On the 15th, it was learned from the China Securities Regulatory Commission (CSRC) that in order to implement the new "Article 9" and the "Opinions on Strictly Control the Access of Issuance and Listing from the Source to Improve the Quality of Listed Companies (Trial)", promote all parties to establish the concept of being responsible to investors, strengthen the behavioral constraints of companies to be listed, and effectively protect the interests of investors, on May 15th, the National Investor Protection Promotion Day, the CSRC issued the "Guidelines for the Application of Regulatory Rules - Issuance Category No. 10", which will be implemented immediately. The main content of the China Securities Regulatory Commission's data chart guidance includes: firstly, requiring the issuer to publish a statement to investors in the prospectus, clarifying the basic information of the listing purpose, establishing a modern corporate system, and the necessity of financing, and urging the issuer to firmly establish a correct "listing concept"; Secondly, it is clear that the "key minority" can make commitments to extend the lock up period of shares in the event of a significant decline in performance after going public, and strengthen the awareness of sharing risks between the "key minority" and investors; The third is to improve the information disclosure rules of post listing dividend policies to facilitate investors to form stable return expectations; The fourth is to strengthen the disclosure of information related to unprofitable enterprises, requiring them to disclose forward-looking information such as expected profitability, fully revealing future development prospects to investors, and facilitating their decision-making. The China Securities Regulatory Commission (CSRC) stated that it will continue to fulfill its responsibility to protect the legitimate rights and interests of small and medium-sized investors, ensure the implementation of rules, and tighten the responsibilities of all parties in the entire issuance supervision chain, in order to improve the quality of listed companies from the source. (Lai Xin She)