[Chairman of the China Securities Regulatory Commission Wu Qing: New business models such as crypto assets require cautious handling] On December 6, at the 8th General Assembly of the China Securities Association, Chairman of the China Securities Regulatory Commission Wu Qing emphasized that securities companies must enhance governance effectiveness, implement corporate governance and equity management requirements, improve related-party transaction management mechanisms, and prevent shareholders from illegally interfering in operations. Wu Qing pointed out the need to strengthen transaction management, improve the fairness of investor trading services, protect the rights of small and medium-sized investors, and strictly prevent illegal arbitrage and disruption of trading order. At the same time, he stressed the importance of strengthening risk prevention in key areas, with a focus on businesses such as margin financing and securities lending, over-the-counter derivatives, private asset management, and institutions like subsidiaries of remote headquarters. Regarding new business models such as crypto assets, he called for in-depth analysis and cautious handling, stating that activities that cannot be clearly understood or effectively regulated should not be pursued, and illegal or non-compliant practices must be firmly avoided.