JC Master Legal News Issue 1204

Key Takeaways for This Issue

The China Securities Regulatory Commission has issued the 2026 Annual Legislative Work Plan for Securities and Futures Regulation.

Recently, the China Securities Regulatory Commission released the “2026 Legislative Work Plan of the China Securities Regulatory Commission.”

The China Securities Regulatory Commission has issued guidelines to deepen the reform of the ChiNext Board, with the first batch of supporting business rules simultaneously open for public comment.

Recently, the China Securities Regulatory Commission issued the “Opinions on Deepening the Reform of the ChiNext Board to Better Support the Development of New‑Type Productive Forces” (hereinafter referred to as the “Opinions”). In response, the Shenzhen Stock Exchange released the “Notice on Soliciting Public Comments on the First Batch of Supporting Business Rules for Deepening the ChiNext Reform,” inviting public input on four rules, with the deadline for feedback set for April 17.

The Supreme People’s Procuratorate has released the 61st batch of guiding cases, focusing on the identification of implicit bribery.

Recently, the Supreme People’s Procuratorate issued the “Notice on the Issuance of the Sixty-first Batch of Guiding Cases of the Supreme People’s Procuratorate.”
 

Finance and Capital Markets

FINANCE & CAPITAL MARKETS
 

The China Securities Regulatory Commission has issued the 2026 Annual Legislative Work Plan for Securities and Futures Regulation.

Recently, the China Securities Regulatory Commission released the “2026 Legislative Work Plan of the China Securities Regulatory Commission.”

The plan incorporates 20 regulatory initiatives, including eight priority projects slated for promulgation within the year and twelve projects that will be promptly studied and introduced at an appropriate time. Key areas covered include revising the registration rules for refinancing by listed companies and on the Beijing Stock Exchange, the Measures for the Administration of Operations of Publicly Offered Mutual Funds, and the Measures for the Supervision and Administration of Futures Companies; as well as formulating the Measures for the Supervision and Administration of Private Equity Fund Raising, the Measures for the Supervision and Administration of Derivatives Trading, the Measures for the Administration of Equity Incentive and Employee Stock Ownership Plans for Listed Companies, and the Measures for Determining Illegally Obtained Gains in Administrative Penalty Cases. In addition, the plan addresses the development of regulations governing private equity fund custody, securities and fund investment advisory services, public REITs, margin trading and short selling, information technology management, stock exchanges and registration‑clearing systems, futures‑industry practitioners and risk‑monitoring indicators, and integrity‑based regulation. At the same time, it supports the advancement of revisions to relevant administrative regulations and the Fund Law pertaining to securities offices, listed companies, real estate investment funds, and other related areas.

The China Securities Regulatory Commission has launched a special campaign on corporate governance for listed companies, focusing on eight key areas.

Recently, the China Securities Regulatory Commission launched a special campaign to enhance corporate governance among listed companies.

The special campaign has been implemented since April, advancing corporate governance of listed companies across eight key areas: issuing the “Regulatory Rules for Board Secretaries of Listed Companies” to require companies with vacant board secretary positions to promptly appoint a successor and legally replace any unqualified individuals; supporting third-party nominations of independent directors, endorsing the Investor Service Center’s public solicitation and joint exercise of shareholder rights, and encouraging participation by public fund managers; empowering audit committees to conduct targeted reviews of non‑standard matters in annual reports and internal control audits, as well as financial red flags, and to report findings to regulators; urging the recovery of excessive performance‑based compensation from executives at companies engaging in financial fraud and linking pay to performance; requiring major shareholders to return misappropriated funds and supporting civil claims for restitution; supporting the Investor Service Center in exercising shareholder rights through shareholding; guiding eligible companies to strengthen the integration of their business and financial systems; and organizing training on the “Corporate Governance Code for Listed Companies.”

The National Administration of Financial Regulation is seeking public input on the Measures for the Licensing of Rural and Small‑and‑Medium‑Sized Banks.

Recently, the National Administration of Financial Regulation issued an announcement soliciting public comments on the “Measures for the Implementation of Administrative Licensing Matters for Rural and Small‑and‑Medium‑Sized Banking Institutions of the National Administration of Financial Regulation (Draft for Public Comment).”

The Draft for Soliciting Opinions systematically regulates the establishment, amendment, termination, adjustment of business scope, and approval of qualifications for directors, supervisors, and senior management of rural commercial banks, rural commercial joint-stock banks, rural cooperative banks, rural credit cooperatives, village and town banks, and other such institutions. It clarifies the approval conditions, division of authority, and processing time limits for matters such as preparatory establishment, opening, amendments, and dissolution, and incorporates anti‑money laundering and counter‑terrorist financing review requirements. The document further specifies requirements regarding sponsor qualifications, shareholding ratios, registered capital, prudential regulatory indicators, information technology governance, and data and personal information security; it also sets out separate provisions for investment‑management‑type village and town banks, the establishment of branches, changes to equity and registered capital, authorization for foreign exchange and derivatives activities, credit card operations, and offshore business.

The China Securities Regulatory Commission has issued guidelines to deepen the reform of the ChiNext Board, with the first batch of supporting business rules simultaneously open for public comment.

Recently, the China Securities Regulatory Commission issued the “Opinions on Deepening the Reform of the ChiNext Board to Better Support the Development of New‑Type Productive Forces” (hereinafter referred to as the “Opinions”). In response, the Shenzhen Stock Exchange released the “Notice on Soliciting Public Comments on the First Batch of Supporting Business Rules for Deepening the ChiNext Reform,” inviting public input on four rules, with the deadline for feedback set for April 17.

The Opinions set forth the following key measures: First, emphasize the functional positioning of market segments to better support the high-quality development of the real economy. Second, refine issuance and listing standards to enhance inclusiveness and attractiveness. Third, leverage the role of local governments to help improve the efficiency of review and registration processes. Fourth, rigorously control entry criteria for issuances and listings, and officely assign responsibilities across the entire review and registration chain. Fifth, improve financing and M&A frameworks to increase the flexibility and convenience of equity and debt financing. Sixth, strengthen comprehensive oversight throughout the entire process to promote higher-quality listed companies. Seventh, deepen reforms on the investment side to foster coordinated development between investment and financing. Eighth, pool efforts and work together to create a favorable market‑development ecosystem. The Opinions explicitly introduce a fourth set of listing criteria for the ChiNext Board and establish an IPO pre‑review mechanism, among other measures.
 

Business and Corporations

COMMERCIAL & CORPORATE
 

The CPC Central Committee and the State Council have issued a document to promote the deepening of reforms in industry associations and chambers of commerce.

On April 13, the General Office of the CPC Central Committee and the General Office of the State Council issued the “Opinions on Deepening Reform of Industry Associations and Chambers of Commerce.”

The “Opinions” set forth requirements covering Party building, registration and supervision, internal governance, asset and financial management, and enterprise‑establishment administration: streamlining the mechanisms for Party‑building affiliation and responsible‑person review, leadership‑transition oversight, and accountability; formulating direct‑registration procedures, exploring simplified deregistration and differentiated regulatory approaches, and strengthening oversight of key areas such as fee collection, asset and financial management, and foreign‑related activities; improving systems for the members’ general assembly, the board of directors, the supervisory board, and information disclosure, while standardizing branch offices and fee‑charging practices; strictly limiting the establishment of enterprises, prohibiting the creation of entities that directly compete with members, and barring principals and their relatives from holding positions or receiving remuneration in any enterprises they establish; and proposing measures to optimize integration, establish exit mechanisms, institute self‑disciplinary sanctions, facilitate mediation, enhance industry statistics, develop group standards, and promote international exchanges.

The National Development and Reform Commission: will focus on the digital economy, artificial intelligence, and other related fields.

Recently, at a press conference held by the State Council Information Office, the National Development and Reform Commission stated that it will focus on areas such as the digital economy, artificial intelligence, and commercial spaceflight, and introduce policies and reform measures to boost private investment.

At a series of thematic press conferences titled “Getting Off to a Strong Start in the 15th Five-Year Plan” held by the State Council Information Office, Wang Changlin, Deputy Director of the National Development and Reform Commission, stated that, going forward, China will further refine the long-term mechanisms for private enterprises’ participation in major project development. A package of policies and reform measures aimed at boosting private investment will be introduced, focusing on high-growth sectors such as the digital economy, artificial intelligence, and commercial aerospace. Central state-owned enterprises will be encouraged to collaborate with private offices to advance key projects, including efforts to master critical core technologies. At the same time, steps will be accelerated to expand and enhance the efficiency of the infrastructure REITs market.

The Ministry of Industry and Information Technology is seeking public input on five standards, including the “Digital Capability Maturity Model for Compliance Management in Electronic Information Enterprises.”

Recently, the Ministry of Industry and Information Technology issued a public notice soliciting comments on five industry standards, including the “Digital Capability Maturity Model for Compliance Management in Electronic Information Enterprises.” The deadline for submitting feedback is May 16, 2026.

This public notice solicits comments on the draft versions of five electronic industry standards: “Digital Capability Maturity Model for Compliance Management in Electronic Information Enterprises,” “Tiered Requirements for Greenhouse Gas Management Systems in the Electronics Industry,” “Flexible Array Force‑Sensitive Sensors,” “General Requirements for Greenhouse Gas Management Systems in the Electronics Industry,” and “Assessment Specifications for Greenhouse Gas Management Systems in the Electronics Industry.” The relevant documents are available for review in the Project Public Notice section of the Industrial and Information Technology Standards Information Service Platform.
 

Litigation and Arbitration

LITIGATION & ARBITRATION

The Supreme People’s Procuratorate has released the 61st batch of guiding cases, focusing on the identification of implicit bribery.

Recently, the Supreme People’s Procuratorate issued the “Notice on the Issuance of the Sixty-first Batch of Guiding Cases of the Supreme People’s Procuratorate.”

This batch of cases comprises five instances, focusing on novel and concealed forms of bribery—such as inflating transaction stages, lending money and collecting interest, real estate transactions, investment returns, and anticipated proceeds from pre‑IPO shares—and clarifying the criteria for establishing the crime of bribery and the rules for calculating the amount involved. The cases specify that, for bribery involving inflated transaction stages, the amount is determined by the actual profit obtained; for bribery through lending and interest collection, it is measured by the difference between the interest received and the highest prevailing rate for comparable loans during the same period; for bribery related to real estate transactions, it is based on the actual gain realized from the property’s appreciation; for bribery involving investment returns, where the individual lacks eligibility to hold equity or receive fixed returns, the entire return is deemed the bribe; and for bribery stemming from anticipated gains on pre‑IPO shares, after deducting the initial investment, the bribe is calculated as the actual profit derived from selling the shares following the company’s listing.

The Supreme People’s Court has released the third batch of typical cases involving foreign-related commercial and maritime mediation.

Recently, the Supreme People’s Court released the third batch of typical cases involving foreign-related commercial and maritime mediation.

This batch comprises six cases, covering cross-border investment, equity transfers, sales contracts, ship management and operation, maritime salvage, and the recognition and enforcement of foreign arbitral awards. The cases demonstrate that the courts have relied heavily on mobile court sessions, precise legal clarification, extraterritorial law verification, parallel “promoting appraisal and assessment,” bilingual mediation, a unified online platform, and an on‑water “one‑stop” multi‑dispute‑resolution mechanism to adjudicate disputes. Specific outcomes include the termination of seven cross-border cooperation agreements, a reduction of the equity transfer payment to RMB 180,000, settlement of an arbitration award dispute for just over USD 280,000 with withdrawal of the enforcement application, prompt performance of a sales contract within one day of signing, the completion of seizure, mediation, and release of seized assets within 24 hours, and a lump-sum payment of USD 50,000 for maritime salvage expenses.