China Securities Regulatory Commission, Implementing Rules for the Private Offering of Shares by Listed Companies (2nd Revision)

Promulgated: February 15 2017

Effective: as of date of promulgation

Main contents: The Rules further push the constraining function of the market pricing mechanism, abolish the provision that set the date of announcement of the resolution of the board of directors or the date of announcement of the resolution of the shareholders' general meeting as the reference date for the pricing of private offerings of shares by listed companies and specify that only the first day of the offering period for the contemplated private offering can serve as the pricing reference date (Article 7).