The principles of openness, fairness and impartiality in securities management.

Article 3 of the Securities Law stipulates that the issuance and trading of securities must follow the principles of openness, fairness and impartiality.

The principle of openness means that market information should be made public. In terms of content, all information that may affect investors' decision-making should be made public, such as articles of association, prospectus and related financial and accounting materials. The forms of publicity include making public announcements, publishing relevant information in newspapers or periodicals, and placing relevant information in relevant places for the public to consult at any time. The public information must be timely, complete, true and accurate.

The principle of fairness means that all market participants have equal status and their legitimate rights and interests should be fairly protected. They should enjoy equal opportunities and equal treatment in securities issuance and trading.

The principle of fairness means that all participants in the securities market are treated equally on the basis of objective facts, especially the securities regulatory authorities should adhere to the principle of fairness.