On 16 March 2006, the new Guidelines for Articles of Association of Listed Companies
(the Guidelines) came into effect. The Guidelines were promulgated by the Chinese (PRC)
Securities and Regulatory Commission (CSRC). It substantially amended the original
1997 version. Much of the Guidelines attempted to emulate elements of international best
practice with a Chinese flair. This paper will compare and comment on the major
Guideline provisions with their counterpart in Australia. The comparative analysis would
articulate that the PRC’s regulatory codes are far from robust for an efficient capital
market. Furthermore much of the Guideline provisions are riddled with ambiguities,
whereas Australia’s ‘replaceable rules’ have clarity and expounds a framework of good
governance.