Brokerage Firms' Implementation of Special Evaluation Methods for Five Major Financial "Articles" Expected to Launch Officially; Adjusts Statistical Caliber of Certain Indicators

People’s Financial News, March 25 — On March 24, a reporter from Securities Times learned from industry insiders that the China Securities Association (CSA) plans to revise the “Evaluation Measures for Securities Firms’ Performance in the ‘Five Major Financial Articles’” (hereinafter referred to as the “Draft Revision”) and solicit opinions from the industry. It is reported that this revision will change the title from “Evaluation Measures for Securities Firms’ Performance in the ‘Five Major Financial Articles’ (Trial)” to “Evaluation Measures for Securities Firms’ Performance in the ‘Five Major Financial Articles’,” and the document will shift from trial to formal implementation. Specifically, the “Draft Revision” adjusts the statistical scope of some indicators. First, in the scope of “Bond Financing in the Technology Sector,” “Green Sector Bond Financing,” “Bond Financing for Small and Micro Enterprises,” and “Bond Financing for Private Enterprises,” the management of asset securitization products (ABS) by securities firms has been added. Second, in the scope of “Equity Financing in the Technology Sector” and “Mergers and Acquisitions in the Technology Sector,” projects such as domestic companies going abroad for listing and cross-border M&A have been added. Third, the scope of the “Mergers and Acquisitions in the Technology Sector” indicator has been adjusted from serving as an independent financial advisor for major asset restructuring projects to serving as a financial advisor for major asset restructuring projects. Fourth, in the scope of the “Equity Investment in the Technology Sector” indicator, indirect investment methods have been added. Fifth, the scope of the “Pension Fund” indicator has been expanded to include individual pension products and their corresponding pension target fund products.