In remarks for the eighth National Investor Protection Publicity Day, the China Securities Regulatory Commission outlined its investor protection agenda for the start of the 15th Five-Year Plan period and announced an industry-wide release of a complaint guide for the 12386 service platform. The agenda focuses on improving the balance between investment and financing, increasing the deterrent effect of supervision and enforcement, expanding compensation and litigation channels for investors, strengthening the rule framework, and making investor education and complaints handling more targeted. Planned work includes deeper reform of initial public offering pricing and refinancing, tighter intermediary gatekeeper accountability, a special listed company governance campaign, better assessment mechanisms for long-term capital entering the market, and continued public fund reform including oversight of performance benchmarks. The Commission also said it will intensify action against financial fraud, market manipulation, insider trading and client fraud, promote advance compensation, mediation and representative litigation, and accelerate work on key rules including regulations on securities company and listed company supervision. As context, it said more than 30 investor-related rules were issued over the past year and enforcement resulted in nearly 3,000 administrative measures, 701 securities and futures cases, CNY 15.47 billion in fines and confiscations, and 172 referrals to criminal and judicial authorities. The speech also pointed to recent redress cases, including CNY 178 million in advance compensation arranged by Minmetals Securities for 7,680 investors and a court ruling ordering Jintongling to pay CNY 770 million to more than 43,000 investors, with more than CNY 570 million already paid in cash. It added that GF Securities and other parties have announced proposed advance compensation in the Qingyue Technology misrepresentation case.

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