The China Securities Regulatory Commission (CSRC) has issued a significant new policy document titled "Opinions on Deepening ChiNext Reform to Better Serve the Development of New Quality Productive Forces." Approved by the State Council on April 10, this initiative marks a crucial step in enhancing the capital market's inclusivity and adaptability, improving the coordination between investment and financing functions, and signifies a deeper advancement in the comprehensive reform of the capital market.
The new policy, formulated in line with decisions from the Central Committee of the Communist Party of China and the State Council, focuses on risk prevention, strengthened supervision, and promoting high-quality development. It outlines eight targeted reform measures aimed at deepening capital market reforms and optimizing the innovation and regulatory framework for the ChiNext board.
The first measure emphasizes the board's functional positioning to better serve the high-quality development of the real economy. It aims to leverage ChiNext's role in serving growth-oriented innovative enterprises, increasing support for new industries, business models, and technologies, as well as the transformation of traditional industries. This includes supporting the listing of high-quality, yet unprofitable, innovative companies and those in new consumption and modern service sectors.
Secondly, the reform optimizes listing standards to enhance inclusivity and attractiveness. A fourth set of listing criteria has been added to provide better financial services for high-quality innovative enterprises in emerging and future industries. An IPO pre-review mechanism will be established, and reforms to the new share pricing mechanism will be deepened.
The third measure involves piloting a program where local governments can submit information on companies planning to list on ChiNext to the CSRC and the Shenzhen Stock Exchange. This applies to companies that have filed for IPO tutoring or intend to list under the third or fourth set of criteria. The submitted information will serve as a reference but is not a mandatory requirement for the listing process.
Fourth, the reform strengthens the screening process for listings and tightens accountability throughout the review and registration chain. The Shenzhen Stock Exchange's primary responsibility for review will be reinforced to ensure quality, with more targeted inquiries during the review process. Enhanced checks and balances on public power and stricter anti-corruption risk controls will be implemented.
Fifth, the financing and M&A systems will be improved to increase the flexibility and convenience of equity and debt financing. A shelf-offering system for follow-on financing will be introduced, and the simplified procedures for refinancing will be optimized. High-quality innovative companies will be supported in setting flexible assessment indicators for equity incentives. ChiNext firms will also be allowed to issue products such as sci-tech innovation bonds and green bonds.
The sixth measure focuses on strengthening whole-process supervision to improve the quality of listed companies. This includes tighter oversight of IPO pricing, continued strict crackdowns on financial fraud, enhanced穿透式 supervision, and severe penalties for violations like fraudulent issuance and造假. Differentiated supervision of listed firms will be strengthened, and delisting rules will be improved and strictly enforced. The responsibilities of intermediaries as market gatekeepers will be further emphasized.
Seventh, reforms on the investment side will be deepened to promote balanced development between investment and financing. New mechanisms will be introduced on ChiNext, including market makers, real-time confirmation for block trades, and after-hours fixed-price trading for ETFs. Fund investment advisors will be permitted to allocate to ChiNext ETFs, and the index, ETF, futures, and options product ecosystem will be optimized.
The final measure aims to build consensus and foster a favorable market ecosystem by enhancing the role of local governments in enterprise cultivation, services, and risk resolution. Coordination and information sharing with relevant industry authorities will be improved. The function of the Shenzhen Stock Exchange's科技成果与知识产权交易中心 will be strengthened, and high-quality judicial support will be promoted.
A key aspect of the reform is the introduction of the fourth set of listing standards, which combine growth and innovation metrics—such as revenue compound annual growth rate and R&D investment—with market capitalization and revenue indicators. This is designed to better support high-potential, highly innovative companies. The specific criteria include two options: one for companies in emerging industries with an estimated market cap of no less than 3 billion yuan, revenue of at least 200 million yuan in the most recent year, and a three-year revenue CAGR of no less than 30%; and another for future industry firms with an estimated market cap of no less than 4 billion yuan, revenue of at least 200 million yuan, and cumulative R&D investment of no less than 100 million yuan over three years, accounting for at least 15% of revenue.
The CSRC highlighted that the ChiNext board has been a vital platform for implementing innovation-driven development strategies and serving new quality productive forces. Over its 16-year history, it has continuously improved its systems, effectively performed market functions, nurtured a group of leading enterprises, and formed cluster effects in strategic emerging sectors like information technology, new energy, and high-end equipment.
The CSRC stated that it will next coordinate with the Shenzhen Stock Exchange and market participants to steadily implement these reforms, promote典型案例, enhance communication and policy interpretation, and continuously boost the attractiveness and competitiveness of ChiNext. This effort aims to channel more resources toward new quality productive forces, thereby better serving high-quality economic development and the broader goals of Chinese modernization.
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