证券时报记者刘筱攸 剑指万亿级助贷市场的监管新规离正式实施还有4个月，但影响已开始显现。 上述监管新规即是金融监管总局4月发布的《关于加强商业银行互联网助贷业务管理提升金融服务质效 的通知》（以下简称《新规》），该《新规》将于10月1日起正式施行。 来自北京和华南的两家头部助贷平台人士向证券时报记者透露了最新合规整改进展，两家平台均在深入 研究《新规》各项条款的基础上，逐条制定与之匹配的执行计划，并对现有业务流程展开全面梳理。 其中一家平台透露，近期24%～36%高风险利率区间的对客产品资金已显著趋紧。部分合作资方银行从 整体资金风险审慎管理角度出发，直接拒绝审批超出24%利率的对客资金，以缩减高风险利率助贷业务 规模。 相继公布助贷机构白名单 在《新规》正式实施前，助贷行业最显著的变化是银行、消金公司等资方相继公布助贷合作机构"白名 单"。 例如，尚诚消金披露了截至3月19日的14家产品合作机构，蚂蚁智信、微众银行、度小满、信也科技、 分期乐、平安融易等头部助贷平台在列。广州银行披露了截至4月25日的17家互联网贷款业务合作机 构，包括平安融易、马上消金、分期乐、微众银行、蚂蚁消金、支付宝、网商银行、乐信、 ...

Core Viewpoint - Recent cases of illegal trading using undisclosed information, known as "rat trading," highlight significant compliance issues within the brokerage industry, prompting regulatory bodies to intensify oversight and improve risk management systems [1][2][3]. Group 1: Regulatory Actions - The Anhui Securities Regulatory Bureau imposed fines exceeding 4.26 million yuan on a senior manager for illegal stock trading using undisclosed information [1] - A similar case in Jilin resulted in fines over 1.07 million yuan for a former brokerage employee involved in "convergent trading" [1] - In 2024, the China Securities Regulatory Commission (CSRC) has already cracked down on 15 cases of illegal trading, with one senior investment manager facing penalties exceeding 64 million yuan [1] Group 2: Compliance Issues - Both individuals involved in the recent cases were senior IT professionals at brokerages, indicating a misuse of technical privileges and a lack of internal controls [2] - The cases reveal significant compliance gaps, including inadequate scrutiny of employee accounts and trading behaviors [2] Group 3: Industry Response - The China Securities Association is seeking industry feedback on guidelines aimed at enhancing compliance management for securities personnel, emphasizing comprehensive coverage in personnel and behavior management [3] - The guidelines specifically target IT-related positions as key areas for scrutiny to prevent misuse of undisclosed information [3] - Regulatory bodies are urged to strengthen oversight, collaborate with judicial authorities, and impose strict legal consequences to deter illegal activities in the capital market [3] Group 4: Ethical Standards - Securities professionals are reminded to adhere to principles of honesty and diligence, avoiding complacency that could lead to illegal actions [4]

Core Viewpoint - The implementation of new regulations on shareholder reduction has significantly decreased the scale of share reductions by major shareholders in the secondary market, enhancing investor confidence and promoting long-term value investment in the A-share market [1][2][3]. Group 1: Regulatory Impact - The new regulations have led to a nearly 20% decrease in the scale of share reductions by major shareholders, with a total reduction of 207.28 billion yuan over the past year [2]. - Approximately 2,703 listed companies have restrictions on major shareholders' reductions, accounting for about half of all A-share companies [2]. - The regulatory framework emphasizes substantial over formal compliance, aiming to prevent various forms of circumvention in share reductions [2][3]. Group 2: Enforcement and Compliance - Regulatory authorities have adopted a strict approach to punish violations related to share reductions, particularly focusing on circumvention and disguised reductions [4][5]. - As of May 23, 2023, 31 penalties have been issued for violations, including failure to disclose shareholding changes and illegal reductions during sensitive periods [5][6]. - Notable cases include significant penalties for individuals who failed to report actual shareholding situations and engaged in illegal reductions [6]. Group 3: Market Behavior and Trends - Following the new regulations, there has been a notable increase in the termination of share transfer agreements, particularly among controlling shareholders [7]. - The decline in agreement transfers is attributed to stricter regulatory scrutiny and market conditions, leading to a reduction in hidden reduction channels [7][8]. - The market is expected to see continued regulatory efforts to prevent circumvention and disguised reductions, with a focus on enhancing monitoring technologies and inter-departmental collaboration [8].

美国更好并购集团 "上有政策，下有对策；股东大会一纸议案，胜似千军万马。"从ChatGPT大模型火遍全球，到A股市场上"股东利益优先"的口号反复被提起，我们似乎处在 一个科技与资本交织共振的时代。 然而，当你细读那些上市公司的股东大会文件，一份又一份议案犹如剧本——改选董事？其实是"实控人"强行安插亲信；资产出售？不过是"腾壳换魂"的幌 子；员工持股？更像是"利益绑定"的陷阱。 美国更好并购集团（Goheal）从上百份上市公司会议纪要中总结出一个颇为现实的观点：很多资本运作的起点，并不是为了所有股东的利益，而是为了"特 定人的控制权稳固"服务的。 一纸议案，是棋局的第一步。 2024年，一家主打绿色能源的上市公司召开临时股东大会，议案只有两项，看起来"合理合法"：一是向某战略投资者定向增发不超过10%的股份，二是同步 增补两位董事进入董事会。资本市场的解读是：引入资金，优化治理。但我们美国更好并购集团（Goheal）发现，这家所谓的"战略投资者"背后，是现任董 事长的关联人设立的有限合伙企业，且该合伙企业正通过信托产品进行资金穿透，实控人表面未变，实则实现了"自我增权"。 资本市场的舞台，从来不缺"拟人化"的 ...

Group 1 - The core viewpoint emphasizes the need for central enterprises to accelerate the development of new productive forces and cultivate strategic emerging industries with core competitiveness [1][2] - The 2025 deadline marks the conclusion of the current round of state-owned enterprise reform, focusing on deepening reforms and addressing systemic issues that hinder high-quality development [1][2] - The State-owned Assets Supervision and Administration Commission (SASAC) has initiated actions to enhance the quality of state-owned enterprises, including the "Industry Renewal Action" and "Future Industry Launch Action" [2][4] Group 2 - In 2022, central enterprises invested 2.7 trillion yuan in strategic emerging industries, a year-on-year increase of 21.8%, with the proportion of total investment exceeding 40% for the first time [4] - The SASAC aims to strengthen the organization and ensure high-quality completion of the reform actions, focusing on resource allocation to strategic emerging industries [2][4] - The SASAC is also enhancing regulatory efficiency through a smart, penetrating regulatory system to monitor financial resources and improve operational efficiency [6][7] Group 3 - The focus on new technologies and industries, such as artificial intelligence and quantum information, is accelerating, with significant advancements like the launch of a distributed cryptographic system by China Telecom [5] - The SASAC is promoting a modern enterprise system and deepening reforms to enhance the competitiveness of state-owned enterprises in strategic emerging industries [2][3]

Core Viewpoint - The Chinese Ministry of Commerce has emphasized the legal review of the sale of port assets by CK Hutchison Holdings, marking a significant shift in China's antitrust enforcement towards national economic security strategy [1][3][8]. Group 1: Regulatory Developments - The transaction involves a global network of 43 ports across 23 countries, highlighting the international implications of China's regulatory stance [1][3]. - The Ministry of Commerce has initiated a "penetrating regulation" approach, utilizing blockchain and big data to uncover complex offshore structures within 72 hours [5]. - For the first time, China is exercising extraterritorial jurisdiction over cross-border transactions, indicating that any deal affecting competition or national security in China will be scrutinized, regardless of the location of the assets [6]. Group 2: Strategic Implications - The core asset in the transaction, the Panama Canal, is crucial for 6% of global trade and serves as a key route for Chinese exports to the Americas [3]. - The regulatory response reflects a shift from static market share assessments to dynamic strategic risk evaluations, integrating the control of strategic resources into national security considerations [7]. - The incident has led to significant market reactions, with CK Hutchison's stock price declining due to uncertainties surrounding the transaction [7]. Group 3: Global Economic Governance - This event signifies a redefinition of global economic governance rules, with China establishing a legal framework that prohibits circumvention of regulatory reviews [8]. - Companies that adapt to these evolving rules will likely thrive, as the new order emphasizes the balance between capital freedom and national security [9].

Core Viewpoint - The article highlights the systemic and covert threats posed by third-party involvement in financial fraud, emphasizing the need for improved legislation and regulatory mechanisms to establish clear accountability for these entities [1][2]. Group 1: Current Legal Framework and Challenges - The existing Securities Law lacks clarity in defining the responsibilities of external parties involved in aiding fraud, leading to a lack of legal precedents for holding suppliers and customers accountable [2][3]. - Current penalties primarily target listed companies and intermediaries, while the direct participants in fraud, such as upstream and downstream companies, remain largely unpunished, resulting in a diluted accountability for third parties [2][3]. - The absence of clear legal provisions for third-party involvement in systemic fraud creates challenges in establishing criminal liability, as existing laws do not explicitly include non-listed companies in the scope of punishment [3][4]. Group 2: Recommendations for Improvement - Experts suggest the need to enhance the third-party responsibility system by standardizing accountability criteria across relevant laws, ensuring a scientifically sound and reasonable responsibility framework [6][7]. - There is a call for the establishment of a collaborative governance system that integrates administrative, criminal, and civil measures, allowing for more effective enforcement against non-listed companies involved in fraud [9]. - The implementation of comprehensive and penetrating regulatory measures is recommended, utilizing digital tools for real-time monitoring of financial activities to enhance oversight capabilities [10].

Group 1 - The Ministry of Commerce of China reiterated its firm opposition to the U.S. imposing tariffs, emphasizing the need for the U.S. to recognize the negative impacts of unilateral tariff measures and to take action towards canceling these tariffs for negotiations to proceed [1][1][1] - In April, the retail sales of new energy vehicles in China reached 922,000 units, marking a year-on-year increase of 37%, with a market penetration rate of 52.3% [1][1][1] - The National Development and Reform Commission announced support for private enterprises to participate in major national projects, with an investment scale of approximately 3 trillion yuan planned for key sectors [1][1][1] Group 2 - The Hong Kong Monetary Authority stated that the recent decision by the Federal Reserve to maintain interest rates aligns with market expectations, and the Hong Kong dollar has strengthened due to stock investment demand [1][1][1] - The China Banking Association reported that as of May 8, 36 enterprises in the interbank market have announced the issuance of technology innovation bonds totaling 21 billion yuan [1][1][1] - Ningde Times unveiled the TENER Stack, the world's first mass-produced 9MWh large-capacity energy storage system solution, showcasing breakthroughs in various dimensions [1][1][1] Group 3 - The UK and the U.S. reached a new trade agreement that partially withdraws tariffs in specific areas, although many details remain to be finalized [2][2][2] - The European Commission initiated a public consultation regarding countermeasures against U.S. tariffs, focusing on products worth 95 billion euros imported from the U.S. [3][3][3] - The Bank of England lowered its benchmark interest rate from 4.5% to 4.25%, indicating a cautious approach to future rate cuts [3][3][3]

Core Viewpoint - The management and registration of outsourcing institutions in the payment acceptance sector are crucial for standardizing the market and ensuring industry order, with over 33,000 institutions having completed registration as of May 6, involving more than 700 aggregation payment institutions [1][2]. Group 1: Industry Overview - The term "outsourcing institutions" refers to legally established entities that undertake non-core business for payment acceptance institutions, including services like aggregation payment technology, merchant recommendations, and maintenance [1]. - The China Payment and Clearing Association has been intensifying regulations in the payment acceptance sector, recently issuing guidelines to strengthen management of outsourcing services and mitigate risks associated with subcontracting [1]. Group 2: Regulatory Trends - Experts predict a trend towards deeper, normalized regulation in the outsourcing service market, with the Payment and Clearing Association initiating inspections and focusing on combating fraudulent merchants [2]. - There will be a tiered management approach, where severely violating outsourcing institutions (e.g., those involved in gambling or money laundering) may be blacklisted [2]. - The registration system is seen as a key component of "penetrating regulation" in the payment industry, promoting a shift from rapid expansion to meticulous management, which is expected to enhance market health and user trust over the long term [2].

Core Viewpoint - The China Payment and Clearing Association has issued a warning regarding the management of outsourced acquiring services, emphasizing the need to prevent subcontracting and sub-leasing risks in the industry [1][2][4]. Group 1: Regulatory Requirements - The association has outlined three main requirements for the industry: 1. Acquiring institutions must enhance management of outsourced institutions and their operations 2. Acquiring institutions should strengthen risk management of outsourced services 3. Outsourced institutions must comply with self-regulatory management requirements [2][3]. Group 2: Industry Oversight - As of May 6, over 33,000 outsourced institutions have completed registration, involving more than 700 aggregation payment institutions, with 972 institutions registered in the current year [1]. - The association has noted that acquiring institutions should conduct thorough due diligence on outsourced partners and establish risk management systems, including annual independent security assessments [3][4]. Group 3: Market Trends - The regulatory environment for outsourced acquiring services is expected to remain stringent, with ongoing inspections and a focus on combating fraudulent merchant activities [4][5]. - The association's push for full registration of existing outsourced institutions is seen as a critical step towards enhancing market integrity and user trust [5].