China Securities Regulatory Commission publishes accounting regulatory report on 2024 annual reports highlighting 192 A-share issuers with non-standard audit opinions

The China Securities Regulatory Commission (CSRC) published an accounting regulatory report based on a sample review of A-share listed companies’ 2024 annual financial reports, concluding that overall compliance with Chinese Accounting Standards for Business Enterprises and financial disclosure rules was generally sound but that some issuers still made accounting or disclosure errors. As of 30 April 2025, 5,413 listed companies had disclosed their 2024 annual reports across the Main Board (3,185), ChiNext (1,377), STAR Market (586) and the Beijing Stock Exchange (265). Among companies that disclosed on time, 192 received non-standard audit opinions, including unqualified opinions with an emphasis-of-matter paragraph (56), unqualified opinions with a going-concern paragraph (35), unqualified opinions with both (8), qualified opinions (72) and disclaimers of opinion (21). The CSRC’s review identified recurring issues in areas including revenue, long-term equity investments and business combinations, financial instruments, asset impairment and non-recurring gains and losses. The CSRC will follow up on the accounting information disclosure issues identified and apply subsequent supervisory measures in line with applicable rules, while strengthening oversight of financial report disclosures and refining its supervisory mechanisms. It also plans to issue practical guidance on accounting topics that are market “hotspots” or difficult in practice, and urged listed companies and intermediaries such as accounting firms to correct identified errors and improve their application of accounting and disclosure requirements.