What will be the biggest concern of most Chinese individual stock investors? Current unfavorable market conditions or the high risk they have to take during the investment operation?

Neither. They are more concerned about secret collaboration between securities brokers and malicious speculators who try to rig the market.

Yuan Shijiang, a senior independent securities analyst, told Xinhua that the collusion severely deviated from fair competition in a market-oriented economy, which jeopardizes the interest of investors.

Shang Fuling, Chairman of the China Securities Regulatory Commission (CSRC), warned at a meeting of Chinese stock brokers in August that much tougher regulatory approaches would be exercised to ensure investor's interests were not harmed.

Shang told the meeting that the China stock market has to develop with proper regulatory supervision, but the supervision would not undermine development.

Brokers are the only ones who live by the market, and by putting the regulatory emphasis on brokers, China's securities regulator would provide a sound basis for investors to make rational investment judgments, the analyst said.

The quality of a listing company could be judged by the credibility of the company's major underwriters, the quality of a securities company could be judged by the credibility of its management board, and the future development of the stock market could be predicted by referring to the investment actions taken by the leading securities companies.

In such an era of regulatory survival, only high-quality securities companies with high credibility would obtain more share of the market, the analyst pointed out.

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