To all market participants:

The 20th CPC National Congress explicitly called for the thorough implementation of the people-centered development philosophy and deepened reform efforts on streamlining administration, delegating power, strengthening regulation, and improving services. In order to further study and implement the spirit of the 20th CPC National Congress, earnestly implement the spirit of the Central Economic Work Conference and the Second Plenary Session of the 20th CPC Central Commission for Discipline Inspection as well as the deployment of the system working conference of the China Securities Regulatory Commission, the Shanghai Stock Exchange (SSE) has always prioritized the people's position as its fundamental stance. In accordance with the principle of "power under the sun and transparent approval" and requirements of the supervision transformation, the SSE has summarized its preliminary work and formulated the Action Plan of the Shanghai Stock Exchange to Further Promote "Open-Door Review, Open-Door Supervision, and Open-Door Service", as hereby released (please refer to the attached document for details), so as to effectively change working style, improve service efficiency, optimize the business environment, and continuously enhance the sense of gain and satisfaction of all market entities.

Market participants are welcome to provide comments and suggestions. The SSE is committed to furthering its action of "open-door review, open-door supervision and open-door service." By continuously improving supervision transparency and enhancing the sense of gain among market participants, we can collectively create a sound market ecosystem that better serves high-quality development.

Attachment: Action Plan of the Shanghai Stock Exchange to Further Promote "Open-Door Review, Open-Door Supervision and Open-Door Service"

The 20th CPC National Congress explicitly called for the thorough implementation of the people-centered development philosophy and deepened reform efforts on streamlining administration, delegating power, strengthening regulation, and improving services. In order to further study and implement the spirit of the 20th CPC National Congress, earnestly implement the spirit of the Central Economic Work Conference and the Second Plenary Session of the 20th Central Commission for Discipline Inspection as well as the deployment of the system working conference of the China Securities Regulatory Commission (CSRC), the Shanghai Stock Exchange (SSE) has always prioritized the people's position as its fundamental stance. In accordance with the principle of "power under the sun and transparent approval" and requirements of the supervision transformation, the SSE has summarized its preliminary work and formulated the Action Plan of the Shanghai Stock Exchange to Further Promote "Open-Door Review, Open-Door Supervision, and Open-Door Service" (hereinafter referred to as the "Three Open-Doors" Action Plan) to effectively change work style, improve service efficiency, optimize the business environment, and continuously enhance the sense of gain and satisfaction of all market entities.

Under the leadership of the CSRC and the supervision of the CSRC's disciplinary inspection team, the SSE has insisted on putting power under the sun. It uses the "Three Open-Doors" as the "touchstone" of its work style and keeps increasing the depth, strength, and breadth of its work. By the end of 2022, there had been a 168% increase in the number of consultations and communications before applying for listing on the STAR Market over the previous year, and about 13,000 inquiries had been received for the review of credit debt financing. The self-regulatory rules for listed companies were streamlined by about 90%, and nearly 200 events such as "Reception Day for Department Heads" and "First Lesson on STAR Market Listing" were held. The SSE's "One-Stop Online Service" portal was officially launched, optimizing more than 20 functions of the listed company system and 146 functions of the membership system.

In order to further improve the working mechanism and facilitate market participants, the "Three Open-Doors" Action Plan follows the basic principles of persisting in carrying forward the spirit of "shopkeeper", persisting in opening the "main door" to unblock channels, and persisting in the full coverage of open-door services. The plan consists of 12 measures in three areas, with a view to changing work practices, improving transparency, and optimizing services to build a service-oriented exchange and better serve high-quality development. The details are as follows.

In terms of "open-door review", the first is to clarify standards to constantly promote the principle of "power under the sun". 

The SSE will continuously disclose review standards by issuing business guidelines and offering training. The SSE will minimize room for discretion by enriching review dynamics and strengthening policy interpretation. The SSE will make the review processes, procedures, and results fully public through online channels such as stock and bond systems and websites. 

The second is to facilitate consultation to effectively ensure the communication needs of market entities. The SSE will optimize the consultation channels before application, during reviews, and after meeting to raise the level of reception. The SSE will answer all questions and provide clear responses to consultation questions to effectively address them; and will clarify review concerns and improve suggestions for those that cannot be answered directly. 

The third is to break down obstructions to eliminate the "last mile" of information transmission. After a company submits an application, the SSE will promptly send a "letter of proposal to jointly promote open-door review" to its chairman, general manager, board secretary, and other key personnel to specify the review process and contact information and clarify the integrity discipline. The SSE will add relevant courses into its training of independent directors, intermediaries, and others. 

The fourth is to expand the scope to include more market entities. The SSE will further optimize the consultation and communication mechanism to broaden the scope of subjects for pre-application consultation and communication.

In terms of "open-door supervision", the first is to provide large-scale publication and guidance and conduct ongoing push and training on supervision dynamics. The SSE will up a "push column of supervision dynamics" in the business management system for listed companies. The SSE will release the "click-up" of common rules for listed companies. The SSE will regularly inform listed companies, members, and accounting firms of the supervision status, typical cases, and key concerns through a special issue or official account. The SSE will continuously offer the "First Lesson on Listing". The second is to optimize the communication channels with market entities to unblock communication. The SSE will hold weekly "Reception Day for Department Heads" for listed companies, and convene regular supervision exchange sessions for members. The SSE will improve communication efficiency with market entities by setting up a hotline to answer difficult and complex questions about information disclosure rules. The third is to emphasize research and listen to market opinions to improve supervision quality and efficiency. The SSE will continuously visit and discuss with market entities to coordinate efforts to solve "urgent and difficult" problems of listed companies. The fourth is to strengthen synergy to improve supervision linkage and collaboration. The SSE will strengthen communication and exchange with local governments and securities regulatory bureaus and regularly informing the quality improvement of listed companies.

In terms of "open-door service", the first is to build a brand to constantly promote the construction of a comprehensive service system across product lines. The SSE will hold "SSE Capital Market Service Week" in all provinces, autonomous regions, and municipalities to provide comprehensive services including stocks, bonds, public REITs, funds, derivatives, and investor education. The second is to integrate the channels for opening doors to optimize the experience. The SSE will upgrade the "One-Stop Online Service" and accelerate the integration of service hotline 4008888400. The SSE will optimize the functions of the online training platform "Shanghai Stock Exchange Academy". The SSE will keep improving the convenience of trading services. The third is to create columns, cracking the "deep alley" problem of information by setting up a "Three Open-Doors" bulletin board. The SSE will set up a "Three Open-Doors" bulletin board in a prominent position on its official website and the home page of its APP to display the open-door channels; and the SSE will continuously carry out "Three Open-Doors" thematic press campaigns to enhance public recognition of the concept. The fourth is to strengthen supervision by increasing regulations and constraints on the "Three Open-Doors" work process. The SSE will regularly monitor and evaluate the attitude and service level of window staff. The SSE will make public the phone number for integrity and complaint reporting and clarifying the discipline of integrity, so as to create a clear and upright ecology.

All market participants are welcome to raise their comments and suggestions. Looking forward, the SSE will continue to bring into play the "Three Open-Doors" work, constantly improve the transparency of supervision, strive to enhance the sense of gain of all market participants, and jointly create a favorable market ecology.