11月10日至13日，中国证监会主席吴清访问法国巴黎和巴西里约热内卢，并与法国金融市场监管局（AMF）主席巴贝特-拉亚尼女士（Marie-AnneBarbat-Layani）和巴西证监会（CVM）代理主席卢博（OttoLobo）先生、委员科波拉（MarinaCopola）女士分别举行双边会谈，就法国、欧盟、巴西证券市场监管动态、进一步深化拓展资本市场双边务实合作等议题交换了意见。期间，吴清听取国际机构投资者、中资企业对推进中国资本市场高水平开放的意见建议。外汇交易员 (@myfxtrader):路透：知情人士透露，证监会主席吴清已寻求批准辞职，但目前尚不清楚他的辞呈是否已被批准。 https://t.co/MOnGe7vJTw ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation regarding the "Whistleblower Reward System for Securities and Futures Violations," marking a significant upgrade to the whistleblower system established in 2014 and revised in 2020 [1][2]. Group 1: Whistleblower System Enhancements - The draft clearly defines the concept of "whistleblower" and significantly increases the reward standards, raising the reward from 1% to 3% of the penalties collected from cases, with a maximum reward of 1 million yuan [1][2]. - The draft outlines procedures for receiving tips, processing them, and ensuring timely payment of rewards, while also implementing anonymous management of whistleblower identities to protect them from retaliation [1][4]. Group 2: Importance of Whistleblowers in Securities Market - Whistleblowers play a crucial role in exposing significant issues related to public interest, such as fraud and corruption, which are often hidden in the securities market [2][3]. - The presence of whistleblowers can deter potential violators by increasing the likelihood of exposure, thereby enhancing regulatory effectiveness and reducing investor losses [3][5]. Group 3: Internal Whistleblower Protections - The draft provides protections for internal whistleblowers, prohibiting employers from retaliating against them and ensuring that their reports are prioritized for investigation [4][5]. - The existence of internal whistleblowers can compel companies to improve governance quality, as management must address internal issues to avoid penalties that could negatively impact stock prices and capital operations [3][4]. Group 4: Broader Implications for Market Regulation - The whistleblower system serves as a vital supplement to administrative regulation, especially given the challenges of monitoring over 5,400 listed companies in China [4][5]. - Enhanced rewards and clearer processes are expected to motivate whistleblowers, thereby tightening the environment for illegal activities and promoting a culture of honesty and integrity in the market [5].

Core Viewpoint - The article highlights the recent regulatory scrutiny faced by several A-share companies, particularly focusing on 富煌钢构 (Fuhuang Steel Structure) which has been investigated for information disclosure violations by the China Securities Regulatory Commission (CSRC) [1][2]. Summary by Sections 富煌钢构 Investigation - 富煌钢构 announced on September 26 that it received a notice from the CSRC regarding an investigation for suspected violations of information disclosure laws [2]. - The company stated that its business operations remain normal and it will cooperate with the investigation while adhering to legal disclosure obligations [2]. - For the first half of 2025, 富煌钢构 reported a revenue of 1.92 billion yuan, a year-on-year decrease of 8.01%, and a net profit attributable to shareholders of 30.63 million yuan, down 19.03% year-on-year [2]. Market Monitoring - The Shanghai Stock Exchange reported that from September 22 to September 26, it monitored stocks with significant price fluctuations, including 天普股份 (Tiangpu Co.) and 上纬新材 (Shangwei New Materials) [5]. - The Shenzhen Stock Exchange also reported monitoring of "*ST宇顺" for abnormal trading activities during the same period [5]. - The Beijing Stock Exchange continued to monitor the delisting risk warning stock "*ST云创" and took self-regulatory measures against 10 instances of abnormal trading [5]. 天普股份 Trading Activity - 天普股份 experienced a significant price increase, with its stock price rising 317.72% over 15 consecutive trading days from August 22 to September 23 [6]. - The company announced a trading suspension for further investigation due to the substantial trading risks associated with its stock price [6]. - The acquisition of control over 天普股份 by 中昊芯英 (Zhonghao Xinying) is noted, with no plans for asset injection or major business changes in the next 12 months [7].

香港联合交易所有限公司(联交所)首次因一家上市公司的两名前任董事均未有配合联交所与证券及期货 事务监察委员会(证监会)的调查，而对其采取纪律行动。 根据《上市规则》，上市发行人的每名董事均有责任配合上市科或证监会进行的任何调查，即使个别人 士不再担任发行人董事，此责任仍然持续。经考虑相关证据后，上市委员会裁定马女士及金先生均违反 了此规定，且属严重违规。 香港交易所上市监管及规则执行主管 严玉瑜表示：「发行人及其董事与联交所及证监会通力合作，对 维护证券市场运作公平有序、信息灵通至关重要。联交所致力维持发行人及市场质素，保障公众投资者 的利益。我们对不配合调查的行为持零容忍态度。不配合调查属严重不当行为，我们定会对不合作董事 作出适当制裁。谨此提醒发行人和董事务必全面配合上市科及证监会的调查，并及时提供准确完备的最 新资料。」 这次行动突显出联交所与证监会之间的策略性合作，通过联交所在《上市规则》下的纪律处分权力，提 升调查及执行程序的效率，并实现公平的监管成果。 在其纪律行动中，联交所公开谴责 万马控股的前执行董事马小秋女士及前独立非执行董事金来林先 生。联交所表明，马女士、金先生均不适合担任万马控股或其任 ...

Group 1 - The Shanghai Stock Exchange (SSE) has taken regulatory measures against 270 cases of abnormal trading behaviors, including price manipulation and false declarations, from July 28 to August 1, 2025 [1] - Stocks with abnormal volatility, such as *ST Yazhen, are under risk warning, while stocks like Xiwai New Materials, Tibet Tourism, and Southern Road Machinery are under close monitoring due to severe abnormal fluctuations [1] - The SSE has conducted special investigations into 18 major events of listed companies and reported 2 suspected illegal cases to the China Securities Regulatory Commission [1]

Group 1 - The recent regulatory actions against companies like Guangdao Digital and Dongxu Optoelectronics signal a zero-tolerance approach towards financial fraud in the securities market [2][3] - Guangdao Digital was penalized for fabricating contracts and invoices, resulting in a revenue inflation of 1.465 billion yuan, which constituted over 85% of its reported revenue during the period from 2018 to mid-2024 [2] - Dongxu Optoelectronics was found to have fabricated business activities and misappropriated 9.595 billion yuan, leading to a penalty of 378 million yuan, which is only 5% of the raised funds [2][3] Group 2 - The current regulatory penalties are significantly harsher compared to previous years, where fines were typically in the range of 300,000 to 500,000 yuan, indicating a shift towards more stringent enforcement [3] - Despite the increased penalties, there are concerns that the current measures may not fully deter companies from engaging in financial fraud, as the penalties may still be perceived as insufficient relative to the harm caused to investors [3] - To restore investor confidence in the A-share market, it is crucial to enhance the transparency and authenticity of information provided by listed companies, alongside ensuring that investors' interests are adequately protected [4]

Group 1 - The recent regulatory actions against companies like Guangdao Digital and Dongxu Optoelectronics signal a zero-tolerance approach towards financial fraud in the securities market [1][2] - Guangdao Digital was penalized for fabricating contracts and invoices, resulting in a revenue inflation of 1.465 billion yuan, while Dongxu Optoelectronics misappropriated 9.595 billion yuan in funds [1][2] - The penalties imposed, such as a 10 million yuan fine for Guangdao Digital and a 378 million yuan fine for Dongxu Optoelectronics, are viewed as insufficient compared to the scale of the fraud [2][3] Group 2 - Restoring investor trust in the A-share market is crucial, which requires transparency and authenticity in financial reporting from listed companies [3] - A combination of civil compensation and criminal accountability is necessary to create an effective regulatory and accountability framework [3]

Core Viewpoint - Both Dongxu Optoelectronics Technology Co., Ltd. and Shenzhen Guangdao Digital Technology Co., Ltd. have received administrative penalties from regulatory authorities for financial fraud, highlighting the increasing scrutiny and zero-tolerance policy towards financial misconduct in the market [1][4][16]. Group 1: Dongxu Optoelectronics - Dongxu Optoelectronics has been found guilty of false disclosures and fraudulent issuance of shares, with a total of 9.595 billion yuan in non-operating funds misappropriated by its controlling shareholder [5][9]. - The company raised 7.565 billion yuan through a non-public stock issuance, which was based on falsified financial reports from 2015 and 2016, leading to a penalty of 3.9 billion yuan from the Hebei Securities Regulatory Bureau [10][11]. - Dongxu Optoelectronics was officially delisted on October 11, 2024, after its stock price fell below 1 yuan for twenty consecutive trading days [14]. Group 2: Guangdao Digital - Guangdao Digital has been accused of fabricating sales and procurement activities from 2018 to the first half of 2024, resulting in inflated revenues and costs, with a maximum inflation rate of 99.39% in reported figures [6][7]. - The company reported inflated revenues of 1.43 billion yuan in 2018, increasing to 3.04 billion yuan in 2023, leading to a total penalty of 10 million yuan from the Shenzhen Securities Regulatory Bureau [11][12]. - Guangdao Digital is at risk of becoming the first delisted company on the Beijing Stock Exchange due to significant violations, having already received a warning and a special treatment designation [15]. Group 3: Regulatory Environment - The regulatory bodies have demonstrated a strong commitment to enforcing laws against financial fraud, reflecting a broader trend towards stricter oversight and legal compliance in the securities market [16].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed significant penalties on a well-known individual investor, Tu Wenbin, for manipulating the stock market, highlighting the increasing regulatory scrutiny on market manipulation practices in China [1][9]. Group 1: Regulatory Actions - The CSRC's decision to penalize Tu Wenbin includes the confiscation of illegal gains amounting to approximately 77 million yuan (around 11 million USD) and a fine of nearly 77 million yuan [1][2]. - Since 2025, the total amount of penalties related to stock manipulation cases has exceeded 1.5 billion yuan, indicating a marked increase in both the number of penalties and the severity of individual cases [1][9]. Group 2: Manipulation Techniques - Tu Wenbin employed various illegal methods such as continuous trading, price manipulation, and false order cancellations to influence stock prices, resulting in illegal gains of 36.27 million yuan [2][6]. - The typical characteristics of market manipulation include using multiple accounts to create a false impression of trading activity, which can mislead other investors [6][7]. Group 3: Historical Context - This is not Tu Wenbin's first encounter with regulatory penalties; he was previously fined in 2017 for similar manipulative practices involving a significant stake in a listed company [3]. - Tu Wenbin and his spouse have been known for their aggressive investment strategies, often appearing among the top shareholders of various companies, which has attracted attention from retail investors [3][4]. Group 4: Market Impact and Investor Behavior - Stocks targeted by manipulators like Tu Wenbin often have poor performance or operational difficulties, making them susceptible to price manipulation with relatively small amounts of capital [6][8]. - The speculative nature of some investors, who are drawn to stocks with potential for turnaround, provides a fertile ground for manipulators to exploit [6][8]. Group 5: Future Regulatory Directions - The CSRC is expected to continue intensifying its crackdown on market manipulation, as evidenced by recent high-profile cases and substantial penalties imposed on other individual investors [9][10]. - Recommendations for enhancing regulatory measures include improving risk monitoring systems, increasing penalties for violations, and leveraging technology for better oversight [11].

中国证监会首任主席刘鸿儒于今日逝世，享年 95 岁。刘鸿儒先生是中国资本市场发展的奠基人之一，为中国证券市场的建立和发展做出了不可磨灭 的贡献。 刘鸿儒在任期间，先后推出《股票发行与交易管理暂行条例》和《证券交易所管理办法》，还有相应的配套法规。这些法规，在以后的若干年内，为证券 市场的规范发展奠定了基础。 作为开荒者，面对动荡的股市，刘鸿儒任职期间内开启了中国股市历史上的第一次救市。 A股自1993年陷入了长期熊市中，上证指数从1993年2月的1559点一路下滑，至1994年7月下旬已跌至325点。 1994年7月30日，中国证监会宣布了三项救市措施：一、年内暂停新股发行与上市，减少市场供给，稳定股价；二、严格控制上市公司配股规模，防止上市 公司过度融资；三、采取措施扩大入市资金范围，吸引更多资金进入股市，提振市场信心。 资料显示，刘鸿儒是中国证监会的首任主席，时间为1992年10月12日至1995年3月30日。他在中国资本市场的早期发展中发挥了重要作用，推动了相关法规 和监管框架的建立。 刘鸿儒于1959年在苏联获得副博士学位后回国，师从前苏联顶尖级货币银行专家阿特拉斯教授。当时，国家金融人才奇缺，拥有货 ...