The Shanghai Stock Exchange ("SSE") has recently issued the Applicable Guide to the Guidelines on the Format of Temporary Announcements under the Shanghai-London Stock Connect, the Statement and the Letter of Commitment of Directors (Senior Executives) of an Overseas Underlying Securities Issuer under the Shanghai-London Stock Connect (the "Statement and Letter of Commitment"), and the Circular on Requiring Investors in Underlying Securities Issued by an Overseas Issuer under the Shanghai-London Stock Connect to Declare and Disclose Equity Information via the Equity Information Disclosure System. The Statement and Letter of Commitment have taken effect immediately from the date of issuance.
The part "Statement" of the Statement and Letter of Commitment requires that, directors (senior executives) of an issuer shall explain whether they have been clearly aware of the provision that they, as directors of the overseas issuer, will be held criminally liable for their acts, in violation of the duty of loyalty to the company, of taking advantage of their positions to manipulate the overseas issuer to perform any of six acts, including "providing other entities or individuals, free of charge, with funds, commodities, services or other assets", which result in particularly heavy losses to this overseas issuer's interests.