China Securities Regulatory Commission (CSRC) in Beijing Photo:VCG

In the first 10 months of 2024, the China Securities Regulatory Commission (CSRC) handled 658 cases related to financial frauds of listed companies with fines totaling 11 billion yuan ($1.52 billion), exceeding last year's total number, Wu Qing, chairman of the CSRC, said at the Global Financial Leaders' Investment Summit being held in Hong Kong.

Wu noted that the CSRC has been focusing on strict supervision and management, while purifying the market ecology, according to a statement on the CSRC's website on Tuesday. 

In 2023, the CSRC handled 717 cases in total, with fines amounting to 6.39 billion yuan, the China Central Television reported. 

The CSRC has stepped up coordination with responsible authorities and localities targeting the persistent problem of financial frauds, Wu said. The commission has accelerated the construction of a comprehensive system for punishment and prevention, with dedicated actions to combat financial frauds in listed companies and strengthened accountability.

The CSRC is adhering to fairness and standardizing development, while improving institutional rules and regulatory measures in a timely manner as it takes into full consideration that small and medium-sized investors account for the vast majority of the A-share market. 

In July, six Chinese authorities including the CSRC jointly rolled out a document to curb financial frauds and enhance market supervision, the Xinhua News Agency reported. 

The document underscored a relentless crackdown on fraudulent activities within the capital markets, including the illicit issuance of stocks and bonds. It called for a rigorous enhancement of the review and registration mechanisms governing the issuance and listing of securities, per the Xinhua report. 

Global Times