China’s top securities regulator, Wu Qing, seeks approval to step down due to health reasons, sparking uncertainty in the market. Since his appointment in February 2024, the Shanghai Composite Index rose 45%, fueling concerns about the sustainability of the bull run in the near to medium term.

Wu, known as the “broker butcher” for cracking down on securities firms, was appointed in a time of market weakness. His possible departure could impact market confidence and expectations, as he is credited with recent capital market reforms that boosted investor sentiment.

Wu’s exit would follow the removal of his predecessor amid market turmoil. A doctorate in finance, Wu was key in addressing risks in the securities industry and pursuing insider trading cases. The Chinese government’s effort to create a ‘slow bull’ market hinges on finding a suitable replacement for Wu.

Read more at Yahoo Finance: Exclusive-China’s securities regulatory chief seeks approval to step down, sources say