Legislation roundup: IPO disclosures, audit reports and guarantee disputes cases

“Remarkable” reform to hit China's capital markets

Measures for the Administration of Initial Public Offerings of Shares and the Listing Thereof

China Securities Regulatory Commission, Guidelines on the Disclosure of Major Financial Information and Information on the Business Position Since the Financial Report Audit Date in Prospectuses for the Initial Public Offering of Shares and the Listing thereof of Companies

中国证券监督管理委员会关于首次公开发行股票并上市公司招股说明书财务报告审计截止日后主要财务信息及经营状况信息披露指引

If the period between its financial report audit date and the date of signing of the prospectus is greater than four months, the issuer shall provide unaudited financial statements for the quarter during the period in question and disclose in the prospectus its major financial information since the audit date.

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Further reading

“Remarkable” reform to hit China's capital markets

Measures for the Administration of Initial Public Offerings of Shares and the Listing Thereof

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Financing

最高人民法院关于审理独立保函纠纷案件若干问题的规定（征求意见稿）

Where the beneficiary and the guarantee applicant or a third party have colluded in bad faith and there is no genuine underlying transaction; or, based on the type and objective of the independent guarantee, the beneficiary's request for payment lacks a credible basis, the people's court may render a finding of fraud.

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Further reading

Provisions on Several Issues Concerning the Trial of Letter of Credit Disputes

Adjudicating Letter of Credit-Related Cases