Several leading quantitative private equity firms have officially refuted the rumor that "high-frequency trading is limited to 30 transactions per second." The previously established "Detailed Rules for the Administration of Program Trading" by the Shanghai, Shenzhen, and Beijing Stock Exchanges specify that any single account reporting or canceling more than 300 orders per second or exceeding 20,000 orders in a day will be classified as high-frequency trading, subjecting it to differentiated regulatory oversight. Cailian Press reports that these regulatory standards remain unchanged.