A plan to deepen the reform of the ChiNext Board has been released, marking a significant step forward in enhancing the capital market's inclusiveness and adaptability. The new measures aim to better serve the development of new quality productive forces.
The reforms focus on increasing the ChiNext Board's institutional flexibility, with a key initiative being the introduction of a fourth set of listing standards. These standards are tailored for high-quality innovative enterprises in emerging and future industries. One standard targets emerging industry firms, requiring an estimated market capitalization of no less than 3 billion yuan, revenue of at least 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. The other standard is designed for future industry enterprises, requiring an estimated market capitalization of no less than 4 billion yuan, revenue of at least 200 million yuan in the most recent year, and cumulative R&D expenditure over the past three years of no less than 100 million yuan, accounting for no less than 15% of revenue.
The reforms also emphasize optimizing existing systems to support qualified companies aligned with the board's positioning and national industrial policies. Another critical area is improving financing and merger mechanisms to help listed companies raise capital more efficiently and pursue strategic expansions.
A notable innovation involves pilot programs where municipal and provincial governments can recommend enterprises for listing on the ChiNext Board. This initiative leverages local governments' familiarity with companies' operational and compliance status. However, such recommendations will serve only as a reference in the review process and will not be a mandatory step.
Strengthening whole-process supervision is another priority. The reforms aim to enhance transparency in listing reviews, tighten pricing regulation for new share issuances, and intensify crackdowns on financial fraud and other violations. Measures are also in place to reinforce the responsibilities of intermediaries as gatekeepers of the market.
On the investment side, the reforms introduce market makers, adjust block trade mechanisms, and expand ETF-related trading options to improve market stability and attract more capital. These steps are expected to foster a virtuous cycle where improved company quality boosts investor returns, thereby increasing market participation and financing efficiency.
By the end of March 2026, ChiNext listed companies accounted for one-quarter of all A-share firms, with a total market capitalization nearing 18 trillion yuan, representing over 16% of the A-share market. As the board enters a new phase of reform, it is poised to further invigorate the market and support high-quality economic growth.
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