“Wu Qing (Chairman of the CSRC) Hasn’t Announced New Policies, but One Sentence Has Rewritten the Pricing Rules for Tech Stocks”

Yesterday, November 14, at the inaugural China Capital Markets Academic Annual Conference, Wu Qing didn’t discuss short-term trends or signal any specific policy tailwinds.
But one sentence—“scientifically calibrate the pace, and strengthen research into institutional adaptability and risk response mechanisms for the issuance and listing of large and emerging tech companies”—made the message clear: it addressed recent controversy over valuation premium bubbles in some tech companies’ IPOs.

The key lies in the words “pace.”

The direction of supporting tech company listings hasn’t changed, but financing scale, pricing constraints, and institutional buffers are now on the table early.

The real question isn’t whether companies can go public, but whether the A-share market can recognize the value of technology and bear the risks of innovation.

Army’s take:
The regulatory focus has shifted from the financing side to the pricing side—from “opening the doors wide” to “scientifically calibrating the pace.”
Going forward, the companies that can command a premium will be hard-tech firms with clear technology roadmaps and commercialization timelines—not companies that slap on a label to ride a trend!