JC Master Legal News Issue 1090

Key Takeaways for This Issue
The Shanghai Stock Exchange has revised the Guidelines on Market-Making for Listed Funds, further enhancing the role of fund market makers.
On November 29, the Shanghai Stock Exchange issued the revised “Shanghai Stock Exchange Guidelines on the Application of Self-Regulatory Rules for Funds, No. 2 — Market-Making in Listed Funds (2023 Revision),” which will take effect on December 1, 2023.
Actively support the issuance of REITs for eligible franchised projects.
According to an announcement issued by the National Development and Reform Commission on November 28, in order to standardize the implementation of the new government–social capital partnership (PPP) mechanism, the Commission has revised the Measures for the Administration of Infrastructure and Public Utility Concessions, resulting in the draft Amendment to the Measures. Public comments are being solicited from November 28, 2023, to December 28, 2023.
The four key national standards for credit supervision of business entities have passed the project approval review.
The National Standards Technical Review Center convened a project‑approval review meeting in Beijing for national standards on credit regulation. Based on the Center’s review findings, three national standards—“Guidelines for Implementing Credit Commitments by Market Entities,” “Credit Evaluation Indicators for Individual Industrial and Commercial Households,” and “Information Requirements for Enterprise Credit Files”—have passed the project‑approval stage. Together with the national standard “Classification Guidelines for Dishonest Information of Market Entities,” which was approved in July this year, a total of four key national standards on credit regulation have now been approved for development.
The Supreme People’s Court has released typical cases of punitive damages for food safety violations.
On November 30, the Supreme People’s Court website published a batch of typical cases involving punitive damages for food safety violations, primarily clarifying and standardizing adjudicatory rules in two areas: consumers’ rights‑protection actions and claims for punitive damages.
Finance & Capital Markets
The Shanghai Stock Exchange has revised the Guidelines on Market-Making for Listed Funds, further enhancing the role of fund market makers.
On November 29, the Shanghai Stock Exchange issued the revised “Shanghai Stock Exchange Guidelines on the Application of Self-Regulatory Rules for Funds, No. 2 — Market-Making in Listed Funds (2023 Revision),” which will take effect on December 1, 2023.
This revision has refined the business application and acceptance procedures and optimized the market-making evaluation metrics. The Guidelines stipulate that securities offices, commercial banks, insurance institutions, trust companies, fund management companies, finance companies, and other specialized institutions—along with their subsidiaries—or other professional entities approved by the Exchange may apply to the SSE to become fund market makers. To qualify as a fund market maker on this Exchange, such specialized institutions must meet six requirements, including possessing the requisite professional personnel and technical systems for conducting market-making activities and engaging in market-making using their own funds.

The Shanghai Stock Exchange Held a Symposium on the Real Estate Industry.
Recently, the Shanghai Stock Exchange convened a symposium with real estate companies listed on the Shanghai market. Eight Shanghai‑listed developers—Poly Development, Daming City, Huafa Shares, Gemdale Group, Dima Shares, Xinhuangpu, China Enterprise, and Jingneng Property—along with two underwriting institutions, SW Securities and Guojin Securities, took part in the event. Held under the guidance of the China Securities Regulatory Commission, this symposium represents an important step in implementing the spirit of the Central Financial Work Conference. Its aim is to further support and encourage Shanghai‑listed real estate offices to enhance their quality, mitigate risks, and advance the implementation of policy measures related to three major initiatives: the planning and construction of affordable housing, urban village redevelopment, and the development of public infrastructure that can serve both peacetime and emergency needs.
At the symposium, participating real estate companies noted that the state has recently introduced a series of policies to support the sector, gradually improving the financing environment and fostering a growing pool of positive factors. As a result, the real estate market has remained stable, and developers are actively exploring new development models. At the same time, however, companies continue to face challenges in production, operations, and investment‑financing, underscoring the need for all stakeholders to consistently implement policy measures and effectively address the temporary difficulties confronting real estate offices. The attending developers put forward relevant suggestions and requests regarding equity financing and bond issuance, while several sponsoring institutions shared their successful experiences in completing registration and issuing equity securities with other companies.
Going forward, the Shanghai Stock Exchange will continue to earnestly implement the decisions and arrangements of the CPC Central Committee and the State Council on safeguarding the stable and sound development of the real estate market. Under the guidance of the China Securities Regulatory Commission, it will strengthen coordination with all stakeholders, provide equal support for the legitimate financing and M&A needs of real estate enterprises across different ownership structures, and help property developers make effective use of capital market instruments. At the same time, it will actively explore concrete pathways for the implementation of projects such as the “Three Major Initiatives,” thereby promoting the healthy and stable development of the real estate sector.

Shenzhen Component Index, ChiNext Index, and Shenzhen 100 Index constituent adjustments
Highlighting innovation-driven momentum and supporting high-quality development.
On November 27, the Shenzhen Stock Exchange and its wholly owned subsidiary, Shenzhen Securities Information Co., Ltd., issued an announcement stating that, in accordance with the index‑construction rules and taking into account factors such as market capitalization representativeness, securities liquidity, and compliance with regulatory requirements, they will conduct a regular constituent‑stock adjustment for the SZSE Component Index, the ChiNext Index, and the SZSE 100 Index (hereinafter collectively referred to as the Shenzhen Market Core Indices). The adjustment will take effect on December 11, 2023. Specifically, the SZSE Component Index will replace 23 constituent stocks, adding 10 companies from the Main Board and 13 from the ChiNext; the ChiNext Index will replace 6 constituent stocks; and the SZSE 100 Index will replace 3 constituent stocks, adding 2 companies from the Main Board and 1 from the ChiNext.
The capacity of the service sector to support high-quality economic development has been steadily enhanced. Following this adjustment, the Shenzhen Component Index, as the benchmark index with the strongest manufacturing focus in China’s multi-tiered capital market, now assigns a 74% weight to manufacturing and an 92% weight to real‑economy sectors, further underscoring the capital market’s effectiveness in fostering high‑quality economic growth. The ChiNext Index provides comprehensive coverage of strategic emerging industries, with related constituents accounting for 92% of its weighting; among these, next‑generation information technology, new‑energy vehicles, and biotechnology stand out, each contributing 23%, 22%, and 22% of the index’s weight, respectively. Within the SZSE 100 Index, consumption plays a pivotal role as the primary growth engine, with the consumer sector accounting for 29% of the weighting; the constituent companies in this sector reported a 17% year‑on‑year increase in net profits for the first three quarters of 2023. Among the core indices of the Shenzhen Stock Exchange, the share of listed companies in key areas such as advanced manufacturing, the digital economy, and green, low‑carbon development has been steadily rising, accounting for 64%, 84%, and 69% of the respective weights in the Shenzhen Component Index, the ChiNext Index, and the SZSE 100.
R&D-driven innovation continues to gain momentum. Following the adjustment of the Shenzhen Component Index, 100 constituent companies have been recognized by the Ministry of Industry and Information Technology as manufacturing single-champion enterprises, accounting for 30% of the index’s weighting. In the first three quarters, these companies’ R&D spending increased by 21% year over year, reflecting China’s accelerating shift in manufacturing from “Made in China” to “Smart Made in China.” The ChiNext Index brings together a cohort of leading technology offices; among them, 38 constituent companies operate in strategic high‑tech sectors such as artificial intelligence, integrated circuits, and life sciences and health, with an average R&D intensity of 15%. Meanwhile, the SZSE 100 Index, while focusing on large‑cap blue chips, emphasizes innovation: its constituent companies collectively invested nearly RMB 200 billion in R&D during the first three quarters, up 23% year over year, and hold an average of 1,555 patents—nearly ten times the A‑share market average.
Market‑wide representativeness has been further strengthened. Since the full implementation of the registration‑based IPO system, Shenzhen’s core indices have continued to incorporate high‑quality listed companies. Following this adjustment, the Shenzhen Component Index now includes 34 constituent stocks from companies listed under the registration system, while the ChiNext Index comprises 17 such constituents. The Shenzhen Component Index covers 63% of the total market capitalization of A‑shares on the Shenzhen Stock Exchange, with main board constituents accounting for 69% and ChiNext constituents for 31%, demonstrating strong market representativeness. The ChiNext Index maintains its hallmark of rapid growth: in the first three quarters of 2023, its revenue increased by 16% year over year, and net profit rose by 9%. Notably, constituent companies in the green and low‑carbon sectors delivered particularly robust performance, with revenue and net profit up 32% and 54%, respectively. Meanwhile, the Shenzhen 100 Index brings together the Shenzhen market’s most prominent blue‑chip stocks, posting a return on equity of 13%; 70% of its constituents rank among the top three in their respective subsectors, underscoring the solid profitability and strong growth prospects of leading enterprises.

Another securities office has been fined! Due to violations in the underwriting of asset-backed securities (ABS), its new applications will not be accepted for one year.
On the evening of November 24, the Shanghai Stock Exchange website published a disciplinary decision.
Huabao Securities has been subject to disciplinary action by the Shanghai Stock Exchange, which has barred it from submitting applications for corporate bonds and asset-backed securities for one year due to violations in its underwriting activities related to asset-securitization issuances. Meanwhile, five relevant responsible personnel at Huabao Securities have each received disciplinary measures, including public censure and a three-year ban on submitting documents bearing their signatures.
In response, Huabao Securities told China Securities Journal that the company attaches great importance to this matter and will, in accordance with the requirements of the Shanghai Stock Exchange, proactively address the relevant compliance violations. The company will comprehensively review the completeness of its internal control systems, the effectiveness of their implementation, and the rigor of its process controls, thereby strengthening internal controls across all business lines, including asset securitization. It will standardize operational procedures, strictly enforce all regulations and requirements issued by regulatory authorities and the exchange, and ensure that its day-to-day operations are lawful and compliant.
Recently, regulatory scrutiny of the investment banking sector has tightened, with 10 securities offices having been penalized for their investment banking activities in the past three months.
Hua Bao Securities has been subject to disciplinary action by the Shanghai Stock Exchange for violations in the underwriting of ABS offerings.
The disciplinary decision also notes that, with respect to the matters subject to this disciplinary action, Huabao Securities and the relevant parties have all raised objections. Specifically, Huabao Securities and two responsible individuals contend that the violation in question stems from improper procedural compliance; moreover, the special‑purpose plan was issued as a private placement involving a relatively small number of investors. The company and the individuals concerned have already taken proactive remedial measures, and no serious adverse impact on the market has resulted, thus warranting a reduction or mitigation of liability for the violation.
With respect to the defenses advanced by the company and the relevant persons held accountable, the Shanghai Stock Exchange finds them unsubstantiated and rejects them. The company failed to issue the asset-backed special-purpose plan in accordance with applicable regulations, involving a substantial amount and constituting a serious violation. This conduct underscores significant deficiencies in the company’s internal control framework, both in its design and implementation. The company and the relevant parties’ arguments that the circumstances do not constitute a severe case and that no material adverse impact was inflicted on the market are likewise untenable.
In view of the nature and circumstances of the aforementioned violations, the Shanghai Stock Exchange has decided to impose a disciplinary sanction on Huabao Securities Co., Ltd., barring it from submitting applications for corporate bonds and asset-backed securities for a period of one year.
Meanwhile, five individuals held accountable at Huabao Securities have also received disciplinary sanctions of varying degrees. Wang Bin, who at the time served as the project leader of the Ecosystem Enterprise Financing Department under the Investment Banking Business Headquarters, has been sanctioned by being barred for three years from submitting corporate bond and asset-backed securities application documents and information disclosure filings bearing his signature. In addition, Zhang Shisong, then Vice President; Hui Feifei, then Chief Risk Officer, Compliance Director, and General Counsel; Cao Zhejun, then Deputy General Manager of the Investment Banking Business Headquarters; and Yang Jing, then Head of the Capital Markets Department, have each been issued a formal reprimand.
The SSE stated that, with respect to the aforementioned disciplinary measures, it will notify the China Securities Regulatory Commission and record them in the integrity file. The company and the relevant persons held accountable should take this as a cautionary lesson, strictly conduct asset-securitization business in compliance with applicable laws, regulations, and related provisions, and earnestly safeguard the order of the bond market while protecting the legitimate rights and interests of investors.
Public records show that Huabao Securities was founded in 2002, with its registered office in Shanghai and a registered capital of RMB 4 billion. It was established through a shareholding reform following the restructuring and renaming of the former Fucheng Securities Brokerage Co., Ltd.
Huabao Securities has long been known for its brokerage business, while its investment banking operations are primarily focused on bonds. According to the company’s 2022 annual report, Huabao Securities reported total operating revenue of RMB 1.051 billion and net profit of RMB 130 million, with investment banking revenue totaling RMB 28.9046 million in 2022. Wind data show that since the beginning of 2023, Huabao Securities has underwritten a total of RMB 4.37 billion, all in bond offerings, placing it in the mid-to-lower tier among securities offices in terms of underwriting volume.
In the past three months, ten securities offices have been issued penalties for their investment banking activities.
Since the beginning of this year, regulatory scrutiny of investment banking activities has tightened, with more than 20 securities offices having been penalized for their investment banking operations.
In particular, since September this year, securities offices have been hit with a flurry of penalties in the investment banking sector. According to a review by a reporter from Securities Times China, just since September, nine brokerage offices have faced regulatory measures imposed by the China Securities Regulatory Commission for their investment‑banking activities. These include Zhongde Securities, Huachuang Securities, Zhongtian Guofu Securities, Western Securities, Huaxi Securities, Guoxin Securities, CITIC Securities, and Wanhe Securities. In addition, Caitong Securities recently received a penalty from the Zhejiang Securities Regulatory Bureau for failing to exercise due diligence in its bond underwriting business.
Notably, several institutions have had their business qualifications suspended. On October 20 this year, Wanhe Securities was subject to regulatory measures by the China Securities Regulatory Commission—ordering it to make corrections and restricting its business activities—due to violations in its investment banking operations, resulting in a three-month suspension of its sponsorship and corporate bond underwriting businesses.
The penalty notice indicates that Wanhe Securities’ internal control function for its investment banking business failed to perform its duties adequately, with insufficient effectiveness in internal oversight. The office did not establish and fully utilize an electronic working‑paper management system for its investment banking activities as required, and its compensation and performance‑evaluation framework was unreasonable, featuring excessive incentives such as advance disbursement of performance‑based bonuses. Significant deficiencies were found in due diligence on withdrawn or rejected projects, while quality control and the internal review committee also failed to exercise adequate scrutiny. Critical checkpoints along the “three lines of defense” were seriously compromised. Furthermore, over the past three years, the company did not conduct compliance inspections on ethical conduct within its investment banking division, and its management of ethical standards among practitioners remained inadequate.
In October this year, the China Securities Regulatory Commission (CSRC) issued its latest institutional regulatory notice to securities offices. Recently, the CSRC conducted on-site inspections of the internal controls and compliance practices of eight securities companies in their investment banking divisions; seven of these eight offices were subject to penalties. The notice highlighted four major issues identified during the inspections: first, inadequate and ineffective internal control systems; second, lax oversight along the “three lines of defense”; third, an unreasonable compensation and performance‑evaluation framework; and fourth, persistent problems in maintaining ethical conduct. The CSRC stated that it will institutionalize on-site inspections of investment banking internal controls, with a particular focus on addressing recurring concerns such as “withdrawal upon inspection” and “entering the market with existing deficiencies.”
The notice indicates that, going forward, the CSRC will deepen and solidify the full implementation of the registration-based system, taking the transformation of institutional supervision as an opportunity to uphold stringent regulatory oversight. It will conduct routine on-site inspections of investment banks’ internal controls, closely monitor persistent issues such as “withdrawal upon inspection” and “passing through the gate with underlying problems,” and employ a comprehensive array of measures—including disqualification penalties and financial sanctions—to urge securities offices to continuously enhance their professional standards, expertise, and internal control frameworks, thereby truly fulfilling their role as gatekeepers.

Some brokerage offices are offering financing rates as low as 4%! Following the new policy, the outstanding balance of margin financing has reached a year-to-date high.
Amid the sluggish performance of A-shares, margin‑trading policies were recently adjusted. The minimum margin ratio for financing has been lowered from 100% to 80%, while the margin ratio for short selling has been raised from 50% to 80%; for private‑equity offices, it has been increased to 100%.
Following the implementation of the new policy, margin‑financing balances across the Shanghai, Shenzhen, and Beijing stock exchanges have risen markedly, standing at approximately RMB 1.67 trillion as of the latest data—representing 2.46% of A‑share free‑float market capitalization and 8.45% of total trading value.
Digital analysts note that, in theory, this adjustment could unlock roughly RMB 400 billion in additional financing capacity, potentially boosting long-term market liquidity and trading activity in A‑shares. Investors are advised to fully understand the risks associated with leverage and to calibrate their leverage exposure in line with their own risk tolerance.
Margin trading balances have increased significantly.
Since the launch of the margin trading and short‑selling pilot program in 2006, this business has grown steadily, with the overall market size expanding significantly and its share of A‑share turnover increasing. Over the past five years, data on A‑share margin‑trading balances show that at the end of 2018, the balance stood below RMB 800 billion; it then rebounded year by year, reaching RMB 1.83 trillion by the end of 2021. However, following a sharp decline in A‑shares in 2022, the year‑end margin‑trading balance fell to RMB 1.54 trillion.
In September this year, margin‑trading and short‑selling policies were adjusted. Following the market close on September 8, the Shanghai, Shenzhen, and Beijing stock exchanges officially implemented new rules for margin‑financing and short‑selling transactions, lowering the minimum margin ratio for investors’ margin purchases from 100% to 80%. In October, the margin ratio for short selling was raised from 50% to 80%, with a further increase to 100% for private‑equity institutions. Additionally, the practice of lending securities through special asset‑management plans established by listed‑company executives and core employees via strategic allocations was abolished.
Since the new policy was implemented, the overall scale of margin trading and short selling in A‑shares has been on an upward trend. Kuang Yuqing, founder of Lens Consulting, told a reporter from the International Finance News that this adjustment primarily raises leverage for long‑position margin financing while lowering leverage for short‑selling, which is generally positive for the market and helps unlock additional incremental capital. The reduction in margin‑financing and short‑selling interest rates will likewise stimulate greater demand for leverage, with margin‑financing demand expected to become even more robust.
Hu Mohan, a fund manager at Mingze Investment Fund, told our reporter that, judging from changes in market structure and sentiment, the adjustments to margin‑financing and short‑selling policies have had a positive impact on the market. The reduction in the minimum margin ratio for financing has boosted liquidity, while the increase in the margin ratio for short selling has curbed short‑selling activity, easing investors’ concerns about certain institutional players using short selling to bet against the market and thereby helping to bolster market sentiment. In theory, these measures could unlock roughly RMB 400 billion in additional financing capacity, potentially enhancing long-term liquidity and trading activity in A‑shares.
“The adjustment to margin‑financing and short‑selling policies has a fairly positive impact on A‑shares,” noted Ma Cheng, Chairman of Juzhe Investment. Comparing the situation before and after the policy changes, he pointed out that the theoretical scale of eligible securities available for margin purchases could increase by 25%, which would exert a very favorable medium- to long-term effect on A‑shares.
Cheng Liang, a fund manager at 33 Capital, told an International Finance News reporter that, based on long-term experience, the threshold for A-share margin‑financing and securities‑lending data is RMB 1.5 trillion. When market activity falls below this level, it indicates that overall trading volume and market liquidity are very weak. Following the implementation of the new margin‑financing policy in September, financing activity has become relatively more robust, providing a certain boost to market confidence.
Interest rates as low as 4%
Margin financing and securities lending is an operational activity in which securities offices lend funds to clients for the purchase of listed securities or lend listed securities for clients to sell, while collecting collateral. This business is one of the key sources of revenue for brokerage offices, with leading offices commanding the majority of the market; however, in the first three quarters of this year, net income from margin financing and securities lending declined year over year.
According to data from Choice, the 43 listed securities offices reported combined net income of RMB 34.25 billion from their credit businesses in the first three quarters of this year, compared with RMB 43.87 billion in the same period last year.
Notably, some securities offices have lowered their financing rates to expand the scale of their financing business and capture market share. According to a research report by Dongguan Securities, since the beginning of this year, the lowest financing rates at certain brokerage houses have dropped from around 6.99% to approximately 5%, while smaller and mid-sized offices, facing relatively higher funding costs, continue to charge financing rates above 8%.
Meanwhile, some small and medium-sized securities offices have seen their financing rates fall below 5%.
The head of a Shanghai-based branch of a mid-sized brokerage office stated that financing rates typically stand at 4.5%, with the possibility of negotiating down to 4% for large clients. When calculating an investor’s available margin balance, if the investor holds outstanding financing contracts prior to the amendment’s implementation, the brokerage may adjust the margin ratio downward in accordance with the revised rules. This provides securities offices with greater operational leeway and flexibility.
“Here, the financing rate is 4.99%, but depending on the client’s specific circumstances—such as available funds—it can be negotiated down to as low as 4.5%.” Another source from a brokerage branch also told our reporter that, following the policy adjustments, clients can increase their leverage; however, some remain cautious, which is a positive sign, largely because market conditions are still mediocre.
Regarding the specific impact of brokerage offices’ reductions in margin‑financing rates on their credit business, Kuang Yuqing argues that two factors offset each other: first, both the LPR and bond‑issuance financing costs are trending downward, so the spread has not narrowed significantly; second, the rate cuts are likely to boost demand for margin‑financing leverage, and the resulting increase in new positions could help offset the losses stemming from the narrowing spread.
Leveraged Investing Based on Rational Cognition
As an innovative product in China’s securities market, margin trading and short selling are characterized by pronounced “high risk, high return,” and the leverage effect further amplifies both the potential gains and losses of securities investments.
“Institutional investors tend to be more adept at leveraging than retail investors, yet after seeing such information, retail investors may actually feel more confident than their institutional counterparts,” warned Cheng Liang. He noted that lowering the margin‑financing ratio effectively relaxes the cap on leverage for margin purchases, meaning that, all else equal, investors can access larger financing quotas to buy A‑shares—clearly a positive development for the A‑share market, which currently faces a severe shortage of fresh capital. In the short term, with no robust profit‑generating momentum in the broader market, it will be challenging for margin financing to climb significantly. However, over the longer term, both institutional and retail investors are likely to explore additional ways to make prudent use of this favorable policy, suggesting that margin‑financing balances could eventually rebound toward the 2 trillion‑yuan level.
Ma Cheng stated that A-share valuations are currently at historically low levels, presenting relatively limited risk for margin‑financing investors. Nevertheless, when deploying leverage, he still advises investors to adopt a balanced allocation across leading companies in sectors with low valuations and steady, sustainable earnings growth, thereby mitigating the impact of volatility from any single stock on their overall portfolio.
Xu Shengxiong, product manager at Public Offering Ranking Network, advises investors to fully recognize and understand the risks associated with leverage. When leverage is employed, it amplifies not only returns but also potential losses. At the same time, investors should choose an appropriate level of leverage; higher leverage is not necessarily better—instead, the leverage ratio should be tailored to one’s own risk tolerance. In addition, cultivating a strong risk awareness and enhancing risk-management capabilities are essential. Investors should strictly adhere to established trading discipline and set clear stop-loss levels. Finally, it is crucial to improve investment expertise; as professional skills improve, so too does the likelihood of successful outcomes, which can help mitigate the risks inherent in leveraged investing.

Connecting the lifeblood of the real economy, the capital market is focused on supporting high-quality development.
The Central Financial Work Conference emphasized that high-quality development is the primary task in building a modern socialist country in all respects, and that the financial sector must deliver high‑quality services to support economic and social development. This crucial assessment has set the course for the next phase of reform and development in the capital market.
As the new round of comprehensive deepening reform—led by the reform of the stock issuance registration system—continues to advance, China’s capital market has seen a marked enhancement in its institutional inclusiveness and adaptability to technological innovation, with its capacity to serve the real economy steadily improving. It is increasingly becoming a key driver of high-quality development.
Focusing on Serving the Real Economy
Finance is the lifeblood of the real economy, and serving the real economy is its fundamental duty. Since 2023, capital markets have further intensified their support for the real economy, striving to stabilize the macroeconomic landscape and ensure that economic activity remains within an appropriate range.
In March this year, the China Securities Regulatory Commission issued the “Notice on Further Advancing the Regular Issuance of Real Estate Investment Trusts (REITs) in the Infrastructure Sector,” aiming to institutionalize REIT issuance, achieve both qualitative improvements and reasonable quantitative growth, and fully leverage REITs’ critical role in revitalizing existing assets, expanding effective investment, and reducing the leverage ratios of real‑economy enterprises. In May, the CSRC guided stock exchanges in revising the Guidelines on Matters for Review of REITs, emphasizing asset‑based oversight as the core, further refining the review criteria, accelerating the pace of issuance and listing, and promoting the high‑quality development of the REITs market.
In October, the China Securities Regulatory Commission announced that it would expand the scope of eligible asset types for public REITs pilot programs to include consumer‑related infrastructure, thereby broadening investor options, fostering the healthy development of the public REITs market, and continuously enhancing the capital market’s ability to serve the real economy. According to research by AVIC Securities, as of November 24, the total market capitalization of China’s REITs market had reached RMB 80.788 billion, with underlying asset categories spanning environmental protection, expressways, industrial parks, warehousing and logistics, energy, and more, effectively unlocking the value of existing assets.
The People’s Bank of China, the National Administration of Financial Regulation, and the China Securities Regulatory Commission recently co-hosted a symposium with financial institutions, at which they pledged to treat real estate enterprises of all ownership types equally in meeting their legitimate financing needs. In recent days, two property developers—China Resources Land Limited and China Merchants Shekou Industrial Zone Holdings Co., Ltd.—issued bonds through the Shenzhen Stock Exchange’s bond market, raising a combined total of RMB 5.84 billion.
Since the beginning of this year, the Shenzhen Stock Exchange has earnestly implemented the CPC Central Committee and the State Council’s directives on promoting the stable and sound development of the real estate market, proactively ensuring the stability of property developers’ access to capital‑market financing, and introducing a series of concrete measures. The two recently approved publicly offered consumer‑infrastructure REITs on the Shenzhen market also present new opportunities for further unlocking the value of existing commercial real estate assets. The Shenzhen Stock Exchange stated that, going forward, it will continue to provide robust support for equity financing by listed property companies, actively leverage the functions of the capital market, and help the real estate sector revitalize existing assets, mitigate risks, and pursue transformative development, thereby better contributing to macroeconomic stability.
Actively supporting the high-quality development of the real economy—particularly in bolstering the private sector to become stronger and more competitive—the Shenzhen Stock Exchange has formulated the “Special Work Plan on Supporting Private Listed Companies in Focusing on Their Core Businesses and Achieving Steady Growth,” adopting tailored measures and a systematic approach to foster the growth and strengthening of private listed companies on the Shenzhen market. In addition, the Exchange has expanded its supply of innovative financial products, further deepening the linkage between equities and bonds to broaden financing channels for private enterprises and support their issuance of green bonds, technology‑innovation bonds, and other fixed‑income instruments. At the same time, the Shenzhen Stock Exchange continues to intensify its support for refinancing, mergers and acquisitions, and corporate restructuring among high‑quality private offices, granting expedited review to projects that meet the criteria for streamlined assessment, thereby helping these leading private enterprises accelerate their development.
Support high-level scientific and technological self-reliance and strength.
The Central Financial Work Conference emphasized optimizing the structure of financial supply, directing more financial resources toward fostering technological innovation, advanced manufacturing, green development, and small, medium, and micro enterprises. It also called for making significant progress in five key areas: technology finance, green finance, inclusive finance, elderly‑care finance, and digital finance.
In recent years, securities regulators have earnestly implemented the innovation-driven development strategy, steadfastly upholding the differentiated and specialized positioning of the STAR Market, the ChiNext Board, and the Beijing Stock Exchange. They have also worked to establish a comprehensive, full‑cycle product framework covering equities, bonds, and private equity, while continuously refining institutional mechanisms such as equity incentive plans and employee stock ownership schemes for listed companies, thereby fostering deep integration among the innovation chain, industrial chain, financial chain, and talent chain.
At present, China is at a historic juncture marked by the confluence of a new round of scientific and technological revolution, industrial transformation, and a shift in its economic development model. Yi Huiman, Chairman of the China Securities Regulatory Commission, stated that accelerating high‑level self-reliance and self‑strengthening in science and technology plays a foundational and strategic role in advancing Chinese‑style modernization. The capital market, with its unique mechanisms for sharing risks and benefits, is particularly well suited to the characteristics of technology‑innovation enterprises—rapid iteration, high risk, and light asset intensity—thereby effectively fostering the formation of innovation capital, facilitating the commercialization of scientific and technological achievements, and playing a pivotal role in improving corporate governance, stimulating entrepreneurial spirit, and ensuring a virtuous cycle among science, industry, and finance.
As China’s multi-tiered capital market continues to mature and the ongoing deepening of reforms gathers momentum, the capital market’s ability to support the high-quality development of the real economy has strengthened markedly. According to Wind data, in terms of market structure, compared with a decade ago, the STAR Market and the Beijing Stock Exchange have emerged from scratch, with their combined market capitalization now accounting for 7.95% and 0.47% of the overall market, respectively. Meanwhile, the ChiNext’s share of total market capitalization has risen from 7.47% ten years ago to 14.69%. Overall, an increasing number of technology‑innovation‑driven and tech‑focused enterprises are entering the capital markets, reshaping the composition of listed companies.
In the bond market, the China Securities Regulatory Commission has been actively promoting the establishment of a comprehensive bond‑financing support framework that covers the entire lifecycle of science and technology innovation enterprises. It has smoothly launched a pilot program for science and technology innovation corporate bonds, which has since transitioned to regular issuance; steadily expanded the pool of eligible issuers; refined supporting policies and measures; and facilitated smoother access to direct financing channels for science and technology innovation offices.
The Beijing Stock Exchange is a vital component of China’s multi-tiered capital market system. It must remain committed to serving the real economy and national strategies, closely integrating the enhancement of capital market functions with the healthy development of small and medium-sized enterprises and the support for high-level scientific and technological self-reliance and strength, thereby fostering a virtuous cycle among science and technology, industry, and finance. In September this year, the China Securities Regulatory Commission issued the “Opinions on High-Quality Development of the Beijing Stock Exchange,” further refining institutional arrangements tailored to innovative SMEs and accelerating the establishment of a coordinated system that serves as the primary platform for these enterprises.
The China Securities Regulatory Commission stated that it will formulate and implement an action plan to leverage the capital market in supporting high-level scientific and technological self-reliance and strength, establishing and refining “green channels” for technology‑based enterprises to raise capital through IPOs, issue bonds, and undertake mergers and acquisitions and restructuring—particularly in areas where breakthroughs in critical core technologies are needed. It will also improve the mechanisms supporting the capital market’s role in fostering technological innovation, guide resources toward this sector, stimulate market‑driven innovation, help technology offices enhance their competitiveness and scale, and ensure a smooth, virtuous cycle among science and technology, industry, and finance.
Adopting a multi-pronged approach to invigorate the capital market.
An active capital market is a prerequisite for the capital market to fulfill its role in supporting high-quality development and underpinning technological innovation. Following the July meeting of the CPC Central Politburo, which called for “activating the capital market,” the Central Financial Work Conference once again underscored the need to invigorate the capital market, emphasizing the importance of optimizing the financing structure, enhancing the capital market’s pivotal role, deepening and solidifying the stock issuance registration system, expanding diversified equity financing, significantly improving the quality of listed companies, and fostering world-class investment banks and institutional investors. At a recent meeting to convey and implement the spirit of the Central Financial Work Conference, the Party Committee of the China Securities Regulatory Commission also stated that it would intensify reforms on the investment side, attract more medium- and long-term capital, invigorate the capital market, and further leverage its hub function.
Since the beginning of this year, the China Securities Regulatory Commission has actively implemented the central government’s decisions and arrangements, introducing a series of policies and measures aimed at “vibrant capital markets and bolstering investor confidence.” These include balancing the primary and secondary markets, refining IPO and refinancing regulatory frameworks to promote dynamic equilibrium between investment and financing, further standardizing share‑sale restrictions, lowering margin‑financing ratios, and supporting moderate financing needs. Overall, these measures have helped stabilize market expectations. According to CITIC Securities, the steps taken to invigorate the capital markets are expected to further enhance investors’ risk appetite and foster the stable development of the market.
Meanwhile, securities regulators have been actively advancing reforms on the investment side, vigorously developing equity‑oriented funds, enhancing the investment appeal of listed companies, and refining and improving trading mechanisms to boost trading convenience. Recently, the Ministry of Finance issued the “Notice on Guiding Long‑Term, Prudent Investment by Insurance Funds and Strengthening Long‑Term Performance Assessment for State‑Owned Commercial Insurance Companies,” which revises the return on equity metric—previously a year‑specific indicator—to a combined assessment approach that integrates a three‑year rolling average with the current year’s performance, while also setting forth relevant requirements for investment management.

What logic lies behind the booming Beijing Stock Exchange?
From October 23 to November 27, the Beijing Stock Exchange 50 Index surged by more than 50%. On November 21, the BSE’s daily turnover stood at RMB 10.272 billion, and by November 27 it had already surpassed RMB 30 billion. In a matter of days, the once‑lukewarm BSE market has become the center of intense market discussion. With A‑shares generally underperforming so far this year, what investment rationale lies behind the BSE’s robust rally? And can this bullish momentum persist?
As an exchange established by the state specifically to support the innovative development of small and medium-sized enterprises, the Beijing Stock Exchange has, since its inception in 2021, lagged behind the broader market in terms of both trading volume and liquidity. Commenting on the reasons behind the market’s robust performance, Wang Hongying, President of the China (Hong Kong) Institute of Financial Derivatives Investment, noted that the government has recently introduced a series of policies to bolster technology‑focused SMEs, thereby enhancing the growth prospects and stock valuations of specialized, niche, and innovative companies listed on the Beijing Stock Exchange—factors that have won favor among market investors.
On September 1, the China Securities Regulatory Commission issued the “Opinions on High-Quality Development of the Beijing Stock Exchange” (hereinafter referred to as the “Opinions”), introducing measures such as refining the criteria for the “twelve-month listing requirement,” allowing STAR Market investors to directly obtain trading access to the Beijing Stock Exchange, and permitting private equity funds to participate in secondary-market transactions. These steps are designed to pave the way for more small and medium-sized enterprises with strong growth potential to raise capital and go public. According to data from the Beijing Stock Exchange’s official website, since the release of the Opinions, 27 new companies have had their IPO applications accepted. As of November 28, a total of 106 companies were undergoing review for issuance and listing, including 7 that have been accepted, 70 that have received inquiry letters, 21 whose reviews have been suspended, 3 that have passed the Listing Committee meeting, and 5 that have submitted registration applications.
Xu Ming, chief economic analyst at Henghua Agriculture, stated that the state has called for accelerating the development of a financially strong nation. As an integral part of the financial market infrastructure, the Beijing Stock Exchange is expected to become more active and serve as a key platform for supporting innovative small and medium-sized enterprises. Moreover, the exchange itself has relatively low trading liquidity: despite several consecutive days of gains, daily turnover remains around RMB 10 billion—far below the several hundred billion yuan seen on the main board—making the market size comparatively small and easier to influence with capital.
Youshan Fund’s Jin Yan stated that the sharp rally in Beijing Stock Exchange stocks is closely tied to robust capital inflows, as evidenced by the market capitalization and turnover rates of these shares. The average market cap of the BSE 50 index constituents stands at roughly RMB 3.5 billion, with a median of about RMB 2 billion—conditions that make large-scale institutional participation, including foreign investors, highly unlikely. From October 23 to November 27, the BSE 50 Index surged 51.62%, during which its turnover rate soared to 71%—a level far from what one would expect from institutional investors. Moreover, the 30% daily price‑limit regime, coupled with the absence of corresponding ETFs or futures contracts, has made BSE‑listed stocks an attractive target for speculative trading. Volatility in the BSE 50 has climbed from an annualized 20% at the end of October to around 40% today. Consequently, investors should approach the current upward momentum of the BSE 50 with caution and avoid blindly chasing higher prices.
Looking back at this year’s stock market, overall performance has been less than satisfactory. Amid a tortuous recovery, market confidence remains weak, and investors have grown more cautious, reluctant to commit to large‑scale investments. On the surface, this translates into subdued liquidity and a marked decline in trading volume. Such shifts in investor sentiment have also fueled the recent surge in micro‑cap strategies. As the Beijing Stock Exchange has become a hub for small and medium‑sized enterprises, coupled with the impressive average returns generated by companies that listed via the New Third Board over the past two years, a clear profit‑making effect has emerged—laying the groundwork for the exchange’s robust market dynamics.
Xu Ming stated that the shift in investment style stems from a gap between current market expectations and future outlooks. Everything has its limits; when micro-cap strategies reach their extreme, blue-chip and value stocks will also gain traction. Funds have faced significant challenges this year, and to reverse the unfavorable trend, institutions are actively promoting value investing—such as attracting medium- to long-term capital to allocate to high-quality, blue-chip stocks. However, until these trends reach their peak and benchmark stocks come under pressure, the market will likely continue to favor small‑cap stocks.
“The biggest challenge facing the Beijing Stock Exchange is insufficient liquidity; only by boosting liquidity can it attract broader market attention,” said Xu Ming. Expanding market‑making capacity to enhance liquidity and dampen short-term volatility could be the exchange’s next step. In February this year, the Beijing Stock Exchange officially introduced a market‑making trading mechanism. On November 20, the exchange issued letters conofficeing that several securities offices, including Haitong and Guoyuan, had passed the assessment tests for market‑making services on its stocks. To date, five brokerage offices have received such approval letters. Meanwhile, on November 17, China Securities Index Co., Ltd. announced that it would include eligible Beijing Stock Exchange securities in the constituent universe of the CSI All‑Index, with the change taking effect on the index’s regular rebalancing date in December 2023, which could significantly improve liquidity on the exchange.
It has been observed that rises in the Beijing Stock Exchange 50 Index are often accompanied by declines in broader market indices such as the Shanghai Composite and the Shenzhen Component. Explaining this phenomenon, Wang Hongying notes that China’s stock market operates, to a certain extent, as a存量市场. When institutional investors withdraw capital from the Shanghai and Shenzhen exchanges and shift their investments to the Beijing Stock Exchange, the latter tends to appreciate, giving rise to a “seesaw” effect. From an exchange‑level perspective, carefully managing the scale of new‑share offerings and ensuring a balanced relationship between stock supply and existing market liquidity would better support the stable and sustainable development of China’s capital markets.
Driven by a host of favorable factors, will the Beijing Stock Exchange become an “investment hotspot” for investors? On this point, Wang Hongying believes that, over the medium to long term, the BSE will follow a structurally upward trajectory, with overall valuation levels expected to rise steadily. However, short-term capital flows are likely to amplify market volatility, so investors should proceed with caution and avoid blindly chasing higher prices.

Actively support the issuance of REITs for eligible franchised projects.
According to a notice issued by the National Development and Reform Commission on November 28, in order to standardize the implementation of the new government–social capital partnership (PPP) mechanism, the Commission has revised the Measures for the Administration of Infrastructure and Public Utility Concessions, resulting in the draft Amendment to the Measures for the Administration of Infrastructure and Public Utility Concessions (hereinafter referred to as the “Measures”). Public comments are being solicited from November 28, 2023, to December 28, 2023.
The Measures clarify that infrastructure and public‑utility concessions constitute a user‑pay‑based public‑private partnership model, under which the government collaborates with private capital on project investment, construction, and operation, without establishing any new administrative permits. Such infrastructure and public‑utility projects primarily encompass transportation, municipal engineering, ecological conservation, environmental governance, water resources, energy, sports, tourism, and other sectors within China.
The National Development and Reform Commission and the Ministry of Finance recently issued the “Guiding Opinions on Standardizing the Implementation of the New Government–Social Capital Partnership Mechanism” (hereinafter referred to as the “Opinions”), further regulating the PPP mechanism. The document explicitly stipulates that all projects under the new government–social capital partnership framework will be implemented exclusively through a concession model.
Professor Wang Shouqing of Tsinghua University pointed out that, in essence, franchising is a specific model of public‑private partnership, with its defining feature being user‑pay financing. “Franchising does not preclude government subsidies, particularly during the operational phase; however, the project’s ownership remains with the government or its state‑owned enterprises,” Professor Wang stated.
Compared with the previous mechanism, which stipulated that “the maximum term of a franchise shall, in principle, not exceed 30 years,” the Opinions have extended the franchise term, specifying that “in principle, the franchise term shall not exceed 40 years; for franchise projects involving large investment scales and long payback periods, the term may be appropriately extended based on actual circumstances, unless otherwise provided by laws or regulations.”
This Measures also sets forth clear provisions regarding the duration of franchise agreements, stipulating that “the term of infrastructure and public‑utility franchises shall be determined on the basis of a comprehensive assessment of industry characteristics, the demand for the public goods or services provided, the project’s life cycle, capital investment and operating costs, the payback period, and other relevant factors. Unless otherwise provided by laws or administrative regulations, the maximum term shall generally not exceed 40 years.”
With regard to exceptions for extending the term of a franchise, the Measures also stipulate that, in individual cases involving large-scale investments and long payback periods, the franchise term may be appropriately extended based on actual circumstances; however, such extensions must be thoroughly justified in the franchise plan and submitted for approval together with that plan.
With regard to financial support, the Measures encourage financial institutions to provide services such as financial advisory, financing advisory, and syndicated loans for concession projects. They also stipulate that concession projects may, in accordance with applicable laws and regulations, obtain loans secured by pledges of expected revenues, using project‑related cash flows as the source of repayment. In addition, insurance funds are encouraged to offer diversified financing for concession projects through various channels, including debt instruments, equity investments, and asset‑backed securities.
The Measures also stipulate that eligible concession projects shall be actively supported in issuing real estate investment trusts (REITs) in the infrastructure sector. Eligible concession project companies are encouraged to engage in structured financing, issuing project‑income notes, real estate‑trust asset‑backed securities, and asset‑securitization products, among others. Furthermore, concession projects are encouraged to adopt market‑based approaches—such as establishing private equity funds, attracting strategic investors, and issuing corporate bonds, company bonds, and non‑financial corporate debt financing instruments—to broaden their financing channels.
However, the Measures also emphasize that financing for franchised projects must, in accordance with the law, safeguard the legitimate rights and interests of all parties and prudently manage creditor–debtor relationships. It is prohibited to pledge any form of fiscal funds as guarantees or as sources of repayment, so as to prevent the accumulation of new implicit local government debt.

Commercial & Corporate
“Impersonation” Case Awards 3.5 Million Yuan in Damages; Protection of Trade Secrets Elevated to a Higher Priority
Trade secrets are a crucial component of a company’s intellectual property. On November 30, the Beijing Intellectual Property Court released ten landmark cases involving trade‑secret infringement at a press conference. According to the court, these cases generally arise from disputes triggered by employee departures or business collaborations. A Beijing Business Today reporter noted that one of the cases—a “name‑substitution” scenario—also addressed related issues: the infringer was ordered to cease the infringement, mitigate its adverse effects, and pay the plaintiff RMB 3.5 million in damages along with RMB 50,000 for reasonable expenses.
Analyses indicate that in 2019, the Anti-Unfair Competition Law was amended to address unfair competitive practices involving the infringement of trade secrets, expanding the scope of “business information and technical information” originally stipulated in the 2017 provisions to encompass a broader category of commercial information. The “impersonation” case falls within this framework; its selection as a landmark example of trade‑secret enforcement is timely, reflecting a growing trend toward stronger protection of trade secrets. At the same time, however, enterprises still demonstrate insufficient awareness of the importance of safeguarding their trade secrets.
There are many employee resignation cases.
On November 30, the Beijing Intellectual Property Court held a press conference to release the “Answers to Litigation Issues in Civil Cases Involving Infringement of Trade Secrets” and ten landmark cases of trade secret infringement. At the event, it was noted that from 2021 through October 2023, the court received a total of 89 new trade secret cases, accounting for 0.46% of all civil cases, and concluded 86 cases, representing 0.47% of civil cases. Overall, both the number of newly filed and concluded trade secret cases has remained at a low level, with approximately 50 cases filed and closed each year.
Notably, in more than 70 percent of these cases, the defendants are current or former employees. Meanwhile, Xie Zhenke, Chief Judge of the Third Adjudication Division of the Beijing Intellectual Property Court and Director of the Competition and Monopoly Commission, told a reporter from Beijing Business Today that the ten landmark cases involving infringement of trade secrets generally stem from disputes arising out of employee departures or business collaborations. The Beijing Business Today reporter observed that among the ten cases, the “Impersonation” case—where an individual impersonated a company affiliated with their former employer to infringe upon trade secrets—simultaneously involves both employee resignation and business partnership issues.
According to reports, Mr. Xie was formerly an employee of a certain technology company (hereinafter referred to as “the Technology Company”), responsible for promoting the “Dianping” product. In April 2018, Mr. Xie informed the Technology Company that “Dianping” planned to discontinue its promotional activities for the company’s products, leading the Technology Company to terminate its cooperation with “Dianping.” In June 2018, Mr. Xie submitted his resignation to the Technology Company. Subsequently, the Technology Company discovered that Chen, the legal representative of a certain technology (Beijing) company (hereinafter referred to as “the Beijing Technology Company”), was a friend of Mr. Xie, and that the Beijing Technology Company was in fact jointly operated by Mr. Xie and Mr. Chen.
According to the case details, after April 2018, Mr. Xie continued to enter into contracts with a certain technology (Beijing) company—designated as an affiliated entity of a certain technology company—to promote the “Dianping” product.
A certain technology company contends that Mr. Xie and a certain Beijing-based technology company have disclosed and used its proprietary customer information, thereby infringing upon its trade secrets. Accordingly, the company has brought suit before the court, seeking an order requiring Mr. Xie and the Beijing-based technology company to cease the infringement of trade secrets, to mitigate the adverse effects, and to compensate for economic losses in the amount of RMB 6.37 million, together with reasonable expenses totaling RMB 50,000.
After trial, the court of first instance held that during his tenure, Mr. Xie disclosed the trade secrets of a certain technology company to a certain Technology (Beijing) Company and jointly used them with that company. Despite knowing Mr. Xie’s identity, the Technology (Beijing) Company began using the disclosed trade secrets while he was still employed by the original technology company, thereby jointly infringing upon the trade secrets of the original technology company. Accordingly, the court ordered Mr. Xie and the Technology (Beijing) Company to cease their infringement of the trade secrets, to eliminate the adverse effects, and to jointly compensate the original technology company for economic losses in the amount of RMB 3.5 million, together with reasonable expenses totaling RMB 50,000. Dissatisfied with the first-instance judgment, Mr. Xie filed an appeal with the Beijing Intellectual Property Court. The appellate court dismissed the appeal and upheld the original judgment.
Awareness of protection remains inadequate.
In the view of Li Hongjiang, Executive Partner at Beijing Guantao Zhongmao Law Office and Director of its Intellectual Property Practice Committee, this case addresses, from at least two perspectives, the provisions of the Anti-Unfair Competition Law—amended in 2017 and 2019—aimed at combating infringement of trade secrets, including the duty of care owed by third parties and the specific scope of what constitutes a trade secret. “It provides guidance for judicial authorities in adjudicating similar cases going forward, while also conveying to the public, through a landmark case, both the determination to protect trade secrets as a distinct category of intellectual property and the trend toward strengthening such protection.”
As protective measures continue to strengthen, companies themselves must also recognize the importance of safeguarding their trade secrets. Lan Guohong, a judge at the Third Adjudication Division of the Beijing Intellectual Property Court, told a reporter from Beijing Business Today that, between 2021 and October 2023, cases involving technical secrets accounted for a significant share and posed considerable challenges in adjudication. Among newly filed cases during this period, 75% were alleged infringements of technical secrets. Because such cases require comparing the claimed confidential information with the allegedly infringing technical data, they typically present substantial difficulties. At the same time, the rate of plaintiffs prevailing remains relatively low, with the primary reasons for dismissal being concentrated. Of the cases concluded by judgment, only 15% resulted in a favorable ruling for the plaintiff; the main grounds for defeat were the inability to demonstrate that the claimed trade secrets met the statutory requirements.
“In recent years, disputes over trade secret infringement have become increasingly frequent, yet the success rate for rights holders remains relatively low, indicating that companies still lack sufficient awareness of trade‑secret protection,” said Lan Guohong. On the one hand, enterprises can establish internal confidentiality systems tailored to industry characteristics and technical needs, developing detailed and practical confidentiality manuals; clearly defining the scope of trade secrets and assigning appropriate classification levels; and, based on operational requirements, restricting access to trade secrets to designated personnel. They can also implement measures such as production‑line segregation, code‑based management, tracking of personnel with access to confidential information, and the use of conspicuous confidentiality markings to prevent leaks. On the other hand, companies should strengthen their confidentiality safeguards by conducting regular training on confidentiality policies and maintaining comprehensive training records; explicitly incorporating confidentiality clauses into employment contracts or entering into separate confidentiality agreements, with employees’ acknowledgment; requiring individuals involved in major projects to sign confidentiality undertakings, customizing these arrangements according to the individual, the specific task, and local conditions; preparing “separation‑from‑employment investigation” reports for departing employees, documenting the handover of confidential materials; and carrying out necessary background checks on newly hired staff.
Lan Guohong recommends that companies further strengthen the protection of their trade secrets in external activities by entering into confidentiality agreements with business partners, product suppliers, service providers, and other entities that may have access to such information, clearly defining the scope of confidential information and reinforcing confidentiality obligations. During commercial negotiations, measures such as redacting sensitive data or substituting codes should be employed to prevent leaks. Moreover, in pursuing legal remedies, in addition to filing lawsuits, companies may also lodge complaints with relevant administrative authorities or industry associations; where criminal offenses are involved, they should promptly report to the public security organs. Furthermore, full use should be made of people’s mediation and industry‑specific mediation bodies to resolve disputes through diversified procedures, thereby achieving more effective rights protection.

Expansion in the equipment manufacturing sector is accelerating, and economic structural optimization is improving.
On November 30, the National Bureau of Statistics’ Service Industry Survey Center and the China Federation of Logistics & Purchasing released the November Manufacturing Purchasing Managers’ Index (PMI), which stood at 49.4%, slightly down from the previous month. Meanwhile, the non-manufacturing business activity index also saw a moderation in its pace of expansion but remained in expansionary territory. Analysts note that although insufficient demand remains a salient issue, both the manufacturing PMI and the sub‑indices of the non‑manufacturing business activity index—particularly those related to offices’ expectations for future business conditions—improved compared with the prior month. Furthermore, sectors such as equipment manufacturing exhibited accelerated expansion, and new growth drivers expanded rapidly, indicating that the economic structure is undergoing an ongoing optimization process.
In November, the manufacturing PMI stood at 49.4%, down 0.1 percentage point from the previous month. By component, the indices showed mixed trends: the output price index, the employment index, the supplier delivery time index, and the business activity expectations index all registered slight increases, with gains ranging from 0.1 to 0.5 percentage points. Meanwhile, the production index, the new orders index, the new export orders index, the finished goods inventory index, the purchasing volume index, the import index, the input prices index, and the raw materials inventory index all declined, with decreases ranging from 0.1 to 1.9 percentage points.
Zhao Qinghe, a senior statistician at the National Bureau of Statistics’ Service Industry Survey Center, stated that the November manufacturing PMI edged lower compared with the previous month, influenced by factors such as certain manufacturing sectors entering their traditional off-season and insufficient market demand. Zhang Liqun, a special analyst with the China Federation of Logistics and Purchasing, noted that the November PMI continued to decline slightly, indicating that the momentum of the economic recovery still requires sustained strengthening.
Wen Tao, an analyst at the China Logistics Information Center, noted that demand across industries is diverging: while demand in the basic raw materials sector is contracting at an accelerated pace, demand driven by new growth engines is providing solid support, helping to maintain overall relative stability. Taking the equipment manufacturing sector as an example, the new orders index stood at 53.3%, up 1.1 percentage points from the previous month; the new orders index for high‑tech manufacturing was 51.8%, a rise of 2.1 percentage points. On the production side, the equipment manufacturing production index reached 54.2%, up 1.2 percentage points from the prior month, remaining in expansion territory for the tenth consecutive month and signaling sustained strong momentum this year. Meanwhile, the high‑tech manufacturing production index registered 52.3%, up 3.8 percentage points from the previous month; after briefly dipping below 50% in October, it quickly rebounded into expansionary territory, underscoring the sector’s robust production resilience.
Wen Tao stated that although the growth rate of the manufacturing sector slowed slightly in November, overall demand remained relatively stable, and production continued to expand. The rapid rebound in new growth drivers indicates that the economic structure is undergoing optimization. Xiong Yuan, Chief Economist at Guosheng Securities, noted that economic pressures persist, and it is highly likely that additional supportive policies will be introduced going forward, including further fiscal and monetary measures, steps to invigorate the capital markets, and easing measures for the real estate markets in first-tier cities.

The Ministry of Commerce responds to the entry into force and implementation of the graphite export control policy.
At the Ministry of Commerce’s regular press conference on the 30th, spokesperson Shu Juting stated that, in recent days, the Chinese government, in accordance with the Export Control Law of the People’s Republic of China and after extensively soliciting opinions from relevant enterprises and industry stakeholders, conducted a comprehensive review of the temporary control measures on graphite-related items and decided to make optimized adjustments that both restrict certain exports and allow others. This approach reflects a regulatory philosophy that balances development with security, does not target any specific country or region, and will grant licenses for exports that comply with applicable regulations. The revised graphite export control policy will officially take effect on December 1; at present, no applications have been received from enterprises.
Ju Ting Shu stated that imposing export controls on specific graphite‑related items is a widely accepted international practice. In line with its international non‑proliferation obligations and the need to safeguard national security and interests, China has maintained temporary export controls on graphite‑based products since 2006, including those used as anode materials in batteries. To better balance development and security, the Chinese government recently refined and adjusted these temporary export controls in accordance with the law, adopting a “both entry and exit” approach and lifting the temporary controls on certain low‑sensitivity graphite items. Throughout the policy‑making process, the views of relevant industries and enterprises were extensively solicited. China remains committed to upholding the security and stability of global industrial and supply chains.
Regarding export controls on gallium and germanium, Shu Juting stated that since the implementation of the control policy on August 1 this year, the Ministry of Commerce has received a series of license applications from enterprises seeking to export related items. Following lawful and regulatory review, some export applications that met the requirements have been approved, and the relevant enterprises have obtained dual-use item export licenses. The Ministry of Commerce will continue to review other license applications in accordance with the law and make decisions on whether to grant approval.

Optimizing the model approval workflow to support enterprise development and enhance quality and efficiency.
To thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and consolidate the achievements of the thematic education campaign on studying and applying Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the General Office of the Ministry of Industry and Information Technology recently issued the “Notice on Further Optimizing Procedures for Type Approval of Radio Transmission Equipment” (hereinafter referred to as the “Notice”). The Notice sets forth specific requirements for stages such as type‑approval application acceptance and testing, further clarifies responsible entities, streamlines work processes, and strengthens oversight and performance evaluation, thereby making the type‑approval process more convenient, efficient, and beneficial to enterprises and the public.
The Notice sets forth fourteen specific requirements across four key areas: First, standardize the acceptance and review process to ensure rigorous oversight at the initial stage. Strictly adhere to time limits for processing, enhance efficiency, and ensure that the acceptance and review procedures are completed within no more than five working days; prepare the relevant documents within two working days of receiving the test report; and promptly publish policy guidelines and approval outcomes related to type‑approval licensing. Second, shorten testing timelines while maintaining quality and quantity. Upon receipt of test samples, testing institutions shall complete commissioning within ten working days and are prohibited from conducting repeated tests on non‑conforming samples. Third, elevate service quality to boost enterprise satisfaction. Strengthen training for reception staff, improve their professional skills and service standards, and ensure thorough data collection and analysis of related activities. Fourth, reinforce supervision and inspection to ensure that measures benefiting enterprises are effectively implemented. Relevant authorities should strengthen internal management, increase resource allocation, enforce stringent oversight, and rigorously guard against risks of corruption.
The issuance of this Notice represents a concrete measure by the Ministry of Industry and Information Technology to implement the decisions and arrangements of the CPC Central Committee and the State Council, vigorously enhance administrative efficiency, promote high-quality development of the radio industry, and proactively improve the type‑approval system. It aims to streamline the type‑approval process, reduce enterprises’ costs, and invigorate market dynamism. In accordance with the Regulations on Radio Administration of the People’s Republic of China, except for low‑power, short‑range radio transmitting equipment, any other radio transmitting equipment manufactured or imported for sale and use within China must undergo type approval with the national radio regulatory authority. Over the past two decades and more, the type‑approval system has consistently played a positive role in strengthening the management of radio transmitting equipment, preventing and mitigating radio interference, maintaining order in the radio spectrum, safeguarding electromagnetic‑space security, and fostering the application of radio technologies and industrial development.

The four key national standards for credit supervision of business entities have passed the project approval review.
Recently, the National Standards Technical Review Center convened a project‑approval review meeting in Beijing for national standards on credit regulation. Based on the Center’s review findings, three national standards—“Guidelines for Implementing Credit Commitments by Market Entities,” “Credit Evaluation Indicators for Individual Industrial and Commercial Households,” and “Information Requirements for Enterprise Credit Files”—have passed the project‑approval stage. Together with the national standard “Classification Guidelines for Dishonest Information of Market Entities,” which was approved in July this year, a total of four key national standards on credit regulation have now been approved for development.
Among these, the national standard “Guidelines for Implementing Credit Commitments by Business Entities” sets forth the types of credit commitments, the content of such commitments, the commitment procedures, commitment management, and the application of commitments. The national standard “Credit Rating Indicators for Individual Industrial and Commercial Households” outlines the fundamental principles for constructing credit rating indicators, the specific indicator contents, the indicator design, and the grading system. The national standard “Information Requirements for Enterprise Credit Files” establishes the basic principles for creating enterprise credit files, the types of file information, the sources of such information, and the specific data items to be included. Lastly, the national standard “Guidelines for Classifying Dishonest Information of Business Entities” defines the fundamental principles for classifying dishonest information, the architecture of the classification system, the categories of dishonest information, and the principles governing the expansion of these categories.
The State Administration for Market Regulation will promptly initiate the development of relevant standards, in accordance with policy directives such as the “Opinions of the CPC Central Committee and the State Council on Accelerating the Construction of a Unified National Market,” the “Opinions on Promoting High-Quality Development of the Social Credit System to Foster a New Development Paradigm,” and the “Regulations on Promoting the Development of Individual Industrial and Commercial Households.” The aim is to establish a credit‑regulation standard system for market entities that features a sound legal framework, well‑established mechanisms, smooth operations, and efficient oversight, thereby leveraging standardized credit regulation to drive high‑quality progress in building a robust credit‑based governance system for market entities and to support the development of a unified national market.

Taxation
Tax and fee incentives help business entities bolster confidence, unleash vitality, and boost momentum.
From January to October this year, nationwide tax and fee reductions, refunds, and deferrals exceeded RMB 1.6 trillion.
Since the beginning of this year, with the implementation and consolidation of a series of tax and fee preferential policies in China, business entities have been invigorated, and the momentum for innovation and development has been strengthened. According to the latest statistics from the State Taxation Administration, from January to October this year, nationwide tax and fee reductions, refunds, and deferrals totaled RMB 1.6607 trillion. Private-sector taxpayers were the primary beneficiaries, accounting for nearly 75% of the total; meanwhile, the manufacturing sector and its related wholesale and retail industries received the largest share of these benefits, experiencing the most pronounced positive impact.
To ensure that the decisions and arrangements of the CPC Central Committee and the State Council are effectively implemented, the tax authorities have taken the in-depth implementation of thematic education as an opportunity to officely serve as the main force in delivering tax and fee policies. Leveraging the advantages of tax‑related big data, since August they have continuously carried out precise policy outreach more than 500 million times, steadily enhancing the efficiency of tax administration across all stages—from “policies finding taxpayers” to “policy implementation”—thereby helping market entities operate with greater agility and better supporting high‑quality development.
More than 400,000 enterprises have benefited in advance from the policy of additional tax deductions for R&D expenses.
Effectively bolstering the momentum of enterprises’ innovation and development.
Enterprises are the primary drivers of technological innovation, and the policy of allowing an additional tax deduction for R&D expenses is one of the key measures to promote innovation‑driven development. The greater a company’s R&D investment, the larger its tax reduction, which helps foster a virtuous cycle in which policy guidance spurs R&D spending, boosts profitability, and in turn encourages further increases in R&D investment.
In recent years, China has continuously refined its policy on the additional deduction of R&D expenses. In March this year, the additional deduction rate for eligible enterprises was uniformly raised from 75% to 100% and institutionalized as a long-term measure. At the same time, a new July provisional tax filing period was introduced as the effective date for accessing the policy, encouraging companies to increase their R&D investment more swiftly and effectively. In the first three quarters, a total of 403,000 enterprises nationwide took advantage of the R&D expense additional deduction ahead of schedule, significantly bolstering their confidence in ramping up R&D spending.
At this year’s World Manufacturing Conference, in the integrated circuits and next‑generation display exhibition area, an 8K high‑definition glasses‑free 3D display system drew large crowds. This is a 110‑inch glasses‑free 3D display terminal independently developed by BOE Technology Group Co., Ltd., allowing viewers to experience immersive 3D visuals without the need for 3D glasses.
As a leading enterprise in the semiconductor display sector, BOE has steadfastly pursued a path of independent innovation, achieving continuous breakthroughs in areas such as 8K displays and steadily strengthening its core competitiveness. “The progress our company has made would not have been possible without the high‑quality, end‑to‑end tax services provided by the tax authorities,” said Jiao Jian, Tax Manager at BOE Hefei. “As of the end of October this year, we have benefited from nearly RMB 1.6 billion in additional deductions for R&D expenses, providing a steady stream of ‘fresh capital’ to fuel our efforts to expand innovation and R&D.”
In Shanxi, Yinsheng Technology Co., Ltd. consistently allocates one-fifth of its annual sales revenue to R&D, dedicating itself to overcoming numerous technical challenges. The company has obtained eight national invention patents, commercialized six technological achievements, and achieved three industry‑leading breakthroughs, successfully transforming from a small factory producing basic magnesium oxide products into a nationally recognized “specialized, refined, distinctive, and innovative” “Little Giant” enterprise.
“Through the first three quarters of this year, we have already benefited from tax incentives totaling over 5 million yuan solely through the additional deduction for R&D expenses. We will allocate all the savings to fund subsequent R&D projects, further enhancing our products’ market competitiveness,” said Jia Yanling, a finance professional at Shanxi Yinsheng Technology Co., Ltd.
Nearly 75% of tax and fee relief benefits are enjoyed by private-sector taxpayers.
Continuously bolstering business confidence in the private sector.
The private sector is a vital driving force behind national economic and social development, and it is also the primary beneficiary of various tax and fee preferential policies. From January to October this year, private-sector taxpayers nationwide benefited from new tax and fee reductions, refunds, and deferrals totaling RMB 1.23856 trillion, accounting for nearly 75% of the total.
To support the development of small and micro enterprises and individual business households, China announced in early 2023 that it would continue to exempt from value-added tax (VAT) small-scale taxpayers with monthly sales below RMB 100,000, and reduce the VAT rate to 1% for those subject to the 3% rate. On August 1, 2023, in accordance with the State Council’s decision, the validity of these measures was extended to December 31, 2027, further stabilizing market expectations and bolstering the confidence of small and micro enterprises in their growth.
Good policies require effective implementation. The State Taxation Administration has focused on the needs of the vast number of small, medium, and micro enterprises, as well as individual business households—most of which are privately owned—and has introduced 28 targeted tax‑service measures to foster their growth and development. It has also guided tax authorities across the country in rolling out complementary support measures, thereby providing concrete assistance to help private enterprises overcome difficulties and alleviate their burdens.
Chongqing small noodles are a hallmark of the individual‑owned business sector. At Yangli Road in Shapingba, the Qin Qiong Noodle Shop has been in operation for more than a decade and enjoys a strong local reputation, drawing over 200 customers daily. “The government has consistently prioritized the small‑business economy. As of the end of October this year, we’ve received tax and fee reductions totaling roughly RMB 20,000—amounting to several months’ wages for one of our employees,” said Fan Puqin, the shop’s owner. He added that despite its modest size, the noodle shop sustains his family and provides employment for three people.
The policy of refunding outstanding input VAT credits plays a crucial role in supporting the private sector and boosting market vitality. In Guangdong Province, the Tax Service Bureau of Dianbai District in Maoming City has continuously strengthened its “full‑life‑cycle” tracking services for key industries and priority enterprises. It regularly compiles lists of taxpayers eligible for VAT credit refunds and export tax rebates, and, through measures such as targeted outreach and tailored guidance, has established a streamlined “green channel” to ensure businesses can readily benefit from tax and fee reductions.
“The carryforward VAT refund policy is highly effective, the refund process is convenient, and the tax authorities provide excellent service, significantly easing our company’s financial strain,” said the head of Guangye Environmental Governance Co., Ltd. in Dianbai District, Maoming City, after receiving a text message conofficeing the receipt of a 4.86 million yuan VAT refund.
Leveraging tax big data, we have delivered targeted policy information more than 500 million times.
Strive to ensure that business entities are fully informed and fully entitled to the benefits they are eligible for.
In recent years, tax authorities have regarded the precise delivery of tax and fee policies as a key measure for implementing the major decisions and arrangements of the CPC Central Committee and the State Council, as well as an essential component of “refined service.” They have established a five-tier coordinated working mechanism—“Headquarters overall coordination—Provincial bureaus primary responsibility—City bureaus detailed implementation—County bureaus supplementary support—Sub‑bureaus providing a safety net”—to ensure that “policies reach the people” is truly put into practice.
Shen Xinguo, Director-General of the Taxpayer Services Department of the State Taxation Administration, stated that the tax authorities leverage tax‑related big data to automatically identify, match, and deliver relevant policy measures tailored to different industries, regions, enterprise types, and taxpayer categories. By adopting a comprehensive approach that includes pre‑emptive notifications, real‑time reminders during implementation, and post‑implementation follow‑up, they provide end-to‑end, progressive outreach—both online and offline—to ensure that every eligible taxpayer and payer can benefit from the policy incentives.
“By logging into the electronic tax bureau, you can immediately see tax‑related policy alerts pushed by the tax authorities and access them with a single click—no need to search around yourself. It’s very convenient,” said Danden Pingcuo, the financial officer of Qiangwa Machinery Leasing Co., Ltd. in Shigatse, Tibet, praising the tax authorities’ “policies find you” service.
Since the beginning of this year, Tibet’s tax authorities have employed measures such as screening through tax‑big‑data platforms and inter‑agency information sharing to precisely identify enterprises that meet the criteria for preferential policies. They have compiled a targeted policy‑delivery roster, thereby shifting from a model in which “people seek out policies” to one in which “policies find people,” and from “massive searches” to “one‑click access.”
In Jiangsu Province, the tax authorities in Huishan District, Wuxi City, have leveraged tax‑big data to deliver targeted policy updates and, through a “tax‑grid officer” model, provided comprehensive support. They have also strengthened outreach on new tax and fee policies and offered hands‑on guidance via multiple channels, including tax‑enterprise communication groups and taxpayer‑administration interaction platforms. Since the beginning of this year, they have conducted a total of 96 rounds of precision policy dissemination, reaching approximately 430,000 taxpayer instances.
“Whenever the state introduces a new policy, tax‑grid officers promptly deliver the relevant information and guide us through the procedures. For example, the policy raising the threshold for individual business households’ taxable income exemption from RMB 1 million to RMB 2 million enabled our company to timely benefit from tax concessions totaling RMB 75,000 in the first half of the year,” said Liu Wenyu, the finance director of Haijing No. 1 Seafood Hotel in Huishan District.
Recently, the Laiwu District Tax Bureau of Jinan City dispatched its core tax professionals to proactively visit high-tech enterprises, addressing their tax-related inquiries. The bureau also meticulously compiled information and data on high-tech offices within its jurisdiction and tailored a customized service manual to ensure that these companies are well-versed in relevant policies and proficient in filing tax returns, thereby supporting them as they advance along the path of innovation and R&D and enhancing the “smart manufacturing” image of high-tech enterprises.
“Our company currently holds 277 patents granted under its own intellectual property rights. The momentum behind our innovative development would not have been possible without the support of tax policies. In the first three quarters of this year, we benefited from a tax incentive—allowing an additional deduction for R&D expenses—amounting to RMB 26.17 million, enabling us to invest more confidently in product research and innovation,” said the finance director of Shandong Langjin Technology Co., Ltd., based in Laiwu.
An official from the State Taxation Administration stated that the tax authorities will continue, as part of their thematic education campaign, to refine the process for precisely delivering tax and fee preferential policies. By adopting more robust measures and concrete actions, they will ensure that policy benefits reach business entities with pinpoint accuracy, fully unleashing the impact of innovation‑stimulating policies. Through intensified efforts to implement these policies, they aim to help businesses reduce burdens and enhance efficiency, thereby propelling high‑quality development forward by riding the momentum.

LITIGATION & ARBITRATION
The Supreme People’s Court has released typical cases of punitive damages for food safety violations.
On November 30, the Supreme People’s Court website published a batch of typical cases involving punitive damages for food safety violations, primarily clarifying and standardizing adjudicatory rules in two areas: consumers’ rights‑protection actions and claims for punitive damages.
This batch of typical cases comprises four instances, all of which, in accordance with the law, upheld consumers’ claims for punitive damages, thereby continuing the Supreme People’s Court’s consistent judicial policy. The courts have defined the scope of “consumers” based on objective criteria and consistently supported consumers’ claims for punitive damages within the bounds of ordinary consumption needs. At the same time, the Supreme People’s Court has clarified its position on the practice of “knowing that a product is counterfeit yet purchasing it”: the principal issue underlying this phenomenon lies in the acts of “counterfeiting” and “selling counterfeits,” which stem from unlawful production and operation of food that fails to meet food safety standards. If such falsification and illegal conduct are effectively curbed, the occurrence of “knowing‑that‑it‑is‑counterfeit‑yet‑purchasing‑it” will naturally cease.

The Supreme People’s Procuratorate has released typical cases of procuratorial organs lawfully punishing telecom and online fraud and related crimes.
On November 30, the Supreme People’s Procuratorate website published eleven typical cases in which procuratorial organs lawfully punished telecom and online fraud and related crimes.
The eleven typical cases released in this batch include nine criminal cases and two public-interest litigation cases. In Case No. 9, Wang, acting on the instructions of a WeChat contact from a part-time‑job group, provided his ID card and bank account to assist upstream telecom‑fraud offenses, thereby illegally profiting over 500 yuan. The procuratorate determined that Wang exhibited mitigating circumstances, including admitting guilt and accepting punishment, making a truthful confession, being a first‑time offender, playing a secondary role, seeking only modest gains from the part‑time work, fully returning his illegal proceeds, and actively compensating the victim for losses totaling 5,000 yuan; thus, the circumstances of the offense were minor. Furthermore, during his period of release on bail pending trial, Wang demonstrated sincere remorse, secured stable employment, and posed a low risk of reoffending. Following a hearing, the procuratorate decided not to prosecute and referred the case to the administrative authorities for appropriate sanctions.

The Supreme People’s Procuratorate has released the 2023 Report on the Work of Procuratorial Organs in Combating and Governing Telecom and Online Fraud and Related Crimes.
On November 30, the Supreme People’s Procuratorate website released the “Report on the Work of Procuratorial Organs in Combating and Addressing Telecom and Online Fraud and Related Crimes (2023),” which outlines the current major trends in such crimes, the key measures adopted by procuratorial organs to combat and address them, corresponding strategies and future prospects, as well as risk warnings and recommendations.
The “Work Report” makes clear that the procuratorial organs will further strengthen international law enforcement and judicial cooperation. Focusing on key regions, major criminal groups, and significant cases, they will thoroughly investigate and exhaust all leads, severely cracking down on the organizers, leaders, behind-the-scenes financiers, and core members of overseas fraud rings, as well as on the organizers and leaders of illicit criminal networks that facilitate human smuggling, money laundering through payment‑clearing schemes, technical services, and the provision of criminal venues and management support—thereby continuously sending a strong signal of zero tolerance and strict punishment.

The first copyright dispute over AI-generated images has concluded: AI-generated images are protected under copyright law.
Recently, the Beijing Internet Court issued the world’s first judgment in a copyright infringement case involving AI-generated images, holding that such images possess originality and qualify as works protected under copyright law. The plaintiff, who utilized AI to create the images, was recognized as the author and entitled to copyright, with the court ordering the defendant to issue a public apology and pay the plaintiff 500 yuan in damages.
In its judgment, the Beijing Internet Court stated: “Whether the use of artificial intelligence to generate images reflects the author’s individualized expression must be determined on a case-by-case basis and cannot be generalized… The plaintiff designed certain visual elements—such as the characters and their presentation—through prompt words, and configured aspects like composition and layout via parameters, thereby demonstrating the plaintiff’s choices and arrangements… After obtaining the first image by inputting prompts and setting relevant parameters, the plaintiff continued to add prompts, modify parameters, and iteratively refine the output, ultimately producing the image at issue. This process of adjustment and refinement likewise embodies the plaintiff’s aesthetic preferences and subjective judgments… The image in question is not a ‘mechanical intellectual creation’… It satisfies the requirement of ‘originality’;” “Generative AI models do not possess free will and are not legal subjects. Consequently, when individuals use such models to generate images, there is no question of determining which of two parties qualifies as the creator. In essence, the creative act remains one undertaken by humans using tools—meaning that throughout the entire creative process, it is the human who contributes the intellectual effort, not the AI model itself… The image at issue constitutes an artistic work and is thus protected under copyright law”; “The plaintiff directly configured the AI model in question according to specific needs and ultimately selected the image in dispute. As this image was produced directly through the plaintiff’s intellectual contribution and reflects the plaintiff’s individualized expression, the plaintiff is the author of the image and enjoys the corresponding copyright.”

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