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the china securities regulatory commission recently issued the "regulations on the supervision of former employees of the china securities regulatory commission buying shares in companies to be listed (trial)" (hereinafter referred to as the "regulations on the supervision of former employees"), which aims to strictly regulate the "revolving door" between government and business, and strictly prevent former employees from using their public power while in office and their influence after leaving to obtain improper benefits.

the specific contents of the provisions on supervision of resigned personnel include:

• increased supervision: for enterprises applying for initial public offering of stocks or depositary receipts and listing on the shanghai or shenzhen stock exchanges, or publicly issuing stocks to unspecified qualified investors and listing on the beijing stock exchange, intermediary institutions must conduct a thorough review of the shareholding of former employees and determine whether there is any improper shareholding.
• scope of prohibited shareholding: the regulations prohibit former employees from participating in any type of investment activities during the period of entering a listed company and they must strictly abide by relevant regulations.
• strengthen supervision: the csrc will verify the shareholding status of resigned personnel and review the examination and registration process. if any clues of illegal or disciplinary violations are found, they will be transferred to relevant departments for handling.

impact of the regulations on the supervision of resigned personnel on air transport and freight:

the implementation of the above new regulations has brought new challenges to the air transport and cargo industry. on the one hand, it provides a strong guarantee for ensuring fairness, justice and the healthy development of the market order; on the other hand, it also means that the air transport and cargo industry needs to further optimize its own management mechanism, strengthen internal supervision and risk prevention and control work, in order to meet the supervision requirements of regulatory authorities.

future outlook:

as the capital market continues to evolve, the air transport and cargo industry will face more and more challenges and opportunities. regulatory authorities will continue to strengthen supervision of related fields and promote the air transport and cargo industry to develop in a more standardized, safe and stable direction. at the same time, air transport and cargo companies also need to actively respond to regulatory requirements, continuously improve their service quality and operational efficiency, and make greater contributions to market development.