China will crack down on technology themes designed to boost stock prices, the top securities regulator said, signaling Beijing的 growing unease with speculation on the artificial intelligence-linked stock rally.
监管机构将"严厉查处"利用热点科技题材炒作股票概念,以及操纵市场和内幕交易,等违法行为, 中国证监会主席吴清,周三在上海举行的年度陆家嘴论坛上表示。
Regulators will "strictly investigate and punish" illicit activities including riding hot technology themes to hype stock concepts, as well as market manipulation and insider trading, Wu Qing, chairman of the China Securities Regulatory Commission, said at the annual Lujiazui Forum in Shanghai on Wednesday.
The remarks come as Beijing has intensified scrutiny of capital markets this year, including a regulatory crackdown on cross-border stock trading by mainland investors, and reflect growing concern that the AI rally sweeping Chinese equities has created openings for market abuse.
State media reported earlier this month that some executives and major shareholders at A-share chipmakers — those traded on the mainland — have rushed to sell holdings this year to cash in on the AI rally. China的 CSI artificial intelligence index, which tracks companies in the AI supply chain, has soared nearly 30% this year, compared with the 6% year-to-date gain in the broad-based CSI 300 index.
The CSRC will also issue guidance on the use of AI in capital markets particularly targeting illegal use of tools to generate stock recommendations, Wu said, as well as the spread of rumors and illicit trading enabled by the technology.
经济学人智库高级经济学家 Tianchen Xu, 表示，在交易中使用人工智能工具仍然是监管盲点,。
The use of AI tools in trading has remained a regulatory blind spot, according to Tianchen Xu, senior economist at the Economist Intelligence Unit.
"北京越来越担心与人工智能相关的金融风险—来自使用公众人物推销股票,的深度造假视频以及上市公司夸大其'AI故事'以抬高估值,"说乔治·陈,合伙人兼亚洲集团数字业务主席。 "Regulators view these trends as early signs of a potential market bubble."
"Beijing is increasingly concerned about AI-related financial risks — from deepfake videos using public figures to promote stocks, to listed companies exaggerating their 'AI story to inflate valuations," said George Chen, partner and chair of the digital practice at The Asia Group. "Regulators view these trends as early signs of a potential market bubble."
Companies with little genuine connection to AI or advanced technology have also sought to attach themselves to the theme to lift their share prices, Xu said — a pattern, he noted, that has played out in previous market cycles around sectors like commercial spaceflight and the low-altitude economy.
Beijing的 policy stance contrasts with the enthusiasm for AI stocks on Wall Street, taking a more cautious approach and actively working to cool speculative sentiment, Chen said.
金融市场与人工智能相关的风险也可能成为美中人工智能对话,的重要内容，美国总统唐纳德·特朗普'上个月在北京与习近平主席会面后，两国同意建立,陈说。
AI-related risks to financial markets are also likely to feature in the U.S.-China AI dialogue, which the two countries agreed to establish following President Donald Trump的 meeting with President Xi Jinping in Beijing last month, Chen said.
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