The China Securities Regulatory Commission convened a cross-departmental symposium with the Supreme People’s Court, Supreme People’s Procuratorate and other central authorities to review progress and coordinate next steps on the comprehensive punishment and prevention system for financial fraud in China’s capital markets, as set out in the State Council-forwarded Comprehensive Punishment Opinions. Since 2024, the Commission has handled 159 financial fraud cases, issued 111 administrative penalties and imposed CNY 8.1 billion in fines. Enforcement has targeted both principal offenders and accomplices, including major shareholders and actual controllers in 43 cases and third parties that assisted fraud, with 112 suspected criminal leads transferred to public security authorities; the Commission also cited support for investor recovery via special representative lawsuits in cases including Jintongling, Meishang Ecology and Jinzhou Port. Measures to strengthen “gatekeeper” accountability and post-violation discipline included 18 companies reaching major violation thresholds leading to forced delisting and investigations into 91 delisted companies. Participating bodies agreed to deepen administrative, criminal and civil coordination, advance supporting laws and regulations, strengthen mechanisms for civil liability support and crackdown on third-party-assisted fraud. Workstreams also include a new round of corporate governance special actions and building a more normalized, long-term prevention and enforcement framework.

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