“The ESG report more reflects what systems enterprises have established, and what ESG governance capabilities really need to address is whether these systems can be incorporated into specific management decisions.” Chi Shunyu, director of the Institute of Law and Finance at the Institute of Law and Economics at China University of Political Science and Law, pointed out in an interview with reporters that the incident alone cannot be used to determine that the previous ESG disclosure of Xingyu Co., Ltd. is inconsistent with the actual situation, nor can it be concluded that its existing mechanism has completely failed based on this. Currently, public information is insufficient to restore the specific operation process of the company's internal relevant systems during this incident. However, on the other hand, the dispute did constitute a realistic “stress test” of the ESG system disclosed by listed companies: whether relevant risks can be identified before major decisions involving more employees' interests are identified, whether employees can provide timely and smooth upward feedback after objections are raised, and whether problems can be promptly corrected after they are discovered during the implementation process.

“The ESG report more reflects what systems enterprises have established, and what ESG governance capabilities really need to address is whether these systems can be incorporated into specific management decisions.” Chi Shunyu, director of the Institute of Law and Finance at the Institute of Law and Economics at China University of Political Science and Law, pointed out in an interview with reporters that the incident alone cannot be used to determine that the previous ESG disclosure of Xingyu Co., Ltd. is inconsistent with the actual situation, nor can it be concluded that its existing mechanism has completely failed based on this. Currently, public information is insufficient to restore the specific operation process of the company's internal relevant systems during this incident. However, on the other hand, the dispute did constitute a realistic “stress test” of the ESG system disclosed by listed companies: whether relevant risks can be identified before major decisions involving more employees' interests are identified, whether employees can provide timely and smooth upward feedback after objections are raised, and whether problems can be promptly corrected after they are discovered during the implementation process.