Chinese watchdog rejects inspecting decade of listed firms’ financial data.

TLDR:

• The China Securities Regulatory Commission (CSRC) denies plans to inspect a decade of financial data from listed companies
• Regulator vows to tighten grip on public companies to improve the quality of public companies and deliver better returns for investors

The China Securities Regulatory Commission (CSRC) recently denied reports that it planned to inspect a decade of financial data from listed companies. Yan Bojin, head of the CSRC’s department of public offering supervision, emphasized that fraud prevention and punishment are continuous processes. The regulator aims to tighten its oversight on public companies to enhance the quality of IPO candidates and deliver better returns for investors.

In a post-holiday meeting, the CSRC announced plans to standardize transactions in various asset classes, improve the fairness of the trading system, and strengthen oversight of China’s stock market. The regulator will take strong actions against illegal activities and breaches that harm investor interests. Yan stressed the importance of ensuring the accuracy of listed companies’ financial reports through rigorous supervision and inspections.

The newly appointed chairman, Wu Qing, has already imposed fines on companies for fraudulent activities. The CSRC has also halted short selling activities in an effort to stabilize the market. Overall, the CSRC is focused on promoting high-quality growth and protecting investor interests in China’s stock market.