The China Securities Regulatory Commission (CSRC) has introduced a comprehensive set of 16 measures aimed at enhancing the capital market’s functionality, optimizing resource allocation, and bolstering the high-level development of technology enterprises.
- Supporting Technological Breakthroughs: Priority support for tech enterprises with key core technologies in their IPO financing, M&A, and bond issuance.
- Equity Incentives: Facilitating pre- and post-listing equity incentive plans for tech enterprises, including core technical personnel.
- Issuance Supervision Transformation: Improving audit efficiency and transparency to meet the diverse financing needs of tech enterprises.
- Financing Environment Optimization: Supporting high-quality, unprofitable tech enterprises with significant market potential and innovation attributes to go public, both domestically and overseas.
- Market Functionality Coordination: Diversifying the roles of different exchanges, such as the main board’s “blue chip market,” STAR’s “hard and care technology” focus, GEM’s support for growth-oriented innovative enterprises, and the BSE and NEEQ’s joint service for innovative SMEs.
- BSE Development: Enhancing the BSE’s market access tolerance and introducing a mechanism for publicly issued convertible bonds by listed companies on the BSE.
- Refinancing Support: Developing a stock and issuance system for STAR and GEM to support tech enterprises.
- M&A and Restructuring: Supporting tech enterprises in using various payment tools for restructuring.
- Bond Market Support: Focusing on high-tech and strategic emerging industry bonds and supporting the issuance of REITs in new infrastructure fields.
- Venture Capital Guidance: Implementing “reverse linkage” policies for private equity funds to encourage investment in tech innovation.
- Regional Equity Market Function: Enhancing the role of regional markets in nurturing standardized tech enterprises and improving interconnectivity with multi-level capital markets.
- Financial Product Innovation: Introducing new financial products and derivatives, such as the Sci Tech Innovation 50 index.
- Trading Mechanism Improvement: Enhancing market price discovery and resource allocation efficiency.
- Securities Company Supervision: Ensuring securities companies provide comprehensive services to support tech innovation.
- Service Mechanism Optimization: Improving the “pre-communication” mechanism for tech enterprise listings and refinancing.
- Responsibility Consolidation: Ensuring all parties adhere to the principle that “filing entails responsibility.”- Flcube.com
