Group 1: Core Views - The capital market in China has undergone significant reforms, with the implementation of the stock issuance registration system being a fundamental change that enhances market efficiency and attractiveness [1][2][4] - The registration system reform focuses on empowering the market, emphasizing information disclosure, and allowing investors to assess enterprise value [1][2] Group 2: Key Developments in Registration System - The registration system was piloted in the Sci-Tech Innovation Board and has been expanded to the entire market, with over 60 supporting rules introduced to ensure stable development [2][3] - The introduction of new listing standards for the Sci-Tech Innovation Board and the Growth Enterprise Market aims to support emerging industries, including artificial intelligence and aerospace [3][4] Group 3: Impact on the Real Economy - The capital market's ability to serve the real economy has improved, with over 90% of newly listed companies being high-tech enterprises during the "14th Five-Year Plan" period [5][6] - The North Exchange and the New Third Board have facilitated direct financing for small and medium-sized enterprises, with over 270 companies listed on the North Exchange [5][6] Group 4: Regulatory Enhancements - The registration system has not relaxed regulatory requirements but has strengthened oversight across all stages, resulting in a significant increase in penalties for violations [4][7] - The implementation of a robust delisting system has ensured a smooth exit for companies, with 178 companies forced to delist from 2021 to September 2025 [7][8] Group 5: Investor Protection Mechanisms - The investor protection framework has been enhanced, with new regulations addressing issues such as share reduction and fraud, ensuring accountability for issuers and intermediaries [8] - Notable cases of investor compensation have emerged, highlighting the effectiveness of the investor protection measures in place [8]
制度体系不断完善 市场功能稳步发挥
Jin Rong Shi Bao·2025-10-17 01:03