On the afternoon of March 6, at the economic-themed press conference during the Fourth Session of the 14th National People's Congress, China Securities Regulatory Commission (CSRC) Chairman Wu Qing announced that reforms for the ChiNext board will soon be deepened. The reforms aim to highlight the board's functional positioning, expand institutional inclusiveness and coverage, and introduce a set of more precise and accommodating listing standards. These measures are designed to support the development of enterprises in new industries, new business forms, and new technologies, as well as facilitate the listing of high-quality innovative and entrepreneurial companies in sectors such as new consumption and modern services on the ChiNext board.
Additionally, Wu Qing stated that the refinancing mechanism will be optimized by improving the refinancing registration system at the institutional level. The reforms will further emphasize the principle of "supporting excellence and science." For high-quality listed companies with sound governance, standardized operations, and high market recognition, review efficiency will be significantly enhanced. The current criteria for identifying asset-light and high R&D investment companies, currently applied to the STAR Market and ChiNext, will be extended to the main board market.
Wu Qing emphasized that beneficial experiences from the STAR Market reforms will be replicated and promoted to the ChiNext board. Initiatives such as implementing priority IPO reviews, allowing eligible companies undergoing review to conduct capital increases and share expansions for existing shareholders, and optimizing new share pricing mechanisms will be introduced. These efforts aim to comprehensively enhance the quality of companies listed on the ChiNext board, establish a full-process regulatory mechanism from recommendation to listing and selection, and better serve local economies and the development of private enterprises.
During the conference, Wu Qing noted that in recent years, a number of innovative companies have efficiently completed IPOs and mergers and acquisitions, making the technology narrative of the A-share market clearer and more concrete. This reflects the opportunities and resilience brought by high-quality economic development.
Regarding the optimization of the refinancing mechanism, Wu Qing highlighted that the reforms will further underscore the "supporting excellence and science" orientation. For high-quality listed companies with robust governance and high market recognition, review efficiency will be substantially improved. The criteria for identifying asset-light and high R&D investment companies, currently used for the STAR Market and ChiNext, will be expanded to the main board.
Wu Qing also mentioned that the refinancing mechanism will introduce shelf offerings. The reforms will enhance the inclusiveness and adaptability of institutional rules, including optimizing the criteria for identifying strategic investors, establishing mechanisms for the participation of long-term funds such as social security, insurance, and housing provident funds, and introducing shelf offerings. These measures are intended to guide rational and effective financing, improve the mechanism for fixed-price additional share issues, align pricing with market levels, better balance the interests of listed companies and investors, and further optimize the simplified refinancing procedures.
Wu Qing stated that the momentum of market recovery and improvement continues to strengthen. In recent years, significant breakthroughs have been made in the construction of market-stabilization mechanisms with Chinese characteristics and the entry of medium- and long-term funds into the market, steadily consolidating the positive trend.
Since the release of the new "National Nine Articles," listed companies have distributed cumulative dividends of 5.23 trillion yuan, a record high, while 88 companies have exited the market smoothly. Wu Qing emphasized that the focus on preventing risks, strengthening supervision, and promoting high-quality development has proven entirely correct. Without robust and orderly risk prevention and supervision, the current stable and healthy development of the market would not have been achieved.
In the coming year, efforts will continue to adhere to the main line of preventing risks, strengthening supervision, and promoting high-quality development. Better coordination between development and security, strict enforcement of laws, and strengthening foundational elements will be prioritized to enhance the trust and confidence of investors and market participants.
Wu Qing announced that the introduction of regulations for supervising listed companies will be promoted, and the newly revised corporate governance guidelines for listed companies will be expedited. Supervision of sponsorship representatives will be significantly strengthened, and the construction of a financial fraud detection center and an early warning mechanism for third-party involvement in fraud will be accelerated.
Efforts will focus on strengthening supervision of new business types, with an emphasis on fair principles. Regulatory measures for high-frequency and quantitative trading will be deepened and refined, and derivative trading regulations will be introduced. Legal and compliant risk management activities will be supported, while excessive speculation will be restricted according to rules.
Wu Qing noted that last year, 16 listed companies were delisted due to severe fraud. The CSRC will further enforce market discipline, enhance comprehensive prevention and punishment of financial fraud through multiple measures, introduce regulations for supervising listed companies, and expedite the implementation of revised corporate governance guidelines. Strict penalties for fraud will be imposed, investigation and punishment of financial fraud will be intensified, and third-party involvement in fraud will be jointly targeted. Mandatory delisting requirements for fraudulent companies will be strictly enforced to dismantle the ecosystem of financial fraud.
Wu Qing emphasized the need to rigorously investigate and punish behaviors such as hyping trends, speculating on concepts, and market manipulation. Efforts will focus on strengthening the safety net for protecting investor rights, improving channels for investor relief, and diversifying dispute resolution paths. More representative lawsuits and advance compensation cases will be promoted to ensure fair treatment for investors.
Comprehensive monitoring of market risks will be enhanced, with close attention to cross-market, cross-term, and cross-border risk transmission. The construction of strategic reserves and market-stabilization mechanisms will be consolidated, and mechanisms for medium- and long-term fund participation will be further improved. Policy tools to address external risks will be dynamically refined to ensure stable market operation.
The "1+N+X" regulatory system for private equity funds will be perfected, with improvements in entry, fundraising, custody, and disclosure rules. Illegal activities such as unauthorized fundraising, misappropriation, and self-dealing will be severely punished to foster industry development within a regulated framework.
The revision and introduction of regulations for supervising securities companies will be promoted, with support for high-quality institutions to strengthen and grow, while encouraging differentiated development for small and medium-sized brokerages. Reforms in public offering funds will be deepened, urging them to adhere to long-term and professional principles, prioritize investor interests, and maintain their public nature.
Wu Qing reiterated that beneficial experiences from the STAR Market reforms will be extended to the ChiNext board, including priority IPO reviews, capital increases for existing shareholders, and optimized pricing mechanisms. These measures aim to enhance the quality of ChiNext-listed companies, establish full-process supervision, and better support local economies and private enterprises.
Refinancing supervision will be strengthened, with enhanced oversight of disclosure, application, review, and fund usage. Enforcement will be intensified to punish deceptive refinancing and unauthorized changes in fund usage, protecting investor rights effectively.
The entry gate for IPOs will be strictly managed to prevent "rushed applications" and "unqualified listings." Intermediate institutions will be held accountable to ensure coordinated development of investment and financing, deepen reforms, and achieve a positive interaction between market function enhancement and stability.
Wu Qing acknowledged that capital market reforms supporting technological innovation are an ongoing and exploratory process. Given the high investment, long cycles, and significant risks associated with innovation, he called for understanding and tolerance from market participants to create an environment that encourages innovation, rewards success, and tolerates failure.
The total market capitalization of the A-share market has exceeded 110 trillion yuan, with the revenue of 5,400 listed companies accounting for more than half of GDP. Strategic emerging industries now represent 45% of the沪深300 index, reflecting growing momentum for innovation and quality development.
The role of the stock market as an economic barometer has become more prominent. The scale, structure, and quality of the capital market are achieving new heights, with significantly enhanced resilience and risk resistance. The market plays an increasingly vital role in stabilizing employment, enterprises, market conditions, and expectations.
Wu Qing concluded that the construction of market-stabilization mechanisms with Chinese characteristics will be improved, with enriched cross-cycle and counter-cyclical adjustment tools to enhance intrinsic market stability.
Efforts will focus on strengthening the investability of listed companies while ensuring their authenticity. Incentive mechanisms will be refined to improve corporate governance, increase dividends and share repurchases, enhance investment value, and activate the mergers and acquisitions market for efficient resource allocation and the cultivation of world-class enterprises.
Comprehensive reforms in investment and financing will be deepened, with improvements to the capital market's foundational systems. Diversified equity financing will be actively developed, and multiple exit channels for private equity and venture capital funds will be expanded. Services for new quality productive forces will be more precise, and the futures and derivatives market will be steadily developed to better meet the risk management needs of enterprises and residents.
Precise and forceful measures will be taken against恶性 behaviors such as financial fraud, market manipulation, and insider trading. The system for protecting investor rights will be continuously improved to enhance investor satisfaction.
The attractiveness of Chinese assets has significantly increased, driven by growing international demand for diversified asset allocation. The CSRC will focus on creating a first-class market-oriented, law-based, and international business environment, enhancing cross-border investment and financing便利 services, and advancing two-way opening in markets, products, services, and institutions to new levels.
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