The CSRC said it will step up investor-side capacity building, coordinate
primary- and secondary-market balance, and strengthen capital-market functions
to better align investment and financing. It will refine Beijing Stock Exchange
(BSE) issuance and underwriting rules, implement market-cap-based allocation for
new shares, promote reasonable IPO pricing and continue to roll out bookbuilding
cases while moderately expanding pricing flexibility. The regulator will
accelerate development of market products, expand public fund supply and
steadily launch a BSE 50 ETF to support balance between financing and
investment. It will also enhance risk monitoring, early-warning and
emergency-response mechanisms to maintain market order and protect investors.
