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Corporate Information Announcements Solicits Comments

On 17 April 2014, the Legislative Affairs Office of the State Council solicited comments on the Regulations for Corporate Information Announcements (Exposure Draft) (hereinafter called Exposure Draft) to practically implement the "easily enter, strictly manage" requirement for market participants formulated in the Notice of the State Council on Promulgating the Reform Scheme for the Capital Registration System.

With regards to enterprises' disclosure obligation, the Exposure Draft regulates that enterprises should submit annual reports on their shareholders' capital contributions, enterprise operating status, and external investments for setting up companies for the last year to industry and commerce administrative departments and notify the public from 1 January to 30 June each year. Aside from the disclosure of enterprise assets, profits, and taxation information that enterprises can independently decide whether or not to publicise, the other contents of the report must be publicised.

In addition, shareholders' capital contribution methods, information on the acquisition of and changes to administrative licensing, and pledge registration information on intellectual property rights should be publicised 20 days after they have been formulated. If enterprises fail to fulfil their disclosure obligations, industry and commerce administrative departments should order them to fulfil their obligations on time.