董少鹏：“三家”联手，构建资本市场新机制

Group 1 - The core viewpoint emphasizes that the path of developed countries shows that high-end manufacturing and the position of industry chain leaders are crucial for a country's comprehensive competitiveness [1] - To enhance manufacturing competitiveness, a deep integration and efficient circulation of technology, industry, and finance are necessary [1] - The capital market can provide platform and mechanism support, and should improve regulation, enhance service efficiency, and align with the needs of the real economy [1] Group 2 - China's financial supply still faces issues such as short-term funding and low risk tolerance, indicating a lack of long-term and patient capital [2] - There is a need for proactive and open reform measures to strengthen the institutional guiding function of the capital market [2] - Suggestions include allowing angel and venture capital to exit through IPO mechanisms, making the listing pricing process more market-oriented, and facilitating mergers and acquisitions for quality tech enterprises [2] Group 3 - The financial product service system to meet the full lifecycle financial needs of tech companies is still not well-developed [3] - Policy support should be provided for various investment institutions that carry industrial and financial capital, with tax and other incentives based on investment duration [3] - The reintroduction of listing standards for unprofitable companies on the Sci-Tech Innovation Board aims to better serve hard tech innovation enterprises [3] Group 4 - The current issue in China's capital market is not the lack of financing channels, but rather the absence of a "financing civilization" [4] - Key stakeholders, including listed companies and large investment institutions, should take on social responsibilities to foster a healthy market ecosystem [4] - Strengthening internal compliance and anti-corruption measures, along with enhancing information disclosure and governance, is essential for maintaining market integrity [4]