**China Securities Journal** 1. **Wu Qing Visits Financial Regulators in France and Brazil** China Securities Regulatory Commission (CSRC) Chairman Wu Qing visited Paris and Rio de Janeiro from November 10–13, 2025, holding bilateral talks with France’s AMF Chair Marie-Anne Barbat-Layani and Brazil’s CVM Acting Chair Otto Lobo. Discussions covered regulatory updates and deepening capital market cooperation.

2. **GPU Leaders’ IPO Updates** Moore Threads disclosed plans for a 70 million share IPO on the STAR Market, with pricing inquiries set for November 19 and subscriptions on November 24. Meanwhile, rival GPU firm MetaX’s STAR Market IPO registration was approved by the CSRC.

3. **Hefu China Warns of Trading Suspension Amid 12-Day Rally** Hefu China surged 244.24% since October, prompting a risk alert. The firm warned it may request a trading halt if volatility persists. Its market cap hit RMB 8.8 billion after a 13-day, 12-limit-up streak.

4. **Leadman’s Major Asset Acquisition** Leadman announced a RMB 1.733 billion cash deal to buy 70% of Xiansheng Xiangrui, aiming to consolidate financial statements post-transaction.

**Shanghai Securities News** 1. **October Financial Data Shows Stable Growth** China’s M2, aggregate financing, and loan balances rose 8.2%, 8.5%, and 6.5% YoY, respectively. Experts noted accommodative monetary conditions with low lending rates supporting economic recovery.

2. **Shanghai’s Trade Hub Upgrade** The Commerce Ministry pledged to bolster Shanghai’s trade center role by integrating goods, services, and digital trade, alongside synergies with finance and tech hubs.

3. **CPI Rebounds in October** CPI turned positive (0.2% YoY and MoM), signaling price stabilization. Policymakers aim to sustain inflation near 2% long-term.

4. **RMB Basket Indices Hit 7-Month Highs** CFETS, BIS, and SDR RMB indices climbed to 97.96, 104.19, and 92.34—peaks since April 2025—reflecting broad currency strength.

**Securities Times** 1. **Jan-Oct Aggregate Financing Hits RMB 30.9 Trillion** Government bond issuance (RMB 11.95 trillion) drove a 14% YoY rise in financing. Corporate bonds also expanded, with new loans totaling RMB 14.97 trillion.

2. **Shenzhen’s Huaqiangbei Sees Memory Chip Frenzy** Traders reported volatile DRAM prices, with some hoarding inventory or diverting profits to stocks amid a "storage boom."

3. **STAR Market’s Global Tech Ambitions** The bourse aims to nurture "world-class tech firms," per SSE VP Fu Hao, leveraging innovation and transparency.

4. **Year-End Economic Resilience** Infrastructure spending and post-"Double 11" consumption efforts are offsetting export softness, sustaining growth momentum.

**Securities Daily** 1. **Central Bank Reports RMB 30.9 Trillion in Jan-Oct Financing** M2 reached RMB 335.13 trillion (+8.2% YoY), with aggregate financing at RMB 437.72 trillion (+8.5%).

2. **Silicon Wafer Firms Unite Against Price Cuts** Major producers raised 183N/210R wafer prices to RMB 1.3/piece, halting discounted shipments amid battery sector procurement cuts.

3. **JD.com’s Q3 Revenue Hits RMB 299.1 Billion** Service income jumped 30.8%, driving a 14.9% overall revenue gain. Its "super supply chain" strategy lifted service share to 24.4%.

4. **Tencent’s Triple-Strategy Growth** AI, globalization, and sustainability fueled a 15% revenue rise (RMB 192.87 billion) and 18% operating profit growth (RMB 72.57 billion Non-IFRS) in Q3.