Administrative measures for IPO and listing 2020

On July 15, the China Securities Regulatory Commission revised and issued the administrative measures for initial public offering and listing of stocks2020, which will come into force on July 10. Article 44 of the new administrative measures is amended. The financial statements quoted in the prospectus shall be valid within 6 months after the latest deadline. Under special circumstances, the issuer may apply for an appropriate extension, which shall not exceed 3 months. The end date of financial statements shall be the end of a year, a half year or a quarter.

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