The China Securities Regulatory Commission (CSRC) launched the seventh “5·15 National Investor Protection Publicity Day” campaign for 2025 and set out its agenda to strengthen investor protection across rulemaking, supervision of market institutions, enforcement against misconduct, and investor redress mechanisms. Priorities included issuing a package of measures to deepen reforms of the STAR Market and ChiNext, increasing the scale and proportion of medium and long-term funds entering the market, and encouraging listed companies to return value through cash dividends and share buybacks and cancellations. The CSRC cited 2024 annual-report disclosures showing that, among more than 5,400 listed companies, nearly 70% announced dividends totaling RMB 2.39 trillion, a record high. On the legal and judicial front, it referenced work on drafting a Financial Law, revising the Securities Investment Fund Law, and developing or revising regulatory rules for listed companies and securities companies, alongside support for judicial interpretations on insider trading, market manipulation, and related offences. It also stated that the Supreme People's Court and the CSRC would jointly issue guiding opinions on strict and impartial enforcement and justice to support high-quality capital market development, and that the CSRC has established a retail-investor protection review mechanism for major policy and regulatory changes and plans to set up grassroots legislative contact points to gather investor input. Next steps highlighted implementation of the CSRC’s recently issued action plan for high-quality development of public mutual funds, including measures to strengthen alignment between fund managers and investors and to improve product offerings and suitability for retail investors. Enforcement priorities included building a comprehensive system to deter and punish financial statement fraud, pursuing controlling shareholders and actual controllers where relevant, accelerating sanctions for improper share reductions including circumvention, and targeting insider trading, market manipulation, illegal stock-tipping, and illegal claims-handling activities. For investor remedies, the CSRC pointed to progress in the special representative actions involving Jintongling and Meishang Ecology and said it would work with judicial authorities to normalise special representative litigation, promote representative litigation in an orderly and efficient manner, expand mediation, encourage advance compensation in eligible misstatement cases, and use the administrative enforcement undertaking mechanism to provide timely relief.

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