pennslammer3price| The latest voice from the China Securities Regulatory Commission! In-depth study and improvement of institutional arrangements such as issuance and listing, mergers and acquisitions, and private equity venture capital

Special topicPennslammer3priceFinancial Street Forum 2024-- "Capital Market empowers New quality Productivity"

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Original title: the latest voice of the Securities Regulatory Commission!

The voice of the Securities and Exchange Commission.

On May 23, at a series of activities of the 2024 Financial Street Forum-- "Capital Market empowering New quality Productivity", Zhou Xiaozhou, Director of the General Department of the Securities Regulatory Commission, said that the Securities Regulatory Commission will step up efforts to promote the implementation of the "1N" policy system of the capital market, closely centering on serving the development of new quality productive forces, further improve the basic system of the capital market, and give further play to the function of the capital market. We will do a solid job in the "five major articles" of finance, promote the high-level circulation of science and technology, industry and capital, and better serve the overall situation of high-quality development.

Zhou Xiaozhou pointed out that the CSRC resolutely implements the decision-making arrangements of the CPC Central Committee and the State Council, adheres to the fundamental purpose of serving the high-quality development of the real economy, and actively gives full play to the function of the capital market in serving high-level science and technology for self-reliance and self-reliance. guide factor resources to accelerate the accumulation of new quality productive forces such as scientific and technological innovation. We will formulate and implement a package of policies and measures for high-level capital market services, scientific and technological self-reliance and self-improvement. To implement the task deployment of the new "National Nine articles," 16 measures for the capital market to serve the high-level development of science and technology enterprises have been issued, and a package of policies and measures have been put forward from listing and financing, mergers and acquisitions, bond issuance, and private investment. We will adhere to Science and Technology Innovation Board's position of "hard science and technology", revise and improve the guidelines for evaluating the attributes of science and technology, and further improve the R & D investment and invention patent requirements of science and technology enterprises.

At the same time, we will actively support the listing and financing of science and technology-based enterprises, which have become the main force of newly listed enterprises. The market capitalization of strategic emerging industries has increased significantly, and has now exceeded 40%. The capital market plays an increasingly important role in serving scientific and technological innovation. A number of scientific and technological innovation enterprises in the fields of new generation information technology, biomedicine, and high-end equipment manufacturing have broken through the key core technologies after listing to achieve great-leap-forward development. Promote the efficient integration of resources by science and technology enterprises. We will enrich restructuring payment and financing instruments, introduce targeted convertible bond restructuring rules, appropriately improve the inclusiveness of the restructuring valuation of light-asset science and technology enterprises, and improve the "small and rapid" audit mechanism for restructuring. Strengthen the support of private equity venture capital and corporate bonds for scientific and technological innovation. Since the reform of the registration system, nearly 90% of Science and Technology Innovation Board listed companies and 60% of gem listed companies have received support from private equity funds.

Zhou Xiaozhou said that innovation plays a leading role in the development of new productive forces. The capital market has natural advantages in sharing innovation risks, promoting the formation of innovation capital and optimizing the allocation of innovation resources. The CSRC will thoroughly implement the major decisions of the CPC Central Committee and the State Council and the requirements for the deployment of the new "National Nine articles", step up efforts to promote the implementation of the "1N" policy system of the capital market, and closely focus on serving the development of new quality productive forces. we will further improve the basic system of the capital market, give further play to the function of the capital market, do a solid job in the "five major articles" of finance, and promote the high-level circulation of science and technology, industry and capital. Better serve the overall situation of high-quality development.

First, we should give better play to the function of the capital market and promote the accumulation of high-quality factors of production in the field of new-quality productive forces. We will improve the multi-level capital market system, give full play to the synergistic effect of the stock and debt market, and enhance the quality and efficiency of the development of new quality and productive forces. We will properly implement the 16 measures taken by the capital market to serve the high-level development of science and technology enterprises, and give priority to supporting the stock and debt financing of enterprises to break through the key core technology "sticking neck". We will further promote the "fund-raising, investment management and withdrawal" cycle of private equity venture capital funds, and actively give full play to the unique role of venture capital and equity investment in excavating, cultivating and supporting future and emerging industries.

The second is to continuously improve the capital market system and enhance the inclusive adaptability to the new quality productive forces. Persist in respecting laws and rules, further comprehensively deepen the reform and opening up of the capital market, deeply study and improve institutional arrangements such as issuance and listing, mergers and acquisitions, and private equity venture capital, enhance the institutional competitiveness of the capital market, enhance the inclusiveness of new industry new business type's new technology, better serve scientific and technological innovation, green development and the transformation and upgrading of traditional industries, and constantly optimize the structure of listed companies. So that investors can better share the fruits of high-quality economic development.

The third is to strengthen the supervision of the capital market and promote financial innovation on the track of marketization and the rule of law. Adhere to the political and popular nature of capital market supervision, adhere to a strong foundation, strict supervision and strict management, overall development and safety, strengthen the building of regulatory capacity matched with the development of new-quality productive forces, strictly crack down on violations of laws and regulations, maintain the "three public" order of the market, safely prevent and defuse risks, and jointly create a good environment for the capital market to serve the development of new-quality productive forces.

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