Recently, under the overall guidance of the China Securities Regulatory Commission (CSRC), the Shanghai Stock Exchange revised the "Stock Listing Rules" and "Guidelines for Standardized Operations" for the Main Board and the STAR Market, and solicited public comments from the market. The key revisions to these rules include: establishing a comprehensive regulatory framework covering the entire process of the appointment, performance of duties, and dismissal of corporate secretaries; further improving safeguards for corporate secretaries to ensure they can perform their duties effectively; guiding corporate secretaries to better fulfill their responsibilities; fully leveraging their role in information disclosure, corporate governance, and internal and external communication and coordination; and promoting the improvement of listed companies’ quality. Refined regulations regarding directors and senior executives have been introduced to improve the regulatory framework for these roles. Comprehensive standards covering appointment, performance of duties, and resignation have been established to ensure that directors and senior executives faithfully and diligently fulfill their responsibilities; Improve incentive and accountability mechanisms for directors and senior executives by requiring listed companies to establish compensation management systems that link their compensation to corporate performance and individual achievements, thereby promoting better alignment of interests among directors, senior executives, and the company; further standardize the conduct of controlling shareholders and actual controllers, and strictly restrict competitive activities that may have a material adverse impact on listed companies. (Issued by the Shanghai Stock Exchange)