The Growth Enterprise Market (GEM) is injecting strong momentum into the development of new quality productive forces. China Securities Regulatory Commission (CSRC) Chairman Wu Qing recently stated at a press conference held during the fourth session of the 14th National People's Congress that the reform of the GEM will be deepened. The overall consideration is to further highlight the functional positioning of the GEM, enabling it to better support the high-quality development of the real economy, including emerging and future industries.
The GEM has been a crucial force in supporting high-level sci-tech self-reliance and strength. Since its inception, it has undertaken the mission of serving innovation. To this end, the GEM has implemented a series of institutional attempts and innovations tailored to the characteristics of innovative and growth-oriented enterprises. Currently, the GEM's distinctive features of serving growing, innovative businesses are becoming increasingly prominent. Its function of facilitating high-level circulation between technology, capital, and the real economy is steadily strengthening, making it a gathering place for high-growth, high-quality enterprises on the Shenzhen Stock Exchange and a source of high-level innovation momentum.
This progress is underpinned by policy empowerment. From institutional design to precise guidance, a series of policy measures have been implemented progressively and synergistically, establishing a full lifecycle service system for innovative enterprises and addressing the financing difficulties faced by sci-tech innovation firms. The implementation and deepening of the registration-based IPO system, in particular, with its inclusive institutional design, has allowed more innovative companies to leverage the capital market for their development.
A series of impressive figures clearly demonstrate the GEM's significant achievements in cultivating new quality productive forces. As of March 8th, the GEM hosts 1,393 listed companies, forming four major industrial chain clusters each with a market capitalization exceeding one trillion yuan, covering new-generation information technology, new energy, pharmaceuticals and biologics, and high-end equipment manufacturing.
In terms of development quality, GEM-listed companies have continuously enhanced their profitability and core competitiveness, becoming an important force driving high-quality economic growth. According to data released by the China Association of Public Companies, in the first three quarters of 2025, GEM companies achieved a total operating revenue of 3.248628 trillion yuan and a net profit of 244.661 billion yuan, with growth rates for both metrics exceeding 10%.
Regarding R&D investment, GEM companies continue to exhibit strong innovation vitality, serving as a core driving force for cultivating new quality productive forces. Data from the Shenzhen Stock Exchange shows that the average R&D intensity for GEM companies is 5.03%, an increase of 0.41 percentage points compared to the beginning of the 14th Five-Year Plan period. Seven companies, including BYD and Contemporary Amperex Technology Co. Limited (CATL), have joined the "R&D Club" with annual R&D expenditure exceeding 10 billion yuan.
Looking ahead, the GEM will further deepen its reforms to attract more high-quality innovative and entrepreneurial enterprises through more precise positioning, more inclusive systems, and more efficient services. Currently, the overall plan for deepening GEM reform has largely taken shape and will be finalized and implemented at an opportune time after further refinement. A key aspect of this plan, under "expanding institutional inclusiveness and coverage," involves introducing a set of more precise and inclusive listing standards to intensify support for the development of new industries, new business forms, and new technology companies. It will actively support high-quality innovative and entrepreneurial enterprises in sectors like new consumption and modern services to issue shares and list on the GEM.
These reforms directly target the core objective of channeling capital factors towards new quality productive forces. They will further cultivate fertile ground for innovation, activate development momentum, promote the deep integration of technological innovation and the capital market, and provide more robust support for fostering new quality productive forces. Particularly with the implementation of the subsequent reform plan, institutional inclusiveness will be further enhanced, and service capabilities will be strengthened, which is expected to attract more high-quality innovative enterprises and foster deeper integration between technological innovation and industrial innovation.
It is firmly believed that during the 15th Five-Year Plan period, the GEM will embrace broader development prospects. It will become a fertile ground for cultivating new quality productive forces, enabling more sci-tech innovation companies to grow and strengthen, thereby writing a new chapter in the capital market's service to technological innovation.
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