Recently, the China Securities Regulatory Commission (CSRC) has amended and released the "Rules on Shareholding Lessening by Shareholders, Directors, Supervisors and Senior Management Members of Listed Companies" (CSRC Announcement [2017] No. 9 Document). According to the rules, the Shanghai Stock Exchange (SSE) has formulated the "Detailed Implementation Rules on Shareholding Lessening by Shareholders, Directors, Supervisors and Senior Management Members of SSE-listed Companies" (the "Detailed Rules" for short, see the Attachment). Upon approval of the CSRC, the Detailed Rules is hereby published, and comes into effect from its release date. Relevant issues are hereby notified as follows:
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