China Capital Markets Weekly

Loong Airlines’ inquiry response connects fleet growth with aircraft assets, leases and liquidity. Other responses link earnings volatility to working capital and capital expenditure. No additional rule first published during September 21–27 was confirmed in the supplementary review; the private-fund proposal and future-effective futures rules remain follow-up matters.

Huazhuo Jingke and Changjing Technology illustrate how loss-making status, asset values and business-model expansion shape disclosure questions. A September 18 whistleblower reward notice implements an existing framework; it is not a new rule or seventeen new penalties. Earlier private-fund and futures measures remain continuing matters.

The CSRC published revised futures-company supervision measures and an implementation announcement on September 11. Both take effect January 1, 2027. Their licensing, ownership-transparency and subsidiary-transition provisions are new published regulation, but not yet-operative duties or changes to IPO admission.

The CSRC opened consultation on private-fund fundraising rules on September 4, with feedback due October 4. Shanghai and Shenzhen revised corporate-bond review arrangements on the same day. Proposed investor controls must be distinguished from effective exchange rules, and neither changes the IPO admission framework.

The CSRC published a property-financing opinion on August 28, although the document is signed December 27, 2025. It supports refinancing, acquisitions, bonds, ABS and REITs subject to project-level requirements. The shift toward project-based financing does not amount to a blanket reopening of property IPOs.

Yangtze Memory’s STAR Market application leads a week of nine inquiry responses and five committee passes. Two Shanghai exchange operating guides also changed on August 21: bond trading and public REITs continuing operations. These are effective operational updates, not changes to IPO admission standards.

Calterah’s STAR Market filing pairs rapid growth with continuing losses and negative operating cash flow. The CSRC’s August 14 accounting review adds an important regulatory reference on revenue recognition, impairment, development expenditure and disclosure. The review is not a new accounting standard.

Deep Robotics’ inquiry response puts commercialization, profitability and fundraising assumptions at the center of the week’s disclosure review. No newly published rule was confirmed in the official channels reviewed for August 3–9; earlier measures remain continuing matters, not fresh rulemaking.

A four-agency governance opinion, signed in March and publicly released by the CSRC on July 31, connects ownership, board oversight, remuneration and internal controls. Investment-banking regulatory measures reinforce the importance of working-paper discipline. The July 24 insider-trading interpretation took effect on July 27 without becoming a second new publication.

A July 24 judicial interpretation brought the timing of inside information and the evidence for trading defenses into sharper focus. Shanghai and Shenzhen also revised their ABS guidelines. The IPO pipeline continued to move through inquiries, committee reviews and registration without new acceptances.