The China Securities Regulatory Commission ("CSRC") recently issued five documents, including the Standards on the Contents and Formats of Information Disclosure by Companies Publicly Offering Securities No.28—Prospectus of ChiNext Companies (Revised Draft for Comment) (the "Draft for Comment").

The principle of revision and the principal changes stated in the Draft for Comment are: 1. learning from the experience gained from the registration-based IPO system for the SSE STAR Market, and ensuring overall alignment with the rules for the SSE STAR Market; 2. highlighting unique information disclosures for ChiNext enterprises, according to the positioning of the ChiNext Board; 3. focusing information disclosure on investors' demands; and 4. underscoring the protection of investors' rights and interests. Among others, the Draft for Comment requires that an issuer shall fully disclose, in the parts of "Overview" and "Business and Technology", the features of its own innovations, creations and originality, particulars of science and technology innovation, innovation in business models, innovation in business forms, integration of emerging and traditional industries, among other information.

(Source: http://www.csrc.gov.cn)