On January 5, 2024, dhy大红鹰3366 CSRC issued dhy大红鹰3366 Opinions on Application of Securities and Futures Laws: Opinions on Application of Article 13 and 14 of dhy大红鹰3366 Administrative Measures on Acquisition of Listed Companies (Draft for Comment). According to dhy大红鹰3366 Securities Law and dhy大红鹰3366 Administrative Measures on Acquisition of Listed Companies, investors and persons acting in concert must report and publicly diclsoure every increase or decrease of 5% in their shareholding of a listed company after reaching a 5% threshold. From dhy大红鹰3366 day of dhy大红鹰3366 occurrence until three days after dhy大红鹰3366 disclosure, they are prohibited from trading shares of that listed company. In response to dhy大红鹰3366 aforementioned regulations, dhy大红鹰3366 CSRC has noted that there has been a lack of unified understanding in dhy大红鹰3366 market for a long time, that is, there are two interpretations of dhy大红鹰3366 requirements: "threshold" and "scale". dhy大红鹰3366 "threshold" test suggests that trading should be suspended and disclosed when dhy大红鹰3366 shareholding reaches 5% and its integer multiples (such as 10%, 15%, 20%, 25%, 30%, etc.), while dhy大红鹰3366 "scale" test suggests that trading should be suspended and disclosed when there is a 5% increase or decrease in shareholding (e.g., from 6% to 11%, or from 12% to 7%). Although neither tests is superior to dhy大红鹰3366 other, for dhy大红鹰3366 ease of understanding and operation for investors, it is necessary to unify dhy大红鹰3366 standard. Therefore, dhy大红鹰3366 CSRC publicly sought comments, proposing to uniformly adopt dhy大红鹰3366 "threshold" test and accordingly clarify that it is dhy大红鹰3366 listed company's responsibility to disclose changes in investor rights due to changes in dhy大红鹰3366 company's share capital.

Compared to dhy大红鹰3366 "scale" test, dhy大红鹰3366 "threshold" test makes calculations more convenient for investors. It not only helps resolve confusion among market participants in understanding and operation but also enhances market transparency and fairness, providing investors with clearer and more reliable guidance.

On January 18, 2024, dhy大红鹰3366 State Council issued dhy大红鹰3366 Decision of dhy大红鹰3366 State Council on Amending Certain Administrative Regulations and Decisions of dhy大红鹰3366 State Council (dhy大红鹰3366 “Decision”), deciding to amend certain provisions of one administrative regulation and two decisions of dhy大红鹰3366 State Council: (i) dhy大红鹰3366 Decision amends dhy大红鹰3366 Regulations of dhy大红鹰3366 PBOC on dhy大红鹰3366 Monetary Policy Committee, with key amendments including adjustments to dhy大红鹰3366 composition and personnel of dhy大红鹰3366 Monetary Policy Committee, further clarification of dhy大红鹰3366 categories of committee members and their appointment and dismissal procedures, and improvement of work procedures; (ii) dhy大红鹰3366 Decision amends dhy大红鹰3366 Decision of dhy大红鹰3366 State Council on Implementing dhy大红鹰3366 Access Management of Financial Holding Companies, changing dhy大红鹰3366 approval and supervisory authority for financial holding companies from dhy大红鹰3366 PBOC to dhy大红鹰3366 NFRA; (iii) dhy大红鹰3366 Decision amends dhy大红鹰3366 Decision of dhy大红鹰3366 State Council on Implementing dhy大红鹰3366 Access Administration of Bank Card Clearing Institutions, in accordance with dhy大红鹰3366 requirements of dhy大红鹰3366 institutional reform plan, changing dhy大红鹰3366 “China Banking Regulatory Commission” mentioned in dhy大红鹰3366 document to dhy大红鹰3366 NFRA.

dhy大红鹰3366 PBOC and dhy大红鹰3366 State Administration of Foreign Exchange (“SAFE”) have drafted dhy大红鹰3366 Announcement on Further Supporting Overseas Institutional Investors to Conduct Bond Repurchase Transactions in dhy大红鹰3366 Inter-Bank Bond Market (Draft for Comments) (“Bond Repurchase Transactions Announcement”), published on January 24, 2024, and publicly sought opinions. dhy大红鹰3366 Bond Repurchase Transactions Announcement contains 12 articles, including dhy大红鹰3366 following five key aspects: (i) further expanding dhy大红鹰3366 scope of overseas institutional investors that are allowed to conduct bond repurchase transactions in dhy大红鹰3366 inter-bank bond market (“CIBM”), from dhy大红鹰3366 current overseas RMB business clearing banks and participating banks, sovereign entities (such as foreign central banks, international financial organizations, sovereign wealth funds) to also include other overseas institutional investors that have already conducted spot bond transactions in dhy大红鹰3366 CIBM, including commercial banks, insurance companies, securities firms, fund management companies, futures firms, trust companies, and other asset management institutions, as well as pension funds, charitable funds, and endowment funds, and such other financial institutions and interim and long-term institutional investors; (ii) clarifying dhy大红鹰3366 specific practices of bond repurchase transactions involving overseas institutional investors, including pledged repo and outright repo; (iii) further specifying that when overseas investors conduct bond repurchase transactions in dhy大红鹰3366 CIBM, in addition to complying with relevant laws and regulations, their funds receipt and payment should also comply with dhy大红鹰3366 funds and account management regulations corresponding to dhy大红鹰3366 investment channels of dhy大红鹰3366 spot bond transactions; (iv) requiring dhy大红鹰3366 relevant infrastructure of dhy大红鹰3366 CIBM to improve related rules, provide services and monitoring, and dhy大红鹰3366 self-regulatory organizations of dhy大红鹰3366 inter-bank market to strengthen dhy大红鹰3366 self-regulation of related businesses; (v) specifying that dhy大红鹰3366 PBOC and dhy大红鹰3366 SAFE will take supervisory and administrative measures or impose administrative penalties on illegal and irregual behaviors.

On January 10, 2024, dhy大红鹰3366 Shanghai Municipal People's Government issued dhy大红鹰3366 Several Measures for Further Promoting dhy大红鹰3366 High-Quality Development of Shanghai's Equity Investment Industry ("Several Measures"), which will be implemented from February 1, 2024, and remain effective until January 31, 2029. It includes 32 specific measures mainly focusing on dhy大红鹰3366 "fundraising, investment, management, and exit" processes of equity investment institutions. dhy大红鹰3366 measures are divided into 9 major aspects: optimizing dhy大红鹰3366 establishment process and industry management of equity investment institutions, guiding investments towards early-stage, small-scale, and technology-focused projects, supporting dhy大红鹰3366 development of corporate venture capital (CVC), cultivating long-term and patient capital, facilitating dhy大红鹰3366 exit channels for equity investments, implementing fiscal and tax incentive policies, promoting industry linkage and innovative development, high-quality construction of equity investment clusters, and strengthening dhy大红鹰3366 construction of industry social organizations. Notably, it innovatively proposes to support industry-leading enterprises in conducting CVC, investing in dhy大红鹰3366 Lin-gang Special Area of dhy大红鹰3366 China (Shanghai) Pilot Free Trade Zone and unlisted enterprises and equity investment funds in dhy大红鹰3366 Yangtze River Delta region, piloting dhy大红鹰3366 distribution of stock by equity investment funds as physical assets, and supporting qualified equity investment funds in Shanghai to list on domestic and overseas capital markets through initial public offerings, mergers, acquisitions, and reorganizations.

dhy大红鹰3366 Several Measures provide comprehensive policy measures supporting equity investment institutions from establishment and investment management to share transactions and exit, covering both upstream investors and downstream investment. This forms a comprehensive support system that is conducive to attracting more domestic and foreign equity investment institutions to settle in Shanghai, promoting dhy大红鹰3366 sustained and healthy development of dhy大红鹰3366 entire equity investment industry.

On dhy大红鹰3366 first day of trading, 3 enterprise bonds worth RMB 2.48 billion in total have been issued. dhy大红鹰3366 issuers were Beijing State-owned Assets Management Co., Ltd. (北京市国有资产经营有限责任公司), Beijing Infrastructure Investment Co., Ltd. (北京市基础设施投资有限公司), and Guangzhou Zhidu Investment Holding Group Co., Ltd. (广州智都投资控股集团有限公司). Currently, dhy大红鹰3366 BSE has preliminarily established a basic bond product system that includes 10 special categories such as treasury bonds, local government bonds, corporate bonds, as well as scientific and technological innovation bonds and green bonds.