CSRC: Clarify that the national social security fund, basic pension insurance fund, etc. can be strategic investors. The proportion of strategic investors' subscriptions shall not be less than 5% in principle.

The China Securities Regulatory Commission issued a decision on amending the "Opinions on the Application of Relevant Provisions of the Regulations on the Management of Securities Issuance and Registration of Listed Companies (No. 18 of Securities and Futures Legal Application Opinions)". The main content includes expanding the types of strategic investors. It is clarified that national social security funds, basic pension insurance funds, enterprise annuity funds, commercial insurance funds, public funds, bank wealth management institutions, and other institutional investors can act as strategic investors, using patient capital as strategic resources for strategic investments in listed companies. It is also clarified the minimum shareholding requirements. It is maintained that strategic investors should hold a relatively large proportion of shares in listed companies, further clarifying that the principle is that the proportion of shares subscribed by strategic investors in this round should not be less than 5% of the total share capital of the listed company after this round of issuance is completed, and they can participate in the governance of the listed company based on their shareholding ratio.