证监会部署多层次市场深改 激活创新动能

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need to deepen reforms to invigorate the multi-tiered capital market, signaling a strong commitment to continuous reform and innovation in China's capital markets [1][2]. Group 1: Reform Objectives and Progress - The goal of "deepening reforms to invigorate multi-tiered market vitality" reflects a systematic plan to enhance capital circulation and resource allocation efficiency [2]. - The CSRC has outlined clear policy directions for supporting new productive forces, including reforms for the Sci-Tech Innovation Board (STAR Market) and the Growth Enterprise Market (GEM) [2][3]. - Recent measures have been implemented in a timely manner, providing tangible support for the goal of invigorating multi-tiered market vitality [2]. Group 2: Specific Reforms in STAR Market and GEM - The "1+6" reform plan for the STAR Market includes a tiered cultivation system for enterprises, enhancing service efficiency through a pre-review mechanism, and introducing seasoned professional institutional investors [3]. - The GEM has begun implementing reforms, including the introduction of a third listing standard to support high-quality, unprofitable innovative companies [3]. - The Shenzhen Stock Exchange is further deepening GEM reforms to support the issuance of technology innovation bonds and promote long-term capital inflow [3]. Group 3: Market Function Optimization - The reforms aim to create a more flexible and inclusive financing environment, essential for fostering innovation and high-quality development [5]. - The STAR Market's tiered cultivation system allows different stages of tech enterprises to find suitable capital support paths, avoiding resource misallocation [5]. - The introduction of the third listing standard on the GEM breaks the traditional focus on profitability, enabling innovative companies in their growth phase to access capital [5]. Group 4: Risk Management and Investor Protection - The reforms are designed to ensure that capital flows towards technology innovation and industrial upgrades, facilitating effective capital-entity connections [6]. - The establishment of clear standards for "light asset, high R&D investment" companies on the GEM provides guidance for both enterprises and investors, enhancing risk assessment [6]. - The pre-review mechanism and ongoing emphasis on investor protection contribute to building a risk "firewall," maintaining market stability while promoting activity [6][7].