The Hong Kong stock IPO market has been booming since 2026, with the pace accelerating and fund-raising rising. As of February 25, 24 new stocks were listed, an increase of 166.67% from 9 in the first two months of 2025. The total funds raised by the 24 stocks exceeded HK$89 billion, a 10-fold increase from the same period last year.
"Scared to death!
My iPhone calls itself at two in the morning! ! "
This morning, netizen "Yiyi!" wrote about an experience he had in the early morning: "I was sleeping soundly when I suddenly heard a burst of background music and voice on the phone saying 'The user you dialed is currently unavailable.' I was awakened. When I got up, I saw that it was my phone making calls by itself! I was really shocked...I immediately checked on the social platform. There are many people with this problem!"
The netizen said that at that time, her phone was charging on the desk by the window, the screen was locked, the Internet was turned off, and the sleep mode was turned on. The automatically dialed number was the number of the courier boy she had dialed during the day. "My system is iOS 26.1, and I don't have any other operations. I was really frightened in the middle of the night, and my back felt cold! I even woke up from my drowsiness."
On social platforms, there are many netizens who have had similar experiences.
Some netizens said: "The Apple phone suddenly called someone on its own in the middle of the night. The call lasted for 47 minutes. It woke me up! I turned on the sleep mode and put the phone on the bedside table without touching it. The number started with 400 was dialed by me around 1:30 noon, but I also made several other calls later. The 400 robot talked for 47 minutes. I woke up when I heard a sound and found that the phone was making a call. It was so scary!"
Some people also contacted Apple customer service at that time, and the solution given was to force restart and update to the latest system.
The reporter's inquiry found that in November last year, many users reported on social platforms that after updating their iPhones to iOS 26.0.1, the phones automatically made calls to strangers in the middle of the night while the screen was locked. The people being called included couriers, merchant customer service, etc. Some older iPhones that have not been updated to the latest system also have similar problems.
Netizen "Yiyi!" consulted Apple experts. Apple experts said that it is recommended to upgrade the system to iOS26.3. "The latest system can repair abnormalities." Netizens expressed their concerns about account security, and Apple experts said it had nothing to do with the account.
Apple experts also recommend going to the "Settings - Face ID and Password" interface and turning off the following options. If the problem is still abnormal, you can contact the engineering department for investigation:
Voice dialing
Today view and search
Return a missed call
Have you ever been in a similar situation?
"The sky is as cold as water at night, and I lie down to watch the Altair and Vega." On the seventh day of the seventh lunar month, the even numbers coincide with the good expectations of "double seven, double auspiciousness" and "lucky luck in the midst of happiness." It is the Qixi Festival, a traditional Chinese cultural festival. The legend of the Cowherd and the Weaver Girl has been passed down from generation to generation, giving the festival a romantic color of faithful love. With the changes of the times, the spiritual connotation of Chinese Valentine's Day has been continuously extended, integrating the feelings of family and country, pursuing poetic life, and the traditional festival has bloomed with the glory of the times.
The popularity continues unabated, giving rise to the “romantic economy”. Chinese Valentine's Day is also known as "Chinese Valentine's Day." According to the "Chinese Valentine's Day Consumer Search Big Data" released by Baidu on August 3, Chinese Valentine's Day is more recognized by Chinese people as a local Valentine's Day, and search popularity has more than doubled compared to the same period last year. Businesses are seizing on the "sweet business opportunities", and industries such as catering, hotels, and tourism have launched exclusive services with a Chinese Valentine's Day theme. Lovers exchange gifts and the "full sense of ritual" is also a metaphor for the abundance of people's material life. At the same time, the consumption concept of "pleasing oneself" is also becoming a new trend. Festival consumption is a reward for oneself who works hard in life, and loving oneself is the beginning of a lifelong romance.
"National Trend" exerts its efforts to activate traditional culture. The charm of folk customs and the beauty of the nation, the Chinese Valentine's Day is far more than just a carnival of business and economics. It also has rich folk customs such as needle-threading, comparing skills with spiders, throwing needles to test skills, catching dew, and eating skillful food. In 2006, the Chinese Valentine's Day was included in the first batch of national intangible cultural heritage lists by the State Council. Traditional culture is a rich and magnificent treasure. The Chinese Garden Museum and Hebei Museum have carefully organized immersive cultural experience activities such as "Tuanqi Festival Listening to the Garden" and intangible cultural heritage exhibitions, allowing more people to experience the poetry and painting immersively, highlighting cultural charm and strengthening cultural confidence. Respecting tradition, inheriting tradition, and carrying forward tradition, Qixi Festival is washing away the glitz and returning to the true nature, showing the most sincere temperament and soul of the national festival.
Tell good stories and spread true love. Chinese Valentine's Day is not only tender and tender, but also contains the beautiful expectations of self-improvement and reunion. The festival is approaching, and civilized practical activities such as selection of civilized families and recognition of golden couples are being carried out in various places to create a warm, harmonious and positive family atmosphere. The media lens focuses on front-line "husband and wife teams" such as bus drivers, community police officers, and medical staff volunteers, explaining that "fighting side by side is the most romantic thing." Love is not only about staying together day and night, but also about working hard and contributing in ordinary positions, and is full of civilized love for home, city, and society.
Small love is emotional, but big love is boundless. The Chinese Valentine's Day has bloomed with more dazzling brilliance in the new era, highlighting the pure love between lovers, the sincere love in the context of traditional culture, and the blazing love in the century-old glory of the country. It is Chinese Valentine's Day every year, and it is Chinese Valentine's Day today. May you and I do our best to protect our sincerity and original intentions, so that Chinese Valentine's Day will be filled with love and warmth.
Since 2026, the Hong Kong stock IPO market has continued to be hot, with the pace of new stock listings accelerating and the scale of fundraising rising simultaneously. In terms of the number of new shares, as of February 25, the Hong Kong stock market has welcomed 24 new shares. There are no new listing arrangements for the Hong Kong stock market from February 26 to 28. The number of new shares has increased significantly by 166.67% compared with 9 in the first two months of 2025. According to the arrangement, the next new stock to attract much attention is Lantu Automobile, which will be officially listed on the Hong Kong Stock Exchange on March 19. The performance of the new stock fundraising side is even more impressive. According to statistics from Flush iFinD, the total raised funds of the 24 new stocks that have been listed exceeds HK$89 billion, a 10-fold increase from the first two months of 2025. It is worth mentioning that the capital boom set off by the AI track is still continuing, and AI companies such as Biren Technology, Zhipu, and MINIMAX have all completed listings on the Hong Kong stock market.
Lantu Automobile will appear on the scene
According to iFinD statistics, as of February 25, 24 companies have completed Hong Kong stock IPOs. According to the latest arrangements, there are no new stock issuance and listing arrangements in the Hong Kong stock market from February 26 to 28. This also means that in the first two months of the new year, Hong Kong stocks will usher in 24 new stocks, which is an increase of 166.67% compared with the 9 new stocks listed in the same period last year.
In terms of fundraising performance, it has been calculated that the total amount of funds raised by the 24 new stocks listed on Hong Kong stocks in 2026 will reach HK$89.226 billion. Among them, the amount of funds raised by Muyuan Holdings and Dongpeng Beverage exceeded 10 billion Hong Kong dollars.
According to the latest arrangements, Lantu Automobile will land on the Hong Kong stock market on March 19. However, Lantu Automobile has not yet disclosed specific fundraising data.
In terms of fund-raising scale, among the 24 stocks that have been listed, Muyuan shares ranked first in terms of total funds raised, reaching HK$10.684 billion; Dongpeng Beverage ranked second with a fund-raising amount of HK$10.141 billion; Montage Technology ranked third and fourth respectively in fund-raising amount. , Biren Technology, approximately HK$8.099 billion and HK$6.42 billion respectively; listed companies with fundraising amounts between HK$5 billion and HK$6 billion include MINIMAX, GigaDevice, OmniVision Group, and Wisdom; the remaining stocks have raised funds below HK$5 billion.
On the other hand, there are 9 new stocks listed in the first two months of 2025, and there are no stocks that have raised more than 10 billion Hong Kong dollars. Specifically, Guming has the highest amount of funds raised, with a total amount of HK$2.03 billion raised; the remaining 8 new stocks have raised amounts of less than HK$2 billion.
After calculation, the total amount of funds raised by 24 new stocks on the Hong Kong Stock Exchange reached HK$89.226 billion, an increase of 1013.65% from the total amount of HK$8.012 billion raised in the first two months of last year.
In addition, in the new year's craze for Hong Kong stock IPOs, A-share listed companies are particularly prominent. As of February 25, there were a total of 10 "A+H" new stocks in Hong Kong stocks this year, accounting for more than 40%.
Eye-catching performance on the AI track
Since the beginning of the year, new technology stocks represented by AI have been quite prominent. Among them, AI companies such as Biren Technology, Zhipu, and MINIMAX have successively been listed on the Hong Kong stock market, and each raised more than HK$5 billion in a single transaction, becoming the most eye-catching force in the IPO camp at the beginning of the year.
Judging from the listing time, Biren Technology, one of the "Four Little Dragons of Domestic GPUs", was listed on the Hong Kong Stock Exchange on January 2, becoming the "first domestic GPU stock" in the Hong Kong market and the first stock to be listed on the Hong Kong stock market in 2026. On the first day of listing, Biren Technology closed up 75.82%.
It is reported that Biren Technology has raised a total of HK$6.42 billion. The company develops general graphics processing unit (GPGPU) chips and GPGPU-based intelligent computing solutions to provide the basic computing power required for artificial intelligence. By integrating self-developed GPGPU-based hardware and proprietary BIRENSUPA software platform, the company's solutions support a wide range of AI model training and inference applications from the cloud to the edge.
After Biren Technology, Zhipu listed on the Hong Kong stock market on January 8, raising a total of HK$5 billion. As an artificial intelligence company, Zhipu is committed to developing advanced general-purpose large models. According to Frost & Sullivan, the company ranks first among independent general model developers in China and second among all general model developers in terms of revenue in 2024, with a market share of 6.6%. In the secondary market, as of the close of trading on February 25, Zhipu closed at HK$560.5 per share, and its latest total market value was approximately HK$249.9 billion.
Following Zhipu, MINIMAX, a large AI model company, was listed on the Hong Kong stock market on January 9. On the first day of listing, the company's stock price closed up sharply by 109.09%. The increase on the first day of listing was second only to Haizhi Technology Group, ranking second among new stocks in Hong Kong stocks.
Lawyer Sun Yuhao, senior partner of Shanghai Haihuayongtai Law Firm, pointed out that the Hong Kong Stock Exchange has customized differentiated listing standards for qualified companies including AI by adding Chapter 18C (Listing Mechanism for Specialized Technology Companies) to the Listing Rules, which to a certain extent solves the obstacle of mismatch between traditional financial indicators and the development stage of the company.
In addition, according to iFinD statistics, among the new stocks that can show the S&W industry to which they belong, Hong Kong-listed companies whose S&W industry is semiconductor include Montage Technology, GigaDevice, and OmniVision Group. All three stocks are "A+H" dual-listed. Judging from the total amount of funds raised, Montage Technology, GigaDevice, and OmniVision Group raised approximately HK$8.099 billion, HK$5.387 billion, and HK$5.318 billion respectively.
Hong Kong Stock Exchange responds to market rumors
Recently, there are rumors that Hong Kong is considering expanding the scope of confidential IPO applications to allow a wider range of companies to submit confidential initial public offering (IPO) applications in order to consolidate Hong Kong's position as the world's leading listing destination. On February 25, the Hong Kong Stock Exchange responded.
A spokesman for the Hong Kong Stock Exchange said that the Hong Kong Stock Exchange is committed to optimizing market infrastructure and listing mechanisms to ensure that it keeps pace with the times. In the past few years, the Hong Kong Stock Exchange has launched a number of important reforms, including the launch of new rules in 2018 that allow companies with different voting rights to be listed, allowing biotech companies with no operating income to be listed, and the launch of a listing mechanism for specialized technology companies in 2023. HKEX will continue to work closely with the Securities and Futures Commission of Hong Kong to further enhance the competitiveness of the exchange in various aspects, and HKEx will announce relevant progress to the market in a timely manner.
Yuan Shuai, deputy secretary-general of the Zhongguancun Internet of Things Industry Alliance, said that the reason why the adjustment of the IPO confidentiality system has become the current focus is essentially the result of the dual effects of the increasing popularity of the Hong Kong IPO market and the intensifying competition among global listing destinations. The adjustment in the scope of confidentiality applications can adapt to more diversified corporate needs and further attract high-quality global companies to choose Hong Kong as a listing destination. It echoes the direction of the listing mechanism reform that the Hong Kong Stock Exchange has continued to promote in recent years, and also reflects the market's expectations for the Hong Kong stock listing system to keep pace with the times.
In addition, from the perspective of the "reserve army" of the Hong Kong Stock Exchange, according to statistics, as of now, there are nearly 400 companies in the queue of the Hong Kong Stock Exchange that are "pending listing", "passed the hearing" and "processing", of which more than 100 are A-share listed companies.
However, while market enthusiasm continues to rise, hidden concerns in the sponsorship of Hong Kong stock IPOs have also begun to slowly emerge, and are now attracting regulatory attention. On January 30, the Hong Kong Securities and Futures Commission issued a circular. In response to the improper performance of sponsors and poor quality of listing documents that were exposed during the surge in new listing applications for Hong Kong stocks in 2025, the Hong Kong Securities Regulatory Commission clearly required relevant sponsors to quickly carry out comprehensive internal reviews and strengthen resource management and compliance control. It also announced that as of December 31, 2025, the review process of 16 listing applications had been suspended.
Beijing Business Daily reporter Ma Huan changed Li Jiaxue
Since February 22, many highways across the country have experienced varying degrees of congestion due to the return peak, and many drivers and passengers have posted on social platforms saying they are stuck on the road.
According to upstream news reports, on the 23rd, the car owner "Shibazhu" posted that he was stuck on the Hunan Expressway on his way back. During the traffic jam, he found more than 20 private cars occupying the emergency lane. After taking pictures one by one, he reported them to the Hunan Expressway Transportation Service Convenience Platform.
On the 24th, the reporter contacted the owner of the car "Eighteen Pairs" who posted the car. She told reporters that during the peak return period during the Spring Festival, she took a car from Guangxi back to Wuhan, Hubei, and encountered a congestion of about 6 kilometers on the highway in Hunan. The navigation showed that it would take about an hour to pass. Her family was driving at the time, and she was sitting in the passenger seat. She saw many vehicles occupying the emergency lane unscrupulously, and even caused more vehicles that were originally queuing to follow suit. "Seeing the emergency lane gradually turning into a 'fast lane', I feel that something must be done to stop this trend - the emergency lane is a life channel and should not become a shortcut for speculators, let alone those who queue up and obey the rules to suffer."
Some of the vehicles reported by the owner "Eighteen Marriage". Photo provided by interviewee
Therefore, "Eighteen Marriage" tried to search the reporting channels of Hunan Expressway Traffic Police and discovered the "shoot at will" function. So follow the requirements step by step to report. "Shibazhu" said that she spent more than half an hour and reported more than 20 illegal vehicles. Currently, the system reports that 3 vehicles have failed to report due to unclear features or insufficient clarity in the photos, and the rest are being processed.
The reporter noticed that on the 23rd, the Hunan Expressway Police official Weibo announced that in order to cope with the peak return period during the Spring Festival holiday, the Hunan Expressway Traffic Police temporarily opened emergency lanes on some sections of the expressway. However, the traffic police also reminded drivers to follow the instructions and to avoid occupying emergency lanes during off-peak hours. In this regard, "Eighteen Marriage" told reporters: "None of the things I reported are within the scope of (temporary opening)."
Public information shows that Hunan Expressway Traffic Police carried out a "random shooting" illegal reporting activity from February 2 to March 13, 2026. The content of the report was "driving or parking in the emergency lane under non-emergency circumstances." The reporter called the Hunan Provincial Highway Traffic Police Station to inquire about the matter. The staff said that the content of the "casual shooting" report is currently being processed and will actively verify the content of the report. However, the number of reports during the Spring Festival holiday was too large, and the city and state detachments under its jurisdiction have been notified to handle these reports as soon as possible. "It is still being reviewed and entered, so it will not be that fast."
In this regard
Many netizens praised her for "a great job"
Some people think it’s “too fussy”
Learn more
There are strict legal regulations on the use of highway emergency vehicles. The highway emergency lane is an emergency lane used by special vehicles such as police cars, ambulances, and rescue vehicles when performing emergency tasks. Public vehicles are not allowed to drive or park in the emergency lane except in emergencies.
Article 82 (4) of the "Implementation Regulations of the Road Traffic Safety Law of the People's Republic of China" stipulates that motor vehicles driving on expressways shall not drive or park in the emergency lane except in emergencies.
Item (3) of Article 9 of the "Measures for the Administration of Points for Violations of Road Traffic Safety Violations" stipulates that driving a motor vehicle to illegally park on a highway or urban expressway will be demerited with 9 points; Article 10 (11) stipulates that driving a motor vehicle while illegally occupying the emergency lane on a highway or urban expressway will be deducted 6 points.
The police reminded that illegal occupation of the emergency lane can easily cause accidents. Some drivers park their cars in the emergency lane at will, which can easily cause vehicles going in the same direction to be unaware of the situation ahead, leading to accidents. It also creates a negative demonstration. Driving out of sequence and occupying the emergency lane will often produce a negative demonstration effect and undermine social morality. In addition, it will aggravate traffic congestion and delay emergency rescue.
(Upstream News, Red Star News, Jiupai News)
The so-called "mining" is to calculate and produce virtual currency through special computers, namely "mining machines". The "miners" only ensure the power supply and network connection of the mining machines.
Take Bitcoin “mining” as an example.
Bitcoin is the first decentralized cryptocurrency. At every other point in time, the Bitcoin system generates a random code on the node. All computers on the Internet can look for this code. Whoever finds this code will generate a block. According to the reward mechanism issued by Bitcoin, every time a block is generated, the node will receive corresponding rewards.
[Note: Cryptocurrency is a trading medium that uses cryptographic principles to ensure transaction security and control the creation of trading units. 】
This process of finding codes and getting rewards is called “mining”.
But there is a problem with Bitcoin "mines", that is, the total number is limited. However, after all, virtual currency is just a few lines of code. Slightly modifying the Bitcoin code becomes a new virtual currency. As a result, various virtual currencies are like crucian carps crossing the river, and those named after animals include Dogecoin, Shiba Inu Coin, Cat Coin, Duck Coin, etc.
In each "mine", countless "miners" are digging day and night, and many people make a lot of money by relying on their first-mover advantage. But as the number of people increased, the competition for mining equipment began, with most miners using powerful, specialized computers to mine cryptocurrencies around the clock. From CPUs, GPUs, FPGAs, to giant warehouses with ASIC Bitcoin mining machines, the computing power has increased astonishingly.
[Note: Computing power, also known as hash rate, is a unit of measurement for the processing power of the Bitcoin network. 】
In addition to constantly upgrading "mining" equipment, many people choose to join forces to form a "mining pool."
The principle is: bring together a group of scattered "miners", and everyone will "mining" together and go hand in hand. There is power in numbers, and the possibility of a group of people poaching is much higher than working alone. When the digital currency is mined, it will be distributed according to the computing power of the equipment. Even if you are unlucky and don't get it, you can still get a share of the pie as long as you enter the "mining pool".
What's more, "mines" have been built. The interior of the huge factory building is divided into about 30 computer rooms with white partitions. The metal racks in each computer room are filled with servers, and the messy wires and power strips are covered with thick dust. There were no workers in the factory, only the roar of fans could be heard.
Electric black hole
Behind the huge computing power that supports "mining", there is also even more terrible power consumption.
As the types of virtual currencies continue to increase, the power consumption caused by virtual currency “mining” is increasing explosively. A "mine owner" once revealed that the electricity consumption of a "mine" in a year is equivalent to the total electricity consumption of several cities in a year.
Cryptocurrency mining machines consume an astonishing amount of power. Picture｜Picture Chong Creative
According to the Cambridge University Bitcoin Power Consumption Index, Bitcoin mining consumes an estimated 133.68 terawatt hours of electricity per year (1 terawatt hour is 1 billion kilowatt hours of electricity). This number exceeds the electricity consumption of Sweden, ranking 27th in the world.
However, the Financial Times further pointed out that Cambridge University’s prediction is calculated based on Bitcoin “miners” using the least efficient computers to “mine”, so the actual power consumption of “mining” may be higher than the above estimates.
Why does “mining” consume so much power?
We can do some math.
Generally speaking, "mining" is mainly divided into graphics card mining machines and ASIC (professional) mining machines.
[Note: ASIC refers to application specific integrated circuit. 】
Graphics card mining machines mainly use graphics cards to mine. For example, the power of the RX570 graphics card is 150-160 watts, and the total power of a mining machine with 6 graphics cards is generally close to kilowatts.
Let’s look at professional mining machines that use chip mining. The Antminer S9 mining machine has a smaller power consumption of 1,400 watts, while the Shenma M3 mining machine has a larger power consumption, exceeding 2,000 watts.
From this, it can be estimated that the power consumption of a mining machine working normally for one hour is 1-2 degrees.
Although this number may not seem like much, Bitcoin mining machines need to run 24 hours a day. The Antminer S9 mining machine requires 33.6 kilowatt-hours of electricity a day, while the Whatsminer M3 mining machine requires at least 48 kilowatt-hours a day, consuming 1,440 kilowatt-hours of electricity a month. A normal household only consumes 200-400 kilowatt hours of electricity per month.
In the "mine", many mining machines are placed densely, which consumes power and also releases a lot of heat. In order to ensure the normal operation of the mining machine, the "mine" must also be equipped with large fans to ventilate and dissipate heat. A three-phase large fan has a power of 1,000-2,000 watts, and the fans all over the walls outside the "mine" also consume an astonishing amount of power.
For a "mine", "revenue = produced Bitcoin × currency price - mining machine cost - electricity fee - maintenance fee and labor cost - mine depreciation fee." The most important expense is the electricity fee.
Therefore, places with cheap electricity rates have become a natural choice for “mining”.
Washington State in the United States has relatively low electricity bills and is home to many “mining” companies including GigaWatt. Wenatchee, a small town east of Seattle, has extremely low electricity prices, only 2-3 cents/kWh. It has attracted dozens of "miners" to settle there and has become the center of Bitcoin "mining" in the United States.
In Sichuan, China, abundant hydropower resources also provide convenience for “mining”. In order to purchase electricity from the nearest power station, some "mines" were built on river embankments without environmental impact assessment or construction approval. It is reported that for every 100 Bitcoins mined in the world, 5 are produced in the Dadu River.
"Mining" that depends on the weather is occasionally affected by the weather. If there is too much rainfall and the hydropower station cuts off the power supply of the "mine", the "mining pool" will no longer be able to operate; if there is too little rainfall, a large number of mining machines cannot be started, which invisibly increases the sunk cost.
To solve these problems, "mines" will also migrate with the seasons like migratory birds. When the flood season ends and electricity prices rise, “mine owners” often move their equipment to areas where thermal power is cheaper.
eliminate! No mercy!
Since 2020, various regions in Sichuan have begun to introduce policies one after another, hoping to use sufficient hydropower resources to support the development of the Bitcoin "mining" industry to alleviate the economic pressure caused by the epidemic. However, some mining companies use "big data, blockchain projects, supercomputing centers" as guise to defraud local government support and cause serious waste of public resources.
In a certain province in the west, a so-called "data business" company consumes as much as 25 million kilowatt-hours of electricity per month; monitoring by the Jiangsu Provincial Communications Administration found that virtual currency activities in the province consume 260,000 kilowatt-hours of electricity per day.
Someone from a domestic power plant calculated an account for us. If a family consumes 300 kilowatt-hours of electricity a month, 260,000 kilowatt-hours of electricity a day is equivalent to the electricity consumption of 866 families for a month. A small-unit power plant uses 320 grams of standard coal (7,000 kcal of standard coal) to generate 1 kilowatt hour of electricity, and "mining" consumes 78 tons of standard coal a day.
On September 25, 2021, a store in Shenzhen sold virtual currency mining machines. Picture | Visual China
Currently, more than 120 countries and two-thirds of the world's economies have joined the "carbon neutrality" transition. Under this trend, the high energy consumption issue of virtual currency “mining” has become the focus of heated discussions in the industry.
At the same time, unlike traditional currencies, cryptocurrencies are not backed by a specific government or bank, and their decentralized and anonymous nature means there is no regulator deciding how much money will flow into the market.
The endless growth of the "mining" industry has also led many domestic retail investors to illegally participate in virtual currency transactions and speculation, seriously disrupting the economic and financial order, spawning illegal and criminal activities, and becoming an illegal channel for money laundering, tax evasion, terrorist financing, and cross-border fund transfers.
Purging is imperative.
On May 18, 2021, the Internet Finance Association, the Banking Association, and the Payment and Clearing Association jointly issued the "Announcement on Preventing the Risks of Speculation in Virtual Currency Transactions", requiring member institutions not to carry out virtual currency transaction exchanges and other related financial businesses, resolutely resist illegal financial activities related to virtual currency, and not provide accounts, payment settlement, publicity and display and other services for virtual currency transactions.
On the same day, the Inner Mongolia Autonomous Region Development and Reform Commission announced on its website that it would comprehensively clean up and shut down virtual currency mining projects. Soon after, the Natural Resources and Planning Bureau of Kangding City in Sichuan stated that multiple departments in Kangding City had set up a working group to conduct a thorough investigation of Bitcoin mining on the Dadu River and then clean up violations. The Hainan Provincial Development and Reform Commission also clarified that differential electricity prices will be implemented for virtual currency "mining" activities, with the price increase standard being 0.80 yuan per kilowatt hour.
On September 24, ten departments including the central bank, the China Banking and Insurance Regulatory Commission, the Cyberspace Administration of China, and the State Administration of Foreign Exchange issued the "Notice on Further Preventing and Dealing with the Risks of Speculation in Virtual Currency Transactions." The notice pointed out that virtual currencies such as Bitcoin and Ethereum do not have the same legal status as legal tender and cannot be circulated in the market as currencies; virtual currency-related business activities are illegal financial activities and should be resolutely banned in accordance with the law.
At the same time, the National Development and Reform Commission also issued a document, targeting "mining": prohibiting "mining" in any name, including the relevant commitments of data center companies in credit reporting; classifying virtual currency "mining" activities as an eliminated industry, and stopping all fiscal and tax support.
In December, the Beijing Chaoyang District Court and the Dongcheng District Court successively declared the Bitcoin mining contract invalid, making it difficult to even file a case for cryptocurrency-related telecommunications fraud.
Virtual currency “mining” is officially listed as a phased-out industry, which will release a large amount of power resources that are occupied by ineffective and harmful production capacity, so that efficient and beneficial production capacity can obtain relatively sufficient power guarantee, which will help reduce the degree of power shortage, narrow the scope of power restrictions, and effectively reduce greenhouse gas emissions caused by ineffective energy demand.
At the same time, this will also help promote the development of new industries such as energy storage, support the construction of new power systems, serve wind power, photovoltaics and other renewable energy power generation on a large scale, and achieve large-scale substitution of fossil energy with low-carbon renewable energy. It is of great significance to promote the optimization of my country's industrial structure, promote energy conservation and emission reduction, and achieve carbon peak and carbon neutrality goals as scheduled.
Cao Xiao, a professor at the School of Finance at Shanghai University of Finance and Economics, said: Technology itself is not right or wrong. While cracking down on "mining," we must pay attention to distinguishing it from blockchain technology, and adopt a regulatory approach that separates "chains" and "coins."
China has the advantages of massive data and rich application scenarios, and has broad application prospects in the future. How to keep relevant industries from going astray, how to clarify the boundaries of rights and responsibilities of all parties, and how to improve the big data governance system will be the focus of future supervision.
References:
Xinhua News Agency, Geneva, February 25th: Summary｜The think tank report "Adhering to International Morality and Joining Hands to Cope with World Chaos - Focusing on China's Plan for Global Governance" has triggered heated discussions
Xinhua News Agency reporter
On the 24th, Xinhua News Agency, a national high-end think tank, released the think tank report "Adhering to International Morality and Joining Hands to Cope with World Chaos - Focusing on China's Plan for Global Governance" to the world at the Palais des Nations in Geneva, Switzerland. The think tank report triggered heated discussions among people from all walks of life and experts and scholars in related fields.
The report believes that the current changes in the world over the past century are accelerating and the international situation is intertwined with chaos. The United Nations and multilateralism are under attack, the global governance deficit continues to expand, and the current international mechanisms have exposed multiple shortcomings. The global governance system is in urgent need of reform and improvement. China has proposed global governance initiatives, emphasizing the pursuit of sovereign equality, abiding by international rule of law, practicing multilateralism, advocating people-centeredness, and focusing on action orientation. It has proposed Chinese solutions to promote the construction of a more just and reasonable global governance system, and injected Chinese impetus into revitalizing the core status and leading role of the United Nations.
Zhai Dongsheng, director of the Institute of Regional and Country Studies at Renmin University of China, said that reforming and improving the global governance system has become a major topic of great concern to the international community. "This report provides ideas for a turbulent and chaotic world and answers a series of major questions such as what, why and how to achieve the future global governance system."
Xiao Yongping, dean of the Institute of International Rule of Law at Wuhan University, believes that the report systematically explains China’s position on global governance and advocates the construction of a global governance concept that is different from hegemonic logic and embraces consultation, collaboration and sharing. The concepts of multilateralism and win-win cooperation advocated by the Global Governance Initiative are in line with the common expectations of most countries and provide constructive new ideas for solving the dilemma of global governance.
2026 marks the 55th anniversary of the restoration of the People's Republic of China's lawful seat in the United Nations. As a permanent member of the United Nations Security Council, an important member of the Global South, and the largest developing country, China has always been a builder of world peace, a contributor to global development, a defender of the international order, and a provider of public goods.
"The report systematically sorts out the historical context, practical dilemmas and future trends of global governance, reveals structural problems such as hegemonism's destruction of the international rule of law and insufficient representation of the global South, and details China's sense of direction, roadmap and action in reforming and improving global governance," said Zhai Kun, deputy dean of the Institute of Regional and Country Studies at Peking University.
Catrougalos, the independent expert on democratic and equitable international order at the United Nations Human Rights Council, said that China plays a pivotal role in the multilateral system. China's initiative on global governance is of great significance, which shows that China actually takes action rather than making verbal statements.
The report points out that as a responsible major country, China stands at the forefront of the times and is committed to promoting the transformation of initiatives from ideas to actions. It relies on the multilateral platform with the United Nations as the core, and builds a policy system for global governance initiatives with institutional participation, public goods supply and risk management and control as the main body, and effectively promotes the initiatives to take root within the multilateral framework.
Correa, executive director of the South Center, said that equality, rule of law, coordination, tolerance and action are crucial to maintaining and improving the multilateral system. China has proposed a series of initiatives such as the Global Governance Initiative, which has effectively promoted the continuous development of South-South cooperation. Strengthening collaboration around global governance initiatives will help countries in the Global South play a greater role in global governance.
Zhang Jie, a researcher at the Institute of Asia-Pacific and Global Strategy, Chinese Academy of Social Sciences, believes that the report takes the "four major deficits" of global governance as a starting point, discusses the urgency, necessity and feasibility of global governance initiatives, and comprehensively explains the internal logic of the four major global initiatives. This is a comprehensive management plan proposed by China in the face of the contemporary issues of "what's going on with the world" and "where is humanity going?"
The report calls on the more difficult the moment, the more important it is to uphold the original intention of peaceful coexistence, strengthen confidence in win-win cooperation, persist in moving forward within the logic of historical progress, and develop in line with the development trend of the times. China will work with other countries to continue to promote global governance in a more just, more reasonable, and more sustainable direction.
Ouyang Kang, dean of the Institute of National Governance at Huazhong University of Science and Technology, said that as a responsible major country, China is not only a staunch inheritor and defender of traditional globalization and the international system with the United Nations at its core, but also a staunch curber and opponent of anti-globalization, and an advocate and leader of new globalization. China adheres to true inclusive multilateralism, firmly defends international justice, and promotes the construction of a more fair and reasonable global governance system. (over)
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