CSRC: Focus on the key reform tasks of "Two Innovative Boards" and deepen the reform of new stock issuance pricing mechanism.

Chen Huaping, vice chairman of the China Securities Regulatory Commission, mentioned in his speech at the "515 National Investor Protection Promotion Day" event in 2026, that it is important to focus on the key reform tasks of the "two innovation boards", deepen the reform of the new stock issuance pricing mechanism, further reinforce the responsibility of intermediaries as "gatekeepers", and strictly control the entrance to issuance and listing. To deepen the reform of refinancing, optimize the audit registration mechanism, better support listed companies to become stronger and to give back to investors. To carry out a special action on listed company governance, comprehensively enhance the quality of listed companies, continuously increase investment value and investor returns. To improve the construction of China's stable market mechanism, improve and perfect the long-term evaluation mechanism for the entry of medium and long-term funds into the market, further strengthen the market's inherent stability. To continuously deepen the reform of public funds, solidly promote performance benchmark supervision, and better enhance the industry's ability to serve investors. The original text is as follows: Vice Chairman Chen Huaping's speech at the "515 National Investor Protection Promotion Day" event in 2026 Respected members of the committee, Director Wan Jun, Director Xue Yi, distinguished guests, and colleagues: Good morning, everyone! Today, we welcome the eighth "515 National Investor Protection Promotion Day". Here, on behalf of the China Securities Regulatory Commission, I would like to express my most sincere gratitude to the legislative and judicial authorities, relevant departments, market participants, news media, and friends from all walks of life who have long been working together to promote the reform and development of the capital market and protect investors' interests! In the past year, facing a complex and severe internal and external environment, under the strong leadership of the Party Central Committee and the State Council, with the joint efforts of all parties, the capital market has advanced against the pressure and developed towards new and better directions. The work of investor protection has continuously improved in quality and efficiency, contributing positive strength to the strengthening of market confidence and high-quality economic development. In October last year, the China Securities Regulatory Commission implemented the spirit of the Central Political Bureau meeting and issued the "Opinions on Strengthening the Protection of Small and Medium Investors in the Capital Market", clarifying the overall thinking of the CSRC in promoting the protection of the rights and interests of small and medium investors in the current and future periods. Over the past year, we have revised and formulated more than 30 regulatory documents closely related to investor protection, such as the "Administrative Enforcement Commitment System Regulations for Securities and Futures Administrative Lawbearers", "Listed Company Governance Guidelines", and "Guidelines for Performance Benchmark for Publicly Offered Securities Investment Funds". The market has shown a trend of warming and improvement and has been strengthened continuously, with net purchases of A shares over 800 billion yuan by long-term funds such as social security, insurance, and pension funds. Cash dividends of listed companies amounted to 2.55 trillion yuan, with more than forty percent of the returns going to small and medium shareholders. Public funds realized profits of 2.6 trillion yuan for investors. Throughout the year, the CSRC took nearly 3,000 administrative supervision measures, handled 701 cases of various securities and futures violations, imposed fines amounting to 15.47 billion yuan, and transferred 172 case clues to public security and judicial authorities. Self-regulatory organizations such as exchanges have also imposed more than 1,300 disciplinary measures. At the same time, a series of typical cases of investor rights protection and relief have been settled one after another. For example, Minmetals Securities entrusted an insurance fund company to make a pre-paid compensation of 1.78 billion yuan to 7,680 investors, and Jintongling Special Representative Litigation case, a court ruled that the company must compensate over 43,000 investors with 770 million yuan, of which over 570 million yuan in cash compensation was executed before the Spring Festival, effectively protecting the legitimate rights and interests of the affected investors. This year marks the beginning of the "Fourteenth Five-Year Plan". The CSRC will thoroughly implement the spirit of the Fourth Plenary Session of the Twentieth Central Committee of the Party and the Central Economic Work Conference, implement the national "Fourteenth Five-Year Plan Outline" and the government work report deployment, deeply practice the political and people-centric nature of its work, continuously deepen the comprehensive reform of capital market investment and financing, improve the system of investor protection, work together with all parties, exert joint efforts, further gather momentum for the high-quality development of the capital market, and comprehensively promote the work of investor protection in the capital market in terms of risk prevention, strengthened supervision, and the promotion of high-quality development. First, strengthen the coordination of investment and financing market functions and establish a long-term market mechanism for investor protection. Focus on implementing the key reform tasks of the "two innovation boards", deepen the reform of the pricing mechanism for new stock issuances, further reinforce the responsibility of intermediaries as "gatekeepers", and strictly control the entrance to issuance and listing. Deepen the reform of refinancing, optimize the audit registration mechanism, better support listed companies to become stronger and to give back to investors. Carry out a special action on listed company governance, comprehensively enhance the quality of listed companies, continuously increase investment value and investor returns. Improve the construction of China's stable market mechanism, strengthen and improve the long-term evaluation mechanism for the entry of medium and long-term funds into the market, further enhance the market's inherent stability. Continuously deepen the reform of public funds, solidly promote performance benchmark supervision, and better enhance the industry's ability to serve investors. Second, focus on improving the effectiveness and deterrence of regulatory enforcement and strengthening the external regulatory protection of investor rights. Strengthen daily supervision, focus on the everyday matters and concerns of investors in account opening, investment, and trading, start from the details, further regulate the actions of issuance and listing as well as securities and futures operations, and optimize the market entry environment for investors. Crack down on serious illegal activities such as financial fraud, market manipulation, insider trading, and fraud against customers, which seriously harm investor rights, further enhance the sense of security for investors entering the market and investing. Continuously strengthen cooperation with public security and judicial authorities, solidly promote criminal accountability, and effectively maintain market trading order. Make full use of the frontline self-discipline regulatory advantages of exchanges and industry associations, strive to eliminate various acts that infringe on investor rights from the beginning. Third, take multiple measures to support investors in safeguarding their rights in accordance with the law and collaboratively promote the implementation of compensation for investor losses. Strengthen the main responsibilities of listed companies and market operating organizations in handling civil disputes with investors, urging them to actively resolve disputes. Better play the role of advance compensation system, encourage controlling shareholders, actual controllers, and intermediaries of issuers to voluntarily compensate eligible investors for losses. Recently, GF SEC and others have announced their intention to make pre-paid compensations in the case of false statements by Suzhou QingYue Optoelectronics Technology. Adhere to and develop the "Fengqiao Experience" in the new era, continuously deepen the "total-to-total" coordination mechanism with the Supreme People's Court, work together to resolve conflicts and disputes at the source. Actively support and cooperate with judicial authorities in the trial of civil compensation for securities and futures damages, give full play to the professional advantages of investor protection agencies, conduct more support for litigation, ordinary representative litigation, special representative litigation, and other investor rights protection work, demonstrate and lead investors to safeguard their rights in accordance with the law, allowing investors to get real relief and protection under the law. Fourth, continuously improve the rules and mechanisms of investor protection to provide more powerful institutional safeguards for investor protection work. Actively participate in and cooperate with the work of financial legislation, accelerate the formulation and revision of key regulations and rules such as securities company supervision regulations and listed company supervision regulations, promote the improvement of judicial interpretations and policy documents related to criminal punishment for securities and futures illegal activities and civil remedies, further solidify and weave a safety net for the protection of investor rights. Strictly implement the review mechanism for the protection of the rights and interests of small and medium investors in the formulation and revision of regulatory documents, fully listen to the opinions of small and medium investors, and enhance the fairness and adaptability of the institutional rules. Fifth, effectively enhance the targeted effectiveness of investor education, strive to improve the level of investor rights protection and welfare services. Strengthen propaganda and education for key groups such as new investors and ordinary investors, help investors enhance their professional knowledge, risk prevention awareness, and self-protection capabilities. Strengthen the main responsibilities of securities, fund, and futures operating institutions in serving and educating investors, promote the full explanation of business rules to investors, embed reminders of investment risks in the entire process of marketing, account opening, service, and complaint handling for investors. Strengthen legal publicity and rights protection education, regulate investments, stay away from illegal activities, safeguard rights in accordance with the law. Today, the CSRC will also organize a unified release of the "12386 Service Platform Complaint Guide" for the entire industry, detailing guidance for investors to use the 12386 service platform and other channels to report complaints and demands, and enhancing the level of investor services. Investor protection is always an ongoing process. The CSRC will work together with everyone to strengthen responsibility, take real actions, continuously improve the system for protecting the legitimate rights and interests of investors, promote the implementation of more typical cases of investor protection, enhance the trust and confidence of investors and all parties in the market, and consolidate the foundation for the high-quality development of the capital market. Thank you!