Legal basis: Memorandum of Information Disclosure of Small and Medium-sized Board No.30: Venture Capital Article 4 A listed company shall disclose venture capital in a timely manner after it is reviewed and approved by the board of directors; Venture capital other than securities investment with an amount exceeding 50 million yuan shall also be submitted to the shareholders' meeting for deliberation. Among them, the securities investment of listed companies, regardless of the amount, shall be submitted to the shareholders' meeting for deliberation after being reviewed and approved by the board of directors, and the consent of more than two-thirds of all directors and more than two-thirds of independent directors shall be obtained. For a listed company in the continuous supervision period, the sponsor institution shall issue a clear agreement on its securities investment.