China Capital Markets Weekly: Futures Firms Face a New Rulebook

Weekly overview

No newly accepted IPO application or new IPO rule was confirmed. Aotuo Technology passed the Shanghai Stock Exchange listing committee review and later submitted for registration. Five Shenzhen exchange responses were disclosed, while Jiuyi and Tianxingjian New Materials terminated review.

Aotuo’s committee pass and subsequent registration submission are two steps by the same applicant, not two new listings. Jiuyi and Tianxingjian’s terminations are separate outcomes; termination alone does not establish misconduct.

Published now, effective in 2027

On September 11, the CSRC published revised futures-company supervision measures and an implementation announcement. Both take effect January 1, 2027. The measures separate basic activities from trading activities and address licensing, ownership transparency, subsidiary oversight, risk management, business separation and client protection. They do not change general IPO admission standards.

The transition is activity-specific. Existing relevant businesses may apply for qualifications within twelve months after commencement without the usual one-activity and six-month spacing restrictions. Domestic subsidiaries must cease existing market-making and derivatives trading after eighteen months. Companies and subsidiaries previously conducting asset management without qualifications under the new measures may not add business after commencement and must terminate existing plans within two years.

The periods apply to different activities, so the two-year deadline is not a general grace period for every business. To understand a firm’s exposure, readers need to identify which entity conducts each activity, its license, and the transition rule that applies. Further risk-indicator and overseas-subsidiary rules also remain relevant.

Review Activity

The week included five newly disclosed inquiry responses, two listing committee approvals, two submissions for registration and two review terminations. Each procedural event is counted separately.

What the response count means

The five response disclosures relate to existing Shenzhen applications. They are counted as published answers, not newly issued questions or new acceptances. Reading a response reveals the applicant’s position and supporting materials at that point in review; it does not establish that the exchange accepted every explanation.

Regulatory and Enforcement Boundary

The futures-company measures set future operating requirements for regulated firms. They are distinct from this week’s IPO committee results, registration submissions, and terminations. No national enforcement total is inferred from the records covered here.

Public Sources

At the October 3, 2026 accessibility check, some BSE project and disclosure links returned redirect or access restrictions. Historical official URLs are retained for source identification, but their current accessibility could not be confirmed. The access limitation is not evidence that the underlying documents or review events did not exist.

• Futures company regulatory measures, 2026-09-11

• Futures company implementation announcement, 2026-09-11

• China Securities Regulatory Commission

• Shanghai Stock Exchange IPO Review

• Shenzhen Stock Exchange IPO Review

• Beijing Stock Exchange Review Information

Disclaimer

This article is based solely on publicly available information identified by the original research cut-off, with regulatory legal materials supplemented and checked on October 3, 2026. It is provided for general information and research purposes only and does not constitute investment, legal or accounting advice, or a factual finding concerning any issuer or intermediary. Public records may later be updated, supplemented or corrected. Readers should consult the latest official filings and decisions.

Additional project sources

• Aotuo Technology project page
• IPO project portal
• Jiuyi Agriculture project page