[Sponsors, spouses, relatives, etc. are not allowed to hold shares of the issuer in any name or manner] On October 9, the reporter learned that the China Securities Association has recently drafted the "Code of Conduct for Sponsor Representatives" and is soliciting opinions from the industry. The new regulations clarify that sponsors, other persons engaged in the sponsorship business, and their spouses are not allowed to hold shares of the issuer in any name or manner, including direct shareholding in their own name, shareholding through relatives, pseudonyms, agency holdings, etc., as well as disguised shareholding through trusts, entrusted investments, partnership shares, asset management plans, contractual private equity funds, etc. This also includes obtaining shares of companies to be listed for interested parties, and illegal participation in strategic allotments and price lock-in increases. The new regulations also extend the scope of the prohibition to the entire business cycle. Illegal shares are not allowed in all aspects of project establishment, due diligence, preparation of application documents, review and inquiry responses, and continuous supervision after listing. Two hidden forms are specifically named. It is not allowed to take shares in the proposed sponsor company through "pre-investment" or "locking in the target in advance" before the project is officially established. It is not allowed to obtain improper equity returns through retroactive interest arrangements after the project is terminated and the continuous supervision period is over. (Reporter Lin Jian)