Small and medium-sized public offerings embrace new opportunities for differentiated development. Product layout and business access will be appropriately biased.

On June 17, at the 2026 Lujiazui Forum, the Chairman of the China Securities Regulatory Commission, Wu Qing, stated in his keynote speech that a package of measures to support the standardized and healthy development of small and medium-sized fund companies will be introduced. The regulatory authority will adhere to differentiated supervision, highlight characteristics, and provide appropriate support in areas such as product layout and business access, actively supporting the differentiated development of small and medium-sized fund companies. Several small and medium-sized public fund professionals pointed out that the regulatory authority's related statements are expected to break through the long-standing barriers faced by small and medium-sized public funds, and will also guide small and medium-sized public funds to move away from the all-encompassing "scale war" towards a transformation towards differentiation and refinement. Regarding the pain points in the development of small and medium-sized public fund companies, a public fund professional in North China pointed out that currently small and medium-sized public funds face a lot of pressure in launching new products. In the past, large companies have taken the lead in obtaining approval for new categories and new tools due to their scale, compliance ratings, and brand advantages. Small and medium-sized companies often face the dilemma of "not qualified to innovate, while conventional products are difficult to approve." If there is appropriate support in product layout, it is expected to help small and medium-sized public funds break through the barriers to product layout restrictions.