Shanghai Stock Exchange: Proposed additional issue underwriting arrangements for the issuance of shelf offering.

The Shanghai Stock Exchange is soliciting public opinions on the "Implementation Rules for the Issuance and Underwriting of Securities of Listed Companies on the Shanghai Stock Exchange." The main revisions include: the addition of underwriting arrangements for shelf offerings. Firstly, the handling of failed offerings. It is specified that in the event of a failed offering, the amount of shares for that offering cannot be reissued. However, if there is remaining unissued quota, subsequent offerings can be implemented. Secondly, arrangements for phased offerings. The initial offering should be implemented within 1 year from the date of registration approval. To further control shelf offerings, it is clarified that subsequent offerings cannot be issued if the initial offering is not implemented within 1 year. Thirdly, shelf offering procedures. It is specified that each issuance procedure of shelf offerings must comply with the relevant regulations for the private placement of listed companies.