shanghai

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%.

At the Ethereum University Tour - Shanghai Station Fudan University special event, SYNBO was invited to give a keynote speech, systematically breaking down the evolution logic of the public chain ecological investment and financing market.Currently, the primary market in the industry heavily relies on offline intermediary models, facing four major disconnection issues in terms of access, trust, capital release, and profit distribution.In response to the existing pain points in the industry, SYNBO is committed to transforming capital operations into on-chain verifiable rules, relying on delivery-oriented capital release, dynamic pricing and financing share trading, continuous asset generation mechanisms, and community co-construction models to build a native on-chain investment and financing protocol system.The SYNBO model will break down traditional VC industry barriers, lower the financing threshold for innovation and entrepreneurship, and promote the industry's development from "asset on-chain" to "on-chain capital efficiency upgrade," creating sustainable endogenous growth momentum for the entire public chain ecosystem.

Shanghai officially issued the "Several Measures to Support the Development of the Game and E-sports Industry in Shanghai" (referred to as "Game Shanghai Ten Measures"), which points out that it will support game and e-sports companies in the research and application of technologies such as AI large models, blockchain, big data, the Internet of Things, cloud computing, as well as terminal devices and game development engines, 3D modeling software, and other basic game development tools.Actively promote the application of blockchain technology in areas such as copyright registration, rights protection, transactions, and settlement, and encourage game companies to establish partnerships with electronic device manufacturers to explore more possibilities for multi-terminal development of games.

According to Jinshi reports, the Shenzhen Component Index fell by more than 2%, the ChiNext Index dropped by 2.8%, and the Shanghai Composite Index decreased by 1.12%. More than 4,600 stocks in the entire market declined.

According to Jinshi Data, the Shanghai Stock Exchange has accepted the IPO application of Yushu Technology Co., Ltd. for the Sci-Tech Innovation Board, with a proposed financing amount of 4.202 billion yuan.

Solana has reached a partnership with Alibaba's Shanghai Hongqiao Ali Center to jointly establish the Solana Shanghai Builder Station. This site is supported by relevant government units in the Minhang District of Shanghai and is the first Builder Station set up by Solana in the Chinese-speaking market. It is also a co-creation space for developers centered around the international public chain ecosystem.The platform is positioned as a long-term infrastructure node for technological development, aiming to provide developers with technical co-creation, industry connections, and international links, while offering full-chain incubation support around Layer 1 underlying technology research, Web3 application development, and more.

The Hong Kong Monetary Authority, the Shanghai Municipal Data Bureau, and the National Blockchain Technology Innovation Center of China today jointly signed the "Memorandum of Cooperation on Digitalization of Freight Trade and Finance between Shanghai and Hong Kong" to further promote in-depth cooperation between Shanghai and Hong Kong in the fields of digital empowerment of freight trade and finance, leveraging Hong Kong's unique advantages as a "super connector" and "super value creator" to facilitate internal and external connectivity, and supporting Shanghai in connecting with the international data ecosystem through Hong Kong.According to the "Memorandum of Cooperation," the Hong Kong Monetary Authority, the Shanghai Municipal Data Bureau, and the National Innovation Center will jointly research innovative cooperation in digital technology and applications, promoting innovation in the application of digital technology in freight trade, finance, and other fields. The parties will jointly explore the use of digital technology to build a "cross-border platform," carry out cross-border financial cooperation in the Ensemble project, study how to apply electronic bills of lading, and promote integration with commercial data connectivity and CargoX, using freight and trade data to drive trade financing between the two regions.

According to the Huaxia Times, the People's Court of Jing'an District in Shanghai recently heard a dispute case regarding virtual currency investment. Investor Ms. Wu invested 1.05 million yuan to purchase USDT under the inducement of a live-streaming host, but later was unable to withdraw her funds due to the trading platform being inaccessible.Both the first and second instance of the court dismissed Ms. Wu's claims, determining that virtual currency does not have the same legal status as legal tender, and that related trading activities are considered illegal financial activities, violating public order and good morals, thus constituting invalid civil actions, with losses to be borne by the investor herself. This case echoes the notice issued on February 6 by the People's Bank of China and eight other departments regarding "further prevention and handling of risks related to virtual currencies," reaffirming China's prohibitive policy stance on virtual currencies.

The Shanghai headquarters of the People's Bank of China held a press conference for the first quarter of 2026, introducing the financial operation situation of Shanghai in 2025 and answering questions from reporters. Zhou Peng, deputy director of the Monetary Credit Research Department of the Shanghai headquarters, stated that the People's Bank of China has made a series of new progress in promoting the construction of Shanghai as an international financial center and has implemented the refinancing policy for blockchain letters of credit in the shipping trade zone.The international operation center for digital renminbi has officially started operations in Shanghai, and the pilot program for the multilateral central bank digital currency bridge is also being advanced. Efforts are being made to enable the function of using bank cards and digital renminbi hard wallets to pass through the gates across the entire Shanghai metro system, fully supporting the preparation and operation of the International Monetary Fund (IMF) Shanghai center.

The People's Procuratorate of Pudong New District, Shanghai, has disclosed a case involving an illegal industry chain for querying and selling citizens' location information.The individuals involved settled through the exchange of virtual currency, profiting illegally. Judicial identification shows that over 1,000 pieces of illegally queried location information were involved, with a total illegal profit amounting to approximately 1.17 million yuan. Currently, the relevant personnel have been sentenced to fixed-term imprisonment ranging from three years and six months to one year, with fines ranging from 500,000 yuan to 40,000 yuan.

The A-share index continues to strengthen, with the Shanghai Composite Index rising nearly 0.6% during the session, breaking through 4100 points, reaching a new high since the end of July 2015.

Guided by the Chinese Criminal Law Research Association and the Shanghai High Court, the Shanghai Second Intermediate People's Court and the Law School of Renmin University of China jointly hosted a seminar on criminal trials, focusing on the theme of "Legal Uniformity in Cases Involving Virtual Currency Crimes." The discussion content is summarized as follows:The determination of "subjective knowledge" in virtual currency money laundering crimes should be assessed comprehensively to prevent objective attribution of guilt.The identification of the types of acts and standards for completion in virtual currency money laundering crimes involves: first, accurately grasping the essence of the crime, which is "concealing and disguising the source and nature of criminal proceeds and their profits"; second, the acts of concealing and disguising criminal proceeds and their profits, as stipulated in the elements of the money laundering crime, constitute the completion of the crime; third, strictly combating money laundering crimes in accordance with the law to resolutely safeguard national financial security.The determination of illegal operation crimes involving virtual currency indicates that if the behavior does not possess characteristics of business operations and merely involves personal holding or trading of currency, it is generally not recognized as illegal operation. However, if the individual is aware that others are illegally buying or selling or indirectly trading foreign exchange and still provides assistance through the exchange of virtual currency, and the circumstances are serious, they should be recognized as an accomplice in illegal operation crimes.

The Shanghai Municipal Justice Bureau has issued a reminder that recently, many places across the country have seen a new tactic in telecom network fraud involving counterfeit supermarket "tasting cards" as bait. Related groups are luring individuals by distributing fake "tasting cards" offline, enticing them to scan a code to join so-called "benefit groups," and then carrying out scams such as transferring money for rebates.Police reports indicate that multiple cases have been solved in Shandong and other areas, with several suspects arrested. Investigations show that criminals use overseas communication software to contact their superiors and settle criminal proceeds through virtual currencies, making their activities highly concealed. The Shanghai Municipal Justice Bureau urges the public to enhance their awareness of prevention, not to scan unknown QR codes, and not to disclose personal information to unfamiliar platforms to avoid financial losses.