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一财社论:资本市场放宽上市标准是自信,也是成熟
Di Yi Cai Jing·2025-06-19 13:47

Group 1 - The core viewpoint emphasizes the importance of allowing more capable and innovative enterprises to enter the market, which will help expand the innovation asset pie and enhance the investment value of China's capital market [2][3] - The 2025 Lujiazui Forum outlined a roadmap for China's financial development, including a transformation of the monetary policy framework, greater financial openness, and reforms in the capital market [2] - The announcement by the Chairman of the China Securities Regulatory Commission (CSRC) regarding the establishment of a growth tier for the ChiNext board and the resumption of listing standards for unprofitable companies has sparked widespread discussion in the market [2][3] Group 2 - Unprofitable innovative enterprises are seen as the "seeds" of China's economy, but they have faced liquidity challenges due to a still-developing VC and PE market, leading some to seek value realization through overseas partnerships [3] - There is a need for more operationally feasible measures to open up market access, as relaxing listing requirements will alter the existing stress structure of the ChiNext and Sci-Tech Innovation Board [3][4] - A market-based incentive and constraint framework should be established based on the principle of equal rights and responsibilities, ensuring that sponsors bear clear responsibilities without exceeding their risk management capabilities [4] Group 3 - The capital market's role as a "testing ground" for innovative assets requires improvements in the standards for qualified investors, moving beyond a narrow definition based solely on financial capacity [4][5] - Regulatory efforts should focus on providing sufficient space for market self-governance rather than heavily regulating sponsors and defining qualified investors, which would facilitate the acceptance of unprofitable innovative enterprises [5] - The nurturing of the market's trial-and-error process is essential for the capital market to effectively support China's innovative assets, with a focus on protecting the legitimate rights and interests of market participants [5]