The China Securities Regulatory Commission (CSRC) has proposed expanding the types of strategic investors and clarifying minimum shareholding ratio requirements. On January 30, the CSRC publicly solicited opinions on the "Decision on Amending the Applicable Opinions on Certain Provisions of Articles 9, 10, 11, 13, 40, 57, and 60 of the 'Measures for the Registration-based Administration of Securities Issuance by Listed Companies' — Securities and Futures Legal Applicability Opinion No. 18 (Draft for Comment)." The main amendments include: Firstly, expanding the types of strategic investors. It explicitly allows institutional investors such as the National Social Security Fund, basic pension funds, enterprise (occupational) annuity funds, commercial insurance funds, public offering funds, and bank wealth management products to act as strategic investors, utilizing patient capital as a strategic resource for long-term investment in listed companies. Concurrently, the rules categorize such investors as capital investors, while defining other industrial investors as industrial investors. Secondly, clarifying the minimum shareholding ratio requirement. Emphasizing that strategic investors should hold a significant proportion of a listed company's shares, it further specifies that these investors should subscribe to no less than 5% of the shares in the current issuance, in principle, and can participate in corporate governance based on their shareholding ratio. Thirdly, defining the basic requirements for capital investors. Building on long-term, substantial shareholding and nominating directors for governance participation, capital investors are required to have a deep understanding of the listed company's industrial development, be capable of helping introduce strategic resources, significantly improve corporate governance and internal controls, and promote market resource integration or enhance core competitiveness. Fourthly, improving information disclosure requirements. Listed companies are required to disclose the implementation status and effects of strategic resource introduction and integration in their annual reports. Fifthly, further strengthening regulatory requirements. It stresses that strategic investors must not circumvent minimum shareholding ratios or share lock-up period requirements through any means, avoiding违规 practices like shareholding proxies or circuitous减持 that undermine the system's credibility. Sixthly, refining related textual expressions. Based on practical experience总结,表述 for items already clearly required by superior rules are simplified to enhance the rules' comprehensibility.
On January 30, CSRC Party Secretary and Chairman Wu Qing held a symposium in Beijing, engaging in in-depth exchanges with representatives from some domestic and overseas listed companies to fully solicit opinions and suggestions. During the discussions, participants offered specific suggestions on formulating the capital market's "16th Five-Year Plan," enhancing institutional inclusivity and adaptability, and improving the quality and investment value of listed companies. Key suggestions included: continuously optimizing the rules for IPOs and listings to better suit the needs of emerging industries, future industries, and the transformation and upgrading of traditional industries; enhancing the efficiency of refinancing for listed companies and revitalizing the M&A market; intensifying efforts to cultivate patient capital and promote the entry of medium- to long-term funds to better match the long-cycle needs of industrial development; improving mechanisms for dividends, share buybacks, incentives, and constraints for listed companies, urging them to further enhance standardized operations and information disclosure; and increasing policy support for the global development of listed companies to help cultivate world-class enterprises. Wu Qing stated that the CSRC would comprehensively, profoundly, and accurately understand and grasp the important部署 of the Fourth Plenary Session of the 20th Central Committee, strengthen research on major issues regarding the reform, development, and stability of the capital market during the "16th Five-Year Plan" period, unify strategic needs with practical possibilities, align market demands with regulatory planning, and formulate and implement the capital market's "16th Five-Year Plan" with high quality. Wu Qing emphasized the need to紧紧围绕 the main line of work focused on preventing risks, strengthening supervision, and promoting high-quality development, fully consolidating the steady and positive momentum of the capital market. Efforts will focus on continuously deepening comprehensive reforms in capital market investment and financing, improving institutional inclusivity and adaptability, promptly launching reforms to deepen the ChiNext board, continuously promoting the implementation of reforms on the STAR Market, enhancing the convenience, flexibility, and attractiveness of the refinancing system, promoting the integrated high-quality development of the Beijing Stock Exchange and the New Third Board, increasing the coverage and辐射力 of the multi-level market, and more effectively supporting the construction of a modern industrial system and the development of new quality productive forces, actively serving the "16th Five-Year Plan" development goals and the building of a financial powerhouse. Listed companies are the foundation of the capital market and should focus on their main businesses, improve governance, strive to enhance development quality, strengthen their ability to reward investors, and provide solid support for the high-quality development of the capital market.
Zhejiang Fenglong Electric Co.,Ltd. (002931.SZ) and Jiamei Food Packaging(Chuzhou)Co.,Ltd. (002969.SZ) announced the conclusion of their trading suspension核查, with shares resuming trading tomorrow. On February 1, Zhejiang Fenglong Electric Co.,Ltd. announced that it recently received further commitments from UBTECH regarding the transaction, stating that there are no plans to inject assets held by UBTECH into the listed company within 36 months after the acquisition's completion. This transaction still requires the fulfillment of several procedures and remains uncertain. During the suspension period, the company conducted a核查 of its stock price fluctuations. The relevant核查 work has now been completed, and the company's shares will resume trading starting February 2. The company is not involved in the humanoid robot business; its main business remains the R&D, production, and sales of components for garden machinery, automotive parts, and hydraulic components, with no significant changes occurring. It is预计 that the main business will not undergo significant changes within the next 12 months. The company's stock price has severely deviated from its fundamentals, with P/E and P/B ratios significantly higher than the industry average, indicating risks of overheated market sentiment and irrational speculation. There is a risk of a rapid decline in the stock price in the future. On the same day, Jiamei Food Packaging(Chuzhou)Co.,Ltd. announced that its stock price increased by 408.11% during the period from December 17, 2025, to January 23, 2026, already deviating from the company's fundamentals. During the suspension period, the company conducted a核查 of its stock trading fluctuations. The relevant核查 work has been completed. The company is not involved in robotics or扫地机器人 related businesses; its main business remains the R&D, design, production, and sales of food and beverage packaging containers, as well as providing beverage filling services. The company预计 its net profit attributable to shareholders for 2025 to be between 85.4371 million yuan and 104.4231 million yuan, a decrease of 53.38% to 43.02% compared to the same period last year. The company's latest P/B and P/E ratios are significantly higher than the industry average, and there is a risk of a rapid decline in the stock price in the future. The company预计 that its main business will not undergo significant changes within the next 12 months. The company's shares will resume trading on February 2.
Two departments have moved to完善 the generation-side capacity电价 mechanism. Recently, the National Development and Reform Commission and the National Energy Administration jointly issued the "Notice on Improving the Generation-Side Capacity电价 Mechanism," which完善 the existing capacity电价 mechanisms for coal power, gas power, and pumped storage, and for the first time explicitly establishes a grid-side independent new energy storage capacity电价 mechanism at the national level. The notice proposes that localities, based on their actual situations, increase the capacity电价 standards for coal power and may establish a gas power capacity电价 mechanism with reference to coal power; for newly constructed pumped storage power stations in recent years, a unified local capacity电价 should be formulated based on the principle of covering average costs; and a grid-side independent new energy storage capacity电价 mechanism should be established, determining the capacity电价 standard considering factors such as discharge duration and peak shaving contribution. The notice clarifies that after the continuous operation of local electricity spot markets, a reliable capacity compensation mechanism for the generation side will be established in an orderly manner, compensating units' reliable capacity based on peak shaving capability under unified principles, fairly reflecting the peak shaving contributions of different units to the power system. This will facilitate fair competition among different technologies and promote high-quality development in the industry, aligning with common practices in mature electricity markets. According to People's Daily, after the policy's implementation, there will be no impact on electricity prices for residential and agricultural users, who will still be subject to the current目录 sales tariff policy. For industrial and commercial users, after the improvement of the generation-side capacity电价 mechanism, the costs that flexible power sources need to recover through the energy market will decrease, while the costs recovered through the capacity电价 will increase, creating a对冲 effect with "one rising and one falling," resulting in minimal impact on the procurement costs for industrial and commercial users. Simultaneously, improving the generation-side capacity电价 mechanism is conducive to accelerating the construction of a new power system and better guaranteeing users' electricity demand.
Chinese transformers are experiencing a global订单 surge. According to a CCTV Finance report, as global AI computing power construction enters a period of explosion, power equipment transformers are being upgraded to become core infrastructure for computing power. Reporters conducting research in Guangdong, Jiangsu, and other places in China found that numerous transformer factories are already operating at full capacity, with some orders for data center-related businesses scheduled until 2027. It is reported that delivery cycles in the US market have extended from 50 weeks to 127 weeks. At an electrical equipment enterprise in Foshan, export orders for its core product, dry-type transformers, have seen rapid growth. At a transformer factory in Jiangsu, product orders are scheduled until the end of 2027, with the first domestically produced fully insulated ultra-high voltage, large-capacity transformer recently shipped to the North American market. Data shows that there are approximately 3,000 enterprises in China's transformer industry. In 2025, China's total transformer export value reached 64.6 billion yuan, an increase of nearly 36% compared to 2024.
The Ministry of Finance and the State Taxation Administration issued the "Announcement on Specific Matters Concerning the Scope of Value-Added Tax Levy," with the three major telecom operators also issuing announcements. On January 31, the Ministry of Finance and the State Taxation Administration issued the "Announcement on Specific Matters Concerning the Scope of Value-Added Tax Levy," clarifying the scope of goods applicable to the 9% VAT rate, as well as the specific scope of sales of services, intangible assets, and real estate, involving multiple tax brackets. The announcement will take effect from January 1, 2026. According to analysis by senior tax experts, this "Announcement" largely continues the content of previous VAT documents regarding the VAT item annotations and the scope of goods eligible for the 9% low tax rate, with minor adjustments and improvements. For example, more categories are listed for vegetable oils and agricultural machinery. Regarding the annotations for sales of services, intangible assets, and real estate, it修改 the definition of freight forwarding services and adjusted the content related to basic telecom and value-added telecom services, among others. On February 1, China Mobile, China Unicom, and China Telecom all announced that within China, business activities involving the provision of mobile data services, SMS and MMS services, and internet broadband access services utilizing fixed networks, mobile networks, satellites, and the internet have had their applicable tax category adjusted from value-added telecom services to basic telecom services, with the corresponding VAT rate adjusted from 6% to 9%. This adjustment in the scope of applicable tax categories will impact the companies' revenue and profits.
A surge of over 102%! Major利好 for the chip industry. Positive signals are emerging from the global chip industry chain. According to the latest data, in January this year, South Korea's semiconductor exports, often regarded as the "canary in the coal mine" of the global economy, reached $20.5 billion (approximately RMB 1.425 trillion), a staggering year-on-year increase of over 102%. This indicates that global semiconductor demand remains very strong amidst the AI wave. Simultaneously, the wave of price increases in the chip industry chain continues to spread. Domestic chip manufacturers such as国科微,中微半导, and英集芯 have successively issued price adjustment notices, with increases of up to 80%, covering core segments like memory, MCUs, and analog chips. Analysis suggests that the trend of price increases for domestic chips will continue into the first half of 2026, with potentially more companies following suit. For details, see: "Surge Over 102%! Chips, Major利好!"
Epic declines for gold and silver! All three major US stock indices fell. On January 30, all three major US stock indices closed lower. At the close, the Dow Jones fell 0.36%; the S&P 500 fell 0.43%; and the Nasdaq fell 0.94%. Gold and silver stocks saw significant declines, with the world's largest silver ETF, iShares Silver Trust, falling over 28%, Coeur Mining dropping over 16%, Gold Fields falling over 14%, and Pan American Silver declining over 13%. Technology stocks were mostly lower, with AMD down over 6%, Intel down over 4%, and Meta down nearly 3%. Most popular Chinese concept stocks declined, with the Nasdaq Golden Dragon China Index falling 2.36%. Bilibili, Li Auto, and XPeng Motors fell over 3%, while Alibaba, NetEase, Baidu, and JD.com declined over 2%. In the commodity markets, gold and silver experienced a crash-like plunge. On January 30, gold suffered its largest decline in 40 years, with the spot gold price falling over 12% at one point, hitting a low of $4,682 per ounce, marking the largest single-day drop since the early 1980s. At the close, spot gold was down 9.25% at $4,880 per ounce. Spot silver plummeted over 36% at one point, setting a record for its largest intraday decline, with a low of $74.28 per ounce. At the close, spot silver was down 26.42% at $85.259 per ounce.
IPO registrations and new share subscriptions. The CSRC approved the IPO registrations of 2 companies. The CSRC approved the initial public offering and listing on the Shenzhen Stock Exchange Main Board for Beijing Weitongli Electric Co., Ltd. The CSRC approved the initial public offering and listing on the STAR Market for Suzhou Lianxun Instruments Co., Ltd. This week (February 2 - February 6), there are 3 new share issuances: Aide Technology and Yisiwei on Monday.
Over 100 billion yuan in market value of restricted shares become eligible for trading this week. Data shows that this week (February 2 - February 6), a total of 43 companies will have restricted shares gradually become eligible for trading, with a combined解禁 volume of 4.635 billion shares. Calculated based on the latest closing prices, the total解禁 market value is 103.511 billion yuan. In terms of解禁 market value, the top three are: Cinda Securities (44.879 billion yuan),中微半导 (13.381 billion yuan), and China Yangtze Power (12.151 billion yuan). In terms of the解禁 ratio (percentage of shares解禁), the top three are:宏海科技 (79.44%), Cinda Securities (78.67%), and中微半导 (57.77%).
Comments