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2025年5月23日，金融監管總局發布了《銀行保險機構資產管理產品信息披露管理辦法（征求意見稿）》（“《資管產品信披辦法》”）以規范銀行、信托、保險等機構發行的資產管理產品信息披露行為。核心要點如下：

（1）適用范圍：《資管產品信披辦法》規制在中華人民共和國境內發行和管理的資產管理信托產品、理財產品、保險資產管理產品的信息披露行為。

（2）披露渠道及方式：資管產品的信息披露遵循公開與非公開相結合的方式，公募產品信息原則上通過國家金融監督管理總局認可的平臺披露，也可以與投資者約定通過其他渠道披露，私募產品則通過與投資者約定的渠道披露，并確保不同渠道披露內容一致；當產品存在多個信息披露義務人時，應通過協議明確職責，產品管理人在無明確約定時承擔義務。披露過程中禁止虛假記載、違規承諾、業績預測等行為，私募產品不得公開或變相公開披露信息，除法律另有規定外。

（3）產品募集-存續-終止階段信息披露要求：信息披露義務人在產品銷售階段向投資者披露包括產品說明書、產品合同、風險揭示文件、托管協議等文件，私募產品設有投資冷靜期的、資管產品設有投資人會議或受益人大會的、資管產品設定流動性風險管理應對措施的、現金管理類資管產品采用攤余成本法進行會計核算的，應當就該信息在產品說明書或產品合同中進行特別披露；產品成立后五個工作日內，管理人還應披露成立公告或發行公告，資管產品成立后如相關信息發生變更需每年至少更新一次；在產品存續期間，應定期披露季度、半年和年度報告，內容涵蓋產品存續規模、收益表現、投資賬戶信息、主要投資資產和風險等，如發生重要事項，例如投資人會議或受益人大會決議情況、更換管理人、合同條款重大變更、穿透持倉百分之十資產或資產融資主體發生重大法律糾紛或信用事件等，信息披露義務人應在五個工作日內及時向投資者披露相關內容及應對措施；資管產品終止時，產品管理人應按規定向投資者披露到期公告或清算報告，內容包括產品終止日期、存續期限、費用和收益等情況，若清算延期，也須及時披露原因及進展。

（4）信息披露義務人管理責任：信息披露義務人應建立健全的信息披露管理制度與流程，產品管理人董事會為最終責任負責機構，董事會或其授權的專門委員會需研究、討論披露重大事項并定期聽取工作報告，同時指定高級管理人員及專門部門具體負責信息披露事務；對未對外披露的資管產品信息建立相關管理機制；對于設計復雜、風險較高的產品，信息披露義務人應當主動揭示風險并澄清重大誤導性信息或輿情；信息披露義務人應當妥善保存產品信息披露的相關文件資料到產品合同終止后十五年。

2025年5月23日，中國人民銀行發布《中國人民銀行業務領域網絡安全事件報告管理辦法》（“《網安事件報告辦法》”），以進一步規范中國人民銀行業務領域網絡安全事件報告管理。主要內容有：

（1）適用范圍：《網安事件報告辦法》規制金融機構以及經中國人民銀行批準設立或者認定的其他機構向中國人民銀行或者住所地中國人民銀行分支機構報告滿足以下條件的事件的行為：

 a.在中華人民共和國境內發生的；

 b.發生在由中國人民銀行承擔監督和管理職責的業務領域的；

 c.由于人為原因、遭受網絡攻擊、存在漏洞隱患、軟硬件缺陷或故障、不可抗力等因素，對中國人民銀行建設、運營、維護、管理的中國人民銀行業務領域網絡或者處理的中國人民銀行業務領域數據造成危害的。

（2）網絡安全事件分級：《網安事件報告辦法》要求金融從業機構建立網絡安全事件的分級閾值體系，參考對業務、用戶等的影響程度、是否為業務高峰時段等因素將事件劃分為特別重大、重大、較大和一般四個等級，并根據實際發展調整各等級的判定標準；《網安事件報告辦法》特別明確了需至少分級為特別重大網絡安全事件、重大網絡安全事件、較大網絡安全事件、一般網絡安全事件的情形。

（3）網絡安全事件報告機制：《網安事件報告辦法》對網絡安全事件的報告路徑進行了精準明晰的劃分，關鍵金融機構（包括國家開發銀行、政策性銀行、國有商業銀行、中國郵政儲蓄銀行、股份制商業銀行、屬于系統重要性金融機構的城市商業銀行、系統重要性非銀行支付機構、經營個人征信業務的征信機構）需直接向中國人民銀行報告，人民銀行系統內部也設定了分級上報機制；《網安事件報告辦法》要求對較大等級及以上事件在事發階段先簡報、后詳報，并將引發較大輿情的事件也認定為達到較大等級的網絡安全事件，而對于重大等級以上網絡安全事件，要求每隔兩小時進行事中進展報告；報告內容方面，簡要事發報告、事發報告、事中報告和事后報告四種報告分別對應事件基本信息披露、處置措施、進展跟蹤與經驗總結四個階段。

2025年5月16日，證監會發布了對《上市公司重大資產重組管理辦法》的一系列修改（“2025年《資產重組辦法》”）。核心修改內容如下：

（1）降低對財務狀況變化、關聯交易與同業競爭的監管力度：2025年《資產重組辦法》將上市公司充分說明并披露本次交易有利于上市公司改善財務狀況、減少關聯交易及避免同業競爭的標準降低為說明并披露本次交易不會導致財務狀況發生重大不利變化、新增重大不利影響的同業競爭及嚴重影響獨立性或者顯失公平的關聯交易。

（2）鼓勵私募基金參與上市公司并購重組：2025年《資產重組辦法》在條文中明確鼓勵私募投資基金并解決上市公司并購重組交易對方鎖定期及基金存續期限間的銜接問題。2025年《資產重組辦法》規定私募基金投資期限滿48個月的，第三方交易中的鎖定期限由12個月縮短為6個月，重組上市中控股股東、實際控制人及其控制的關聯人以外的股東的鎖定期限由24個月縮短為12個月。

（3）建立重組股份對價分期支付機制：2025年《資產重組辦法》規定申請一次注冊、分期發行股份支付購買資產對價的，注冊決定有效期延長至48個月；各期股份發行只要求符合規定條件，不再要求履行審核注冊程序；分期發行股份的鎖定期起算日為分期發行股份的鎖定期，而計算購買的資產總額占上市公司控制權發生變更的前一個會計年度經審計的合并財務會計報告期末資產總額的比例時將分期發行的各期股份合并計算。

2025年5月9日，證監會發布《上市公司募集資金監管規則》（“《募資規則》”）以提高募集資金使用效益，《上市公司募集資金監管規則》以《上市公司監管指引第2號—上市公司募集資金管理和使用的監管要求》為基礎，結合資本市場環境變化修改而成。以下為核心內容：

（1）嚴格限制超募資金用途：《募資規則》明確超募資金不得用于永久補流和歸還銀行借款，應當用于在建項目及新項目、回購本公司股份并依法注銷，但暫時閑置的超募資金，在經過內部審議和公開披露后可用于現金管理或臨時補流。

（2）限制募集資金用途變更：《募資規則》明確屬于改變募集資金用途的四種情形，包括取消或者終止原募集資金投資項目或實施新項目或者永久補充流動資金、改變募集資金投資項目實施主體、改變募集資金投資項目實施方式、中國證監會認定的其他情形；同時規定了兩種例外情形，實施主體在上市公司及全資子公司之間進行變更、僅涉及募投項目實施地點變更的，不屬于改變募集資金用途。

（3）嚴格管理資金賬戶：《募資規則》明確上市公司使用閑置募集資金進行現金管理，應當通過募集資金專項賬戶或者公開披露的產品專用結算賬戶實施，且通過產品專用結算賬戶實施現金管理的，該賬戶不得存放非募集資金或者用作其他用途；臨時補充流動資金也需通過專項賬戶實施。

2025年5月23日，中國人民銀行、國家外匯管理局發布《關于境內企業境外上市資金管理有關問題的通知（征求意見稿）》（“《資管通知》”）以規制注冊在境內的股份有限公司經證監會備案，直接境外發行上市或發行境外存托憑證的相關資金管理事宜，境內主體控制的境外公司在境外上市不在規制范圍之內。

《資管通知》規定境外上市企業通過募資、減持或股份轉讓所得的外幣或人民幣資金均可通過資本項目結算賬戶匯出入，調回為人民幣的可直接進入企業人民幣銀行結算賬戶，H股“全流通”企業向境內股東派發紅利可直接以人民幣進行；企業可將募集的外幣資金自主結匯，并可自由選擇銀行或券商辦理即期結售匯和套期保值業務，也允許企業在取得境外投資備案或批復后將部分資金留存境外使用，但使用目的需與招股文件披露一致；除上市企業回購、境內股東增持外，境外上市登記權限下放至銀行，上市、增發、減持等環節的登記時限也有所延長。

2025年5月13日，科技部等七部門發布《加快構建科技金融體制 有力支撐高水平科技自立自強的若干政策舉措》（“《支撐科技舉措》”），針對國家重大科技任務和科技型中小企業提供金融支持，核心舉措有：

2025年5月7日，中國證監會發布《推動公募基金高質量發展行動方案》，就浮動管理費、浮動薪酬考核與支付機制、業績比較基準約束、核心投研能力建設、權益投資、信息披露及降低投資者成本七個方面進行調整。詳細解析請見海問·觀察︱秉持長期主義，重構公募基金投資體系——《推動公募基金高質量發展行動方案》重點解析。

（1）Scope of Application: The Information Disclosure Measures applies to the information disclosure behavior of asset management trust products, wealth management products, and insurance asset management products issued and managed within the territory of the People's Republic of China.

（2）Disclosure Channels and Methods: Disclosure shall combine public and non-public methods. Public offering products shall be disclosed via platforms recognized by the NFRA, or through other channels as agreed to by investors. Private placement products shall be disclosed through investor-agreed channels, ensuring consistency across platforms. Where multiple parties are obligated to disclose a product, such responsibilities should be contractually defined,. In the event that no explicit agreement exosts, it willassumed to be the responsibility of the product manager by default. False statements, irregular commitments, and performance forecasts are prohibited. Private placement products may not disclose information publicly or in disguised form unless otherwise prescribed by law.

（3）Disclosure Obligations Across Product Phases: During sales, issuers shall disclose key documents such as prospectuses, contracts, risk disclosures, and custodian agreements. Special disclosures are required for private placement products with cooling-off periods, investor meetings, liquidity risk controls, or specific accounting treatments. A founding announcement must be disclosed by the manager within five business days. Material changes must be updated at least annually. During the operation phase, quarterly, semi-annual, and annual reports are required which should include the product's outstanding scale, performance, investment account details, key holdings, and risks. For significant matters (e.g., changes of manager, investor resolutions, or major legal disputes), disclosure must be made within five business days to investors. Upon termination, a maturity announcement or liquidation report must be issued. Any delay in liquidation must be explained in a timely manner.

（4）Disclosure Management Responsibilities: Obligated entities must establish robust information disclosure systems. Theproduct manager’s board of directors bears ultimate responsibility, and must deliberate on major matters, designate senior executives and dedicated departments to oversee disclosure maters, and keep undisclosed information well-managed. For complex or high-risk products, obligated entities mustproactively disclose risks and clarify misleading information. Disclosure-related documents must be retained for 15 years after contract termination.

The Information Disclosure Measures clarify procedures, standards, and responsible parties, helping to enhance transparency in asset management and strengthen investor protection.

On May 23, 2025, PBOC released the Measures for the Administration of the Reporting of Cybersecurity Incidents in the Business Fields of the People's Bank of China (“Cybersecurity Incident Reporting Measures”), aimed at further regulating the reporting of cybersecurity incidents within PBOC’s business fields. The key points include:

（1）Scope of Application: The Measures apply to the conduct of financial institutions and other institutions approved or recognized by PBOC that report incidents to PBOC or its local branches, provided that such incidents:

 (a) Occur within the territory of the People’s Republic of China;

 (b) Take place within business fields under the supervision and management of PBOC;

 (c) Are caused by human factors, cyberattacks, vulnerabilities, software/hardware defects, or force majeure, and pose harm to the networks or data established, operated, maintained and managed by PBOC.

（2）Classification of Cybersecurity Incidents: Institutions must establish a classification threshold system for incidents, considering factors such as impact on business, user experience, and peak business periods. Events are classified into four levels: particularly significant, significant, relatively significant, and general. What constitutes each level is defined in The Measures.

（3）Incident Reporting Mechanism: The Measures clarify the reporting mechanisms. Key financial institutions (such as the China Development Bank, policy banks, major commercial banks, systemically important financial institutions, etc.) must report directly to PBOC. Internal reporting layers are also set within PBOC. Events classified as relatively significant or above require brief initial reports, followed by detailed reports.Incidents triggering public concern are also classified as relatively significant. Incidents of significant level or above must be followed up with updates every two hours. Reports should include brief occurrence reports, full occurrence reports, mid-event updates, and post-event summaries. These reports should also include the following four stages: basic information disclosure, response measures, progress tracking, and retrospective analysis.

The Measures clearly define incident classification and reporting mechanisms, improving the timeliness and accuracy of risk response, and providing institutional safeguards for financial institutions to build sound cybersecurity systems.

On May 16, 2025, CSRC issued a series of amendments to the Measures for the Administration of Significant Asset Restructuring of Listed Companies (“2025 Restructuring Measures”). Key revisions include:

（1）Relaxing Oversight on Financial Conditions, Related-Party Transactions, and Industry Competition: The new version reduces the original requirement that listed companies must prove that transactions will significantly improve financial conditions, reduce related-party transactions, and avoid industry competition. Instead, they only need to confirm the transaction does not cause significant deterioration, manifest unfairness, or independence issues.

（2）Encouraging Private Equity Participation in M&A: The Measures explicitly encourage private equity funds to participate in listed company M&A and address the mismatch between fund duration and lock-up periods. For PE funds holding investments exceeding 48 months, third-party transaction lock-up periods have now been shortened from 12 months to 6 months. For restructuring listings, non-controlling shareholders’ lock-up periods have now been shortened from 24 months to 12 months.

（3）Phased Payment with Single Registration: The Measures allow for one-time registration for phased equity issuance in asset purchases, valid for 48 months, with no repeated review required so long as the necessary requirements are met. The lock-up period starts from the date of each issuance. When calculating the ratio of asset purchase amount to the company's total assets, all phases are considered cumulatively.

The 2025 Restructuring Measures aim to enhance transaction efficiency and operational flexibility, loosening restrictions to boost market vitality and promote diversified and high-quality M&A development.

On May 9, 2025, the CSRC issued the Regulatory Rules on Fundraising by Listed Companies (“Fundraising Rules”) to improve the efficiency of fund utilization. These rules are based on the Guidelines for the Supervision of Listed Companies No. 2—Regulatory Requirements for the Management and Use of Fundraising by Listed Companies, and were revised in response to changes in the capital market environment. Key provisions are as follows:

（1）Strict Restrictions on the Use of Excess Fundraising: The Rules specify that surplus funds may not be used for permanent replenishment of working capital or repayment of bank loans. They should be used for ongoing or new projects, or for share buybacks followed by capital reduction. However, temporarily idle funds may be used for cash management or short-term working capital supplementation, provided internal review and public disclosure are conducted.

（2）Limits on Changes in Fundraising Purposes: The Rules define four types of changes in fundraising purposes: cancelling or terminating original investment projects; implementing new projects or permanent working capital supplementation; changing the project implementation entity; changing the project implementation method; and other circumstances identified by the CSRC. Two exceptions are provided: changes within the listed company and its wholly-owned subsidiaries, and changes involving only the project location.

（3）Strict Management of Fund Accounts: The Rules require that idle fundraising used for cash management must be conducted through special fundraising accounts or disclosed dedicated settlement accounts. The latter must not hold non-fundraising capital or be used for other purposes. Temporary working capital supplementation must also be implemented through designated accounts.

The Fundraising Rules prohibit the permanent use of excess funds for liquidity replenishment or debt repayment, encourage their use in business operations or capital structure optimization, and strengthen supervision over fund utilization, promoting standard operation and high-quality development of listed companies.

On May 23, 2025, the PBOC and SAFE issued the Notice on Issues Related to Capital Management for Overseas Listings of Domestic Enterprises (Draft for Comments) (“Capital Management Notice”), to regulate the capital management related to direct overseas listings or issuance of depository receipts by joint stock companies registered in China and filed with the CSRC. Overseas listings by foreign entities controlled by domestic parties are not covered.

The Notice provides that foreign currency or RMB funds obtained from fundraising, share reduction, or share transfers in overseas listings may be transferred in or out through capital account settlement accounts. Funds converted into RMB may be directly deposited into the company’s RMB settlement account. H-share "full circulation" companies may distribute dividends in RMB directly to domestic shareholders. Companies may independently settle foreign exchange proceeds and choose banks or brokers to conduct spot conversion or hedging. Retention of part of the funds overseas is permitted, provided the purpose aligns with the offering documents. Except for buybacks and domestic shareholder increases, overseas listing registration rights are delegated to banks, and deadlines for registration at various stages (listing, issuance, reduction) are extended.

On May 13, 2025, the Ministry of Science and Technology and six other departments issued the Policy Measures to Accelerate the Development of a Sci-Tech Finance System and Strongly Support High-Level Self-Reliance in Science and Technology (“Sci-Tech Support Measures”) to provide financial support to major national science and technology missions and technology-based SMEs. Key measures include:

（1）Diversifying Funding Sources: Establishing a national venture capital guidance fund to nurture strategic emerging industries. According to the NDRC, the fund is expected to mobilize nearly RMB 1 trillion in local and private capital. Support is also extended to insurance funds, social security funds, wealth management companies, trusts, VC and industrial investment institutions participating in venture capital.

（2）Supporting Listings and Bonds of Innovative Enterprises: Promoting IPOs for tech firms that achieve breakthroughs in core technologies, quality pre-profit enterprises, and other eligible tech firms. The Beijing Stock Exchange will develop listing rules tailored to such enterprises. Sci-tech bond products will also be increased.

（3）Developing Science and Technology Insurance: Supporting various insurance products covering the full life cycle of tech enterprises and setting up sci-tech insurance innovation zones in multiple regions.

On May 7, 2025, the CSRC released the Action Plan to Promote High-Quality Development of Public Funds, introducing changes in seven areas: floating management fees, performance-based compensation and payment mechanisms, performance benchmark constraints, core investment research capabilities, equity investment, information disclosure, and lowering investor costs. (For detailed analysis, please refer toHaiwen Observation: Upholding Long-Termism, Restructuring the Public Fund Investment System — Key Analysis of the Action Plan to Promote High-Quality Development of Public Funds.)

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