The fourth level is self-regulatory rules, mainly formulated by the Shanghai Stock Exchange and Shenzhen Stock Exchange, including the "Stock Listing Rules", "Guidelines for the Content and Format of Stock Listing Announcements", and "Guidelines for Information Disclosure of Companies Listed in Domestic and Overseas Markets" , "Temporary Announcement Format Guidelines", "Memorandum of Information Disclosure of Major Asset Reorganizations of Listed Companies", etc., which stipulate further detailed operational specifications based on specific problems encountered in actual operations
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