Sinolink Securities released a research report stating that, from a capital market perspective, introducing more products, adopting a market maker system, and optimizing the criteria for strategic investors can enhance the intrinsic stability of the capital market. From the perspective of securities firms, the ChiNext board reforms are expected to create more business opportunities. In 2024 and 2025, the scale of IPOs on the ChiNext board is projected to be 22.6 billion yuan and 25.3 billion yuan, respectively. With a strengthened focus on supporting growth and innovation, the scale and proportion of ChiNext IPOs are anticipated to increase. From the perspective of venture capital firms, allowing unprofitable companies to list will further facilitate project exit channels. The report recommends focusing on high-quality securities firms and venture capital companies with low valuations. The main views of Sinolink Securities are as follows.
On April 10, 2026, the China Securities Regulatory Commission issued the "Opinions on Deepening ChiNext Board Reforms to Better Serve the Development of New Quality Productive Forces." The reforms aim to enhance the inclusiveness and adaptability of the capital market system and improve the coordinated function of investment and financing. The reforms emphasize the board's functional positioning to better serve growth-oriented innovation and entrepreneurship enterprises, actively supporting high-quality unprofitable innovative companies and those in new consumption and modern service sectors to list.
Issuance standards will be optimized, and review efficiency improved. A fourth set of listing standards will be added to the ChiNext board to provide better financial services for high-quality innovation and entrepreneurship enterprises in emerging and future industries. The fourth standard includes two core indicators: first, an estimated market value of no less than 3 billion yuan, revenue of no less than 200 million yuan in the most recent year, and a compound annual revenue growth rate of no less than 30% over the past three years, mainly applicable to enterprises in emerging industries; second, an estimated market value of no less than 4 billion yuan, revenue of no less than 200 million yuan in the most recent year, and cumulative R&D investment of no less than 100 million yuan over the past three years, accounting for no less than 15% of revenue, mainly applicable to enterprises in future industries.
The role of local governments will be fully utilized, with pilot programs allowing local governments to recommend enterprises intending to list on the ChiNext board to the CSRC and the Shenzhen Stock Exchange. Stricter entry controls will be implemented, and whole-process supervision will be strengthened, reinforcing the Shenzhen Stock Exchange's primary responsibility for review and the gatekeeping role of capital intermediaries. Supervision will prioritize supporting high-quality companies and restricting inferior ones, with enhanced classified supervision of listed companies. The delisting system will be improved and strictly enforced, with increased investor protection during the delisting process.
Systems will be refined to deepen investment and financing reforms, guiding listed companies to raise funds reasonably and on demand. A shelf-offering system for refinancing will be introduced. ChiNext listed companies will be supported in absorbing and merging companies listed domestically for less than three years. A market maker system will be introduced on the ChiNext board to enhance market stability. A fixed-price trading mechanism for ChiNext-related ETFs after market hours will be implemented, along with more ChiNext-related ETF products and options. A ChiNext stock index futures product will be launched at an appropriate time. The criteria for identifying strategic investors will be optimized, supporting eligible long-term funds to participate as strategic investors in private placements of ChiNext listed companies.
Risks include a significant downturn in the macroeconomy, a sharp decline in equity market trading activity, and reforms falling short of expectations.
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