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China Securities Regulator Wu Qing Announces Major STAR Market Reforms and Oversight Measures

Jun 19, 2024, 04:15 AM

China's top securities regulator, the China Securities Regulatory Commission (CSRC), has announced a series of measures aimed at strengthening oversight and reforming the country's capital markets. The CSRC has vowed to maintain a 'zero-tolerance' stance on illegal activities and will enrich policy tools to manage market fluctuations and prevent abnormal stock market volatility. The regulator will also improve regulation of quantitative trading and strengthen supervision over high-frequency trading. Additionally, the CSRC will implement new reforms for the Science and Technology Innovation Board (STAR market), including improving stock issuance and underwriting mechanisms, mergers and acquisitions, and supporting sci-tech innovation. Eight new measures have been introduced to support the STAR market, aimed at bolstering science and tech innovation and promoting the development of new productive forces. The CSRC, led by Chairman Wu Qing, announced these reforms at the Lujiazui Forum in Shanghai. The CSRC will also accelerate the filing process for Chinese companies listing overseas and boost the development of private equity and venture capital, while ensuring compliance.