CSRC Chairman Wu Qing: Strict Investigation and Punishment of Tech-Name Hype, Concept Speculation, and Market Manipulation

The 2026 Lujiazui Forum opened this morning. Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), delivered a keynote speech titled Further Improving the Coordinated Function of Investment and Financing in the Capital Market to Better Serve New Quality Productive Forces and High-Quality Economic Development.

Wu Qing: Social Security and Insurance Net Purchases of A-Shares Reach 1.3 Trillion Yuan Since the New "National Nine Articles"

Wu Qing said that in the more than two years since the issuance of the new "National Nine Articles," the market value of A-shares held by social security, insurance, and other institutions has increased by 85%, with net purchases of A-shares reaching 1.3 trillion yuan.

Wu Qing: Strict Investigation and Punishment of Illegal and Irregular Behaviors Such as Hype, Concept Speculation, Market Manipulation, and Insider Trading in the Name of Technology

Wu Qing said that the CSRC will continue to enhance the effectiveness and adaptability of regulation. It will improve the regulatory mechanisms at all stages, including market access, continuous supervision, and exit. The CSRC will strictly investigate and punish illegal and irregular behaviors such as hype, concept speculation, market manipulation, and insider trading in the name of technology.

Wu Qing: Accelerate the Cultivation of Patient Capital, Guide Pension and Insurance Funds to Increase Equity Investment

Wu Qing said that the CSRC will accelerate the cultivation of patient capital, actively broaden funding sources, support the complementary advantages of state-owned capital funds and social capital, guide pension and insurance funds to increase equity investment, and promote the further smooth circulation of "fundraising, investment, management, and exit."

Wu Qing: A-Share Companies' Dividend and Buyback Scale in the Past Two Years Has Reached Three Times the Equity Financing in the Same Period

Wu Qing said that in the past two years, the scale of dividends and buybacks of A-share companies has reached three times the equity financing in the same period.

Wu Qing: Working with the People's Bank of China to Study the Pilot of RMB Foreign Exchange Futures

Wu Qing said that the CSRC will focus on enhancing the attractiveness and competitiveness of the opening-up system, and will work with the People's Bank of China to study the pilot of RMB foreign exchange futures, promote the institutional opening-up of the capital market in an orderly manner, further expand the connectivity of stock and bond markets and other financial infrastructure, and steadily promote the two-way opening-up of the capital market.