On September 17, at the 2026 Huangbohai Innovation and Venture Capital Conference, Chen Wenhui, former vice chairman of the Banking Insurance Regulatory Commission, said that scientific and technological innovation has high risk, high uncertainty, and a long growth cycle, and requires continuous long-term capital support, and equity investment funds can play an important role in this process. Chen Wenhui specifically warned that we should be wary of the problem of inverted valuations in the primary and secondary markets. “Currently, the primary market as a whole is developing in the direction of prosperity, but some parts have already experienced overheating, and even the valuation of the primary market is higher than that of the secondary market.” He believes that if the problem of inversion of valuation persists, it will form reverse transmission through high issuance prices, falling listings, and blocked withdrawals, which will have an impact on the healthy development of the capital market. In his view, it is necessary to further promote the organic connection between the valuation systems of the primary market and the secondary market, so that the pricing function of the secondary market can be better fed back to the primary market, and avoid excessive separation of the primary market's valuation from the actual pricing level of the secondary market. In particular, he mentioned that the Hong Kong market connects international investors and can play a role in this process to promote more scientific and sustainable equity investment pricing.

On September 17, at the 2026 Huangbohai Innovation and Venture Capital Conference, Chen Wenhui, former vice chairman of the Banking Insurance Regulatory Commission, said that scientific and technological innovation has high risk, high uncertainty, and a long growth cycle, and requires continuous long-term capital support, and equity investment funds can play an important role in this process. Chen Wenhui specifically warned that we should be wary of the problem of inverted valuations in the primary and secondary markets. “Currently, the primary market as a whole is developing in the direction of prosperity, but some parts have already experienced overheating, and even the valuation of the primary market is higher than that of the secondary market.” He believes that if the problem of inversion of valuation persists, it will form reverse transmission through high issuance prices, falling listings, and blocked withdrawals, which will have an impact on the healthy development of the capital market. In his view, it is necessary to further promote the organic connection between the valuation systems of the primary market and the secondary market, so that the pricing function of the secondary market can be better fed back to the primary market, and avoid excessive separation of the primary market's valuation from the actual pricing level of the secondary market. In particular, he mentioned that the Hong Kong market connects international investors and can play a role in this process to promote more scientific and sustainable equity investment pricing.