On Oct. 19, 2026 the CSRC published the Administrative Penalty Implementation
Rules for Illegal Securities Transfer Cases, effective Dec. 1, 2026. For the
most harmful illegal transfers of original shares, penalties are to be applied
in three discretionary tiers using transfer-amount bands of 0-30%-50%-100%. For
transfers breaching holding-period or sale-timing limits the tiers use bands of
0-20%-30%-100%. For transfers breaching sale-quantity, disclosure or similar
limits the tiers use bands of 0-10%-20%-100%.
