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

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

（2）披露渠道及方式：資管產(chǎn)品的信息披露遵循公開與非公開相結(jié)合的方式，公募產(chǎn)品信息原則上通過國家金融監(jiān)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(chǎn)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(nèi)容一致；當產(chǎn)品存在多個信息披露義務(wù)人時，應(yīng)通過協(xié)議明確職責，產(chǎn)品管理人在無明確約定時承擔義務(wù)。披露過程中禁止虛假記載、違規(guī)承諾、業(yè)績預(yù)測等行為，私募產(chǎn)品不得公開或變相公開披露信息，除法律另有規(guī)定外。

（3）產(chǎn)品募集-存續(xù)-終止階段信息披露要求：信息披露義務(wù)人在產(chǎn)品銷售階段向投資者披露包括產(chǎn)品說明書、產(chǎn)品合同、風(fēng)險揭示文件、托管協(xié)議等文件，私募產(chǎn)品設(shè)有投資冷靜期的、資管產(chǎn)品設(shè)有投資人會議或受益人大會的、資管產(chǎn)品設(shè)定流動性風(fēng)險管理應(yīng)對措施的、現(xiàn)金管理類資管產(chǎn)品采用攤余成本法進行會計核算的，應(yīng)當就該信息在產(chǎn)品說明書或產(chǎn)品合同中進行特別披露；產(chǎn)品成立后五個工作日內(nèi)，管理人還應(yīng)披露成立公告或發(fā)行公告，資管產(chǎn)品成立后如相關(guān)信息發(fā)生變更需每年至少更新一次；在產(chǎn)品存續(xù)期間，應(yīng)定期披露季度、半年和年度報告，內(nèi)容涵蓋產(chǎn)品存續(xù)規(guī)模、收益表現(xiàn)、投資賬戶信息、主要投資資產(chǎn)和風(fēng)險等，如發(fā)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(chǎn)或資產(chǎn)融資主體發(fā)生重大法律糾紛或信用事件等，信息披露義務(wù)人應(yīng)在五個工作日內(nèi)及時向投資者披露相關(guān)內(nèi)容及應(yīng)對措施；資管產(chǎn)品終止時，產(chǎn)品管理人應(yīng)按規(guī)定向投資者披露到期公告或清算報告，內(nèi)容包括產(chǎn)品終止日期、存續(xù)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(wù)人管理責任：信息披露義務(wù)人應(yīng)建立健全的信息披露管理制度與流程，產(chǎn)品管理人董事會為最終責任負責機構(gòu)，董事會或其授權(quán)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(wù)；對未對外披露的資管產(chǎn)品信息建立相關(guān)管理機制；對于設(shè)計復(fù)雜、風(fēng)險較高的產(chǎn)品，信息披露義務(wù)人應(yīng)當主動揭示風(fēng)險并澄清重大誤導(dǎo)性信息或輿情；信息披露義務(wù)人應(yīng)當妥善保存產(chǎn)品信息披露的相關(guān)文件資料到產(chǎn)品合同終止后十五年。

2025年5月23日，中國人民銀行發(fā)布《中國人民銀行業(yè)務(wù)領(lǐng)域網(wǎng)絡(luò)安全事件報告管理辦法》（“《網(wǎng)安事件報告辦法》”），以進一步規(guī)范中國人民銀行業(yè)務(wù)領(lǐng)域網(wǎng)絡(luò)安全事件報告管理。主要內(nèi)容有：

（1）適用范圍：《網(wǎng)安事件報告辦法》規(guī)制金融機構(gòu)以及經(jīng)中國人民銀行批準設(shè)立或者認定的其他機構(gòu)向中國人民銀行或者住所地中國人民銀行分支機構(gòu)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(nèi)發(fā)生的；

 b.發(fā)生在由中國人民銀行承擔監(jiān)督和管理職責的業(yè)務(wù)領(lǐng)域的；

 c.由于人為原因、遭受網(wǎng)絡(luò)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(shè)、運營、維護、管理的中國人民銀行業(yè)務(wù)領(lǐng)域網(wǎng)絡(luò)或者處理的中國人民銀行業(yè)務(wù)領(lǐng)域數(shù)據(jù)造成危害的。

（2）網(wǎng)絡(luò)安全事件分級：《網(wǎng)安事件報告辦法》要求金融從業(yè)機構(gòu)建立網(wǎng)絡(luò)安全事件的分級閾值體系，參考對業(yè)務(wù)、用戶等的影響程度、是否為業(yè)務(wù)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(jù)實際發(fā)展調(diào)整各等級的判定標準；《網(wǎng)安事件報告辦法》特別明確了需至少分級為特別重大網(wǎng)絡(luò)安全事件、重大網(wǎng)絡(luò)安全事件、較大網(wǎng)絡(luò)安全事件、一般網(wǎng)絡(luò)安全事件的情形。

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

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

（1）降低對財務(wù)狀況變化、關(guān)聯(lián)交易與同業(yè)競爭的監(jiān)管力度：2025年《資產(chǎn)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(wù)狀況、減少關(guān)聯(lián)交易及避免同業(yè)競爭的標準降低為說明并披露本次交易不會導(dǎo)致財務(wù)狀況發(fā)生重大不利變化、新增重大不利影響的同業(yè)競爭及嚴重影響?yīng)毩⑿曰蛘唢@失公平的關(guān)聯(lián)交易。

（2）鼓勵私募基金參與上市公司并購重組：2025年《資產(chǎn)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(xù)期限間的銜接問題。2025年《資產(chǎn)重組辦法》規(guī)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(guān)聯(lián)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(chǎn)重組辦法》規(guī)定申請一次注冊、分期發(fā)行股份支付購買資產(chǎn)對價的，注冊決定有效期延長至48個月；各期股份發(fā)行只要求符合規(guī)定條件，不再要求履行審核注冊程序；分期發(fā)行股份的鎖定期起算日為分期發(fā)行股份的鎖定期，而計算購買的資產(chǎn)總額占上市公司控制權(quán)發(fā)生變更的前一個會計年度經(jīng)審計的合并財務(wù)會計報告期末資產(chǎn)總額的比例時將分期發(fā)行的各期股份合并計算。

2025年5月9日，證監(jiān)會發(fā)布《上市公司募集資金監(jiān)管規(guī)則》（“《募資規(guī)則》”）以提高募集資金使用效益，《上市公司募集資金監(jiān)管規(guī)則》以《上市公司監(jiān)管指引第2號—上市公司募集資金管理和使用的監(jiān)管要求》為基礎(chǔ)，結(jié)合資本市場環(huán)境變化修改而成。以下為核心內(nèi)容：

（1）嚴格限制超募資金用途：《募資規(guī)則》明確超募資金不得用于永久補流和歸還銀行借款，應(yīng)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(jīng)過內(nèi)部審議和公開披露后可用于現(xiàn)金管理或臨時補流。

（2）限制募集資金用途變更：《募資規(guī)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?qū)嵤┬马椖炕蛘哂谰醚a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(jiān)會認定的其他情形；同時規(guī)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(guī)則》明確上市公司使用閑置募集資金進行現(xiàn)金管理，應(yīng)當通過募集資金專項賬戶或者公開披露的產(chǎn)品專用結(jié)算賬戶實施，且通過產(chǎn)品專用結(jié)算賬戶實施現(xiàn)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(fā)布《關(guān)于境內(nèi)企業(yè)境外上市資金管理有關(guān)問題的通知（征求意見稿）》（“《資管通知》”）以規(guī)制注冊在境內(nèi)的股份有限公司經(jīng)證監(jiān)會備案，直接境外發(fā)行上市或發(fā)行境外存托憑證的相關(guān)資金管理事宜，境內(nèi)主體控制的境外公司在境外上市不在規(guī)制范圍之內(nèi)。

《資管通知》規(guī)定境外上市企業(yè)通過募資、減持或股份轉(zhuǎn)讓所得的外幣或人民幣資金均可通過資本項目結(jié)算賬戶匯出入，調(diào)回為人民幣的可直接進入企業(yè)人民幣銀行結(jié)算賬戶，H股“全流通”企業(yè)向境內(nèi)股東派發(fā)紅利可直接以人民幣進行；企業(yè)可將募集的外幣資金自主結(jié)匯，并可自由選擇銀行或券商辦理即期結(jié)售匯和套期保值業(yè)務(wù)，也允許企業(yè)在取得境外投資備案或批復(fù)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(yè)回購、境內(nèi)股東增持外，境外上市登記權(quán)限下放至銀行，上市、增發(fā)、減持等環(huán)節(jié)的登記時限也有所延長。

2025年5月13日，科技部等七部門發(fā)布《加快構(gòu)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(wù)和科技型中小企業(yè)提供金融支持，核心舉措有：

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

●  https://www.nfra.gov.cn/cn/view/pages/ItemDetail.html?docId=1210813&itemId=951&generaltype=2

●  http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/5729395/index.html

●  http://www.csrc.gov.cn/csrc/c100028/c7558588/content.shtml

●  http://www.csrc.gov.cn/csrc/c101954/c7557882/content.shtml

●  http://www.pbc.gov.cn/tiaofasi/144941/144979/3941920/5723275/index.html

●  http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/5710287/index.html

●  http://www.csrc.gov.cn/csrc/c100028/c7555824/content.shtml

（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.)

The source of Information：

●  https://www.nfra.gov.cn/cn/view/pages/ItemDetail.html?docId=1210813&itemId=951&generaltype=2

●  http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/5729395/index.html

●  http://www.csrc.gov.cn/csrc/c100028/c7558588/content.shtml

●  http://www.csrc.gov.cn/csrc/c101954/c7557882/content.shtml

●  http://www.pbc.gov.cn/tiaofasi/144941/144979/3941920/5723275/index.html

●  http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/5710287/index.html

●  http://www.csrc.gov.cn/csrc/c100028/c7555824/content.shtml