To implement theThree-Year Action Plan for Improving the Quality of Listed Companies (2022-2025)enacted by CSRC, further improve the information disclosure rules system and make industrial information disclosure more pertinent and effective, SZSE released the newly revisedGuidelines of SZSE for Self-Discipline Regulation of Listed Companies No.3 – Industrial Information DisclosureandGuidelines of SZSE for Self-Discipline Regulation of Listed Companies No.4 – ChiNext Board Industrial Information Disclosure(collectively the “Industrial Information Disclosure Guidelines”).

Being investor oriented, the Industrial Information Disclosure Guidelines highlight the requirements on operating information disclosure in specific industries, marking a major exploration of SZSE to advance the quality of industrial information disclosure through high-quality institutional supply and drive the high-quality development of listed companies. Since the release of the information disclosure guidelines for film & television and pharmaceutical industries in 2013, SZSE has attached great importance to and continuously improved the self-discipline rules on industrial information disclosure, and put in place two systems of industrial information disclosure guidelines respectively for SZSE-and the ChiNext Board-listed companies to provide systematic disclosure requirements for 33 industries. As a result, industrial information has become increasingly transparent and understandable, thereby helping investors understand listed companies more clearly and thoroughly and contributing to the discovery of the market values of listed companies.

The revisions are aligned with the market-based and rule-of-law principles and guided by the philosophy of promoting development through regulation. Built on the further analysis of industrial characteristics, systematic summary of past experience in industrial regulation and extensive consultation of the opinions of market participants, the revisions, in combination with the new problems and phenomena arising from the development of listed companies, introduce adaptive adjustments that involve the following aspects:

First, the revised guidelines respond to market concerns and optimize requirements for disclosing operating information.The guidelines encourage listed companies in the auto industry to disclose regional sales, strengthen the requirements on the disclosure of major projects by listed companies in the civil engineering industry, and adaptively adjust the disclosure standards for regular reports in the PV industry. While protecting investors’ right to know, the guidelines are also designed to balance the results and cost of information disclosure for some industries, and thus promote the healthy development of listed companies.

Second, the revised guidelines underline industrial characteristics and tighten the requirements on ESG information disclosure.Based on industrial characteristics, the guidelines detail the requirements on the disclosure of major environmental pollution incidents for highly polluting industries like solid mineral resources, food and wine making, textiles & garments, chemicals and power, so as to push the listed companies to harmonize business development and environmental treatment. Also, the guidelines provide detailed requirements on disclosing major safety incidents for the industries where safety incidents are more likely to happen and have a big impact, such as solid mineral resources, chemicals and civil explosives, to urge the listed companies to take their social responsibilities.

Third, the revised guidelines intensify synergy of rules, and adjust the requirements on non-industrial information disclosure.The requirements on general financial information disclosure in regular reports and the requirements on the disclosure of administrative punishments and environmental information, which have been regulated by other business rules or codes, are deleted from the guidelines to further focus on industrial information disclosure. The standards for disclosing major contracts by companies of various industries listed on the ChiNext Board are unified and kept consistent with other rules.

SZSE has upheld the principle of establishing rules in an open manner. During the revision process, SZSE solicited the opinions of listed companies through talks and phone calls, etc., to learn better about industrial conditions and fully listen to the appeals of various parties concerned. SZSE highly valued, earnestly analyzed and fully debated over the opinions and suggestions provided by listed companies before adopting reasonable ones.

SZSE will faithfully carry out the guiding principles of the 20th National Congress of the CPC and the decisions and plans of the Central Economic Conference, follow the market-based and rule-of-law direction, and practice the guidelines of “establishing systems, no interference and zero tolerance” and the philosophy of “standing in awe of the market, the rule of law, professionalism and risks and giving full play to the synergy of all sectors”. Also, SZSE will steadfastly advance theImplementation of the Work Plan on theThree-Year Action Plan for Improving the Quality of Listed Companies (2022-2025), work consistently to refine the self-discipline regulation rules system, and push for the building and improvement of a tiered and differentiated information disclosure system. In doing so, SZSE aims to constantly reinforce the institutional foundation, enrich institutional supply, provide a stronger boost to market development, and take the overall quality of listed companies to a higher level.