Soliciting Feedback Openly and Ensuring Closed-Loop Delivery—SSE Responds to Market Survey Comments to Advance the "Three Open-Doors" Initiative

The service-first mindset and the "Three Open-Doors" initiative represent the core principle of the Shanghai Stock Exchange (SSE) for serving and developing the capital market. In recent years, the SSE has firmly practiced the proper understanding of political performance, adhering to "Open-Door Review, Open-Door Regulation and Open-Door Service" ("Three Open-Doors"). With concrete measures to improve work practices, refine services and drive high-quality development, the SSE strives to boost the satisfaction and sense of gain of all market participants. Statistics show that over the past three years, the listing review team has conducted more than 1,600 on-site exchanges and over 100,000 telephone communications with issuers on listing and issuance matters, and responded to nearly 30,000 business inquiries regarding credit bond financing reviews. On the supervision front, over 50 rounds of regulatory updates have been issued and more than 1,100 training sessions and thematic events have been organized. On the service front, the SSE's "Capital Market Service Week" has expanded to cover all 31 provincial-level regions across China. Its "Xingqihang" online platform program has connected with over 500,000 enterprises, the multimedia platforms have received more than 40 million visits, and the "One-stop Online Service" system has launched 487 streamlined services, lifting overall processing efficiency by over 40%.

To further improve work efficacy, the SSE recently launched a 14-day questionnaire survey to widely collect public feedback, identify market demands and pool industry insights. The survey covered a broad range of participants, including more than 2,400 SSE-listed companies, pre-listing enterprises and bond issuers, 65 institutional investors, 120 securities firms, and over 100 securities service institutions. Centered on key areas such as information disclosure, rule transparency, business processing and product services, the survey focused on streamlining workflows, simplifying application materials and "improving overall service efficiency", with targeted questions closely linked to daily business operations. Market feedback was highly positive, with 1,778 valid responses collected. Market participants fully recognized the outcomes of the SSE's "Three Open-Doors" work, and proposed more than 200 targeted suggestions on operational procedures, process optimization and service upgrading.

Every feedback item reflects market trust in the SSE's development efforts. The SSE has organized in-depth assessments across all business lines, and rolled out multiple targeted measures to respond to market expectations through dedicated channels, ensuring every suggestion receives proper follow-up and resolution. The stock issuance review team has introduced a full package of measures to optimize refinancing services and held dedicated "Three Open-Doors" training for law firms. It will also release regular Review Updates to clarify policy application standards and interpret typical cases in a timely manner. The corporate supervision team provides listed companies with regulatory briefings and online training courses to address common compliance issues and latest regulatory requirements. The bond business team organizes specialized training for bond trustees and traders through dedicated communication channels for ongoing bond projects, and launches dedicated service hotlines under the "Three Open-Doors" framework to resolve industry concerns. Other teams including institutional member services, market training and information technology have continued to deliver diversified thematic training, leverage regular business communication channels, interpret policy directions and address market demands in a timely manner.

Markets keep evolving, and high-quality services remain an ongoing mission. Focusing on three core goals — improving work practices through openness, enhancing transparency through openness, and upgrading services through openness — the SSE will make sustained efforts to build a long-term, service-oriented exchange that better serves all market participants.