重磅发声！证监会首席律师这么说

Group 1 - The core viewpoint of the speech emphasizes the need for deepening the reform of the capital market's technology finance system and mechanism, enhancing the protection of investors' rights, especially for small and medium-sized investors, and supporting technological innovation and industrial innovation integration [1][2] - The China Securities Regulatory Commission (CSRC) will actively support mergers and acquisitions (M&A) of listed companies, implementing the newly revised "Management Measures for Major Asset Restructuring of Listed Companies" to invigorate the M&A market [1] - The CSRC encourages technology-oriented listed companies to utilize various payment tools such as shares, targeted convertible bonds, and cash for M&A, promoting mechanisms for installment payments and simplified review procedures for restructuring [1] Group 2 - The CSRC is committed to advancing the stock issuance registration system reform, focusing on information disclosure and strict regulatory accountability, while enhancing the inclusiveness and adaptability of the system [2] - There will be greater support for high-quality unprofitable technology companies to go public, with efforts to implement new cases under the fifth set of listing standards for the Sci-Tech Innovation Board [2] - The CSRC aims to strengthen the linkage between equity and debt services, promoting the high-quality development of corporate bonds for technology innovation and exploring more themed bonds [2] Group 3 - The CSRC will guide private equity funds to optimize long-term assessment mechanisms to better align with the development characteristics of technology innovation companies [3] - There will be support for the development of secondary market funds (S funds) and initiatives to promote the transfer of fund shares, enhancing the "募投管退" cycle [3] - The CSRC plans to create a more trustworthy market environment, emphasizing the importance of credit and integrity in supporting technology innovation through capital market activities [3]