证监会商庆军：发挥新三板“苗圃”作用，优化准入制度、完善分层安排

Core Viewpoint - The speech by the CSRC emphasizes the need for reform and innovation in the capital market to support the development of innovative small and medium-sized enterprises (SMEs) [1] Group 1: Capital Market Development - The CSRC aims to leverage the comprehensive advantages of a multi-tiered capital market, focusing on differentiated positioning and functional synergy [1] - The Beijing Stock Exchange (BSE) and the New Third Board (NTB) are identified as key platforms for serving innovative SMEs, requiring ongoing research into their characteristics and capital market needs [1] Group 2: Mechanism Improvement - The BSE's listing mechanism will be improved, utilizing the fourth set of listing standards for unprofitable companies and optimizing disclosure requirements for innovation attributes [1] - This approach is intended to support technological innovation in cutting-edge fields and assist in the transformation and upgrading of traditional industries [1] Group 3: Market Synergy and Quality Enhancement - The NTB will enhance its role as a "nursery" for companies by optimizing access standards, improving tiered arrangements, and stimulating market vitality [1] - There will be a focus on nurturing, standardizing, and providing services to improve the quality of listed companies [1] - The collaboration between the BSE and NTB will be deepened to create a seamless capital market service for innovative SMEs, promoting connectivity with regional equity markets [1]