The Shanghai Stock Exchange has released the "Implementation Rules for Securities Issuance and Underwriting by Listed Companies at the Shanghai Stock Exchange (Revised 2025)." The main content of this revision is as follows. First, the relevant regulations for Banks' wealth management and Insurance asset management participating in the private placement of listed companies are clarified. According to the "Implementation Plan," this revision grants equal policy treatment to Banks' wealth management, Insurance asset management, and public Funds in participating in the private placement of listed companies. That is, if a wealth management company or Insurance company subscribes with more than two products it manages, it can be considered as one issuing entity. Second, adaptive modifications are made according to the "Company Law." According to the provisions and amendments of higher legal regulations such as the "Company Law," "Regulations on the Administration of Securities Issuance and Underwriting," and "Regulations on the Registration of Securities Issuance by Listed Companies," the term "shareholders' meeting" is adjusted to "shareholders' assembly," and provisions related to supervisors are deleted.
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上交所:在参与上市公司定增方面 给予银行理财、保险资管与公募基金同等政策待遇
Shanghai Stock Exchange: Regarding participation in the private placement of listed companies, equal policy treatment will be given to Banks' wealth management, Insurance asset management, and public Funds.
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