CSRC Revises Information Disclosure Rules for Listed Companies

On March 28, 2025, the CSRC issued the revised Administrative Measures for Information Disclosure by Listed Companies, which will come into effect on July 1, 2025.

Firstly, the revision incorporates supervisory experience gained in recent years, strengthens risk disclosure requirements, clarifies industry operational information disclosure standards, specifies information release rules outside trading hours, introduces a system for deferred or exempt disclosure, and mandates that listed companies publish sustainability reports in line with stock exchange regulations. Secondly, it enhances supervision over key matters by adding requirements for regulating “outsourced” information disclosure practices, optimizing timing for material event disclosures, expanding the scope of entities making public commitments to fulfill disclosure obligations, and including acquirers, asset transaction counterparties, bankruptcy restructuring investors, and other relevant parties as commitment subjects. Thirdly, it aligns with the new Company Law by revising provisions related to supervisory committee and supervisor information disclosure, including deleting redundant clauses on supervisors and specifying audit committee oversight mechanisms for periodic report preparation. Additionally, the maximum penalty amount has been adjusted to RMB 100,000.