ICBC(SH:601398) 经济观察报·2025-09-06 04:28Core Viewpoint - The article discusses the significant reforms and developments in China's capital markets during Yi Huiman's tenure as the chairman of the China Securities Regulatory Commission (CSRC), highlighting both achievements and challenges faced in the market [1][10]. Group 1: Yi Huiman's Tenure and Achievements - Yi Huiman served as the chairman of the CSRC from January 26, 2019, to February 6, 2024, during which he oversaw major reforms including the establishment of the Sci-Tech Innovation Board and the implementation of the registration system [3][10]. - Under Yi's leadership, the Shanghai Composite Index (SSE) rose from 2601.72 points to a peak of 3715.37 points, reflecting a significant market recovery and growth during his initial years [8][9]. - The introduction of the registration system in 2023 marked a milestone in China's capital market reform, aiming to enhance market efficiency and transparency [12]. Group 2: Market Performance and Reforms - The SSE experienced a 24.52% increase from approximately 2600 points to 3288 points shortly after Yi's appointment, indicating a positive market response to his leadership [8]. - The reforms initiated during Yi's tenure included the launch of the Sci-Tech Innovation Board on July 22, 2019, which opened new avenues for technology-driven companies to access capital [10]. - The revised Securities Law, effective from March 1, 2020, was a significant step towards enhancing the regulatory framework and investor protection in the capital markets [10]. Group 3: Challenges and Market Stability - Despite initial successes, the SSE faced volatility, with the index dropping to 2702.19 points by February 5, 2024, indicating challenges in maintaining market stability [8][9]. - In response to market fluctuations, the CSRC announced measures to tighten IPO and refinancing processes in August 2023, reflecting a proactive approach to stabilize the market [12]. - Yi Huiman emphasized the importance of respecting market dynamics, legal frameworks, professional standards, and risk management as guiding principles for future reforms [7].