多层次资本市场持续加力 “质效并重”支持民企发展

Group 1 - As of May 11, 37 companies have listed on the A-share market this year, with 32 being private enterprises, accounting for 86.49% of the total listings. These private companies raised 21.024 billion yuan, representing 84.96% of total fundraising [1][2] - The implementation of the "Private Economy Promotion Law" on May 20 aims to enhance the multi-level capital market system, allowing eligible private enterprises to access direct financing through stock and bond issuance [1][2] - Since the registration system reform, the capital market has increasingly supported private enterprises in both equity and debt financing, shifting from merely increasing quantity to emphasizing quality and effectiveness [3][5] Group 2 - The bond financing landscape for private enterprises has expanded significantly, with 301 bonds issued this year, raising a total of 101.094 billion yuan, a year-on-year increase of 19.62%. Asset-backed securities (ABS) are the primary fundraising instrument, accounting for 91.69% of the total [2][3] - Public Real Estate Investment Trusts (REITs) have emerged as a new financing channel for private enterprises, with 9 out of 65 listed REITs being initiated by private firms, raising a total of 15.994 billion yuan [2][4] - The recent announcement by the People's Bank of China and the China Securities Regulatory Commission to support the issuance of technology innovation bonds is expected to benefit technology-oriented private enterprises significantly [4][5] Group 3 - The capital market is recognized as a crucial platform for the growth of private enterprises, with ongoing reforms aimed at enhancing support for their financing needs [5][6] - Future reforms will focus on deepening the policies for the Sci-Tech Innovation Board and the Growth Enterprise Market, enhancing institutional inclusivity and adaptability [6][7] - To further support private enterprises, there is a call for deeper reforms in the equity market and innovation in the bond market, including optimizing listing standards and encouraging industry consolidation [8]