Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to deepening the reform of the stock issuance registration system, supporting mergers and acquisitions of listed companies, and fostering long-term capital to enhance the integration of technology innovation and industrial innovation [1][2]. Group 1: Stock Issuance and Market Reform - The CSRC will continue to deepen the stock issuance registration system reform, focusing on information disclosure and strict regulatory accountability, while enhancing the inclusiveness and adaptability of the system [2][3]. - In the IPO sector, over 90% of new listings in 2024 on the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange will belong to strategic emerging industries or high-tech enterprises [1]. Group 2: Mergers and Acquisitions - The CSRC aims to invigorate the mergers and acquisitions market by implementing the revised regulations on major asset restructuring for listed companies, supporting acquisitions that enhance key technology levels [3][4]. - In 2023, over 140 asset restructuring cases were disclosed by strategic emerging industry listed companies, doubling the number from the previous year [1]. Group 3: Long-term Capital Development - The CSRC is focused on cultivating long-term and patient capital, guiding private equity funds to optimize long-cycle assessment mechanisms that align with the development characteristics of technology innovation enterprises [3][4]. - The scale of private equity venture capital funds directed towards strategic emerging industries continues to increase, with over 100,000 projects and more than 4 trillion yuan in invested capital [1]. Group 4: Investor Protection and Legal Framework - The CSRC emphasizes the protection of investors, particularly small and medium-sized investors, by enhancing information disclosure regarding the risks associated with technology innovation enterprises [4][5]. - The commission is actively involved in the development of financial laws and regulations, including the revision of the Securities Company Supervision Regulations, to clarify the rights and responsibilities of stakeholders in technology enterprises [5]. Group 5: Market Environment and Integrity - The CSRC is working to create a more trustworthy market environment by improving the integrity supervision management measures and establishing a comprehensive database for market integrity [5]. - Measures will be taken to combat fraudulent activities, enhance market transparency, and improve the professional ethics of industry personnel to support high-level technology innovation development [5].
★证监会:服务科技创新 大力支持上市公司并购重组
Zheng Quan Shi Bao·2025-07-03 01:56