8月27日，香港证监会发表2025—2026财年4月至6月的季度报告。季度报告显示，香港证监会在4—6月 处理了244宗上市申请，并已经审阅完成其中79宗。 另据介绍，今年前7个月，香港巩固了其新股市场的全球领导地位：首次公开招股达51宗，集资额同比 增超610%至1280亿港元。 在所处理的申请中，新的上市申请占121宗。其中11宗来自尚未盈利的生物科技公司，11宗来自特专科 技公司，另有一宗来自投资公司。季内，已完成审阅的79宗上市申请平均处理时间为85个营业日。 香港证监会行政总裁梁凤仪表示："香港资本市场于季内再创佳绩，延续去年的增长势头，其中资产及 财富管理业在管理资产和资金流入方面均表现强劲。香港证监会将继续致力于深化内联外通、推动创新 和加强多元发展，从而为资本市场创造更多机遇。" 季度报告还披露了数字资产方面的最新情况，香港证监会认可的虚拟资产现货ETF(交易型开放式指数 基金)数目在7月已由6只增至9只。 目前，香港证监会持牌虚拟资产交易平台数目已增至11家，获香港证监会允许提供虚拟资产交易服务的 持牌法团有57家。为构建完善的生态圈，香港证监会亦已联同香港财经事务及库务局就建议立法监管虚 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of strengthening party building and reform development within the regulatory system, focusing on risk prevention, strict regulation, and promoting high-quality development in the capital market [2][3][4]. Group 1: Current Situation and Achievements - In the first half of the year, the CSRC has effectively implemented the decisions of the Central Committee and the State Council, focusing on risk prevention, strong regulation, and promoting high-quality development, resulting in significant breakthroughs in key reforms [3][4]. - The capital market has shown resilience against unexpected external shocks, with improved expectations and a stabilizing trend [3][4]. Group 2: Future Directions and Strategies - The CSRC plans to consolidate the market's recovery, enhance market monitoring and risk response capabilities, and strengthen expectation guidance [4][5]. - There will be a push for deeper reforms to stimulate market vitality, including the implementation of measures for the Sci-Tech Innovation Board and the Growth Enterprise Market [4][5]. - The CSRC aims to enhance regulatory enforcement effectiveness, focusing on major violations and improving technological regulatory capabilities [5][6]. Group 3: Party Building and Governance - The meeting highlighted the need for high-quality party building to lead high-quality development, emphasizing political construction and the rectification of issues within the regulatory system [6]. - Continuous efforts will be made to improve work style, address key issues, and enhance the supervision of public power [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of strengthening party building and reforming the capital market to ensure stability and promote high-quality economic development amidst complex external challenges [1][2][3]. Group 1: Current Situation and Achievements - The CSRC has effectively implemented the central government's decisions, focusing on risk prevention, strict regulation, and promoting high-quality development, resulting in significant reforms and improvements in the capital market [2][3]. - Key reforms include the introduction of the "New National Nine Articles" and the "1+N" policy documents, which have been successfully executed to stabilize the market [2]. - The capital market has shown resilience against unexpected external shocks, with improved market expectations and a steady recovery trend [2][3]. Group 2: Future Directions and Strategies - The CSRC plans to maintain market stability, enhance regulatory effectiveness, and promote multi-level market vitality through various reforms, including the implementation of measures for the Sci-Tech Innovation Board and the Growth Enterprise Market [3][4]. - There is a strong emphasis on increasing long-term capital inflows and improving corporate governance to enhance investment value and prevent financial fraud [4][5]. - The CSRC aims to strengthen its regulatory capabilities, focusing on major violations and enhancing collaboration among regulatory bodies to ensure effective enforcement [4][5]. Group 3: Party Building and Governance - The CSRC is committed to high-quality party building as a means to drive high-quality development, emphasizing political construction and the rectification of issues within the organization [5]. - Continuous efforts will be made to improve work style, combat corruption, and enhance the supervision of public power to create a more accountable regulatory environment [5]. - The leadership will focus on building a competent regulatory team, ensuring that personnel selection aligns with the correct values and fostering a culture of responsibility and accountability [5].

Group 1 - The meeting between the Henan provincial leaders and the chairman of the China Securities Regulatory Commission (CSRC) emphasizes the importance of financial support for the province's economic development [1][2] - Henan is focusing on high-quality development and has implemented a comprehensive approach to stabilize employment, enterprises, markets, and expectations, while promoting various financial sectors including technology, green, inclusive, pension, and digital finance [1] - The CSRC is committed to deepening capital market reforms and enhancing communication with local governments to support Henan's economic strategies and high-quality development [2] Group 2 - The provincial leaders expressed gratitude for the CSRC's long-term support and requested further guidance and policy support in areas such as cultivating quality listed companies and enhancing financial regulation [1] - The CSRC acknowledged Henan's economic potential and achievements in building a modern industrial system and pledged to provide robust financial backing for the province's initiatives [2] - The meeting included participation from other provincial leaders and relevant officials from the CSRC, indicating a collaborative effort to strengthen financial services in Henan [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Opinions on Setting Up a Growth Tier in the Sci-Tech Innovation Board to Enhance Institutional Inclusiveness and Adaptability," aiming to deepen capital market reforms and better serve technological innovation and new productivity development [1][10]. Summary by Sections Background of the Opinions - The issuance of the "Opinions" aligns with the directives from the 20th National Congress and various central financial meetings, emphasizing the need for a financial system that supports comprehensive innovation [8][10]. - The CSRC has previously implemented several policies to enhance the institutional framework supporting technological innovation, including the "Sixteen Policies for Technology" and the "Eight Policies for the Sci-Tech Innovation Board" [8][10]. Key Reforms Introduced - The establishment of a dedicated growth tier within the Sci-Tech Innovation Board aims to support technology companies that are currently unprofitable but have significant potential [12]. - Six major reform measures have been introduced to enhance the inclusiveness and adaptability of the system for high-quality technology companies [15][17]. Specific Reform Measures 1. Introduction of a professional institutional investor system for companies applying under the fifth listing standard of the Sci-Tech Innovation Board [15][16]. 2. Pilot pre-IPO review mechanism for quality technology companies to improve communication and service efficiency [15][16]. 3. Expansion of the fifth listing standard to include more frontier technology sectors such as artificial intelligence and commercial aerospace [15][17]. 4. Support for unprofitable technology companies to conduct capital increases targeting existing shareholders [15][17]. 5. Improvement of institutional mechanisms supporting the development of listed companies on the Sci-Tech Innovation Board [15][17]. 6. Coordination of investment and financing functions within the market [15][17]. Investor Protection Measures - The reform includes specific measures to enhance investor protection, such as special identification for stocks of companies in the growth tier and requirements for regular disclosures regarding unprofitability [13][15]. - Emphasis on risk disclosure and investor education to ensure that investors are well-informed about the risks associated with investing in these companies [13][15]. Implementation and Future Steps - The CSRC will work closely with the Shanghai Stock Exchange and relevant market participants to ensure the effective implementation of these reforms [6][18]. - Continuous monitoring and risk management will be prioritized to maintain market stability while promoting high-quality development [18].

Core Viewpoint - The U.S. Securities and Exchange Commission (SEC) has appointed Jamie Selway as the head of the Division of Trading and Markets [1] Group 1 - Jamie Selway's appointment is expected to influence the regulatory landscape of trading and market operations [1]

Core Viewpoint - The Qinghai Securities Regulatory Bureau is implementing a systematic and efficient visiting mechanism to enhance communication among financial regulatory departments, local governments, and listed companies, aiming to address challenges faced by these companies and achieve significant results in service work [1][6]. Group 1: Company Visits and Research - Since the initiation of the new round of company visits, the Qinghai Securities Regulatory Bureau has collaborated closely with local governments, achieving a coverage rate of 70% of listed companies in the region through continuous visits and research [2]. - The bureau emphasizes regulatory service by visiting companies on-site, introducing the capital market's "1+N" policy system, and promoting recent reforms such as the "six merger rules" to encourage companies to utilize capital market financing tools effectively [3]. Group 2: Problem Solving and Support - During visits, the bureau integrates multiple efforts including fraud prevention, regulatory reminders, corporate governance enhancement, and operational improvement, actively listening to companies' difficulties and addressing their needs [4]. - Specific issues addressed include tax risks from mismatched production scales and actual capacities, as well as water supply challenges for lithium salt project expansions, with the bureau facilitating communication with financial institutions and supporting bond issuance [5]. Group 3: Promoting Consensus and Development - The high-quality development of listed companies relies on their operational management, internal controls, and effective decision-making, as well as support from national policies and local governments [6]. - The bureau actively promotes national policies and economic strategies to boost entrepreneurs' confidence and fosters a positive atmosphere for business operations, ensuring that regular visits to listed companies serve as a vital channel for understanding risks and delivering regulatory services [6]. Group 4: Future Plans - The Qinghai Securities Regulatory Bureau plans to deepen collaboration with securities exchanges and local governments to effectively address companies' challenges and support high-quality development in the region [7].

Core Viewpoint - The SEC Commissioner Mark Uyeda expresses a desire to engage with market participants regarding token issues [1] Group 1 - The SEC aims to address concerns and gather insights from the market about the implications of tokens [1]

Core Viewpoint - The SEC is set to hold a roundtable on June 26 to discuss executive compensation disclosure requirements, focusing on the complexity and relevance of the information provided to investors [1] Group 1: Executive Compensation Disclosure - The SEC's announcement highlights an ongoing expansion of executive compensation disclosure requirements, emphasizing changes in the components of compensation rather than total compensation amounts [1] - There is uncertainty regarding whether the increased complexity of these disclosures provides investors with critical additional information for their investment and voting decisions [1] - The SEC indicates a need for a retrospective review of executive compensation disclosure rules to ensure they remain cost-effective while disclosing key information and avoiding excessive non-essential information [1]

Core Viewpoint - The event held by Chengdu-Chongqing Financial Court and the Sichuan and Chongqing Securities Regulatory Bureaus emphasizes the importance of investor protection as a cornerstone of the capital market and a vital element for healthy market development [1] Group 1 - The release of typical investor protection cases serves as both a warning and a commitment, using real cases to reveal market risks and promote legal knowledge [1] - The initiative aims to strengthen the responsibility of market participants and foster an environment where violations are discouraged, impossible, and undesirable [1] - The publication of these cases is intended to deter illegal activities and guide investors towards rational market participation, showcasing a firm commitment to maintaining market fairness and justice [1]