Now, I will briefly introduce the main contents of the documents.

Firstly, the document on tightening scrutiny over stock listings aims to improve the quality of listed companies from the source. It comprehensively and strictly strengthens the supervision of IPOs, tightening the responsibilities of all relevant parties in the entire issuance supervision chain. It includes a total of eight policy measures. These are: strictly controlling the quality of declarations of companies planning to list, prohibiting the blind pursuit of listings and excessive financing for profit-making purposes, and promptly and strictly pursuing responsibilities for financial fraud, false statements and misleading packaging in accordance with the law; implementing a system of regular and periodic inspections to ensure comprehensive and continuous oversight, and strengthening the accountability of intermediaries as "gatekeepers"; highlighting the primary responsibility of the exchange review, closely monitoring whether companies planning to list engage in last-minute dividend distributions prior to listing, and strictly supervising overpricing and overfunding; considering the secondary market's capacity and implementing necessary adjustments for the issuance of new shares; significantly increasing the proportion of random inspections on companies planning to list and intensifying problem-oriented on-site inspections; studying the enhancement of listing standards and conducting strict reviews of unprofitable companies; strengthening the thorough supervision of shareholders of companies planning to list to prevent illegal wealth accumulation through unlawful practices; and strengthening the entire chain of supervision and accountability mechanisms. If members of the listing committee and registration reviewers are found to have committed serious negligence or violated disciplinary integrity, they shall be held accountable to Party discipline and administrative responsibilities for life.

The second guideline focuses on enhancing the supervision of listed companies. Aimed at boosting investment value and protecting investors, it outlines 18 measures to address key issues of wide concern, including combating financial fraud, strictly regulating share reduction, improving dividend oversight, and bolstering market value management. According to these measures, efforts will be made to promote the establishment of a comprehensive system for preventing and penalizing financial fraud in the capital market and enhancing thorough supervision capacities to ensure transparent performance and authentic data. Share reduction will be appropriately linked to dividends and situations where the stock price falls below net asset value or below the issue price. Entities found in violation will be ordered to buy back unlawfully reduced shares and submit the price discrepancies. Oversight of cash dividends will be fortified to increase investor returns. Actions will be taken to ensure that listed companies take primary responsibility for managing their market value and to encourage high-quality companies to actively engage in share buybacks.