SZSE released the Guidelines of the Shenzhen Stock Exchange for Handling the Transfer of Listed Companies' Shares by Agreement (Revised in 2020) (the "Guidelines") on July 24, 2020. Revisions made this time are specified as follows: (1) appropriately reducing burdens, cancelling administrative approval documents on the exemption of tender offers, notarization of agreements involving natural persons or overseas legal persons, and simplifying the application materials. (2) to be transparent and convenient, formulating supporting Guidelines, refining material requirements, reference format text and handling procedures, and providing clear guidance for market players in facilitating business handling. (3) Controllable risks. The contents of commitments and guarantees made by the business-related parties concerned shall be added, the responsibilities of subjects concerned shall be specified, and it is clarified that the Stock Exchanges may take self- regulatory measures or disciplinary sanctions against violations.