 1.2386 trillion yuan, with the private sector emerging as the primary beneficiary.
With a series of tax and fee‑relief policies taking root, the vitality of market entities has been effectively boosted. According to data from the State Taxation Administration, from January to October this year, nationwide tax and fee reductions, refunds, and deferrals totaled RMB 1.6607 trillion. Private‑sector taxpayers were the primary beneficiaries, accounting for nearly 75% of the total, while manufacturing and the related wholesale and retail sectors received the largest share of these preferential measures.
It is understood that, to ensure effective implementation of the policies, the tax authorities have leveraged the advantages of tax‑related big data, continuously delivering targeted policy information more than 500 million times since August. By transforming the process from “policies finding taxpayers” to “policies being put into practice,” they have enhanced the overall efficiency of tax administration, helping all types of business entities operate with greater agility and reduced burdens.
Boosting Private Enterprises’ Confidence in Development
The private sector is a vital driving force behind national economic and social development. The State Taxation Administration has focused on the broad base of small, medium, and micro enterprises, as well as individual business households—most of which are privately owned—and in August this year launched the fifth batch of 28 taxpayer‑friendly measures under the “Spring Breeze Action for Convenient Tax Services,” aimed at fostering the growth and strengthening of private enterprises. It has also guided tax authorities across the country in rolling out complementary support measures to effectively help private businesses overcome difficulties and alleviate their burdens.
As a representative of individual businesses, Chongqing Xiaomian’s Qinjiong Noodle House, located on Yangli Road in Shapingba District, Chongqing, has been in operation for more than a decade, welcoming over 200 customers daily. With the support of various measures, the restaurant has also become a beneficiary of tax and fee‑relief policies.
Fan Puqin, the owner of Qin Qiong Noodle House, said that since the beginning of this year, the government has paid close attention to small businesses. As of the end of October, the restaurant had received tax and fee reductions totaling approximately RMB 20,000—an amount equivalent to several months’ wages for one employee.
To support the development of small and micro enterprises and individual business households, at the beginning of 2023, China announced that it would continue to exempt from value-added tax (VAT) small-scale taxpayers with monthly sales below RMB 100,000, and reduce the VAT rate for small-scale taxpayers subject to a 3% rate to 1%.
On August 1, in accordance with the State Council’s decision, the implementation period of the aforementioned policies was extended to December 31, 2027, further stabilizing market expectations and bolstering the confidence of small and micro enterprises. “Although my noodle shop isn’t very big, it still provides for my family, and the tax and fee relief measures have ensured employment for three people,” said Fan Puqin.
Statistics show that, in addition to supporting small and micro enterprises and individual business households, taxpayers in the private sector are also the primary beneficiaries of various tax and fee preferential policies. Data indicate that from January to October this year, private-sector taxpayers nationwide received new tax and fee reductions, refunds, and deferrals totaling RMB 1.23856 trillion, accounting for nearly 75% of the total.
In addition, to better support the development of the private sector, eight departments—including the People’s Bank of China, the National Administration of Financial Regulation, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange—have jointly issued the “Notice on Strengthening Financial Support Measures to Boost the Growth of the Private Economy” (hereinafter referred to as the “Notice”), which sets forth 25 specific measures to support the private sector.
With regard to improving the credit-based incentive and constraint mechanism, the Notice specifies that the mechanism for sharing credit information on private enterprises should be refined, a sound credit rating and evaluation system for small, medium, and micro enterprises as well as individual business households should be established, and access to enterprise-related credit information—covering water and electricity utilities, industry and commerce, taxation, government subsidies, and other areas—should be opened to banking and financial institutions in accordance with laws and regulations. In addition, a mechanism for credit restoration following the correction of untrustworthy behavior should be improved.
Market analysis indicates that, against the backdrop of China’s economic recovery characterized by “wave-like growth and tortuous progress,” the aforementioned measures have charted a clear course for private enterprises to establish robust, long-term mechanisms.
Precision Delivery of Tax Big Data
Following the introduction of numerous policies to support the development of the private sector, the tax authorities have also made targeted delivery of tax and fee information a key measure for implementing the major decisions and arrangements of the CPC Central Committee and the State Council.
At present, the State Taxation Administration has established a five-tier coordinated operational mechanism—“central-level overall coordination, provincial-level primary responsibility, municipal-level detailed implementation, county-level supplementation, and sub‑bureau-level safety net”—to ensure that the “policies find the people” approach is truly put into practice.
Shen Xinguo, Director-General of the Taxpayer Services Department of the State Taxation Administration, stated that, based on factors such as industry, region, enterprise type, and taxpayer status, the tax authorities leverage tax‑related big data to automatically identify, match, and deliver relevant policy measures. Employing a comprehensive approach that combines pre‑emptive notification, real‑time reminders, and post‑implementation follow‑up, they implement a progressive, end-to-end “online plus offline” delivery system, striving to ensure that every eligible taxpayer and payer can benefit from the policy incentives.
In Tibet, the local tax authorities have implemented measures such as screening through a tax‑big‑data platform and inter‑departmental information sharing to precisely identify enterprises that meet the criteria for preferential policies. This has enabled the creation of a targeted policy‑delivery roster, shifting the approach from “people seeking policies” to “policies finding people,” and from “massive searches” to “one‑click access.”
“By logging into the Electronic Tax Bureau, taxpayers can access tax‑related policy alerts automatically pushed by the tax authorities and obtain them with a single click—a highly convenient process,” said the finance director of Qiangwa Machinery Leasing Co., Ltd. in Shigatse, Tibet.
Meanwhile, thousands of miles away in Jiangsu Province, the tax authorities, building on the precise targeting enabled by tax‑related big data, also provide comprehensive support through a “tax‑grid officer” model.
Tax officials in Huishan District, Wuxi City, Jiangsu Province, stated that the tax authorities have strengthened outreach and operational guidance on new tax and fee policies through channels such as tax‑enterprise communication groups and taxpayer‑tax authority interaction platforms. Statistics show that, since the beginning of this year, a total of 96 targeted policy‑delivery campaigns have been conducted, reaching approximately 430,000 taxpayer instances.
“Whenever the state introduces a new policy, tax‑grid officers promptly notify us and provide guidance on how to implement it. For example, under the policy that raised the threshold for individual business households’ taxable income exemption from RMB 1 million to RMB 2 million, we helped enterprises promptly benefit from tax concessions totaling RMB 75,000 in the first half of the year,” said the finance director of Haijing No. 1 Seafood Hotel in Huishan District.
An official from the State Taxation Administration stated that, by streamlining and refining the process for precisely delivering tax and fee preferential policies, the tax authorities have ensured that policy benefits are directly and accurately channeled to business entities. This has significantly amplified the incentive effects of these policies and propelled high-quality economic development.

“Tax Power” Boosts Confidence Among Market Operators
According to the latest statistics from the State Taxation Administration, during the first ten months of this year, nationwide tax and fee reductions, refunds, and deferrals totaled RMB 1.6607 trillion.
Since the beginning of this year, a series of tax‑related policies—designed to extend, refine, and improve existing measures—have been implemented and taken root, delivering tangible fiscal benefits. These measures have further stabilized market expectations, bolstered the confidence of market entities, invigorated their dynamism, and strengthened their capacity for innovation and development, thereby injecting momentum into China’s economy as it continues to move toward greater stability and improvement.
On the one hand, “tax power” is helping private enterprises shed burdens and accelerate their start-up. Data show that in the first ten months of this year, nationwide private-sector taxpayers benefited from an additional 1.23856 trillion yuan in tax and fee reductions, refunds, and deferrals.
To help the private sector better contribute to high-quality development, tax authorities, grounded in the realities of private‑enterprise growth, have continuously enhanced administrative efficiency across all stages—moving from “policies finding taxpayers” to “policy implementation.” For example, in early August this year, the State Taxation Administration issued a notice titled “Measures to Continue and Optimize the ‘Spring Breeze Action for Convenient Tax Services’ to Promote the Development and Strengthening of the Private Sector and Support High‑Quality Development,” introducing and refining 28 taxpayer‑friendly measures across five key areas. These measures are squarely focused on the needs of the vast number of small, medium, and micro enterprises, as well as individual business households, which are predominantly private‑sector entities, thereby ensuring that a series of tax and fee preferential policies—extended, refined, and improved—are implemented more effectively and with greater precision.
On the other hand, “tax leverage” supports technological innovation, bolstering enterprises’ confidence in increasing R&D investment and strengthening their growth momentum. According to data released by the State Taxation Administration, during the first three quarters of this year, a total of 403,000 enterprises nationwide took advantage of the policy of additional deduction for R&D expenses ahead of schedule.
Enterprises are the primary drivers of technological innovation, and the policy of allowing an additional tax deduction for R&D expenses is one of the key measures to advance innovation‑driven development. To further encourage companies to increase their R&D investment and better support their innovative growth, fiscal and tax authorities have continuously refined the pre‑tax additional deduction policy for enterprise R&D expenditures in recent years. For example, in March this year, the additional deduction rate for eligible enterprises was uniformly raised from 75% to 100% and institutionalized as a long‑term measure. At the same time, a new interim filing period in July was introduced as the point at which the policy can be applied, guiding enterprises to ramp up R&D spending more quickly and effectively.
This preferential policy is highly targeted and delivers substantial benefits, meaning that the more a company invests in R&D, the greater its tax relief. As a result, it alleviates financial pressures on enterprises engaged in scientific and technological innovation, nurtures the “seeds” of technological breakthroughs, and helps bolster businesses’ confidence in driving innovative growth.
In summary, it is evident that “tax power” is injecting robust momentum into high-quality economic development.

Litigation & Arbitration
The Supreme People’s Procuratorate has released the second batch of typical cases involving public hearings on major criminal cases.
Recently, the Supreme People’s Procuratorate released a second batch of typical cases involving public hearings on major criminal matters.
The second batch of typical cases from public hearings on major criminal matters comprises eight instances, namely: the public hearing on the intentional homicide case involving Zhao Moujia; the public hearing on the dangerous‑operations case involving Lü Moumou; the public hearing on the criminal appeal case involving Ke Moumou; the public hearing on the illegal possession of firearms case involving Qiu Moumou; the public hearing on the procuratorial recommendation concerning governance issues related to the issuance and administration of motor vehicle driver’s licenses; the public hearing on the serious‑accident‑causing‑liability case involving Zhang Mou; the public hearing on the serious‑accident‑causing‑liability case involving Wan Moumou and Zhang Moumou; and the public hearing on the serious‑accident‑causing‑liability case involving Shi Moumou and Dong Moumou. This batch of typical cases places particular emphasis on non‑prosecution decisions and covers offenses such as intentional homicide, dangerous operations, serious accidents caused by negligence, and illegal possession of firearms, as well as public safety hazards posed by dangerous methods. They also address issues like procuratorial recommendations, judicial assistance, and corporate compliance, highlighting how the combination of “public hearings plus judicial assistance” can achieve more effective case handling and enhance the professionalism and effectiveness of the procuratorial organs in participating in social governance.

The Supreme People’s Procuratorate has released the Top Ten Cases of 2023 on Law-Based Protection of Women’s and Children’s Rights.
On December 4, the Supreme People’s Procuratorate’s official WeChat account released the Top Ten Cases of the Fifth Session on Law-Based Protection of Women’s and Children’s Rights.
In Case One, the internal rules and regulations of a heat‑treatment company in Jiangsu stipulated that “female employees are entitled to 98 days of maternity leave; any additional leave beyond 98 days shall be treated as personal leave.” This provision contravenes the relevant provisions of the Regulations of Jiangsu Province on Population and Family Planning and the Special Provisions of Jiangsu Province on Labor Protection for Female Employees, which provide that eligible female employees, in addition to the standard 98 days of maternity leave, are entitled to an additional 30 days of extended maternity leave. In response, a special service team jointly established by the Liyang City Federation of Trade Unions and the Municipal Human Resources and Social Security Bureau issued a “Trade Union Opinion Letter on Labor Law Supervision” to the company, guiding and urging it to rectify its unlawful conduct.

“Hongling Venture Capital” Case of Illegal Fundraising: First-Instance Judgment Delivered After Raising Over 100 Billion Yuan in Public Deposits
On December 7, the Shenzhen Intermediate People’s Court delivered a public first-instance verdict in the case of illegal fundraising involving Zhou Shiping, chairman of Hongling Venture Capital E‑Commerce Co., Ltd., and others. The defendant, Zhou Shiping, was convicted of fundraising fraud and the crime of illegally absorbing public deposits, and was sentenced to life imprisonment, with deprivation of political rights for life, and confiscation of all his personal property.
The court found that, from 2009 to 2021, Zhou Shiping and others illegally absorbed public deposits totaling approximately RMB 109 billion from more than 480,000 investors by issuing financing products on the Hongling Venture Capital Company’s online platform. During this period, despite being fully aware of the company’s substantial funding shortfall, Zhou Shiping and his associates continued to launch fraudulent investment offerings—such as “consumer‑oriented wealth management,” “debt‑swap schemes,” and “Hongyingbao”—to raise funds illicitly. The proceeds were primarily used to repay principal and interest on maturing financing projects and to cover operating expenses, none of which generated any profit. Moreover, leveraging his de facto control over “Touzibao” and “Hongling Capital’s offline wealth‑management products,” Zhou Shiping misappropriated the illegally raised funds, engaging in fundraising fraud amounting to over RMB 20.4 billion. The court determined that the criminal conduct of Zhou Shiping and others resulted in massive property losses and severely disrupted financial order. Based on the facts, nature, circumstances, and social harm posed by each defendant’s offenses, the court rendered the aforementioned judgment in accordance with the law.

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