progress of reforms and new developments of the capital market.
A draft amendment to the law was previously submitted to the top legislature for first reading
in April 2015, mainly to meet the legislative demand of reforming the IPO system toward a registration-based one.
The first draft also improved rules on developing a multi-layer capital market system, strengthen
ing investor protection, promoting securities industry innovations and enhancing regulation.
New revisions were submitted for a second reading in April 2017 to im
prove regulation on such areas as stock trading, acquisitions of listed firms, information disclo
sure and investor protection. The second draft also demanded the State Council to gradually advance the IPO sys
tem reform in accordance with authorization granted by the top legislature.