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China's Financial Regulatory Administration chief lawyer and director of the Legal Affairs Department Wang Shengbang told the Caixin Summit on Nov. 13 that consolidation of small and medium-sized banks is a global trend. He cited US bank legal entities falling from ~12,300 in 1990 to ~3,800 in 2025 (≈69% decline) and Germany's from ~4,500 to ~1,300 (>71% decline). Wang said last year's Central Economic Work Conference directed a reduction in the number of small financial institutions under the principle of "reduce legal entities, not services," using market-based, law-based measures — including absorptions, mergers and restructurings — to lower small-bank legal-entity counts, strengthen banking-system resilience and improve the quality and sustainability of financial supply.

Hong Kong stocks closed lower; the Hang Seng Index fell 1.26% and the Hang Seng TECH Index dropped 2.36%. Gold miners and PCB-related names led declines.