In order to deeply explore the main points of the amendment of the new Securities Law, it will help listed companies clearly grasp the future vane of China's capital market. Mr. Xue Tianhong, director and chief partner of Hillhouse Law Firm, accepted the invitation of Sina Finance to participate in the information disclosure Summit of listed companies as a guest of Sina Finance Cloud conference, and made a unique interpretation of the future environment of "wide entry and strict management" of China's securities market after the introduction of the new "Securities Law".

In response to the revision of the new "Securities Law", lawyer Xue Tianhong interpreted it from two aspects and eight points.

First of all, listed companies usher in a new era of "wide entry" in the securities market. Under the new "Securities Law", the enterprise stock issuance system has been transferred from the past approval system to the registration system, and the market and supervision have been separated from the legislation, and the decision-making power has been returned to the market. At the same time, the conditions for enterprises to issue shares for the first time are gradually relaxed, eliminating many requirements such as the need for enterprises to have a good financial situation, and adjusting the thinking of market choice.

Secondly, listed companies face the new requirements of "strict management" in the securities market. The new Securities Law establishes a special chapter on information disclosure and investor protection; Expand the scope of application of "presumption of liability for fault"; Enlarging the scope of restricted subject and obligatory subject of conduct; Increase the content of the obligation subject; Increase the punishment of the subject of the obligation; The establishment of representative litigation system, a total of six means of adjustment, improve the regulation of the private law field of the new Securities Law, so that the situation of the Securities Law in the past is relieved, improve investors' enthusiasm for investment, reduce their investment concerns, and promote the virtuous cycle of the capital market.

Finally, lawyer Xue Tianhong made a concluding interpretation that the promulgation of the new Securities Law will mean that China's securities market has entered a new era of "wide entry and strict management".

Hillhouse Financial and Securities Department is a professional team of lawyers who strive to solve clients' problems with rigorous work attitude, dedicated service spirit and professional legal literacy. The main business includes: AB stock initial listing, corporate bond issuance, fund, trust, banking, insurance, financial leasing and other fields of dispute resolution, listed companies misrepresentation of securities shareholders rights protection business. Since October 2019, the Financial and Securities Department of Hillhouse has carried out close cooperation with the Sina platform, jointly compiled the "2020 Legal Risk Research Report of Listed Companies", and participated in the "Legal Capital" column and Sina Financial Cloud teaching for many times. Regarding the misrepresentation of securities by listed companies, the financial and securities Department of our firm has accepted the enlistment of a large number of shareholders, providing a relatively complete appeal channel for shareholders to claim compensation from listed companies, and helping the majority of shareholders recover huge losses.