It has been learned from the Ministry of Finance and the China Securities Regulatory Commission that the State Council has decided to implement the transfer of state-owned shares in the domestic securities market, that is, after the split share structure reform cuts off the old and new relations, all state-owned joint-stock companies listed on the domestic securities market for the first time must transfer part of the state-owned shares of the joint-stock company to the National Social Security Fund Council, which will inherit the shares of the original state-owned shareholders, unless otherwise stipulated by the State Council.

The National Social Security Fund Council is an important investment institution in China's securities market, and pursues the investment philosophy of long-term investment, value investment and responsible investment. Transferring some state-owned shares to enrich the social security fund, from the split share structure reform to the initial public offering of shares before the introduction of the transfer policy and the listing of shares held by the National Social Security Fund Council, extending the lock-up period of three years on the basis of inheriting the original lock-up period of state-owned shareholders will be conducive to enhancing investor confidence and the long-term stable and healthy development of China's securities market.