The China Securities Regulatory Commission ("CSRC") has recently issued the revised Standards for the Contents and Formats of Information Disclosure by Unlisted Public Companies No.3 -- Prospectus for Private Placement and Report on Private Placement Status (Revised in 2020) and the Standards for the Contents and Formats of Information Disclosure by Unlisted Public Companies No.4 -- Application Documents for Private Placement (Revised in 2020), as well as the newly formulated Standards for the Contents and Formats of Information Disclosure by Unlisted Public Companies No.9 -- Annual Reports of Companies Listed on the Innovation Tier and the Standards for the Contents and Formats of Information Disclosure by Unlisted Public Companies No.10 -- Annual Reports of Companies Listed on the Basic Tier, all of which shall go into effect immediately from the date of issuance.
Principal changes introduced this time include: 1. unifying the requirements regarding private placement by expanding the scope of application of requirements for information disclosures and application documents to cover all public companies; 2. making improvement to the contents of information disclosures by setting out clear requirements for the disclosure of information on shares offered to purchase assets and detailing the requirements for the disclosure of information about the use of the raised funds; 3. adding extra requirements for comments made by intermediary agencies; and 4. setting forth a clear requirement that where the private placement proposed by a company listed on the National Equities Exchange and Quotations ("NEEQ") needs to undergo administrative licensing procedures, the NEEQ will issue self-regulatory opinions in the first place, and such opinions are a must among application documents for administrative licensing.