# long-term capital

China Invites Pensions, Insurers and Public Funds to Become ‘Strategic’ Shareholders — with a 5% Floor

The CSRC has proposed amendments to permit major long-term institutional investors — including the national social security fund, pension schemes, insurers, mutual funds and bank wealth products — to qualify as strategic investors in targeted equity issuances. The draft sets a default minimum stake of 5%, requires active governance participation and strengthens disclosure and anti-evasion rules to ensure these investors act as genuine sources of patient capital.