CSRC to Revise Opinions on the Application of Securities and Futures Laws No. 18

The China Securities Regulatory Commission (CSRC) has issued the Decision on Amending the Opinions on the Application of Relevant Provisions of Articles 9, 10, 11, 13, 40, 57, and 60 of the Administrative Measures for the Registration of the Issuance of Securities by Listed Companies - Opinions on the Application of Securities and Futures Laws No. 18 (Draft for Comment) (the "Draft") to solicit public opinions by March 2, 2026.

The Draft mainly involves the following revisions: (1) expanding the types of strategic investors, clarifying that institutional investors such as enterprise (occupational) annuity funds, commercial insurance funds, publicly offered funds, and bank wealth management products may serve as strategic investors; (2) clarifying the minimum shareholding requirement, specifying that strategic investors shall, in principle, subscribe for no less than 5% of the shares of the listed company in the relevant offering; (3) clarifying the basic requirements for capital investors; (4) improving information disclosure requirements; (5) further tightening regulatory requirements; and (6) refining relevant words and expressions.



(Source: https://www.csrc.gov.cn/csrc/c101981/c7612551/content.shtml)

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