shanghai

According to CCTV Finance, Suiruan Technology will launch online subscription on the Shanghai Stock Exchange's Science and Technology Innovation Board on September 2, with the stock code 688801 and online subscription code 787801. It plans to issue approximately 43.04 million shares, accounting for 10% of the total share capital after issuance, raising 6 billion yuan for the research and development of fifth and sixth generation AI chips and collaborative projects for artificial intelligence hardware and software.Suiruan Technology, along with Moore Threads, Muxi Co., and Birun Technology, is collectively known as the "Four Little Dragons of Domestic GPUs." The other three companies have already gone public, with their closing price increases on the first day of listing being 425.46%, 692.95%, and 75.82%, respectively. Suiruan Technology's revenue for 2023 to 2025 is projected to be 301 million, 722 million, and 990 million yuan, with a three-year compound growth rate of 81.32%.

The Public Security Bureau of Hongkou District, Shanghai, China, recently solved a case involving cross-border illegal settlement and illegal foreign exchange trading using virtual currency, arresting 9 criminal suspects and involving an amount of over 200 million yuan. The suspects, including a person named Li, established a technology company at the beginning of 2024 to seek illegal profits, building two platforms online: "Cross-Border Fund Exchange" and "Virtual Credit Card Issuance and Settlement." They solicited customers both online and offline, illegally conducting exchange and settlement services for virtual currency and cross-border funds, profiting through transaction fees, service fees, card issuance fees, withdrawal fees, and other means.Investigators stated, "The uniqueness of this case lies in the fact that the criminals developed two apps and publicly solicited customers on such a large scale, which has never been seen before. The platforms built in this case are themselves a closed-loop illegal financial service system, with all transactions settled internally on the platform. This mode of crime has a higher degree of scale, a longer chain, and is more deceptive." Reports indicate that on the "Cross-Border Fund Exchange" platform, the criminal gang collected customers' virtual currency overseas and exchanged it for foreign currency, forming a "fund pool," and then realized cross-border settlement through fabricated contracts, achieving the exchange and transfer of virtual currency to RMB. On the "Virtual Credit Card Issuance and Settlement" platform, the criminal gang "cooperated" with several overseas private banks to issue virtual credit cards to customers, who could use the card for consumption, but the repayment process had to be settled in virtual currency; the gang exchanged virtual currency for foreign currency overseas, relying on false cross-border settlements to complete clearing with overseas card merchants.

The Shanghai Public Security Bureau reported the investigation and resolution of a major underground money laundering case involving cross-border currency exchange using virtual currency, arresting more than 70 criminal suspects, with the amount involved exceeding 20 billion yuan.

As of August 24, Shanghai has added 1 generative artificial intelligence service that has completed filing, with the model name being Qianwen Task Assistant; a total of 188 generative artificial intelligence services have completed filing.

Shanghai issued the "14th Five-Year Plan for Accelerating the Advancement of New Industrialization and Building a Modern Industrial System." The plan proposes to comprehensively enhance intelligent computing capabilities, tackle high-performance, low-power, and high-efficiency intelligent computing chips, improve cluster networking and cloud service capabilities, and explore innovative architectures such as heterogeneous computing, optical computing, and quantum artificial intelligence; optimize intelligent computing infrastructure and build an urban computing power network.The plan clearly states the continuous effort on large models, focusing on the research and development of the next generation of large models, overcoming key technologies such as architecture design and training optimization, promoting the coordinated development of chips, large models, and intelligent computing clouds, and building an independent ecosystem. It further promotes the "Model Power Gathering in Shanghai" initiative, accelerates the maturation of embodied intelligence technology, strengthens the autonomous full industrial chain layout of intelligent robots, enhances performance in key areas, and promotes real-world applications in key fields such as industrial manufacturing, logistics assembly, commercial retail, medical care, and housekeeping services. Among them, Jing'an District focuses on developing leading industry characteristic tracks such as ultra-high-definition audio-visual, data intelligence (data corpus and AI applications, blockchain), and beauty and health.

The Shanghai Intermediate People's Court has published typical cases, analyzing whether "traffic personnel" involved in telecommunications network fraud related to virtual currencies constitute accomplices in fraud. From February 2022 to April 2023, the defendants, for the purpose of profit, assisted upstream fraudulent activities by "draining traffic," using online virtual phone software to lure victims into related scam groups, ultimately causing 30 victims to be defrauded of more than 2.34 million yuan (the same currency hereafter) by an overseas fraudulent organization. The overseas fraudulent organization transferred funds into the suspects' trading accounts via virtual currency.The Shanghai First Intermediate People's Court pointed out that in telecommunications network fraud cases, "traffic personnel" may constitute accomplices in fraud or illegal use of information networks depending on specific circumstances. The key lies in determining whether they have formed a clear criminal intent connection with the upstream fraudulent organization and whether there is stable cooperation and division of labor. In judicial practice, when assessing the criminal responsibility of "traffic personnel," factors such as their role in the criminal chain, the degree of organizational management, connections with upstream criminals, methods of profit, and abnormal behavior should be comprehensively considered. Actions that only provide general online services and do not form a conspiracy to commit fraud should be distinguished from "draining" actions that knowingly participate in the implementation of fraud.

According to the official announcement from Yushu Technology, its stock will be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 19, 2026.Yushu Technology announced that in 2025, the company achieved an operating income of 1.699 billion yuan, with a net profit attributable to the parent company's shareholders of 278 million yuan, whichever is lower after deducting non-recurring gains and losses. The issuance price for this listing is 150.80 yuan per share, corresponding to a diluted static price-to-sales ratio of 35.89 times for 2025, which is higher than the average level of comparable companies in the same industry. The corresponding diluted price-to-earnings ratio after deducting non-recurring gains and losses is 219.23 times, which is higher than the average static price-to-earnings ratio in the industry over the past month. The number of unrestricted circulating shares at the initial stage of listing is 30.877 million shares, accounting for 7.44% of the total share capital after issuance.

Unitree is a robotics manufacturer, and Hyperliquid traders have priced its stock at around $93, which is approximately 4.16 times the Shanghai IPO issuance price of $22.37. The perpetual contracts before the IPO allow traders to speculate around the company's eventual market price without holding the company's stock.Analysts at blockchain data analysis firm Allium point out that after Unitree starts trading, the related premium may experience significant price convergence with volatility, and leveraged positions may be liquidated.

According to Gate market data, the Shanghai Gold Exchange gold T+D rose 0.72% in the evening session on August 7, reporting 930.59 yuan/gram; silver T+D rose 2.44% on the same day, reporting 15,517 yuan/kilogram.

The Shanghai headquarters of the People's Bank of China held a work meeting for the second half of 2026, during which it emphasized the need to firmly uphold the bottom line of preventing systemic financial risks. It will continue to strengthen the assessment and verification of bank institution ratings. Monitoring and analysis of systemically important financial institutions will be enhanced.There will be ongoing prevention and handling of risks related to speculative virtual currency trading. Efforts will be made to actively promote the standardization of financial product online marketing behaviors by local institutions. The mechanism for preventing and resolving systemic risks will be continuously improved. There will be a strengthened crackdown on illegal financial activities. The framework for macro-prudential management will be continuously refined. The level of cross-border financial risk monitoring will be comprehensively enhanced.

According to Jinshi News, Changxin Technology stated that the company's stock will be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 27, 2026.

According to the announcement disclosed by Changxin Technology, the issuer and the joint lead underwriters will hold the online subscription lottery ceremony for this issuance on July 17 (T+1 day) morning, and the results of the online lottery will be announced on the Shanghai Stock Exchange website on July 20 (T+2 day). Changxin Technology reminds investors to pay special attention to the payment process of this issuance and to fulfill their payment obligations in a timely manner on July 20 (T+2 day).Offline investors should refer to the "Announcement of the Preliminary Offline Allocation Results and Online Lottery Results" on July 20 (T+2 day) and pay the new share purchase funds in full and on time according to the final determined issuance price of 8.66 yuan/share and the allocated quantity. The purchase funds should be received by 16:00 on July 20 (T+2 day).

According to Gate market data, the Shanghai Composite Index fell over 1%, the Shenzhen Component Index fell 2.28%, and the ChiNext Index fell by 4.37%.

According to the disclosure from the People's Procuratorate of Jing'an District, Shanghai, recently, the court prosecuted a certain Li for suspected illegal business operations in a criminal gang that used virtual currency for cross-border money laundering and illegal foreign exchange. On June 10, the case was heard in court and a verdict was announced on the spot, marking a conclusion to a series of illegal business operations spanning three years and involving over 200 million yuan. In July 2024, the State Administration of Foreign Exchange discovered abnormal clues regarding Company Z using virtual currency to transfer assets for domestic clients during routine monitoring, and subsequently referred the case to the public security authorities for handling.Investigations revealed that Company Z was registered overseas in 2019, promoting itself under the guise of a "private bank" and developing a virtual banking app to create a facade of legitimacy, but it had not obtained the necessary foreign exchange business operation license in China and was essentially engaged in illegal foreign exchange activities. The gang targeted high-net-worth individuals with funding needs for overseas property purchases, immigration, and studying abroad, using intermediaries to attract clients, with customer managers, traders, and customer service personnel facilitating the currency exchange process. Clients purchased virtual currency from virtual currency exchangers with renminbi and transferred it to Company Z's overseas virtual wallet, after which the gang exchanged the virtual currency for foreign currency abroad and transferred it to the clients' designated overseas accounts. There was no actual cross-border flow of funds; instead, settlements were made through domestic and foreign capital pools, with Company Z charging a 3% currency exchange service fee and paying intermediaries a 0.5% commission.A total of nine individuals have been brought to justice in this case, while one main suspect is still under investigation. After review, the relevant personnel collectively violated national laws by illegally buying and selling foreign exchange, disrupting financial order, and the circumstances were serious or particularly serious, warranting criminal liability for illegal business operations. The court sentenced five individuals, including Gao and Li, to prison terms ranging from six years to two years and six months, and imposed fines ranging from 1.5 million yuan to 300,000 yuan; for Chen, Huang, and four others, due to lighter criminal circumstances, relatively smaller amounts involved, and voluntary confession, the procuratorial authority made a decision of relative non-prosecution according to the law.

Today, the main indices of A-shares collectively rose, with the Shanghai Composite Index up 0.50% to 4094.40 points, the Shenzhen Component Index up 2.48% to 16205.56 points, the ChiNext Index up 2.99% to 4342.71 points, and the STAR 50 Index up 3.85% to 2207.86 points. The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 3.29 trillion yuan, a decrease of 245.5 billion yuan compared to the previous trading day. Over 3000 stocks in the market rose, with 170 stocks hitting the daily limit.In terms of sectors, robotics, optical optoelectronics, semiconductors, and military electronics led the gains; while animal health, pharmaceutical commerce, coal, and banking sectors saw the largest declines.From the overall performance in the first half of the year, the main indices of A-shares all rose. Among them, the Shanghai Composite Index accumulated a rise of over 3%, the Shenzhen Component Index accumulated a rise of nearly 20%, the ChiNext Index accumulated a rise of over 35%, and the STAR 50 Index accumulated a rise of over 64%.

According to Jinshi reports, the Federal Reserve's dot plot shows a clear hawkish tendency, leading to a sharp decline in Shanghai gold and silver futures at the opening. Goldman Sachs has issued a warning that the hawkish shift is not solely due to oil, and when precious metal prices will stabilize remains a focal point of market attention.

The Shanghai Stock Exchange officially released the "Guidelines for the Application of the Shanghai Stock Exchange Issuance and Listing Review Rules No. 10 - Applicable to AI Large Model Enterprises under the Fifth Set of Listing Standards for the Sci-Tech Innovation Board," aimed at leveraging the role of the capital market to support the development of AI large model enterprises in China that are in a critical period of large-scale commercialization.The "Guidelines" combine the actual situation of technological innovation in the field of AI large models and clarify the specific requirements for applying the Fifth Set of Listing Standards for the Sci-Tech Innovation Board:Definition of Main Business: The issuer's main business must be clearly defined as "independent research and development of AI large models, model services, or model applications," while simultaneously supporting both general large models and industry-specific models.Requirements for Stage Achievements: When applying, enterprises must meet the condition of "at least one large model product has been launched and achieved large-scale application" as a standard to verify the feasibility of their product business model and commercialization capability.The Shanghai Stock Exchange stated that the next step will be to actively and steadily promote the issuance and listing of AI large model enterprises that meet this standard on the Sci-Tech Innovation Board under the guidance of the China Securities Regulatory Commission, to provide greater support for the development of technology-based enterprises that break through key core technologies.

According to a report by Shangguan News, on May 17, 2026, an elderly man in his 70s, Mr. Gong, from Shuxin Town, Chongming, Shanghai, was deceived by a scammer posing as an "investment mentor" on a short video platform. He was lured into investing in Bitcoin with the bait of "low investment, high returns" and attempted to withdraw 100,000 yuan in cash for transfer at different bank branches twice.After noticing the unusual behavior, the bank teller activated the anti-fraud warning mechanism and coordinated with the police to intervene and dissuade him. The police explained to the elderly man, using real cases, that virtual currency trading and speculation are explicitly prohibited in the country, and that so-called "Bitcoin investments" are all scams. They helped him delete the fraudulent software and block the scammer on WeChat on the spot. After two rounds of patient persuasion from the police and the bank, the elderly man ultimately recognized the scam and gave up the transfer.

According to Jinshi reports, the Shenzhen Component Index fell more than 1% in the afternoon, the Shanghai Composite Index dropped 0.4%, and the ChiNext Index fell 0.5%.

According to Jinshi reports, the Shenzhen Component Index rose by more than 2%, the ChiNext Index rose by 2.9%, and the Shanghai Composite Index rose by 0.9%.