After the Lunar New Year holiday in 2024, the CSRC under the new boss Wu Qing, held a series of seminars with market participants who proposed tighter scrutiny of listings and trading behaviour to revive market confidence. Shortly after, CSRC barred major quant fund Lingjun Investment from buying and selling for three days after stock exchanges said it broke rules on orderly trading. The CSRC said it would mete out increasingly tough penalties on fraudulent listings, accounting scams and misappropriation of funds by big shareholders. Lingjun apologised for the negative impact in a statement on its website in February. The firm said it “holds long-term bullish views on Chinese stocks and will stick to long positions,” adding it will review the problems existing in transactions.
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