Chinese stock markets showed mixed performance from June 13 to June 18, 2025. The Shanghai Composite Index and Shenzhen Component Index experienced declines early in the period, with the Shanghai Composite down 0.75% and Shenzhen Component down 1.1% on June 13. The ChiNext Index also dropped 1.13% on the same day. However, by June 16, these indices rebounded, with the ChiNext Index rising 0.47% and Shenzhen Component up 0.21%, while the Shanghai Composite closed up 0.35%. Hong Kong's Hang Seng Index and Hang Seng Tech Index also showed recovery, with the Hang Seng Tech Index rising over 1% on June 16, supported by gains in tech stocks such as SenseTime and Xiaomi, which increased by 3.5%, and Bilibili, which gained over 3%. U.S.-listed Chinese stocks also advanced pre-market on June 16, with GDS up 7%, KE Holdings 5.2%, and Bilibili 4%. On June 17 and 18, the markets again saw some declines, with the Hang Seng Index down 1.12% and the Hang Seng Tech Index down 1.46% at close on June 18. During this period, China’s securities regulator, Wu Qing, announced regulatory reforms aimed at supporting innovation and technology companies. These include establishing a new "growth tier" on the STAR Market in Shanghai to enhance regulatory flexibility, reviving IPOs for unprofitable firms on the STAR Market, and allowing Shenzhen’s ChiNext board to list such companies. The reforms also signal an upgrade to China’s financial infrastructure to better serve innovation and tech sectors. Additionally, reports indicated that the suspension of the "national subsidy" would not disrupt the smooth distribution of remaining funds.